Market Trends of Beijing Data Center Industry
Large data centers are anticipated to grow in the region during the forecast period.
- The country had 25 large data center facilities with a combined IT load capacity of 140.5 MW as of 2022. In addition, new large-scale data center facilities are under construction in the Tianjin and Hebei regions, with a projected capacity of 350 MW by 2029. However, the mega-data centers in the region still dominate the current market.
- Data centers are predominantly concentrated in the Beijing region, with a market share of 24%, following the dominance of the Shanghai region over the data center facilities.
- China Telecom Corporation held the largest market share of 40% in 2022 regarding large data centers in the country. Around 40% of the company's facilities are located, with Beijing coming in second. The company is expected to expand its large-scale data center facility portfolio with upcoming projects in the Hebei and Tianjin regions in the coming years.
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BFSI segment to grow at a noteworthy pace.
- The digital revolution has most influenced the BFSI (banking and financial services) segment in industries allowing cost-effective earnings. The augmented penetration of cell phones and fast internet across the region has stimulated people to choose digital banking, which has also led toward incorporating powerful CRM and cloud tools to store and examine data, which is anticipated to augment market growth.
- The digital ecosystem surrounding a bank is blowing up at a quick pace. With the constant change in consumer demands, banks have been forced to customize their product offerings according to their demands. Secondly, as consumers embrace a mobile lifestyle and socialize on digital platforms, they expect banks to connect with them on the same platforms.
- Furthermore, Beijing fintech companies are trying to improve financial activities, such as paying, insuring, or lending to businesses and customers, using technology.
- Banks are seeking to transform their product offerings, channels, and customer services to reflect the changing demands of consumers. Banks must integrate business processes with advanced analytical capabilities, continuously refining processes, services, and products in real time. Thus, banks increasingly rely on the cloud's power to achieve their objectives and manage the current market challenges.
- The hybrid cloud is expected to command significant demand due to the sensitive nature of the data handled by BFSI enterprises.
