The global modular data center market size is expected to gain momentum by reaching USD 65.55 billion 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, in its latest report, titled, “Modular Data Center Market Size, Share & COVID-19 Impact Analysis, By Component (Function Module Solutions, and Services), By Application (Emergency Data Storage, Temporary Storage Expansion, Disaster Recovery, Edge Computing and Others), By Data Center Size (Small and Medium Data Center, and Large Data Center), By Industry (BFSI, IT & Telecom, Government, Healthcare, Media & Entertainment, Others) and Regional Forecast, 2020-2027.” The report further mentions that the market stood at USD 16.56 billion in 2019.
Increasing Remote Working amid COVID-19 to Promote Growth
The global pandemic has confined people to their home spaces and the concept of remote working is gaining traction. This is expected to drive demand for advanced remote working applications and managed network services. In addition to this, huge investments from the established companies such as Google LLC to develop hyperscale data centers will boost the growth of the market in the forthcoming years.
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Modular data center is a portable system method that is adopted to deploy data center capacity. Whenever a data capacity is required, these centers can be placed to improve work efficiency. These data centers further consist of engineered components and modules that offer multiple cooling and power options and aids in the scalability of the businesses.
What does the Report Include?
The market report includes a detailed assessment of various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several research methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027.
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.
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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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