Increase in Digital Transactions Leading To Rising Requirement of Data Centers in BFSI Sector

The world has become data-driven; from small and medium-sized enterprises to large enterprises, all kinds of businesses now rely on data to enhance their processes, improve their performance, and generate greater profits. The dependence on digital services has increased over time as more people have acquired internet connectivity.

Organizations have become more resilient to equipment problems, malicious parties, and operational costs, by utilizing data centers. Such places facilitate the storage of data on third-party services, offering security, connectivity, and space. Thus, in 2021, all construction of data centers was a $220-billion industry, and it is expected to acquire $343.6 billion in revenue by 2030.

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A data center facilitates organizations to offload their infrastructure and resources for data processing, communications, and storage offsite. It provides systems for storing, accessing, sharing, and processing the data, along with utilities, such as cooling, uninterrupted power supply, and network security access.

The surge in the usage of IoT and the technologies associated with it is putting heavy strain on data centers. To cater to this requirement, numerous such facilities are required to be upgraded. The cost involved in building and maintaining a data center is exponentially higher. It is a big challenge to keep the facility fully optimized, at the same time reducing downtime, alleviating latency, and ensuring compliance with the ever-evolving standards.

Colocation and Hyperscale Data Centers Are Growing Global Trends

Colocation data centers facilitate organizations with the solution for renting space to host their data. Businesses can rent server racks only or complete purpose-built modules in multi-tenant data centers. It provides the same benefits as having companies' own data centers without spending that much on IT operations, thus allowing them to augment their profits.

Similarly, a hyperscale data center houses critical computing and network infrastructure, providing big companies, such as Google, Microsoft, and Amazon, the power to deliver key services to customers worldwide. In addition, hyperscale data centers provide better data management, higher security, and reliability, reduce barriers for customers, and allow them to generates higher margins.

Why BFSI Sector Is Depending Increasingly on Data Centers?

The digitization of the banking sector and increase in the internet penetration due to the decline in the cost of internet connections and surge in the count smartphone users have led to a rise in the number of customers utilizing internet banking and mobile banking.

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Along with this, the UPI technology has also become popular in recent years, as vendors and customers can use it for digital transactions even for low-cost products and services. Such small digital transactions made by a large number of people create massive data daily. This data needs to be collected to keep a record of digital activities in the BFSI sector, thus leading to an increase in the requirement for data centers around the world.

Therefore, the surge in worldwide data creation with the penetration of the internet leads to an increase in the demand for data centers for better management of this data.

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This release was published on openPR.