Data Center Market to Grow by 3.6x with Increasing Application in BFSI Sector
The latest study published by Fact.MR on the data center market provides insights into factors influencing change in consumer behavior and consumption patterns along with their impact on the sales. It highlights crucial insights into factors driving demand outlook across various sources on the basis of type, application, consulting, and integration across seven major regions.
Fact.MR – A Market Research and Competitive Intelligence Provider:As per latest report by Fact.MR, the global data center market is anticipated to total US$ 77 Bn in 2021. Increasing demand for new data centers across IT & telecom and banking, finance, service & investment (BFSI) sectors is driving the growth in the market.
With growing adoption of artificial intelligence (AI) and internet of things (IoT) for project management and security implementation across BFSI and IT sectors, sales are expected to surge. On account of this, the data center market is estimated to reach US$ 279 Bn by 2031.
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Development of hyper scale and advent of green data centers across emerging economies such as India, Japan, and China is boosting the market. As these green data centers operate on energy-efficient technologies and do not contain obsolete systems, governments across India and China are providing extensive funding for the robust development.
For instance, as per Indian Brand Equity Foundation, in September 2021, the Indian government announced to build a cyber-lab for the ‘Online Capacity Building Program on Crime Investigation, Cyber Law and Digital Forensics’ to strengthen cyber security capabilities.
Also, as per National Investment Promotion & Facilitation Agency, India is one of the most preferred market for setting-up Global Capability Centers (GCCs), employing over 1 million professionals. In 2020, the data center industry attracted investment of over US$ 396 Mn in India, and the per capita data consumption is expected to hit 25 GB/month by 2025.
Such slew of developments in the emerging economies are expected to drive the growth in the data center market. In response to this, the global data center market is expected to expand at over 13.8% CAGR over the forecast period of 2021 and 2031, estimates Fact.MR.
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