Global Data Center Renovation Market was reached USD 20 billion in 2022 and is projected to register 14% CAGR from 2023 to 2032, driven by rapid advancements in data processing technologies and the escalating demand for increased data storage capabilities.
As businesses embrace digital transformation, the need for modernized data centers to handle evolving technologies becomes imperative. This surge in demand for enhanced data processing and storage infrastructure will significantly contribute to the expansion of the data center renovation market, making it a pivotal component in meeting the evolving needs of the digital era.
For instance, in 2023, Infosys inaugurated a new center in Sofia, Bulgaria, dedicated to fostering digital transformation in Europe. Emphasizing the recruitment of local talent, the center aims to attract, re-skill, and up-skill 500 employees within the next four years.
The data center renovation market is classified based on product, application, and region.
The IT racks and enclosures will contribute significant gains to the DC renovation market share through 2032. As the demand for enhanced data processing capabilities and upgraded infrastructure intensifies, the role of IT racks and enclosures becomes crucial. Their ability to provide efficient storage and organization of IT equipment aligns with the evolving technological landscape, making them a cornerstone in data center renovations. This emphasis will position IT racks and enclosures to secure a major market share in the coming years.
The BFSI (Banking, Financial Services, and Insurance) segment will register substantial gains through 2032. The financial sector’s increasing reliance on sophisticated data infrastructure, stringent security measures, and the imperative for seamless operations contribute to this dominance. As BFSI entities undergo digital transformations and prioritize data integrity, the demand for renovated and upgraded data centers will surge, positioning the BFSI sector as a major driving force in the market’s growth.
Asia-Pacific data center renovation industry will grow at a noteworthy CAGR from 2023 to 2032. The region’s rapid technological adoption, increasing internet penetration, and the surge in data-driven enterprises contribute to this growth. With a burgeoning demand for upgraded and efficient data infrastructure, Asia Pacific would stand as a key contributor to the data center renovation landscape. Its proactive approach towards technological advancements will position the region at the forefront, driving substantial market share in the dynamic and expanding data center renovation market.
Source: https://www.gminsights.com/industry-analysis/data-center-renovation-market
