LONDON--(BUSINESS WIRE)--The data center market size in Europe is expected to grow by USD 70.95 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth according to the latest market research report by Technavio. Request a free sample report
The development of the cloud computing platforms has been one of the major reasons resulting in the rapid growth of the construction of data centers in Europe. Several firms have begun expanding their cloud operations. The increasing interest in cloud computing can be attributed to features such as low initial investment, high security, and more. Moreover, growing business needs are prompting cloud service providers to build data centers or collocate data centers to reduce their initial investment. Hence, the adoption of cloud-based storage services is expected to drive the market growth during the forecast period.
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As per Technavio, the growing investments in hyperscale data centers by colocation providers will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Data Center Market In Europe: Growing Investments in Hyperscale Data Centers by Colocation Providers
The growth in the number of smart cities, smart grids and the increased adoption of smart homes has resulted in the generation of large amounts of data. This has increased the investments in hyperscale data centers to process such huge volumes of data. To capitalize on this trend, many colocation service providers and infrastructure service providers have initiated hyperscale data centers projects. For instance, in 2018, CyrusOne announced its plans to construct two new hyperscale data centers in the Netherlands. Many such projects will boost the growth of the market during the forecast period.
“The emergence of innovative approaches like submarine data centers and the growing adoption for SDDCs will have a positive impact on the growth of the data center market value in Europe during the forecast period,” says a senior analyst at Technavio.
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Data Center Market In Europe: Segmentation Analysis
This market research report segments the data center market in Europe by component (IT infrastructure, power management, cooling solutions, general construction, and others) and geography (Western Europe and Rest of Europe).
The Western European region led the data center market in Europe in 2019, followed by Western Europe and Rest of Europe respectively. During the forecast period, Western Europe is expected to register the highest incremental growth due to the conducive climatic conditions of the region for setting up data centers and cloud expansion.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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