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/EIN News/ -- Pune, India, July 27, 2022 (GLOBE NEWSWIRE) -- The global modular data center market size is expected to gain momentum by reaching USD 65.55 billion by 2027 while exhibiting a CAGR of 19.0% between 2020 and 2027. This is attributable to the growing adoption of advanced technologies such as cloud and artificial intelligence (AI) by the SMEs that drives the demand for innovative modular data centers globally. This information is published by Fortune Business Insights The report further mentions that the market stood at USD 16.56 billion in 2019.
January 2019 – GI Partners announced the purchase of two modular data centers from NTT Data and further plan to invest in the development of technological infrastructures. The company aim to strengthen its position in the global marketplace.
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The COVID-19 pandemic has positively impacted the Modular Data Centre Market growth due to rising digitization in several industries. Also, leading companies from various sectors have adopted recent technologies to simplify their business operations and ease the work process. Furthermore, the companies implemented recent technologies to adopt work from home/remote work culture. These factors bolstered the market growth and expansion during the pandemic.
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Growing Adoption of Cloud-based Services to Augment Growth
The generation of large amounts of data is propelling the companies to develop advanced solutions to store and maintain it efficiently. The growing adoption of cloud-based tools and applications provides the government and key players to centralize, compute, improve operational efficiency, and reduce the overall energy consumption. This further enables the companies to cater to the changing needs for critical IT power. Therefore, the adoption of cloud-based solutions and services is expected to contribute to the growth of the global market during the forecast period.
IT & TELECOM Segment Held 29.4% Market Share in 2019
The IT & Telecom segment, based on industry, held a market share of about 29.4% in 2019 and is likely to experience growth owing to the growing focus of the IT companies to develop advanced modular data centers to enable efficiency in working.
North America to Remain Dominant; Increasing Investments to Aid Growth
Among all the regions, North America is expected to hold the highest position in the global modular data center market. This is attributable to the increasing investments by the government and key players to develop prefabricated modular data centers in the region. North America stood at USD 5.69 billion in 2019.
The market in Asia-Pacific is expected to experience a substantial growth backed by the rising number of SMEs and startups in countries such as India and China between 2020 and 2027.
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Investment in R&D Activities by Major Companies to Expand Their Product Portfolio
The global modular data center market comprises several companies trying to leverage the opportunities by investing in R&D activities to develop advanced modular data centers to cater to the growing demand from enterprises. Additionally, the major companies are adopting strategies such as merger and acquisition, partnership, and collaboration to maintain their presence that will bode well for the growth of the market.
List of the Companies Profiled in Modular Data Center Market:
Global Modular Data Center Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
North America Modular Data Center Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
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How much modular data center market worth?
The global modular data center market size was USD 16.56 billion in 2019 and is projected to reach USD 65.55 billion by 2027, exhibiting a CAGR of 19.0% during the forecast period.
How big is Modular Data Center Market in North America?
The market in North America stood at USD 5.69 billion in 2019 and is normal to achieve a great portion of the market share in the forecast years.
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