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Optimizing Infrastructure: Data Center Management Market Trends 2024
Data Center Infrastructure Management Market
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According to The Business Research Company's, The data center infrastructure management market size has grown exponentially in recent years. It will grow from $3.24 billion in 2023 to $4.02 billion in 2024 at a compound annual growth rate (CAGR) of 23.8%. The growth in the historic period can be attributed to growing demand for data centers, capacity planning and optimization, cost management and operational efficiency, asset lifecycle management, regulatory compliance..
The data center infrastructure management market size is expected to see exponential growth in the next few years. It will grow to $9.85 billion in 2028 at a compound annual growth rate (CAGR) of 25.1%. The growth in the forecast period can be attributed to sustainability and green computing, data center modernization initiatives, composable infrastructure trends, regulatory emphasis on data privacy, predictive maintenance strategies.. Major trends in the forecast period include adoption of cloud-based dcim solutions, edge data center management, real-time monitoring and reporting, remote management and automation, visualization and reporting tools for decision-making..
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Market Drivers and Trends:
An increase in data center IP traffic is expected to propel the growth of the data center infrastructure management market in the forecast period. There has been an exponential increase in internet usage and IP traffic in data centers across the globe due to the pandemic and people working from home. According to Vxchange, a US-based company that offers data centers and colocation services, data center IP traffic is predicted to reach 20.6 zettabytes (ZB) by the end of 2021. Another report published by Cisco Systems in December 2022, states that the annual IP traffic in data centers is projected to reach 19,509 exabytes (EB) by the year 2023. Thus, the surge in data center traffic is expected to boost the data center infrastructure management market growth.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
ABB Ltd., Cisco Systems Inc., Commscope Inc., Dell Inc., Hewlett Packard Enterprise, IBM Corporation, Modius Inc., Panduit Corporation, Raritan Inc., Schneider Electric SE, Siemens AG, Vertiv Group Co., Nlyte, Delta Electronics Inc., Rittal GmbH & Co. Kg, Stulz GmbH, Microsoft Corporation, ITRACS Corp., VMware Inc., Lenovo Group Ltd., Oracle Corporation, NetApp Inc., Huawei Technologies Co. Ltd., Device42 Inc., Sunbird Software Inc., SynapSense Corp., Fieldview Solutions, NTT Data Corporation, Optimum Path Inc., Nlyte Software, FNT Software, Eaton Corporation, Cormant Inc.
Data Center Infrastructure Management Market 2024 Key Insights:
• The data center infrastructure management market size is expected to see exponential growth in the next few years. It will grow to $9.85 billion in 2028 at a compound annual growth rate (CAGR) of 25.1%.
• Surging Data Center Ip Traffic Fuels Growth In Data Center Infrastructure Management Market
• Innovative Data Center Management Platforms Transforming The Data Center Infrastructure Management Market
• North America was the largest region in the data center infrastructure management market in 2023
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