New Delhi, April 16, 2022 (GLOBE NEWSWIRE) — The data center market is growing at a high CAGR because of the increasing number of data centers due to rising investment by the government as well as large enterprises into IT infrastructure along with the rapid shift of businesses towards a cloud environment…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the data center market was worth USD 206.2 billion in the year 2021. It is estimated to grow at a CAGR of 10.20%, earning revenue of around USD 404.9 billion by the end of 2022. The growth of the data center market is attributed to the increasing number of data centers due to rising investment by the government as well as large enterprises into IT infrastructure along with the rapid shift of businesses towards a cloud environment. Furthermore, the rising penetration of 5G and the adoption of advanced technologies such as AI, IoT, machine learning, big data, etc., is also propelling the growth of the data center market. However, high risks of hacking and cybersecurity threats may act as a huge restraining factor for the market growth.
Rising Demand Among SMEs is Propelling the Growth of the Data Center Market
The data center market is segmented into large enterprises and small & medium enterprises, based on enterprise. The large enterprise’s segment holds the highest share in the market owing to the rising integration of advanced business tools such as data analytics and big data, which influences their need for storage of large volumes of data being generated every day. As a result, multinational corporations often opt for enterprise data centers with advanced data security, which acts as a major driving factor for this segment’s growth.
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Increasing Adoption of Advanced Technologies is Supporting the Data Center Market Growth
The increasing penetration of data-generating devices such as smartphones, wearable devices, IoT sensors, remote patient monitoring devices, along with the adoption of advanced technologies such as artificial intelligence, machine learning, big data, etc., is significantly propelling the growth of the data center market. The businesses are deploying data analytical tools to process and manage large volumes of data that can provide insights and trends regarding their business performance, market trends, the customer wants, etc., which is anticipated to drive the market growth in the forecast period.
Data Center Market – By End-User
Based on end-user, the data center market is segmented into BFSI, IT & telecom, government, energy & utilities, and others. The BFSI segment accounts for the largest market share owing to the increasing dependence on internet banking and the growing penetration of online payment applications and mobile wallets. Furthermore, the need for the BFSI sector to keep its operations going 24×7 …
