Global data center colocation market is anticipated to cross USD 90 Bn by 2024, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2024.
Growing adoption of public cloud services has led to congestion in the cloud infrastructure due to massive rise in data load. In response to the challenges associated with storage of such massive amounts of data, the concept of data center colocation has evolved. Enterprises are progressively adopting the model of a co-located data center to reduce additional expenses associated with expansion of IT infrastructure. Additionally, data center colocation market is observing high demand due to increased demand for hosting services from large enterprises.
Data center colocation market is witnessing high demand for wholesale services, which is propelling the market trends. Enterprises are taking keen interest in wholesale data center colocation services since they provide greater flexibility in terms of access and management of resources, which can be utilized to modify systems as per requirement. Such factors are predicted to fuel data center colocation market size.
The government & defense sectors are leading in terms of adoption. Government entities store confidential data which consists of vital economic or political statistics., thus, ensuring that IT facilities of such entities are secured is of utmost importance. Data center colocation services are ideal for government institutions they eliminate the need for hefty upfront costs.
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From a regional perspective, North America accounts for an advantageous share of data center colocation market. The region is a major IT hub and home to some of the largest corporations of the world, such as Google, Amazon, and Facebook, which drives the need for colocation services. These companies are increasingly turning to data center colocation vendors to address the challenges associated with the management of IT facilities, which is expected to catalyze regional growth. For instance, Google appointed Equinix as its data center colocation vendor.
Major players participating in the data center colocation market are Digital Realty Trust, Inc., Internap Corporation, Interxion Holding NV, NTT Data Corporation, Equinix, Inc., AT&T, Inc, Centurylink Technology Solutions, Global Switch Corporation, China Telecom Corporation Limited, Rackspace, Inc.Verizon Communication Ltd., China Unicom, CyrusOne, Inc., Cyxtera Technologies, Inc., and KDDI Corporation among others. Players in the data center colocation market are expanding their business activities internationally to cater to the widespread demand for such services.