Categories: Market Research

Data Center Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Data centers are referred to as physical facility that comprises networked computers, storage systems, servers, computational infrastructure, and application-delivery controllers. Data centers are needed by businesses for operations to store the data assets of the organization.

Sizing and Forecast
The data center market size has grown strongly in recent years. It will grow from $252.68 billion in 2023 to $274.98 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to enterprise it growth, mobile device proliferation, internet and digital revolution, business continuity requirements, data center consolidation..

The data center market size is expected to see strong growth in the next few years. It will grow to $388.41 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to increasing digitalization, cloud services expansion, hybrid cloud adoption, sustainability and green initiatives, cybersecurity prioritization, remote workforce impacts.. Major trends in the forecast period include edge computing expansion, cloud migration, hybrid cloud adoption, ai and machine learning integration, sustainability initiatives..

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Segmentation & Regional Insights
The data center market covered in this report is segmented –

1) By Type: Colocation, Hyperscale, Edge, Other Types
2) By Component: Solution, Services
3) By Enterprise Size: Large Enterprises, Small And Medium Enterprises (SMEs)
4) By End User: BFSI, IT And Telecom, Government, Energy And Utilities, Other End Users

North America was the largest region in the data center market in 2023. The regions covered in the data center market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
Increasing growth in data volumes is expected to propel the data centers market going forward. Data refers to information that has been translated into a form that is easy to process and use. Today, all types of organizations process and store large quantities of information every day, and therefore they store the same in data centers; as a result, the volume of data has been growing exponentially, thereby driving the data centers market. For instance, in December 2022, according to a report published by Firebolt Analytics Inc., an Israel-based data software company, companies are experiencing a surge in data volumes, with an average increase from 107 TB (terabytes) in 2021 to an expected 213 TB in 2023. This growth reflects the ongoing expansion in the scale of data management within organizations. Therefore, increasing growth in data volumes is driving the growth of the data center market.

Key Industry Players
Major companies operating in the data center market report are Caterpillar Inc., Cummins Inc., ABB Ltd., Generac Power System Inc., KOHLER Group, Mitsubishi Motors Corporation, Hitech Power Protection, Rolls Royce Power Systems AG, Aggreko Company, Bruno s.r.l., Eaton Corporation, F.G. Wilson, Atlas Copco, Himoinsa SL, Langley Holdings PLC, MTU Friedrichshafen GmbH, Wärtsilä Corporation, Schneider Electric SE, Siemens AG, Emerson Electric Co., Socomec Group, Riello UPS, Vertiv Co., Delta Electronics Inc., Toshiba Corporation, Fuji Electric Co.Ltd., Kirloskar Electric Company, Yanmar Co. Ltd., Trina Solar Ltd., Yingli Green Energy Holding Company Limited

The data center market report table of contents includes:

1. Executive Summary

2. Data Center Market Characteristics

3. Data Center Market Trends And Strategies

4. Data Center Market – Macro Economic Scenario

5. Global Data Center Market Size and Growth

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31. Global Data Center Market Competitive Benchmarking

32. Global Data Center Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Data Center Market

34. Data Center Market Future Outlook and Potential Analysis

35. Appendix