Data Center Market Growth Driven by Energy Grid Pressures: 6.56% CAGR by 2031 | SkyQuest Technology

WESTFORD, Mass., July 24, 2024 /PRNewswire/ -- According to SkyQuest, the global Data Center Market size was valued at USD 342.06 billion in 2022 and is poised to grow from USD 364.50 billion in 2023 to USD 605.96 billion by 2031, growing at a CAGR of 6.56% during the forecast period (2024-2031).

The data center market will continue to experience expanded energy demand due to fresh technologies like artificial intelligence and IoT. These technologies are increasing pressure on the current grids. The market players are continually seeking new methods to push innovation while guaranteeing that their objectives and policies are being fulfilled. Moreover, they also are ensuring satisfying to the mounting demand and staying sustainable in the market.

Moreover, the growing penetration of sophisticated cloud computing in businesses on a global scale in emerging economies is substantially propelling the growth of the data center market. Also, a rise in investments in the application of data centers worldwide is projected to fuel industry growth to a certain level.

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Data Center Market Overview:

Segments covered in Data Center Market are as follows:

• Component
• Hardware (servers, enterprise network equipment PDU, and UPS), software (DCIM, virtualization, and others), services (managed infrastructure services, hosting services, support services, and professional services).
• Type
• On-premise, hyperscale, HPC, Colocation, Edge
• Server Rack Density
• <10kW, 10-19kW, 20-29kW, 30-39kW, 40-49kW, >50kW
• Data Center Redundancy
• N+1, 2N, N+2, N
• PUE
• 1.2, 1.2 - 1.5, 1.5 - 2.0, Greater than 2.0
• Design
• traditional, containerized, modular
• Tier Level 
• Tier 1, Tier 2, Tier 3, Tier 4
• Enterprise Size
• Large enterprise, small & medium enterprises
• End User
• Cloud service provider, technology provider, telecom, healthcare, BFSI, retail & e-commerce, entertainment & media, energy, others

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Growing Penetration of Social Media and E-Commerce to Shift Focus on the Development of the Hardware Segment

By component, the hardware segment registered for a maximum share of the data center market owing to worldwide increasing use of e-commerce, social media, internet of things that need expanded data storage and better computational competency. cyclic hardware is facing improvements in most key areas like storage facilities, processing equipment, graphic processing, and more, which is impelling the hardware domain.

The growth of software sub-segment is anticipated to be fastest-growing owing to intensifying demand for cloud computing services and virtualization. This will majorly be advantageous for improved software solutions, assisting them to enhance their defense services like detection of potential intruders, encryption, monitoring, and controlling access. Moreover, with the emergence of green data centers, the software segment will rescale to control cooling and power intake tools. This will eventually increase the demand for data centers, fueling the market.

Large Enterprise Domain Leads Due to Increased Operations that Need Efficient Solutions

The large enterprise domain held the majority share of the market in the past years since they produce and manage abundant data from numerous sources like communications, customer transactions, operation, and more. Moreover, the growing implementation of cloud computing to enhance scalability, reduce costs, and boost operations has been increasing significantly. Hence, increasing operations worldwide along with improving technologies is propelling the market in larger businesses.

Small and medium enterprises are projected to be the fastest growing on the back of their increasing focus on spending on online technologies to gain a huge consumer base and remain competitive. Several small enterprises rely on data centers to handle customer details, inventory, transactions, and storage solutions safely and efficiently. They are also observed to be implementing cloud services for improved storage, cost-effectiveness, and infrastructure solutions. This increasing demand from small enterprises is projected to impact the growth of the data center market in the near future.

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Telecom Segment Dominates Due to Heavy Adoption of Software and Applications

The telecom industry registered a major share of the market owing to the constant adoption of enhanced applications and software available in the industry along with the formation of most startups. In 2023, the telecom sector captured nearly 40% of the industry share and will continue dominance due to the use of more improved solutions that allow storing of data on a large scale.

The BFSI segment is projected to be the fastest-growing due to heavy dependency on internet banking and increased penetration of the online payment services and mobile wallets. Moreover, the need for BFSI industry to maintain efficient operations for better economic activity and trade is remarkably expanding the data center market.

Growth of Green Technology to Favour Market Growth

2024, and further will offer thrilling technological improvements. The world will witness AI become more integrated into daily lives with key application areas like transportation and healthcare. 5G networks will experience better internet speeds, and mounting adoption, allowing for fresh potential to transform different domains. Moreover, the focus on green technology will rise in the coming years. Data centers will be of utmost significance to show the business scene. Hence business owners need to stay updated with every trend and technology, since they will reshape the data center's future.

Related Report:

Data Center Colocation Market

Modular Data Center Market

Data Center Construction Market

Data Center Liquid Cooling Market

Software Defined Data Center Market

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