Data Center Networking Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
Albany, NY -- (SBWIRE) -- 08/14/2018 -- The adoption of data center virtualization and cloud computing has been identified as one of the key driving factors for the global data center networking market. In 2016, the global data center networking market was valued at US$ 63.05 Bn and is expected to reach US$ 228.40 Bn by 2025, expanding at a CAGR of 15.5% during the forecast period.
Organizations are becoming more dependent on services provided by data centers with each passing day. As an advanced delivery system of advertising, communications, products, news and services via internet, data centers are gaining in popularity.
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With the help of hyperscale data centers, which give data center infrastructure on lease, businesses are able to reduce the total cost of ownership (TCO) if not eliminate them completely for organizations. This helps in reducing expenditure on building and maintaining data center infrastructures.
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Based on component, the global data center networking market has been segmented into hardware, software, and services. Of these, the hardware component emerged dominant in 2016 contributing nearly 52% of the overall market based on revenue.
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However, exhibiting a CAGR of more than other components, the software segment is forecast to emerge as the most lucrative one in the forecast period. This is primarily attributed to the rising digitization and growing adoption of cloud computing technologies in data centers.