Data Center Construction Market Anticipated to reach $308.7 Billion by 2027

Grand View Research, Inc.

SAN FRANCISCO, Aug. 15, 2022 /PRNewswire/ -- According to a recent report published by Grand View Research Inc., the global data center construction market size is expected to register a CAGR of 6.4% during the forecast period, reaching a value of USD 308.7 billion by 2027. The growth is fueled by the increasing demand for data storage and processing capabilities and the increased use of big data analytics. Furthermore, the growing trend of cloud computing and virtualization, along with the rise in digital transformation, is also contributing to market growth. Other significant factors driving the market growth include rising investment in infrastructure projects, increasing government spending on information technology, and greater demand from the enterprise sector.

Key Industry Insights & Findings from the report:

• The IT infrastructure segment is expected to register a CAGR of 6.3% over the forecast period as a result of the increasing demand for high-performance computing servers, storage capacity, and sophisticated networking infrastructure.

• In Asia Pacific, the market is expected to witness high growth over the forecast period in line with the rapid development of IT and communication infrastructure and the continued rollout of 5G networks.

• Key players focus on product innovation and introduction of new technologies to their portfolio. For instance, in June 2018, Huawei Technologies Co. Ltd. released Smart DC 3.0, a solution that leverages AI technology to manage cooling and the utilization of power and resources.

Read 110-page full market research report for more Insights, "Data Center Construction Market Size, Share & Trends Analysis Report By IT Infrastructure, By Power Distribution & Cooling Infrastructure, By Miscellaneous Expenses, By Tier Type, By End-use, By Region, And Segment Forecasts, 2020 - 2027", published by Grand View Research.

Data Center Construction Market Growth & Trends

The adoption of a software-defined data center in the healthcare industry is expected to drive market growth in the near future. There has been an increase in medical expenditures every year. The Institute for Health Metrics and Evaluation predicts that by 2040, healthcare spending will total USD 18.28 trillion, with high-income countries spending USD 9,019 per person. Despite the nascent stage that healthcare organizations are in with adopting modern IT infrastructure changes. Data management, networking, and server storage can be streamlined, unified, and improved by implementing a software-defined data center in the healthcare industry.