India Data Center Market to Reach USD 3.2 Billion in 2024, Projected to Grow at 6.5% CAGR Through 2030

The development of these technologies pushed the growth in the e-commerce and BFSI industry due to the massive volume of online transactions.

NEW HAVEN, CONNECTICUT, USA-06511, August 30, 2024 /EINPresswire.com/ -- The India Data Center Market size is valued at around USD 3.2 billion in 2024 and is anticipated to grow at a CAGR of about 6.5% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The growth in the market is primarily due to the massive digitalization happening in the country. Various factors are in play for such development, coming together they help build an ecosystem shaping the digital economy of the country. These factors include the government's push toward data localization and the development of a digital economy through campaigns such as Digital India which enabled the development of applications such as UPI, BHIM, digilocker, etc. The development of these technologies pushed the growth in the e-commerce and BFSI industry due to the massive volume of online transactions.

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Additionally, the deployment of 5G across the geography of the country, along with the rising consumption of smart electronic devices will open up new avenues of modern technological advances and digital platforms on the Internet of Things (IoT), Virtual Reality, Augmented Reality, and Metaverse. Moreover, with this immense growth potential, educational institutions have enabled various programs to increase data literacy in the country, indicating the presence of a skilled workforce who are data literate in the country.

Further, the country is going through massive growth and is likely to become the 3rd largest economy by the end of the decade. Its huge population of around 1.4 billion people, rising middle class, with growing per capita income will be driving consumption in the digital economy of India which is rapidly digitalizing. The consumption of smart electronic devices and the development of Indigenous AI technologies will further boost the growth in the market. However, some challenges can slow the growth of the market. These challenges involve the high cost associated with the installation, running, and maintaining the data centers. Also the environmental impact of the data centers due to their massive energy consumption and the significant emissions that happen due to them, as the world is moving towards sustainability. Such impacts can be mitigated with innovation and the adoption of green data centers that efficiently manage their energy consumption. Furthermore, the Indian market is witnessing the trend of cloud service adoption due to its being less costly than having its enterprise data centers, further states the research report, “India Data Center Market Analysis, 2024.”

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India Data Center Market Segmentation Analysis

Telecommunication and IT industry Holds the Largest Market Share

Based on the end user segment, the market is further bifurcated into, Banking, Financial Services and Insurance (BFSI), Telecommunication & IT, Government, Energy & Utility, Healthcare, and Others (Media & Entertainment, Manufacturing, etc.). The presence of a massive IT service industry in the country which is one of the largest in the world and the deployment of telecommunication over the vast geography of India indicates the massive requirement of data centers for their optimal performance. Hence, the segment will likely maintain its dominance in the market over the forecasted period as well.

West Region Leads the India Data Center Industry

The western region has the largest number of data centers in the country. This is primarily due to the presence of states like Maharashtra and Gujarat in the region, which are the major GDP contributors with Maharashtra alone accounting for ~14% of the overall GDP of the country, indicating the massive economic activity and industrial presence in the region. Additionally, the region's proximity to the submarine cables coming from Europe and the Middle East and going toward Southeast Asia makes it the preferred location for data centers.

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Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including CtrlS, Sify Technologies, ESDS Software Solutions, NTT Limited, Web Werks India Pvt. Ltd., STT Global Data Centers, Yotta Data Services Private Limited, Adaniconnex Private Limited, Nxtra Data Limited, Pi Data Centers, and others are looking forward to strengthening their market positions.

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Key Questions Answered in the Research Report

What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
What are the trends influencing the current scenario of the market?
What key factors would propel and impede the industry across the country?
How has the industry been evolving in terms of geography & solution adoption?
How has the competition been shaping up across the country?
How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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