LONDON, March 16, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the data center market identifies increasing data volume growth as the driver of the data centre market going forward. Data refers to information that has been converted into an easy-to-process and use format. Today, all types of organizations process and store large amounts of information every day, and they do so in data centres. As a result, the volume of data has been growing exponentially, driving the data centres market. For instance, according to data by Takeo, a US-based AI, Cloud Implementation, and Consulting technology company, 2.5 quintillion bytes of data were created every day in 2020. According to data by CNET, a US-based technology, and consumer electronics media publisher, 44 zettabytes of data will be stored globally by 2020. Therefore, increasing growth in data volumes is driving the growth of the data center market.
The global data center market size is expected to grow from $359.5 billion in 2022 to $416.1 billion in 2023 at a compound annual growth rate (CAGR) of more than 15%. The data center market size is then expected to grow to $739.5 billion in 2027 at a CAGR of more than 17%.
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Per The Business Research Company’s data center market report, the key trends gaining traction in the data centre market are technological advancements. Major market players are developing technologically advanced products, such as the mobile data centre, which has a superior power capability and a minimalist design. For instance, Verakaria, a US-based cryptocurrency hosting, and mining service provider launched the Mobile Datacenter. The unique features of this data center include that it can support up to 2.57 MW of power, which is equivalent to 696 miners, in a 10'W-50'L-14'H product footprint, and is built with improved power capabilities and a simple design. Its other benefits include that the device is designed from the bottom up to handle the shifting weather patterns in any environment, in any place. It is also made to be quickly transported and installed on-site.
Major players in the data center market are Alphabet Inc., Amazon.com Inc., Equinix Inc., Microsoft Corp., NTT DATA Corp., Oracle Corp., SAP SE, International Business Machines Corp., Cisco Systems Inc. and Huawei Investment & Holding Co. Ltd.
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North America was the largest region in the data center market in 2022. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The global data center market is segmented by type into colocation, hyperscale, edge, other types; by component into solution, services; by enterprise size into large enterprises, small and medium enterprises (SMEs); by end user into BFSI, IT and telecom, government, energy and utilities, other end users.
Data Center Global Market Report 2023 –Market Size, Trends, And Global Forecast 2023-2032 by The Business Research Company provides insights and data center market analysis on the data center market size, data center market segments, data center market trends, data center market growth drivers and restraints, major competitors’ market positioning, revenues and data center market share.
The Business Research Company has published over 3,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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