Oct 14, 2021, 07:02 EST
Shibuya-ku, Tokyo, Japan, Japan, Oct 14, 2021, 07:02 /Comserve / -- Data Center Rack Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The global data center rack market was valued at USD 4,315.8 million in 2019, and it is expected to register a CAGR of 7.21% during 2020-2025. Whether private or public, the data centers are critical to the enterprises that are hosting mission-critical applications. These data centers primarily help organizations streamline information while enabling easy access to users and customers from anywhere across the world. Data centers have witnessed growth majorly owing to the increasing dependence and spending on cloud technologies.
- Data centers have become a key component in IT infrastructure for many organizations. With large amounts of data being generated daily, companies rely on data centers for efficient handling of data and storage. Therefore, the growing deployment of data centers around the world is the major driving factor influencing the consumption of data center racks. The increasing demand for technology services and increasing investments from major companies are also changing the market's growth.
- These data center racks are deployed, primarily for infrastructure management in the data centers. These racks are used to host servers, switches, cables, and other equipment in the data center. With changing technologies and adoption of high-density servers, rack infrastructure has become a crucial aspect in the data centers, with the need to effectively host servers, manage cables, and facilitate airflow for ensuring optimum performance of data centers.
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Key Market Trends
BFSI Sector Expected to Hold a Significant Share
- Cloud and data centers have become the backbone of the BFSI sector, especially during the digitization movement. The increasing competition and the demand for online services in the banking and financial sectors drive the market for data centers, and by extension, data center racks.
- Data centers have become very crucial for financial services. The racks used in the banking sector are required to have additional protection against theft, damage, and other risks. Racks enable the banking service providers to have a platform that hosts the systems and protects them from unforeseen physical risks. These racks are modular, owing to which the banking service providers can upgrade when required.
- To cater to this increasing demand from this sector, the rack providers are developing separate products for this segment. The most recent was by NetRack, which launched Data Center racks in 2019 to cater to banking and insurance sectors.
- The strong presence of BFSI in the developed regions, like North America and Europe, has led to increased penetration of digital services. This is primarily owing to the higher degree of awareness related to digitization in these regions. Along with this, Asia-Pacific is also growing at a substantial rate, due to huge consumer base for these services, and countries like China and India, which are witnessing a strong shift toward the cloud services in the banking sector.
North America to Hold Maximum Market Share
- The rapid growth of mobile broadband with an increase in big data analytics coupled with cloud computing are some of the factors driving the demand for new data center infrastructures in the North American region. The region also comprises a considerable amount of data centers. Multiple enterprises are switching from hardware to software-based services and are anticipated to be an addressable market for data center installations. Moreover, according to the cloud scene, there are more than 2500 data centers in the United States and more than 250 data centers in Canada.
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- The United States has the highest number of data centers globally and is witnessing robust growth in terms of volume of big data and traffic due to the increase in the number of hyperscale data centers. According to Cisco, the volume of big data in the data center storage globally is expected to reach 403 exabytes by the end of 2021, of which a huge share will be attributed to the United States.
- Moreover, the region has a strong foothold of data center racks providers, driving the region's market. Some of them include Kendall Howard LLC, Belkin International Inc., Martin International, HPE, Dell EMC, Black Box Corporation, and Chatsworth Products.
- The leading vendors offer an integrated power, cooling, and IT infrastructure to attract a higher number of consumers and gain a larger market share. The region is likely to witness higher investment in mega facilities projects, contributed heavily by colocation, internet, and cloud service providers, thereby boosting the demand for racks and rack options.
The data center rack market is fragmented. With changing technologies and the adoption of high-density servers, rack infrastructure has become an important aspect of data centers, with the need to effectively host servers, manage cables, and facilitate airflow to ensure optimum performance of data centers. Overall, the competitive rivalry among the existing competitors is high. The new innovative strategies of large companies are driving the data center racks market. Some of the recent developments in the market are:
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHT
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Threat of New Entrants
4.3.4 Intensity of Competitive Rivalry
4.3.5 Threat of Substitute Products
4.4 Assessment of Impact of COVID-19 on the Data Center Racks Market
5 MARKET DYNAMICS
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