LONDON--(BUSINESS WIRE)--Technavio analysts forecast the colocation and managed hosting services market in North America to post a CAGR of over 14% during the period 2018-2022, according to their latest market research report. However, the growth momentum of the market is expected to decelerate due to the decrease in the year-over-year growth.
The increasing focus on data center consolidation is one of the major trends being witnessed in the colocation and managed hosting services market in North America. Data center consolidation is driven by the need for companies to reduce the size of a facility or even merge several facilities. The major reason for this is the reduction of operating costs. Various software companies are moving toward the adoption of a common cloud platform, which will reduce the need for individual data centers. These companies have announced plants to utilize a public cloud for software deployment.
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In this report, Technavio analysts highlight the increase in adoption of cloud-based storage services as a key factor contributing to the growth of the colocation and managed hosting services market in North America:
Colocation and managed hosting services market in North America: Increase in adoption of cloud-based storage services
The use of cloud-based storage services is growing rapidly across enterprises, where data can be stored in a cloud-based system and be used to derive optimal insights. Several computing resources are offered to users without the need for hardware; users can save text, files, or images on a cloud-based platform. These cloud computing services charge a nominal subscription fee, and allow users to access computing resources anytime, and at any location, without the need for supporting hardware.
According to a senior analyst at Technavio for research on cloud computing, “Cloud computing operates through the infrastructure provided by a data center. The major cloud service providers in North America allow users to upload and store content, and provide 1TB and up to 30TB storage capacity, respectively.”
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