As per the latest report published by Marker Research Future (MRFR), the global market is predicted to reach a significant market value of USD 82 billion at a substantial CAGR of 13% over the review period.
Drivers and Restraints
The increasing investment in data centers all across the world will work in favor of the global market for the data centers in the foreseeable future. In addition, the improved demand for quality management in infrastructure, along with new technological innovations in the field of data storage, along with the transfer, will most likely be a driving force towards the growth of the data center service market. Moreover, data center service provides numerous benefits in the form of reliability, scalability, redundancy, cost benefits, and others. Such benefits have also been accountable for growing the product appeal among a large portion of the global consumer base. In addition to this, the emergence of cloud technology in data centers is one of the major drivers augmenting the demand for data center systems & technology, subsequently encouraging market growth. Moreover, there has been a rise in the number of people that were connected with the help of cloud servers on account of the improved data security and storage function, a factor that is bound to create several promising growth opportunities for the data center service market. These factors are expected to foster the global demand for data centers, in turn, fueling the market growth over the assessment period.
The data center service market expands on the basis of data center type, service type, organization, and end-user. On the basis of the service type data center service market is segmented as consulting services, support services, training services, application services, financial services, and outsourcing services. Based on the organization, the data center service market has been segmented into Large Enterprise, SMEs, and cloud providers.
on the basis of the data center type, the global data center service market has been bifurcated into captive and outsourced.
Based on the end-user, the data center service market has been segmented into BFSI, manufacturing, IT/ITES, transportation, healthcare, government, and others.
The regional analysis of Global Data Center Services Market Size is being studied for four regions, such as Europe, Asia Pacific, North America, and the Rest of the World. The study indicates that the North America region is dominating the Datacenter service market owing to factors such as increasing adoption associated services and technological advancements. The rising adoption of external services coupled with growing investments is slated to expand the data center service market in North America over the foreseeable future. The study also indicates that the Asia-Pacific region has a massive scope to grow significantly in the data center service market over the forecast period.
The major market players operating in the global market as identified by MRFR are IBM (U.S.), HPE (U.S.), Huawei Technologies Co. Ltd. (China), Fujitsu Ltd. (Japan), Vertiv Co(U.S.), Dell, Inc. (U.S.), Cisco Systems, Inc. (U.S.), Equinix, Inc. (U.S.), Level 3 Communications (U.S.), Schneider Electric SE (France), NTT Communications(Japan), and Hitachi Ltd. (Japan) among others.
The major market players are expected to invest heavily in research and development activities for the smooth incorporation of the latest technological advancements in their products. Moreover, the market is poised to witness profitable business strategies such as mergers, joint ventures, acquisitions, partnerships, among others, which are expected to sustain the competitive dynamics of the market over the review period. These factors are also likely to contribute to the growth of the human capital management market substantially over the forecast period.
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