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Data Center Rack Market Value
Increase in the adoption of data center rack technology across enterprises to enhance the operation & productivity drive the global data center rack market.
PORTLAND, PORTLAND, OR, UNITED STATES, December 9, 2023 /EINPresswire / -- According to the report, the global data center rack industry generated $3.9 billion in 2021, and is estimated to reach $9.5 billion by 2031 witnessing a CAGR of 9.7% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
The 43U up to 52U segment is expected to exhibit the highest growth during the forecast period. This is due to rising space of organization, rack sizes have increased to accommodate a greater number of rack. Further, the adoption of 43U up to 52U rack is expected to drive the growth of the market. Moreover, these rack provides the flexibility of the houses both tower and 19 inch rack amount server in the same unit, these taller provides better ventilation and extra space for cable management.
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In a recent report by Allied Market Research titled "Data Center Rack Market ," the market valuation reached $3.9 billion in 2021 and is anticipated to reach $9.5 billion by 2031, with a projected compound annual growth rate (CAGR) of 9.7% from 2022 to 2031.
The increasing demand for additional data storage capacity, driven by the need of internal and external IT services, has propelled the popularity of data center racks. As an effective solution for enhancing business continuity and expanding data center capacity, many enterprises, particularly small- and medium-sized ones, prefer adopting data center rack technology rather than investing extensively in developing their own data centers.
The market exhibits a notable concentration of major players holding significant market share, a trend expected to persist throughout the forecast period. Market participants are actively engaged in initiatives such as new product launches and partnerships to maintain competitiveness and strengthen their market presence. Additionally, substantial investments in research and development activities aim to foster the evolution of advanced data center solutions, presenting opportunities for the data center rack industry.
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In terms of industry verticals, the BFSI sector dominated the data center rack market in 2021 and is projected to maintain this dominance. The increased adoption of next-generation server solutions, like data center racks, by banking and insurance firms to achieve efficient server utilization for extensive business goals is a key driver in the BFSI sector. Meanwhile, the manufacturing sector is anticipated to experience the highest growth market share in the coming years. The adoption of data center rack technologies in manufacturing is fueled by the imperative to exert closer control over the supply chain, enhance productivity through automation, and manage manufacturing processes through data processing.
Geographically, North America claimed the largest market share in 2021, driven by the steady growth in data center rack adoption to meet the increasing demands of businesses aiming to enhance their processes and customer experiences. The region also experiences a surge in the need for data analytics and low-cost data storage, prompting a shift in customer service toward advanced technology. However, the Asia-Pacific region is expected to witness the highest growth during the forecast period. This growth is attributed to the rising demand for data center racks in the region, propelled by the emergence of high-end technologies such as artificial intelligence and high-speed 5G networks.
Additionally, the growing need for low-cost, high-speed data processing and storage systems, coupled with a significant shift toward digitization, positively impacts the outlook for the data center rack market in Asia-Pacific. The active investments in data center rack by the IT & telecom, BFSI, and retail sectors in the region are anticipated to further drive market growth.
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The pandemic has prompted service providers to refine their data processing and storage strategies, aiming to streamline network congestion and enhance user experiences. Additionally, the widespread adoption of 5G networks has ushered in new architectural possibilities, offering high-speed and cost-effective data transfer, and presenting numerous opportunities in the post-pandemic era.
Various factors, such as the prolonged closure of educational institutions, offices, and manufacturing facilities, the postponement of major sports and events, the widespread shift towards a work-from-home culture, and the implementation of social distancing policies, have created a growing demand for technologies that can help navigate these challenging times. Consequently, the impact of COVID-19 has been positive for data center service providers.
Leading Market Players:
.Dell Technologies Inc.
.Rittal GmbH & Co. KG
.Great Lakes Data Racks & Cabinets
.Hewlett Packard Enterprise Development LP
.Samsung Electronics Co., Ltd
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