Global Cloud Data Center Market Size To Grow USD 59.67 Billion by 2032 | CAGR of 12.4%Category: Electronics, ICT & Media
Global Cloud Data Center Market worth $59.67 billion by 2032
According to a research report published by Spherical Insights & Consulting, The Global Cloud Data Center Market size is to grow from USD 18.54 billion in 2022 to USD 59.67 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 12.4% during the forecast period.
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Browse key industry insights spread across 212 pages with 134 market data tables and figures & charts from the report on "Global Cloud Data Center Market Size, Share, and COVID-19 Impact Analysis, By Service Model (Infrastructure-as-a-service model, Platform-as-a-service model, and Software-as-a-service model), By Deployment Model (Public, Private, and Hybrid), By Organization Size (Small/Medium Enterprises, and Large Enterprises), By End-use (BFSI, Colocation, Energy, Government, Healthcare, Manufacturing, IT & Telecom, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032" Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/cloud-data-center-market
A cloud data center is a centralized facility that provides a scalable and flexible infrastructure for hosting and managing data in the cloud. It eliminates the need for physical servers and on-premises data storage by offering virtualized resources on-demand. Cloud data centers utilize a network of servers, storage systems, and networking equipment to deliver a wide range of services such as cloud computing, data storage, and data analytics. They enable businesses to optimize their IT operations, reduce costs, and easily scale their infrastructure based on fluctuating demands. Cloud data centers also ensure high availability, data security, and reliable performance for businesses operating in the cloud.
The large enterprises segment is expected to grow at a CAGR of around 13.7% during the forecast period
Based on organization size, the global cloud data center market is segmented into small/medium enterprises, and large enterprises. The large enterprises segment is expected to experience substantial growth in the forecast period. This can be attributed to several factors, including the increasing digital transformation initiatives undertaken by large organizations, their need for scalable and flexible IT infrastructure, and their capability to invest in advanced technologies. Large enterprises often have extensive data storage and processing requirements, making them prime candidates for adopting cloud data center solutions. Furthermore, the benefits of cost optimization, enhanced security, and improved operational efficiency offered by cloud data centers are driving the growth of the segment in the forecast period.
The BFSI segment held the largest market share with more than 33.5% revenue share
Based on end-use, the global cloud data center market is segmented into BFSI, colocation, energy, government, healthcare, manufacturing, IT & telecom, and others. The BFSI segment held the largest market share in 2022. This can be attributed to the sector's increasing adoption of cloud-based services for data storage, processing, and security. Cloud data centers offer the BFSI sector benefits such as scalability, cost-effectiveness, improved operational efficiency, and enhanced data protection. Additionally, the sector's growing need for advanced analytics, regulatory compliance, and disaster recovery solutions further drives its reliance on cloud data centers, solidifying its position as the leading market segment.
Asia-Pacific is predicted to grow at a higher CAGR of 14.1% over the projected period
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Based on region, Asia-Pacific is predicted to be a high-growth region in the cloud data center market in the forecast period. This can be attributed to several factors, including the increasing adoption of cloud-based services by businesses in the region. The rise of digitalization, mobile technologies, and e-commerce is also driving the demand for cloud data centers. Moreover, the growing trend of IoT, big data analytics, and AI applications is creating a need for advanced data storage and processing capabilities, which can be fulfilled by cloud data centers. Additionally, the region's expanding middle-class population, rising internet penetration, and government initiatives supporting digital transformation are also fueling market growth.
Some of the major players in the global cloud data center market include Microsoft Azure, Amazon Web Services, Alibaba Cloud, IBM Cloud, Google Cloud Platform, Oracle Cloud Infrastructure, Alibaba Cloud, VMware, Cisco Systems, Dell Technologies, Hewlett Packard Enterprise, Huawei Technologies, and Equinix.
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global cloud data center market based on the below-mentioned segments:
Cloud Data Center Market, By Service Model
- Infrastructure-as-a-service model (IaaS)
- Platform-as-a-service model (PaaS)
- Software-as-a-service model (SaaS)
Cloud Data Center Market, By Deployment Type
Cloud Data Center Market, By Organization Size
- Small/Medium Enterprises
- Large Enterprises
Cloud Data Center Market, By End-Use
- IT & Telecom
Cloud Data Center Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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