Press release
Data Center Market Poised for 11 % Growth, Set to Hit $432.6 Billion by 2029
Data Center Market Size
The data centers market is projected to expand due to the expected surge in data volumes. Data implies information which has been converted to a format that is convenient to utilize and process. Presently, every organization, irrespective of its nature of business, manages and stores copious amounts of information daily which is typically stored in data centers. Consequently, there is an exponential growth in data volumes, thus propelling the data centers market. For instance, a report published by Firebolt Analytics Inc., an Israel-based data software company, in December 2022, shows companies are witnessing a rise in data volumes, with the average increase going from 107 TB (terabytes) in 2021 to a predicted 213 TB in 2023. This surge indicates the continuing expansion of data management's scale within organizations. Hence, the growth of data volumes is accelerating the development of the data center market.
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What is the projected compound annual growth rate (CAGR) of the data center market from 2025 to 2034, and what factors influence it?
The size of the data center market has seen robust growth over the past few years. It is projected to expand from $268.76 billion in 2024 to $289.31 billion in 2025 with a compound annual growth rate (CAGR) of 7.6%. This growth during the historical period can be linked to factors such as the growth of enterprise IT, the proliferation of mobile devices, the revolution of internet and digital technologies, requirements for business continuity, and consolidation of data centers.
Substantial expansion is predicted for the data center market in the coming years, with the market size projected to reach $432.61 billion in 2029, growing at a compound annual growth rate (CAGR) of 10.6%. The surge in growth during this period is likely due to factors such as the rise in digitalization, the expansion of cloud services, adoption of hybrid cloud, focus on sustainability and green initiatives, prioritization of cybersecurity, and the effects of a remote workforce. The period is expected to see key trends like the widening of edge computing, migration to the cloud, increased uptake of hybrid cloud, the integration of AI and machine learning, and sustainability-driven initiatives.
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How are the latest trends influencing the growth of the data center market?
Trends in technological improvements are witnessing increased traction in the data center arena. Key market leaders are developing progressive products such as mobile data centers characterized by high power capability and streamlined design. Taking an example, Verakaria, a US ground cryptocurrency hosting, and mining service company introduced the Mobile Datacenter. Distinct features of this data center include its ability to maintain up to 2.57 MW of power, comparable to 696 miners, within a 10'W-50'L-14'H product space. The data center is characterized by enhanced power functionalities and a simplistic design. Additional advantages incorporate its tailor-made design to withstand variant weather conditions in any location, anywhere. The device is also designed for easy transportation and on-site installation.
What are the major segments of the data center market and their role in driving growth?
The data center market size has grown strongly in recent years. It will grow from $268.76 billion in 2024 to $289.31 billion in 2025 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to enterprise it growth, mobile device proliferation, internet and digital revolution, business continuity requirements, data center consolidation.
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Which regions are key players in the growth of the data center market?
North America was the largest region in the data center market in 2024. The regions covered in the data center market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the data center market?
Major companies operating in the data center market are Caterpillar Inc., Cummins Inc., ABB Ltd., Generac Power System Inc., KOHLER Group, Hitech Power Protection, Rolls Royce Power Systems AG, Aggreko Company, Eaton Corporation, F.G. Wilson, Atlas Copco, Himoinsa SL, MTU Friedrichshafen GmbH, Wärtsilä Corporation, Schneider Electric SE, Siemens AG, Emerson Electric Co., Socomec Group, Riello UPS, Vertiv Co., Delta Electronics Inc., Toshiba Corporation, Fuji Electric Co.Ltd., Kirloskar Electric Company, Yanmar Co. Ltd.
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What Is Covered In The Data Center Global Market Report?
• Market Size Forecast: Examine the data center market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the data center market for a structured understanding.
• Key Players Overview: Analyze major players in the data center market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the data center market.
• Segment Contributions: Evaluate how different segments drive overall growth in the data center market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the data center market.
• Industry Challenges: Identify potential risks and obstacles affecting the data center market.
• Competitive Landscape: Review strategic developments in the data center market, including expansions, agreements, and new product launches.
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