Mega Data Center Market Surges, Fueled by Technological Advancements and Growing Data Needs As Per The Business Research Company's Mega Data Center Global Market Report 2024
LONDON, Jan. 24, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Mega Data Center Global Market Report 2024, the global mega data center market has experienced robust growth in recent years, with a projected market size of $28.98 billion in 2024, reflecting a notable compound annual growth rate (CAGR) of 6.2%. This upward trajectory is attributed to the surge in data generation and storage needs, digital transformation initiatives by businesses, the widespread adoption of cloud computing, and the demand for scalability in the wake of big data analytics and processing requirements. As we move into the forecast period, the market is anticipated to reach $37.74 billion in 2028, with a CAGR of 6.8%, driven by factors such as the emphasis on edge computing architecture, the growing demand for hybrid and multi-cloud deployments, escalating concerns for data security and compliance, integration of artificial intelligence in data processing, and the rapid growth of internet of things (IoT) applications.
Trends in the Forecast Period: Major trends in the mega data center market expected in the forecast period include the implementation of artificial intelligence (AI) and machine learning (ML), growth in hybrid and multi-cloud deployments, modular and scalable infrastructure, a focus on data center sustainability certifications, and integration of 5G technology.
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IoT Adoption: The increasing adoption of Internet of Things (IoT) technology is anticipated to drive the growth of the mega data center market. Mega data centers play a crucial role in supporting the effectiveness of IoT technology by providing the necessary infrastructure, scalability, connectivity, interoperability, reduced latency, and capabilities to manage the vast amounts of data generated by interconnected devices. It is projected that by 2030, there will be 25.4 billion IoT devices, further emphasizing the pivotal role of mega data centers in supporting this technological revolution.
Mega Data Center Market Major Companies: Leading companies in the mega data center market include International Business Machines Corporation, Cisco Systems Inc., Dell Technologies Inc., Fujitsu Ltd., Intel Corporation, Hewlett Packard Enterprise Company, Schneider Electric SE, Juniper Networks Inc., EMC Corporation, Apple Inc., Meta Platforms Inc., Google LLC, Amazon Inc., Microsoft Corporation, Oracle Corporation, Equinix Inc., NTT Ltd., Digital Realty Trust Inc., Huawei Technologies Co. Inc., Lenovo Group Limited, Siemens AG.
Networking Solution Launch: The mega data center market is witnessing significant technological advancements. In June 2022, Arista Networks Inc. launched the 7130 series technology, a powerful and flexible networking solution designed for applications requiring low latency and high throughput. The Arista 7130L series is tailored for high-performance computing and financial trading environments, aligning with the industry's evolving needs.
Regional Overview: North America led the mega data center market in 2023, followed by Asia-Pacific, which is anticipated to be the fastest-growing region in the forecast period.
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Mega Data Center Market Segmentation Overview: The mega data center market is segmented based on:
- Solution Type: IT Infrastructure Solutions, Support Infrastructure Solutions, Power Solutions, Cooling Solutions, Security Solutions, Management Software.
- Services: System Integration, Monitoring Services, Professional Services.
- Application: Cloud Providers, Colocation Providers, Enterprises.
- End-User: BFSI, Telecommunications And Computing, Government, Media And Entertainment, Public, Other End-Users.
Mega Data Center Global Market Report 2024 by The Business Research Company provides insights on the mega data center market size, mega data center market segments, mega data center market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ 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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