Data Center Solutions Market worth $591.7 billion by 2028, growing at a CAGR of 11.8 %: Report by MarketsandMarketsâ„¢
Chicago, Feb. 16, 2024 (GLOBE NEWSWIRE) -- The Data Center Solutions Market is expected to grow from USD 338.8 billion by 2023 to USD 591.7 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 11.8% during the forecast period , according to a new report by MarketsandMarkets™.
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225 - Tables
55 - Figures
280 - Pages
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Data Center Solutions Market Dynamics:
Drivers:
- Cloud computing revolution
Restraints:
- High initial investments
- Complexity of implementation
Opportunities:
- Emergence of generative AI
- Data center expansion in developing regions
- Growing demand for edge data center-as-a-service
- Increasing demand for hybrid and multi-cloud deployments
List of Key Players in Data Center Solutions Market:
- AWS
- Microsoft
- Equinix
- Dell
- Huawei
- Digital Realty
- NTT
- KDDI
- HPE
The proliferation of data-intensive technologies, such as artificial intelligence and the Internet of Things, drives the need for advanced data center solutions to handle information's growing volume and complexity. Expanding edge computing applications, requiring localized processing for low-latency requirements, also contribute to the demand for innovative data center solutions.
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Based on the offering, the software segment will grow at the highest CAGR during the forecast period. The software segment in data center solutions comprises a comprehensive suite of applications and tools designed to optimize, manage, and secure the complex infrastructure within data centers. These software solutions are pivotal in enhancing operational efficiency, ensuring robust security, and facilitating seamless scalability. Management software acts as the nerve center orchestrating various tasks at the core of data center operations. This software provides administrators with a unified platform for overseeing the entire infrastructure, encompassing physical and virtual components. It aids in asset tracking, inventory management, and resource allocation, fostering operational control and efficiency. Data Center Infrastructure Management (DCIM) software helps optimize the physical aspects of data centers. It offers tools for capacity planning, change management, and real-time monitoring of power and cooling systems.
The cloud data center segment will grow at a higher CAGR during the forecast period based on the data center type. Companies that offer cloud services use different models to provide better services to their customers. These models include private, public, and hybrid clouds. As more businesses embrace cloud computing, a higher percentage of their workloads are hosted in cloud data centers. Big players in the cloud computing industry, such as Amazon, Microsoft, and Google, are constructing massive facilities worldwide to increase their cloud computing power. CSPs like AWS, Microsoft Azure, and Google Cloud Platform (GCP) manage cloud data centers. These providers oversee the entire infrastructure, including hardware, networking, and maintenance. Cloud data centers are designed to be highly scalable and offer on-demand resources.
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Based on vertical, the BFSI vertical will hold the largest market share in 2023. The BFSI (Banking, Financial Services, and Insurance) industry is a significant player in the data center solutions market, relying heavily on advanced technologies to meet its growing IT requirements. The BFSI sector requires robust and secure data center infrastructure to handle sensitive financial data, ensure regulatory compliance, and deliver uninterrupted customer services. The BFSI sector deals with sensitive financial information, prioritizing security and compliance. Data center solutions provide secure environments with advanced cybersecurity measures, ensuring data integrity and compliance with industry regulations. The BFSI industry experiences fluctuating workloads, and data center solutions offer scalability to accommodate growing data volumes and changing business needs. This flexibility allows financial institutions to adapt to market dynamics efficiently. Uninterrupted availability of financial services is critical for the BFSI sector.
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