The total value of the data center market was USD 263.34 billion in 2022, and it will rise at a growth rate of above 10.9% in the near future, to reach USD 602.76 billion by 2030, according to P&S Intelligence.
The major reasons behind the growth of this industry are exponential increase in data. Thus, the requirement for these data centers is surging because of the growing need for mobile, analytics, cloud and cloud services globally. In recent years the due to the extensive growth of social media channels, the need to new data centers has immerged to store gathered information.
IT sector generated highest revenue for data centers industry, as it comprises storage, network and server infrastructure, which indeed is the backbone of these services. It is also projected to continue its dominance in coming years. these days, companies are leaning more toward well-equipped centers to allow improved data management as data analysis has become very essential for business growth. Such reasons will contribute in the growth of this category in coming years.
The IT and telecom industry is projected to dominate the market in years to come. Due to the wide acceptance of enhanced technologies, like cloud computing, the internet of things and artificial intelligence vast amount of data is being produced. This data comes from personnel records, server logs, network equipment, mobile internet usage, billing activities, and social channels.
To meet this huge demand of storing massive data businesses operating in the IT and telecom industry are renting third-party spaces. such methods facilitate IT and telecom businesses to manage and store huge amount of data and increase their storage size as per needed.
The massive rise in the data generation is one of the biggest reasons behind the growth of data center industry. Over 64 zettabytes of data were generated in 2020. And experts are projecting that by 2025 around 10 times more data will be created in compare to 2017. Over 2.5 quintillion data is created on daily basis.
North America is dominating the market and it will hold the same position throughout the forecast period, with a value of USD 191.80 billion.
Moreover, North American spends a generous amount in the R&D, which leads to the formation of advanced data centers that are more technologically enhanced and efficient in order to managing information. North America also has highly extensive advanced, and well-organized technological structure.
Hence, the booming IT sector and extensive growth of social media platforms will derive the data center market in the coming years.
