Dublin, Oct. 11, 2024 (GLOBE NEWSWIRE) -- The "Data Center Services Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
The Global Data Center Services Market was valued at USD 67.72 Billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 21.38% through 2029.
The Global Data Center Services Market is experiencing dynamic growth and transformation driven by key technological trends and evolving business needs. With a surge in digitalization across industries, there is an escalating demand for robust, scalable, and secure infrastructure, propelling the market's expansion. The Managed Hosting Service segment is emerging as a frontrunner, providing comprehensive end-to-end management of IT infrastructure.
Furthermore, Tier 3 data centers are dominating, striking a balance between cost-effectiveness and operational excellence. The Information Technology and Telecommunications (IT Telecom) sector stands out as a dominant end-user, fueling demand for high-performance computing, storage, and networking capabilities.
The market is witnessing the integration of cutting-edge technologies like edge computing, artificial intelligence, and automation, emphasizing the need for adaptive and future-proof data center solutions. Security concerns and regulatory compliance remain pivotal, shaping data center service providers' strategies. As the market continues to evolve, data center services are positioned as essential enablers of digital transformation, catering to the diverse requirements of businesses in an increasingly interconnected and data-centric landscape.
Service Insights
Managed Hosting Services:
- Dominated the market in 2023, allowing businesses to outsource infrastructure management.
- Helps organizations focus on core competencies while handling server maintenance, security, and performance optimization.
- Increasing complexity of IT environments and rapid technological changes drive demand for managed solutions.
- Emphasis on security and compliance encourages businesses to rely on service providers with specialized security measures.
- Addresses the complexities of hybrid and multi-cloud environments, ensuring seamless integration and optimal performance.
Data Center Insights
Tier 3 Data Centers:
- Held the largest market share in 2023 due to their balance of cost-effectiveness and operational excellence.
- Provide redundancy that meets business requirements without the higher costs of Tier 4 facilities.
- Support high availability and reliability essential for critical applications, appealing to organizations undergoing digital transformation.
- Adaptable to hybrid and multi-cloud strategies, providing flexibility for diverse workloads.
- Offer robust security measures without escalating costs significantly, catering to businesses prioritizing both security and operational expenses.
Regional Insights
North America:
- Dominated the global data center services market in 2023.
- Home to major technological innovation hubs, particularly Silicon Valley, influencing the data center services landscape.
- Strong economic environment driven by multinational corporations and tech giants creates high demand for advanced data center services.
- Early adopters of digital transformation strategies across industries, boosting demand for reliable and scalable services.
- Well-connected data centers facilitate seamless global communication and data transfer, essential for multinational companies.
- Emphasis on data security and privacy strengthens the reputation of North American data center services in the global market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 185 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $67.12 Billion |
| Forecasted Market Value (USD) by 2029 | $216.58 Billion |
| Compound Annual Growth Rate | 21.3% |
| Regions Covered | Global |
Data Center Services Key Players Include
- Fujitsu Limited
- IBM Corporation
- Singapore Telecommunications Limited
- Digital Realty Trust Inc.
- Cisco Systems Inc.
- Equinix Inc.
- Hewlett Packard Enterprise Company
- Vertiv Group Corp.
- Dell Inc.
- NTT Communications Corporation
Report Scope:
Data Center Services Market, By Service:
- Managed Hosting Service
- Colocation Service
Data Center Services Market, By Data Center:
- Tier 1
- Tier 2
- Tier 3
- Tier 4
Data Center Services Market, By End User Industry:
- BFSI
- Healthcare
- Retail
- Manufacturing
- IT Telecom
- Others
Data Center Services Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- South America
- Brazil
- Argentina
- Colombia
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Middle East Africa
- Saudi Arabia
- UAE
- South Africa
For more information about this report visit https://www.researchandmarkets.com/r/m3szfv
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