Data Center Construction Market Forecast
The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Data Center Construction Market Forecast. The growth sectors of the Data Center Construction Market Forecast are identified with precision for a better growth perspective.
The global data center construction market is estimated to demonstrate 9.04% CAGR during the forecast period (2018-2023) owing to the emergence of data center facilities, asserts Market Research Future (MRFR). Data center can be referred to as a group of networked computer servers which are generally used by the organizations for processing, remote storage, and distribution of a large amount of data. Data center construction incorporates a collection of processes which is used for constructing data centers. With the proliferation of internet of things (IoT) and cloud, a voluminous amount of data has been generated which is likely to dictate the changing design of the data centers.
Drivers and Constraints Impacting the Market
With the augmenting adoption rate of IoT devices across the globe, the global data center construction market is estimated to propel during the appraisal period. The increasing demand for energy-efficient data centers is also estimated to create growth opportunities for the market across the globe. Additionally, with the adoption of green strategies like the reuse of waste and evaporative cooling are contribute to the market growth. Data center construction also provides several benefits such as high-speed data transfer, low latency, and work in near real time. Such benefits are likely to influence the market growth to a great extent. Moreover, with the advancements in technology along with software applications, the market is estimated to expand in the coming years. The finance & banking sector is considered one of the largest generators of data. The banking and finance structures use data centers in order to store employee management transactions, customer records, and electronic banking services like remote banking. Banks across the globe are extensively deploying new data centers. For instance, the U.S. bank has recently announced that it has planned to build a data center worth USD 250 million, in Chaska. Such factors are anticipated to fuel the market growth during the assessment period.
On the flip side, the high initial cost associated with the data center construction is estimated to deter the market growth throughout the appraisal period.
Global Data Center Construction Market: Segmental Analysis
The global data center construction market has been segmented on the basis of design type, tier type, and verticals.
By mode of design type, the global data center construction market has been segmented into mechanical construction and electrical construction.
By mode of tier type, the global data center construction market has been segmented into tier 1, tier 2, tier 3, tier 4. Among these, the tier 4 data centers are extensively used with dual power and redundant instances of storage, power cooling equipment, and network links. Tier 4 is considered the most advanced tiers in which redundancy is applied across the data centers.
By mode of verticals, the global data center construction market has been segmented into IT & telecommunication, BFSI, oil & energy, media & entertainment, and public sector. Among these, the IT & telecommunication segment is anticipated to occupy the largest market share with the growing need for connectivity. Data centers also add more fiber optic interconnects and racks for the servers which will result in the increased demand for data centers in the telecom sector.
Regional Insights
Geographically, the data center construction market span across regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World.
Among all the regions, the North American region is considered to experience a significant market share owing to the sophisticated technology coupled with the augmenting demand for security, storage of data, and faster operation. Canada, the United States, and Mexico offer huge investments for research and development activities of big data and analytics which requires data centers to process and store the data. Such factors are estimated to trigger the demand for data center construction in this region.
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Data Center Construction Market ForecastGlobal Data Center Construction Market to Surpass USD 31.91 Bn by 2023Market Research Future (MRFR) reports that the global data center construction is set to reach a valuation of USD 31.91 Bn by the years 2023.
Increased focus of improve telecommunication networks coupled with demand for high-speed low latency data transfer has created a strong need for effective data management solutions.
Such factors are driving the growth of global data center construction market.Global Data Center Construction Market: Segmental AnalysisThe segmental analysis of the market has been conducted based on vertical, tier type, design type, and region.On the basis of vertical, key segments include healthcare, media & entertainment, public sector, BFSI, oil and energy and IT & telecommunication.
This is accredited to the growing reliance of telecom companies on data center.
The growing need for broadband connectivity has augmented fiber optic interconnects, which is fuelling the importance of data centers around the world.On the basis of tier type, key segments include tier1, tier2, tier3, and tier4.
The tier 4 segment is expected to remain highly attractive during the assessment period.
Market OverviewThe data center is a combination of servers for distribution & collection and storage of data.
Data center construction is carried by keeping several points into consideration like storage, location, and others that play a major role in the efficiency of the data center.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/5809The demand for data centers with high efficiency is on high-rise, which has increased the usage of solar and wind energy.
The rapid rise in demand for large data storage facilities with cloud-based services has provided the major growth to this market and is growing at considerable speeds.
The companies are readily investing in research & development programs to unfold the new aspects, imposing an extra load on the market and will help the market gain accelerated speeds.Apart from the uses and features, the Data Center Construction Market faces challenges from high investment costs involved, which has restrained the global market growth.
This report offers a complete outlook on the opposition, opportunities, drivers & restraints, and other factors affecting the neighborhood and Data Center Construction Market Forecast.
The worldwide market is anticipated to sign in approximately 09 % annual growth in this era.Industry NewsThe global data center construction market is growing at considerable speeds due to a rise in demands for fast data processing units and a rapid rise in digitalization.
