Data Center Service Market Size to Reach USD 178.23 Billion, With a CAGR of 13.1% by 2030 - Report by Market Research Future (MRFR)
The growing use of cloud-based based technology and the development of data centers in the organization ultimately drives the growth of the data center service market globally
New York, US, Sept. 28, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Data Center Service Market, By Service Type, By Organization, By Data Center Type, By End-User - Forecast 2030”, the market is anticipated to acquire a valuation of approximately USD 178.23 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 13.1% during the assessment timeframe.
Data Center Service Market Analysis
Data Center Service Market Key Players
Eminent market players profiled in the global data center service market report include-
IBM (U.S.)
HPE (U.S.)
Fujitsu Ltd. (Japan)
Cisco Systems, Inc. (U.S.)
Huawei Technologies Co. Ltd. (China)
Dell, Inc. (U.S.)
Equinix, Inc. (U.S.)
Vertiv Co (U.S.)
Schneider Electric SE (France)
NTT Communications (Japan)
Level 3 Communications (U.S.)
Hitachi Ltd. (Japan)
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Data Center Service Market Report Scope:
Report Metric | Details |
Revenue forecast in 2030 | USD 178.23 Billion |
Growth Rate | CAGR of 13.1% from 2022 to 2030 |
Base Year | 2021 |
Study Period | 2022-2030 |
Key Market Opportunities | The growing traffic at the data center service marker |
Key Market Drivers | The growing use of cloud-based based technology and the development of data centers in the organization ultimately |
Drivers
Rising Adoption of Digitalization to Boost Market Growth
The rising adoption of digitalization will boost market growth over the forecast period. The need for services that assure the optimal operation of infrastructures has increased as a result of the stress placed on the current data center facilities by the growing adoption of digitalization throughout established and developing countries.
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Data Center Service Market Opportunities
Emerging Cloud Technology in Data Centers to offer Robust Opportunities
The emergence of cloud computing in data center is one of the key factors impacting demand for data center systems and technology and, subsequently, the market growth. Cloud technology is more versatile because it can be accessed from a number of devices and lost data may be readily restored. Fast speed is another benefit of cloud computing, which supports the growth of other businesses.
Restraints
Lack of Expertise to Remain Market Restraint
The lack of expertise coupled with concerns about data privacy may act as market restraints over the forecast period.
Challenges
Limited Infrastructural Facilities to act as Market Challenge
High costs for research and development, a lack of adequate infrastructure, a rise in the need for third-party data center services, and a lack of knowledge in developing nations are all predicted to hinder market expansion. Hospital budget cuts, particularly during the pandemic, lack of appropriate infrastructure in low- and middle-income nations, and unfavorable reimbursement scenarios and technology adoption in developing economies are additional factors that are anticipated to provide market challenges.
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Data Center Service Market Segmentation
The global data center service market is bifurcated based on end user, data center type, organization, and service type.
By service type, the data center service market is segmented into outsourcing, application, financial, training, consulting, and support.
By organization, the data center service market is segmented into cloud providers, large enterprise, and SMBs.
By data center type, the data center service market is segmented into outsourced and captive.
By end user, BFSI will lead the market over the forecast period.
COVID-19 Analysis
The expansion of the data center market in 2020 has been considerably impacted by the advent of COVID-19. However, a major factor impeding market growth is the spike in demand for cloud computing network solutions. Additionally, the data center market was predominantly impacted by a number of challenges, such as a shortage of qualified personnel as a result of an actual and total lockdown. Furthermore, it is anticipated that the post-pandemic period will see a boom in data center use across the healthcare, government, and BFSI sectors.
Data Center Service Market Regional Analysis
North America to Head Data Center Service Market
Due to the increasing use of cutting-edge technology in nations like Canada and the U.S. as well as the rising consumption of related services, North America holds the highest proportion of the worldwide market and hence dominates it. Because of the region's strong foundation of healthcare facilities, the prominence of key market players, and the growing number of research activities, North America dominates the service market for data centers. Due to the growing adoption of digitalization across developed and developing countries, the increasing use of OTT services across regions, and the high need for maintaining optimal operations, the North American market will hold a significant market share.
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APAC to Have Admirable Growth in Data Center Service Market
The Asia-Pacific region holds the second-largest share of the global market because it is the region with the quickest rate of economic growth and because nations like South Korea, China, India, and Japan are utilizing cutting-edge technology and building infrastructure in line with it. Public cloud-based data centers are expected to rise as a result of India's economy, which is among the fastest-growing in the world. The IT sector dominates the Indian market and propels market growth as the largest employer in the private sector and the main consumer of data centers. The Indian government has provided tax breaks to the IT industry for Special Economic Zones & Software Technology Parks of India. India also offers streamlined procedures and a single point of approval for the construction of facilities. A USD 745.82 million fund is being established by the Indian government to realize the potential sectors. Additionally, China has seen an increase in its hyper-scale platforms, necessitating the need to provide data center services for Chinese hyper-scale platforms. Due to rising government initiatives to raise awareness, an increase in medical tourism, an increase in research activities in this region, the accessibility of sizable untapped markets, a large population pool, an increase in the adoption of multi-cloud computing solutions, and the region's growing need for high-quality healthcare, Asia-Pacific is predicted to experience significant growth between 2022 and 2029. India's economy, which is among the fastest-growing in the world, is anticipated to spur the development of public cloud-based data centers. As the largest employer in the private sector and the primary user of data centers, the IT sector dominates the Indian market and drives market expansion. India also offers streamlined procedures and a single point of approval for the construction of facilities. Additionally, China has seen an increase in its hyper-scale platforms, necessitating the need to provide data center services for Chinese hyper-scale platforms.
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