Pune, India, April 26, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the North America data center colocation market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 45 billion by 2026.
With the novel Coronavirus hitting hard, the demand for web-enabled services has been spiraling up consistently over the past few months. The outbreak has awakened businesses and individuals alike to their dependence on web-enabled business and personal software platforms for business transactions and communication.
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This growth can be accredited to the colocation data center service providers who have been offering out-of-the-box scalability features that promise complete control to customers. In 2019, the market was valued at $20 billion and it is anticipated to exhibit a fruitful CAGR of 13.5% between 2020 and 2026.
In North America, the insatiable demand for data center colocation is likely to keep skyrocketing since customers have been increasingly leading virtual lives and businesses have been focusing on digital transformation in order to stay in the game. This trend has been imposing considerable pressure on building of new platforms and might thus lead to increased costs.
The following top three trends are contributing to the North America data center colocation growth:
Telemedicine to usher in tremendous growth opportunities
Upgrading healthcare has become the key concern over several regions of North America. The challenging phase of the pandemic signals that it is the right time for the healthcare industry to divulge in a more standardized, secured, and robust digital infrastructure. The recognition of telemedicine in the healthcare space has spurred the utilization of video conferencing and VPNs. With this, affordability, availability, and uptime of advanced data centers has become a key preoccupation of the healthcare providers. Thus, the industry will require highly efficient data centers to maintain best practices in medicine, supporting the progression of the North America data center colocation market.
E-learning, digital games, and video streaming to bring in more revenue
The pandemic has encouraged the espousal of e-learning apps in the education sector, while the restrictions on socializing have prompted several individuals to pursue their interests in e-sports and digital gaming. The engagement with social media for communication and entertainment purposes has also surged in the COVID times.
In Canada, Over The Top (OTT) services have been reaching new heights during the pandemic as the demand has surmounted to 58%, according to the findings of the Media Technology Monitor (MTM). This development can benefit the growth of North America data center colocation market as colocation companies provide cost-effective and convenient solutions to businesses.
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Focus of industry players on advanced facilities to ramp up growth
One of the emerging trends in the North America data center colocation market is the focus on the improvement of hybrid multi-cloud strategies to fulfil the customers’ requirements. For instance, Equinix, Inc., in collaboration with Google LLC launched new solutions for simplifying migration of customers switching to the cloud. The deployment of Google Anthos will enable users to utilize superior Kubernetes-based tools for managing workload in colocation facilities. Moreover, the existence of numerous centers in the region, in addition to the aforementioned trend are expected to boost the market expansion.
The data center colocation ecosystem is becoming a collective framework defining how individuals have been working, learning, shopping, entertaining, and caring for themselves. It is important to view data center colocation as an indispensable tool in fortifying software infrastructure and this switch, particularly driven by the pandemic requirements, holds the key to managing needs of the present and future.
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About Graphical Research:
Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.
