What is the key market trend for Global Data Center Market?

Increase in Demand for AI and Cloud Services: The booming popularity of AI and cloud services is placing a massive burden on data centers. AI devours computing power to train complex algorithms, while cloud storage hinges on data centers for user information and applications. This escalating demand is pushing existing data center infrastructure to its limits, prompting the market to expand and innovate to meet the ever-increasing need for data storage and processing power.

Global Data Center Market Size, Share, Growth Analysis, By Infrastructure(IT Infrastructure, Electrical Infrastructure), By Data Center Type(Colocation, Hyperscale), By Data Center Rating(Tier 1, Tier 2), By Enterprise Size(Large Enterprises, Medium & Small Enterprises), By End-use Industry(BFSI, IT & Telecommunication) - Industry Forecast 2024-2031

Report ID: SQMIG45B2088 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 151 | Figures: 78

Global Data Center Market News

In March 2024 US power management company Eaton announced the launch of its new modular data center solution. Eaton’s SmartRack modular data center combines racks, cooling, and service enclosures to withstand up to 150kW of equipment load.
In June 2023 NTT launched hyperscale data center campus, subsea cable system ‘MIST’ in Chenna.
In July 2022, FedEx announced to stop using mainframe and planning to close all data centers by 2024
In June 2022, Microsoft announced that the company has been facing shortage of resources and capacity
In 2021, Microsoft, one of the leading players in the data center market, announced build 50-100 new data centers

Global Data Center Market Report Snapshots

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Global Data Center Market size was valued at USD 231.22 Billion in 2019 and is poised to grow from USD 243.01 Billion in 2023 to USD 361.78 Billion by 2031, at a CAGR of 5.10% during the forecast period (2024-2031).

The data center market is one of the most competitive in the world. A number of companies have entered the market in recent years, and many more are expected to enter in the future. This article will provide a competitive analysis of the data center industry. Following are five key factors that will determine which company succeeds in this market: 'HPE', 'Cisco System, Inc.', 'Hitachi Ltd', 'IBM Corporation', 'NTT Communications', 'ABB', 'Dell Technologies', 'Schneider Electric', 'Comarch SA', 'Huawei Technologies Co., Ltd.', 'Hewlett Packard Enterprise', 'SAP SE', 'Equinix Inc.', 'Oracle', 'Amazon.com Inc.', 'Alphabet Inc.', 'Microsoft', 'Digital Realty', 'Tata Communications Ltd', 'GPX India Pvt. Ltd.'

Numerous companies have turned to data centers as essential hubs for storing their valuable data, recognizing the efficiency and security these facilities offer in safeguarding and managing their critical information.

North America is dominating the global data center market. There are many reasons why North America is the leading consumer of data center services. The region has the highest concentration of data-intensive industries, including finance, media, healthcare, and technology. Furthermore, North American businesses have been early adopters of cloud computing and other cutting-edge technologies that require large amounts of data storage and processing power.

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