Albany, NY -- (SBWIRE) -- 05/25/2018 -- A data center is a facility of computer systems that looks after applications that are critical for business processes of any organization. The need for data storage solutions is significantly rising at an extraordinary rate as organizations are focusing on expanding their footprints globally. The spending for maintaining and setting up a data center with perfect environmental and performance conditions and security is significantly high for any small or medium sized (SME) organization. Energy consumption in a data center is relatively high and depends on its size. Thus, companies along with the aim of reducing operational costs are also focusing on decreasing their energy consumption so as to reduce their carbon footprint.

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Companies are showing interest in outsourcing their data center requirements to third party service providers due to increasing requirement of high operating bandwidth and limited IT budgets. By outsourcing their data center requirements, companies are able to focus on revenue generation and streamlining their business operations. This also helps them to reduce their energy consumption. This data center facility managed by a service provider and owned by a company can be termed as multi-tenant data center. The third party service provider offers storage space, power, and computing servers for the companies along with advanced networking facilities.

With the increasing usage of internet globally, the amount of data being generated is expected to drive the growth of data centers in the coming years. Most data centers have 24x7 operations which prompts huge consumption of energy for cooling, lighting, IT equipment and others. Energy consumption also varies depending on the data center load which triggers better cooling needs. According to National Resources Defense Council (NRDC), an environmental action organization, U.S. data centers in 2013 alone consumed 91 billion kilowatt-hours of electrical energy, which is expected to reach 139 billion kilowatt-hours by 2020. This is expected to put stress on data center companies to reduce their energy consumption and optimize data centers efficiency, thus giving an opportunity to multi-tenant data center service provider companies.

The global multi-tenant data center market is segmented on the basis of type, end user, and region. By type, the multi-tenant data center market is segmented into retail colocation and wholesale collation. Based on end user, the market can be segmented into large size enterprises and small and middle size enterprises (SME's). Large size enterprises are projected to have a major share in the multi-tenant data center market due to their rising awareness with respect to energy usage reduction and cost cutting.

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Region wise, the global multi-tenant data center market is segmented into North America, South America, Europe, Asia Pacific (APAC), and Middle East & Africa (MEA). North America is estimated to dominate the multi-tenant data center market followed by Europe. North America is expected to witness major growth and hold the major market share during the forecast period. The U.S and Canada are projected to drive the growth of the market in this region due to rising investments in R&D of companies and technological advancements in this region. However, among all the regions, Asia Pacific is expected to create significant market opportunity for key players operating in the multi-tenant data center market due to growth in industrialization in this region during the forecast period. In APAC, countries such as South Korea, China, India, Japan, Singapore, etc. are contributing to the growth of the multi-tenant data center market. This is mainly due to the initiatives taken by the governments in these countries to support the growth of small and medium scale enterprises.