The global Data Center Market Size will grow at an 11% CAGR by 2023, states the new Market Research Future (MRFR) report.
Remote Working Trend to Boost Market Growth
The trend of remote working will boost market growth over the forecast period. Workers are working remotely and have to rely in IoT technologies and the internet to receive and send information to the main offices from their homes.
Growing Construction of New Data Centers to offer Robust Opportunities
The growing construction of new data centers will offer robust opportunities for the market over the forecast period. This is due to the growing need for data storage by organizations across the world.
Besides, the emerging cloud technology in the data center is also boosting market growth. Cloud technology is highly flexible as this can be accessed with various devices and is easy for recovering the lost data. Cloud computing at the same time offers high speed that helps other businesses in growing.
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Eminent industry players profiled in the global Data Center Market report include IBM Corporation (U.S), Digital Realty Trust, Inc. (U.S), Cisco System, Inc. (U.S), Hitachi Ltd (Japan), EMC Corporation(U.S), Hewlett-Packard Inc. (U.S), Global Switch (U.K), CyrusOne (U.S), Telehouse (U.K), and DuPont Fabros Technology(U.S) among others.
Data Privacy Issues to act as Market Restraint
Concerns related to data privacy and various standards needs may act as market restraint over the forecast period.
High Initial Investment to act as Market Challenge
The high initial investment may act as market challenge over the forecast period.
The global Data Center Market is bifurcated based on type, density, and verticals.
By type, the corporate data centers will lead the market over the forecast period.
By density, the extreme segment will dominate the market over the forecast period.
By verticals, the telecom and IT segment will spearhead the market over the forecast period.
The global data center market is developing at a fast pace. It is the rising prevalence of people that are working remotely due to the COVID-19 outbreak that is fueling the market growth. Data centers are performing a vital and great job to manage and organize data. These are also ensuring that employees possess constant access to the data which they store. This crisis has permanently changed the manner in which businesses are organized and operate. Majority of the businesses are moving towards having mostly digital infrastructure. They find this cost-effective and fuels worker productivity. Besides, most companies use cloud for storing data and information. It is merged with more data travelling across the net. In fact both these factors are adding to the strong and burgeoning need for data centers.
North America to Head Data Center Market
North America will head the Data Center Market over the forecast period. The growing use of multi-cloud services for specific application services, expansion of the data centres, increasing awareness regarding the customization benefit of multi-cloud services, and adoption in numerous enterprises that helps to improve the performance threshold of the company are adding to the global Data Center Market growth in the region.
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