Data center service helps in providing processing, networking, data storage services and distribution of data. It consists of components such as building, cooling, power distribution center and backup system. Cloud technology of data center service has been found to be very economical as it helps to recover the lost data. It helps in the decision making process with the optimum usage of IT hardware. The energy monitoring sensors used can be installed in a data center to analyze the power usage and energy efficiency of the cooling system. Additionally, it offers high speed networking which helps businesses to expand. Technical services of data centers help to address business challenges with storage software and networking equipment. One of the advantages it offers is that the owner can maintain full control over software and hardware. It helps in providing guidance and expertise on designing new technologies. Growing demand for advanced cloud technology and data security is anticipated to foster the growth of data center service market over the forecast period (2019-2027).
The data center service market is anticipated to record a CAGR of 14.69% over the forecast period. The market is segmented by service into infrastructure, cloud and hosting, networks, consulting, virtualization & others; by data center into tier 1, tier 2, tier 3, and tier 4; by end user industry into BFSI, healthcare, retail, manufacturing, IT & Telecom and Others. IT sector is anticipated to capture the largest market on account of increasing private and public projects.
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Latest technologies require data storage handling system and processing system. Microsoft and other companies are now focusing on the data security system. Additionally, the demand for cloud technologies is increasing owing to lower cost and maintenance. It offers data for clients that can be easily accessed at any time and on any device. Moreover, it is enabling small and medium sized businesses grow. Rising demand for data security and data handling system is expected to propel the growth of data service center market around the world.
Rising demand for e-commerce activities is expected to be one of the key factors propagating the demand for data center service market across the globe. The availability of superior, robust and reliable telecom connectivity is crucial to the the growth of retail corporation. Digital platforms are now rendering services that can be accessed by any user at any time and at any place. These platforms have intensified the competition in the market across the globe. Additionally, rising adoption of digital marketing practices is anticipated to propel the growth of data center service market.
IT sector is growing rapidly and dominating other sector in growing economies of the world. According to Eurostat, 68% of the enterprises are using cloud computing for storage of files. Business process outsourcing is one the significant component of this sector that helps in providing business solution to various private organizations. Abundant availability of skilled manpower is helping in the development of expanding their business operations. Additionally, this sector is receiving projects from government agencies every year. Increasing number of private and public projects is showing potential to propel the data center service market globally.
Data privacy is a major concern nowadays, every customer is focused towards personalizing the data. Additionally, the cases of cyber crimes is increasing continuously across the globe. Data center services is able to recover all the data loss. Data security is one primary concern for growing businesses across the world. With the rise in economy, corporate firms are taking appropriate steps so that they could recover data loss. Data privacy concerns is one of the key factors restraining the growth of data center service market across the globe.
Our-in depth analysis of the data center service market includes the following segments:
On the basis of regional analysis, the data center service market is segmented into five major regions North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Asia Pacific market is anticipated to capture the largest share in the data center service market owing to the rapid development of IT & telecom sector. With growing demand for data privacy systems, market of Asia Pacific is expected to observe a substantial growth. The market of North America is expected to show a significant growth after Asia Pacific owing to growing demand of data networking and storage.
The Data center service market is further classified on the basis of region as follows:
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