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The global modular data center market size was valued at USD 16.56 billion in 2019 and is projected to reach USD 65.55 billion by 2027, exhibiting a CAGR of 19.0%. North America dominated the global market, accounting for 34.36% market share in 2019. The modular data center market is transitioning from a niche deployment alternative toward a strategic infrastructure model supporting distributed digital ecosystems. Enterprises increasingly prioritize deployment speed, scalability, flexibility, and predictable capital expenditure structures, positioning modular architectures as a practical response to accelerating compute demand.
The market size of modular data centers is predominantly driven by rising demand for advanced prefabricated and green data center infrastructures across IT & telecom, healthcare, and other industries. Market expansion is strongly linked to hyperscale cloud expansion, edge computing deployment, and enterprise digital transformation programs. Unlike conventional facilities requiring extended construction timelines, prefabricated modular systems enable operational readiness within significantly shorter implementation cycles. This capability is becoming critical across latency-sensitive and rapidly expanding data environments. The increasing demand for solutions and services such as cloud-based networking, artificial intelligence (AI), robotics and automation, and others, has assisted providers in developing modular data centers.
Adoption patterns indicate a growing preference among enterprises seeking incremental scaling rather than large upfront infrastructure investment. Modular deployment models reduce site construction complexity while enabling phased expansion aligned with workload growth. From a market share perspective, integrated solution providers combining prefabricated modules, power distribution, cooling architecture, and lifecycle services maintain a competitive advantage. Buyers increasingly evaluate vendors based on deployment reliability, energy performance metrics, and interoperability with hybrid cloud environments.
The modular data center market growth outlook remains supported by structural digitalization trends rather than cyclical infrastructure spending. However, supply chain dependencies involving electrical components and cooling equipment continue influencing project timelines. Investment momentum is particularly visible in edge computing corridors, industrial campuses, remote operations, and emerging digital economies where traditional hyperscale development remains impractical.
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Increasing Demand for Green Data Centers to Augment Growth
One of the key emerging market trends is the rising adoption of advanced green data centers across developed countries such as the US, Canada, the UK, France, and others. A green data center solution is enabled with high energy-efficient equipment and a management system that provides organizations with maximum efficiency and minimum environmental impact. The rising investment for the development of advanced green data centers across countries such as India, South Korea, Australia, Saudi Arabia, Brazil, and others is expected to boost the market size during the forecast period. For instance, in January 2018, Apple, Inc. announced an investment of around USD 10 billion for various data Center projects. The company developed an advanced green data center based on green energy concepts.
The modular data center industry is undergoing a structural transformation driven by evolving computing architectures and sustainability priorities. One prominent trend involves the integration of high-density computing capability designed to support artificial intelligence and machine learning workloads. Liquid cooling adoption is increasingly embedded within modular designs to address rising rack power densities. Vendors are incorporating advanced thermal management systems during factory assembly, improving operational reliability and energy performance outcomes.
Another significant modular data center market trend involves the expansion of edge-ready standardized modules. Enterprises are deploying compact infrastructure units across logistics hubs, manufacturing environments, and smart city ecosystems. These deployments prioritize resilience and autonomous operational capability. Hybrid cloud interoperability has also emerged as a defining requirement. Modular facilities increasingly integrate orchestration platforms, enabling seamless workload mobility between on-premises infrastructure and public cloud environments.
Growing Adoption of Cloud-based Solutions by SMEs to Favor Growth
The growing adoption of cloud-based solutions and services is considered one of the key drivers for the market. Government and large organizations are focused on adopting advanced cloud solutions and applications. To store an enormous amount of information, key players in the global market are focused on developing advanced modular data centers enabled with immersive technologies. For instance, in January 2019, GI Partners invested in the development of technology infrastructure and bought two data centers from NTT Data. Furthermore, in March 2018, CyberPower Systems (USA), Inc. announced the launch of cloud-based software, Power Panel for UPS systems. This cloud-based software assists users in remotely monitoring and controlling unattended computer shutdowns.
Advancement of technologies such as 5G infrastructure, big data, internet of things (IoT), and others is expected to drive the demand for modular data centers.
Rapid growth in digital workloads continues to reshape infrastructure deployment strategies across enterprises and cloud operators. Organizations increasingly require scalable computing environments capable of responding quickly to fluctuating demand conditions. Modular data centers address this requirement through standardized prefabrication and accelerated commissioning timelines. Expansion of edge computing ecosystems represents a major demand catalyst. Applications such as autonomous systems, industrial automation, and real-time analytics require localized processing capacity close to data sources. Modular solutions enable deployment in constrained or remote environments where traditional facilities remain economically inefficient.
Telecommunications modernization also contributes significantly to the modular data center market growth. Fifth-generation network infrastructure requires distributed processing nodes supporting low-latency services. Operators favor modular systems due to predictable installation schedules and reduced engineering complexity. Energy efficiency considerations further support adoption. Prefabricated facilities integrate optimized cooling designs and advanced power management systems developed under controlled manufacturing conditions. This improves operational consistency compared with site-built infrastructure.
Lack of Awareness to Impede the Adoption of the Product
Although the data Center provides several advantages, the majority of users are dependent on on-premises services. Also, the high cost of implementation and lack of awareness for modular data centers, mainly in countryside areas or where network connectivity and IT services are not available, are expected to obstruct the growth of the market. Other factors, such as virtualization of data centers and restrictive form, are expected to hinder the growth of the market.
Despite strong adoption momentum, several structural constraints continue influencing modular data center deployment decisions. Capital expenditure requirements remain substantial, particularly for high-density installations incorporating advanced cooling and redundant power infrastructure. Transportation and logistics complexity represent another operational limitation. Large prefabricated modules require specialized handling, permitting coordination, and infrastructure readiness at deployment locations. Remote or urban environments occasionally introduce installation challenges affecting delivery timelines.
Integration concerns also persist among enterprise buyers transitioning from legacy facilities. Compatibility between modular units and existing information technology infrastructure may require additional customization or system redesign. These factors increase implementation complexity for certain organizations. Supply chain dependencies increasingly affect project execution schedules. Critical components such as switchgear, cooling systems, and semiconductor-driven monitoring equipment face periodic procurement delays. Extended lead times can offset deployment speed advantages typically associated with modular construction.
Significant opportunity potential exists as digital infrastructure demand expands beyond traditional metropolitan hyperscale locations. Emerging economies increasingly require rapid deployment solutions capable of supporting growing digital service consumption. Edge computing expansion presents one of the strongest opportunity areas within the modular data center market. Industries including manufacturing, energy, and transportation require localized analytics capability supporting operational decision-making.
Government digital sovereignty initiatives also create favorable investment conditions. Several countries seek domestic infrastructure development to strengthen data control frameworks and cybersecurity resilience. Modular deployment models enable faster implementation compared with large conventional facilities. Remote industrial operations represent another growing opportunity segment. Mining operations, offshore energy platforms, and defense installations require resilient computing environments operating under challenging environmental conditions.
Opportunities also arise from sustainability-driven infrastructure modernization programs. Organizations pursuing carbon reduction targets increasingly evaluate modular systems optimized for energy efficiency and renewable integration.
Function Module Solutions to Hold High Market Share Owing to Rising Adoption of All-in-one and Individual Solutions
Based on the component, the market is divided into function module solutions and services.
Function Module Solutions
The function module solutions are expected to cover the largest modular data center market share. This growth is owing to the rising adoption of collocation solutions, such as all-in-one and individual, offered by the market players. Function module solutions represent the structural backbone of the modular data center market, encompassing prefabricated power modules, cooling systems, information technology racks, monitoring infrastructure, and integrated enclosure architectures. Enterprises increasingly prioritize factory-engineered modules because controlled manufacturing environments improve reliability and reduce on-site engineering risks.
Demand growth within this segment closely aligns with hyperscale expansion and enterprise hybrid infrastructure strategies. Operators seek standardized deployment units capable of predictable performance across geographically distributed locations. Modular power distribution and cooling integration reduce commissioning uncertainty while enabling repeatable infrastructure scaling.
High-density computing requirements are also reshaping solution architecture. Artificial intelligence workloads and accelerated computing clusters require advanced thermal management systems integrated during manufacturing stages rather than post-installation retrofits. Vendors capable of delivering integrated liquid cooling or hybrid cooling modules maintain a competitive advantage.
Services
The services segment is expected to grow with the highest CAGR during the forecast period, owing to the increasing adoption of public cloud services among startups and SMEs. It is expected to contribute 69.1% of the global market share in 2025. Services are becoming increasingly influential within the modular data center market share structure as buyers prioritize lifecycle reliability over standalone infrastructure procurement. Service offerings typically include design consultation, deployment engineering, remote monitoring, maintenance, and operational optimization. Enterprise customers increasingly lack the internal expertise required to manage distributed modular infrastructure networks. As deployments expand across multiple locations, centralized management becomes essential. Vendors offering integrated service ecosystems improve operational continuity while strengthening long-term customer relationships.
Installation and commissioning services remain particularly critical. Although modular systems reduce construction complexity, successful deployment still requires electrical integration, networking configuration, and compliance validation. Professional service engagement reduces operational risk during deployment phases. Managed services adoption continues to expand as organizations transition toward infrastructure outsourcing models. Remote monitoring supported by artificial intelligence analytics enables predictive maintenance and improved uptime performance.
Temporary Storage Expansion Segment to Hold Largest Market Share Due to Rising Adoption of IT and Cooling Modules
Based on the application, the market is classified into emergency data storage, temporary storage expansion, disaster recovery, edge computing, and others.
Emergency Data Storage
The Emergency Data Storage segment is estimated to reach a value of USD 7.89 billion in 2025. Emergency data storage applications represent a critical deployment category driven by increasing organizational focus on operational resilience. Enterprises across finance, healthcare, and government sectors require rapid infrastructure activation following cyber incidents, system failures, or natural disruptions. Modular data centers provide immediate replacement capacity without lengthy construction timelines. Their transportable design allows deployment near affected facilities or temporary operational zones. This flexibility significantly strengthens disaster preparedness strategies.
Regulatory compliance pressures further accelerate adoption. Industries handling sensitive data must maintain continuity frameworks capable of rapid recovery. Modular installations help organizations meet strict recovery time objectives. Demand remains particularly strong in regions exposed to climate-related disruptions where infrastructure resilience has become a strategic investment priority.
Temporary Storage Expansion
Temporary storage expansion is anticipated to hold the largest market share. The growth in the segment is owing to the rising adoption of IT and power and cooling modules for large data centers across organizations. Temporary storage expansion applications are gaining relevance as organizations experience unpredictable workload spikes. Digital events, seasonal commerce demand, or infrastructure migration projects frequently require short-term computing capacity. Traditional facilities lack flexibility for temporary scaling. Modular units provide deployable infrastructure capable of operating during transitional demand periods before relocation or redeployment elsewhere.
Cloud migration initiatives also contribute to demand. Enterprises modernizing legacy systems often require an interim infrastructure supporting phased transitions.
Disaster Recovery
Disaster recovery represents one of the fastest-growing applications supporting modular data center market growth. Organizations increasingly deploy geographically separated backup infrastructure to mitigate systemic operational risks. Prefabricated facilities enable rapid commissioning in secondary locations while maintaining standardized performance configurations. Replication capability ensures continuity across distributed enterprise networks.
Financial institutions and government agencies remain major adopters due to regulatory resilience requirements. Growing ransomware threats further strengthen investment justification for redundant computing environments supported by modular deployments.
Edge Computing
Edge computing has emerged as the most transformative application segment within the modular data center market. Real-time processing requirements across autonomous systems, smart manufacturing, and telecommunications networks demand localized infrastructure. Latency-sensitive applications cannot rely exclusively on centralized hyperscale environments. Modular facilities enable deployment closer to users or devices while maintaining enterprise-grade reliability.
Telecommunications providers deploying 5G infrastructure represent major adopters. Industrial automation ecosystems also increasingly depend on localized analytics capability. Edge deployment expansion is expected to remain a primary driver shaping modular data center market trends throughout the forecast period.
Increasing Investment by Startups and SMEs, Aid to the Growth of the Market
Based on the data center size, the market is segmented into small and medium data centers and large data centers.
Small and Medium Data Center
The small & medium data center is likely to grow with the maximum CAGR owing to the increasing investment by startups and SMEs to adopt cloud services. Small and medium modular data centers dominate deployment volume due to the growing decentralization of computing demand. Enterprises increasingly deploy localized infrastructure supporting branch operations, regional analytics, and operational technology systems. Cost efficiency plays a significant role in adoption decisions. Smaller modular configurations allow phased scaling aligned with enterprise growth trajectories. Organizations avoid large upfront investment while maintaining expansion flexibility.
Edge computing initiatives strongly reinforce this segment. Telecommunications nodes, logistics hubs, and smart city infrastructure frequently require compact installations optimized for constrained physical environments. Operational autonomy also influences adoption. Many smaller modular deployments incorporate automated monitoring systems, minimizing onsite staffing requirements.
Large Data Center
The large data center segment is projected to showcase a considerable growth rate owing to the rising demand for private cloud among large enterprises. Large modular data centers are gaining traction among hyperscale operators and cloud providers seeking faster expansion alternatives. Instead of constructing entire campuses simultaneously, operators deploy modular clusters incrementally. Large-scale modules increasingly support artificial intelligence training infrastructure requiring high-power-density environments. Factory-integrated cooling systems improve deployment predictability under demanding workloads.
Government digital infrastructure initiatives also support the adoption of large modular facilities designed for national data sovereignty programs. Despite higher investment requirements, scalability advantages position this segment as an important contributor to long-term modular data center market size growth.
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Increasing Demand for Prefabricated Data Centers across End-use Industry to Aid Growth
Based on the industry, the market is divided into BFSI, IT & Telecom, Government, Healthcare, Media & Entertainment, and Others.
IT & Telecommunications
IT & Telecom is expected to hold a major share during the forecast period. Key market players are focusing on designing advanced prefabricated data centers to cater to the rising demand across the IT & Telecom industries. Furthermore, the increasing investment by key players is expected to drive the growth of the market. For instance, in April 2020, General Insurance Corporation announced its partnership with Equinix and Vantage Data Centers and invested around USD 2 billion for the development of advanced prefabricated data centers across European countries.
The IT and telecommunications sector represents the largest adopter within the modular data center market. Cloud service providers and telecom operators require scalable infrastructure supporting distributed networks. 5G rollout and edge computing ecosystems significantly accelerate deployment activity across global markets.
BFSI (Banking, Financial Services, and Insurance)
Financial institutions prioritize infrastructure resilience, regulatory compliance, and low-latency transaction processing. Modular deployments support backup infrastructure and regional computing hubs, improving operational continuity. Digital banking expansion and cybersecurity preparedness programs continue strengthening adoption momentum.
Government
Governments increasingly invest in modular facilities supporting digital governance platforms and sovereign data infrastructure. Rapid deployment capability allows infrastructure expansion aligned with public digital transformation initiatives. Defense and emergency response agencies also utilize modular deployments for operational flexibility.
Healthcare
Healthcare organizations deploy modular systems supporting medical imaging storage, research computing, and emergency continuity operations. Data sensitivity requirements encourage localized infrastructure deployment, improving compliance control. Hospital expansion projects increasingly integrate modular solutions during modernization phases.
Media & Entertainment
Content production and streaming platforms generate fluctuating compute demand requiring scalable infrastructure. Modular deployments support temporary processing environments during large-scale media production or live broadcasting operations.
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North America Modular Data Center Market Size, 2019 (USD Billion)
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Based on the region, the market has been divided into five notable regions, namely North America, Europe, Asia Pacific, the Middle East and Africa, and South America.
North America represents the most established regional market supported by hyperscale expansion, enterprise digital transformation, and advanced cloud infrastructure ecosystems. Strong adoption of edge computing across telecommunications and industrial sectors accelerates deployment demand. Energy efficiency regulations and resilience investments further influence procurement decisions. The region continues to contribute a substantial share of the global modular data center market size through sustained infrastructure modernization initiatives.
United States Modular Data Center Market:
The United States drives regional leadership due to concentrated cloud service providers, artificial intelligence infrastructure investment, and expanding edge deployments. Enterprises increasingly deploy modular systems to accelerate capacity expansion while managing construction risk. Federal digital infrastructure programs and defense-related deployments further strengthen demand. Distributed computing strategies across logistics, manufacturing, and telecommunications sectors continue supporting modular data center market growth nationwide.
The U.S. modular data center market is predicted to grow significantly, reaching an estimated value of USD 30.72 billion by 2032. According to the analysis, North America is anticipated to capture a major share of the market. The growth is mainly owing to the surging investment by the government and key players in the development of advanced prefabricated data centers. According to the Data Center Map, in 2020, there were around 1789 active colocation data centers operating in 50 states of the U.S. Also, Canada has around 176 and Mexico around 10 active colocation data centers.
Asia Pacific is anticipated to be the fastest-growing region. The market in China is expected to grow at a steady CAGR of 21.1%. The growth is mainly owing to the rising number of SMEs and startups in countries such as China, India, Indonesia, South Korea, and others. The modular data center market in Japan is expected to reach an estimated value of USD 0.91 billion in 2025.
Asia-Pacific represents the fastest-expanding regional opportunity supported by rapid digital adoption and expanding internet penetration. Emerging economies increasingly require scalable infrastructure capable of supporting cloud services and enterprise modernization. Telecommunications expansion and smart city programs accelerate modular adoption. Infrastructure deployment flexibility remains particularly valuable across geographically diverse markets, strengthening regional modular data center market growth momentum.
Japan Modular Data Center Market:
Japan’s market development is influenced by disaster resilience planning and advanced industrial automation adoption. Organizations prioritize infrastructure capable of maintaining operational continuity during natural disruptions. Modular facilities enable rapid deployment while maintaining the reliability standards required by enterprise operators. Expansion of artificial intelligence research infrastructure and telecommunications modernization continues to support steady modular data center market demand across technology-intensive sectors.
China Modular Data Center Market:
China demonstrates strong deployment momentum supported by large-scale digital infrastructure investment and rapid cloud ecosystem expansion. Edge computing demand linked to industrial automation and smart manufacturing initiatives encourages modular adoption. Domestic technology ecosystem growth strengthens localized infrastructure deployment strategies. Government-supported data infrastructure expansion programs continue contributing significantly to the regional modular data center market size growth.
Europe is expected to grow with a significant CAGR during the forecast period. It is projected to exhibit a CAGR of 19.8%. The growth is owing to the increasing investment in the development of secure data centers by companies. For instance, in 2020, KKR, a global investor, planned to invest around USD 2.5 billion for the development of data centers across European countries such as Germany, France, and others.
European adoption reflects increasing emphasis on sustainability compliance and data sovereignty initiatives. Organizations prioritize energy-efficient infrastructure capable of meeting strict environmental performance standards. Modular deployment supports faster infrastructure rollout within regulated markets facing land and permitting limitations. Telecommunications modernization and regional cloud expansion contribute to steady modular data center market share growth across Western and Northern European economies.
Germany Modular Data Center Market:
Germany remains a leading deployment hub supported by industrial digitalization and strong enterprise cloud adoption. Manufacturing automation initiatives increasingly require localized processing infrastructure integrated near operational facilities. Energy optimization standards strongly influence procurement decisions, encouraging modular adoption. Growing investment in edge computing corridors supporting Industry 4.0 applications continues to strengthen modular data center market expansion within the country’s technology infrastructure ecosystem.
United Kingdom Modular Data Center Market:
The United Kingdom demonstrates increasing modular deployment driven by financial services resilience requirements and expanding digital infrastructure demand. Limited urban construction space encourages prefabricated infrastructure adoption capable of rapid installation. Edge computing deployments supporting telecommunications and smart infrastructure initiatives further accelerate demand. Government-backed digital economy investments continue to reinforce modular data center market growth across enterprise and public-sector environments.
Latin America shows increasing adoption as enterprises modernize digital infrastructure while managing construction and energy constraints. Modular systems provide scalable deployment alternatives across developing digital economies. Telecommunications expansion and financial sector digitization support demand growth. Remote industrial operations, including mining and energy production, further encourage modular infrastructure investment, strengthening long-term modular data center market development prospects.
The Middle East and Africa are predicted to grow at a modest rate. The investment across the Middle East and Africa is rising significantly, aided by the national government, cloud, and colocation service providers, and various telecommunication enterprises. Middle East and Africa adoption is driven by smart city initiatives, digital government programs, and expanding cloud infrastructure investment. Harsh environmental conditions favor prefabricated facilities engineered for operational resilience. Energy sector digitalization and remote industrial computing requirements further accelerate deployment demand, supporting gradual but steady modular data center market expansion across emerging infrastructure hubs.
South America is expected to develop at a considerable growth rate, owing to rising investment for the adoption of cloud services in countries such as Brazil, Argentina, Peru, and others.
Market Players Focus on Investments in R&D Activities to Brighten Market Prospects
Market players such as IBM Corporation, Huawei Technologies Co., Ltd., and Alibaba Group, among others, are aiming to implement several commercial plans and strategies. These commercial strategies would assist companies in reinforcing their worldwide presence and providing unconventional services across end-users or businesses. For instance, in April 2020, Alibaba Group invested around USD 28 billion to develop advanced data centers enabled with immersive technologies such as enhanced cooling systems, AI modules, hybrid cloud, and others. The aim of the development of the data centers is to support digital transformation across the Asia Pacific.
Competition within the modular data center market is characterized by convergence between traditional data center infrastructure manufacturers, electrical equipment providers, and integrated digital infrastructure specialists. Market positioning increasingly depends on the ability to deliver end-to-end solutions combining prefabricated architecture, power systems, cooling technologies, and lifecycle operational services.
Leading vendors focus on vertically integrated offerings that reduce deployment complexity for enterprise and hyperscale customers. Buyers increasingly evaluate suppliers based on delivery certainty, scalability, flexibility, and operational efficiency rather than hardware pricing alone. Standardization capabilities have therefore emerged as a major differentiating factor influencing modular data center market share dynamics.
Large infrastructure providers maintain advantages through established supply chains and global service networks. Their ability to deliver turnkey deployments across multiple regions strengthens procurement confidence among enterprise and government buyers. At the same time, specialized modular engineering firms are gaining traction by focusing on edge computing and customized deployments. These players often compete through flexibility and rapid engineering adaptation tailored to industry-specific requirements such as telecommunications or defense infrastructure.
Partnership ecosystems are becoming increasingly important. Collaboration between power equipment manufacturers, cooling technology providers, and cloud ecosystem integrators allows vendors to address complex deployment requirements more effectively.
January 2025: Schneider Electric expanded its prefabricated modular data center portfolio through deployment-ready high-density infrastructure modules designed to support artificial intelligence workloads. The initiative aimed to accelerate enterprise edge deployment timelines while improving energy efficiency. The solution integrates liquid-ready cooling architecture, advanced power distribution systems, and remote infrastructure monitoring capabilities optimized for high-performance computing environments.
October 2024: Vertiv introduced next-generation modular infrastructure systems focused on accelerated hyperscale and edge computing expansion. The development targeted reduced installation timelines and improved scalability for distributed deployments. The platform incorporates integrated thermal management technologies, prefabricated electrical rooms, and artificial intelligence-enabled operational monitoring supporting predictive maintenance functionality.
August 2024: Eaton Corporation launched modular power infrastructure solutions engineered specifically for decentralized data center environments. The strategic objective involved strengthening grid resilience and enabling rapid infrastructure deployment across industrial and telecommunications applications. The offering integrates intelligent switchgear systems, energy storage compatibility, and advanced power management software supporting operational efficiency optimization.
May 2024: Huawei Digital Power deployed containerized modular data center solutions optimized for extreme environmental operating conditions. The initiative focused on supporting emerging market digital infrastructure expansion and remote industrial deployments. Technologies include adaptive cooling systems, integrated renewable energy compatibility, and autonomous operational management platforms designed for reduced onsite intervention.
February 2024: Delta Electronics expanded factory-built modular data center manufacturing capacity to address increasing global demand for edge computing infrastructure. The expansion aimed to shorten delivery cycles while supporting sustainability objectives. The systems incorporate high-efficiency cooling modules, intelligent energy management platforms, and scalable rack-density configurations supporting artificial intelligence and cloud computing workloads.
The modular data center market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product and service types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the advanced market over recent years.
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ATTRIBUTE |
DETAILS |
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Study Period |
2016 – 2027 |
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Base Year |
2019 |
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Forecast Period |
2020 – 2027 |
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Historical Period |
2016 – 2018 |
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Unit |
Value (USD Billion) |
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Segmentation |
By Component
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By Application
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By Data Center Size
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By Industry
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By Region
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Fortune Business Insights says that the global market size was USD 16.56 billion in 2019 and is projected to reach USD 65.55 billion by 2027.
In 2019, the North America market value stood at USD 5.69 billion.
Growing at a CAGR of 19.0%, the market will exhibit significant growth in the forecast period (2020-2027).
The IT & Telecom segment is expected to be the leading segment in this market during the forecast period.
The rising Adoption of cloud-based solutions and services among SMEs and their investment strategies are major factors driving the growth of the market.
IBM Corporation, Dell, Inc., Hewlett Packard Enterprise, Schneider Electric, and Huawei Technologies Co., Ltd. are some of the major players in the global market.
North America dominated the market share in 2019.
Asia Pacific is expected to exhibit the highest growth rate during the forecast period.
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