Cloud Data Center Market Expected to reach $67.5 billion by 2023 - Microsoft, AWS, Cisco Systems, IBM, Google

Cloud Data Center market is expected to reach $67.5 billion by 2023, growing at a CAGR of around 28.7% during the forecast period.

Cloud Data Center Market-Global Drivers, Restraints, Opportunities, Trends, and Forecasts to 2023

Overview:
Cloud computing is a transformation in the IT industry changing the nature of the competition within the computer industry. Organizations, such as Cisco Systems, Amazon, Google, Microsoft, and IBM, believe that the cloud will be controlling the IT resources as well as helping in reducing TCO. Cloud computing revolutionizes the way IT resources are being deployed, configured, and managed. With the increase in the use of cloud computing, storage environment has also changed. There are several converging trends such as an increase in number of users, IT consumerization, and more data and devices pushing the storage environment to a new level. These technologies are not only driving the cloud market, but also pushing the use of technologies that will support cloud computing.

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Cloud data center is a repository, which can be either physical or virtual used for management, storage, and transmission of data. It requires minimal maintenance cost when compared to the servers. They have their own power supply in case of electricity failure. They are cost-effective and require less resource, thereby attracting end-users to use cloud deployment rather than servers.

They are trying to use emerging technologies to build dynamic, scalable next-generation data center that will response to changing business needs without increasing the cost and overspending on service levels. Moreover, there is growing demand from North American companies as the cloud technology will help in storing data and information cost-effectively, increasing the efficiency, agility, and flexibility of the data center.

Software Analysis:
Software is the major boosting factor for the cloud data centers market. The major technology providers have joined hands with the cloud and third-party providers to offer innovative data center solutions, which enable the end-users to store their data on the cloud with better security features. The software market is further segmented into storage, server, and networking. In 2017, cloud storage had a major share of the market and is expected to reach $22.99 billion by 2023, growing at a CAGR of 27.6% during the forecast period 2017-2023.

Key Players:
The key players covered in the report are Microsoft, AWS, Cisco Systems, IBM, and Google.

Competitive Analysis:
The study covers and analyzes the Cloud Data Center market. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for players to understand the latest trends, current market scenario, government initiatives, and technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and take informed decisions.

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Regional Analysis:
Currently, the Americas is having the majority of the market share mainly due to advancements in technology. The market is witnessing prominent growth in countries such as the US and Canada. Americas is followed by Europe in terms of high market share. The regional government initiatives for using cloud computing and reducing the operational cost fosters the growth in the region. APAC is spending hugely in development of data centers and sharing knowledge about the use of cloud computing. LAMEA is expected to have a positive growth in the market, which will offer huge opportunities for key players to provide innovative solutions in the region.

Benefits:
The report provides an in-depth analysis of the cloud data center market aiming to reduce time to market for products and services, reduce operational and cooling costs, improve business efficiency, and operational performance. The report talks about software, services, service models, end-user, and regions. With the information offered, key stakeholders can know about the major trends, drivers, investments, vertical player's initiatives, and public private partnership (PPP's) interest toward the adoption of the technology. Further, the report provides details about the major challenges impacting market growth.

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This release was published on openPR.