Speaking of the regional aspect, it is prudent to mention that Asia Pacific is at the vanguard of data center infrastructure market. In fact, Asia Pacific market is forecast to witness nearly 14% CAGR over 2018-2024. The growth can be primarily attributed to the increased penetration of digital technologies among consumers as well as businesses across this belt. Rapid industrialization along with robust growth in outsourcing activities especially in countries like India and China have led to a subsequent increase in organizational data traffic. In a bid to accommodate this huge traffic, companies are increasingly investing in new facilities, thereby proliferating APAC data center infrastructure market.
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The market is witnessing new advancements in power and cooling solutions. The implementation of technologies, such as grid computing and cloud computing in facilities, is expected to boost the data center infrastructure market growth. The use of technological solutions, such as analytics and cloud, has compelled organizations to focus on these facilities to store information. Companies are launching new and innovative solutions to expand their market presence. For instance, in January 2018, Cisco Networking, Computing, and Security Technology were selected by Ameritas, an insurance company, for upgrading its infrastructure to improve the operational efficiency and agility.
Increasing use of the facilities across several industrial sectors, such as healthcare, manufacturing, IT & telecom, and BFSI, to store the growing amount of data generated will drive the data center infrastructure market growth. The rise in the demand for the storage of a high volume of data coupled with improving efficiency across the business operations is providing several growth opportunities to the industry.
The BFSI sector is making huge investments in the deployment and installation of the facilities, to keep pace with the competitors owing to the agility and cost-effectiveness offered by these facilities. Growing need for data processing and information security across several sectors will fuel the data center infrastructure market growth. Moreover, to streamline operations, reduce costs, and enhance business performance, several industries are focusing on the deployment of these facilities.
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Colocation providers operating in the data center infrastructure market are offering enhanced maintenance and services to businesses to maximize their productivity, which enables enterprises to focus on their core business with efficient data management. The requirement for exclusively-owned infrastructure has reduced owing to the growing trend of cloud adoption. Moreover, with the increasing amount of data, the expansion of existing facilities takes up plenty of space on the premises.
Despite these growth opportunities, data center infrastructure market is still facing a challenge of bridging complex web of interconnections with a data center network. Nonetheless, with the advent of optimized workflow procedures, adoption of real-time monitoring system, and enhanced tools, the aforementioned stumbling block is likely to get overcome within a short span. Furthermore, the lure of big data analytics and extensive proliferation of cloud technologies would leave a complementary influence on data center infrastructure industry space. In terms of commercialization, the business space is forecast to exceed a massive valuation of USD 90 billion by 2024.
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