In a recent published report, Kenneth Research has updated the market report for Cloud Data Center Market for 2024 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2024- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2024, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2024. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2024. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2024. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2024 till March 2024 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Cloud Data Center Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2024. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2024.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
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.
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.
Market Analysis:
According to Infoholic Research, the Cloud Data Center market is expected to reach $67.5 billion by 2024, growing at a CAGR of around 28.7% during the forecast period. Businesses are reassessing their data centres and locating to different places. 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.
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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 2024, growing at a CAGR of 27.6% during the forecast period 2017–2023.
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.
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.
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.
Key Stakeholders:
Data center manufacturers, network providers, software providers, data security solution vendors, policy makers, standard development organizations, investor community, university researchers, blog writers, and technology magazines.
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
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