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A 2024 forecast put the global data center market at about $300 billion that year and projected it would reach $483.15 billion by 2029—often rounded to nearly $500 billion. That is a forecast, not a measured 2029 result. A later estimate uses a different forecast window and proprietary method, so the two figures should not be treated as a like-for-like update.
How big was the 2029 forecast?
On November 27, 2024, Data Center Knowledge reported that TMT Finance, conducting research for DLA Piper, estimated the global data center market at about $300 billion in 2024 and projected $483.15 billion in 2029. The projection implied approximately 10% average compound annual growth over five years. KPMG’s 2025 semiconductor outlook later rounded the same forecast to nearly $485 billion and cited the Data Center Knowledge report.
These figures describe an estimate and a projection from research published in 2024; they are not a current measurement of the market or confirmation that the 2029 projection will be reached. Data Center Knowledge’s 2024 report and KPMG’s 2025 outlook provide the original reporting and later reference.
What is driving data center market growth?
The 2024 reporting identified investment in artificial intelligence, cloud computing and broader digital infrastructure as growth drivers. The forecast does not quantify how much each contributed, so it should not be read as a precise breakdown of demand by technology.
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KPMG adds supply-chain context: expanding data centers and cloud services increase demand for processors, memory chips, networking components and storage. That connection matters because data center expansion depends not only on buildings and equipment, but also on the computing and network hardware housed inside them.
Will power availability constrain new investment?
Power was a major concern among respondents in the DLA Piper/TMT Finance survey reported by Data Center Knowledge. The survey covered 176 senior executives; 98% of investors and operators reported concerns about power availability or reliability in project decisions, and half identified power as a principal investment barrier. Separately, 70% expected data center investment to increase over the following two years.
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The same report relayed DLA Piper’s account that U.S. utilities faced requests to deliver power to data center sites that might not be fulfilled until well into the 2030s. It also described some utilities seeking upfront non-refundable payments, committed power off-takers and developer funding for critical infrastructure such as substations. These are reported examples, not a claim that every utility or project follows the same requirements.
JLL’s Andy Cvengros, quoted in the 2024 article, said grid power was effectively allocated for 2025 and 2026, in some cases extending into 2027, and that new projects were looking toward 2028–29. That was a time-specific industry comment, not a current status report on grid capacity. The practical point for investors and operators is that a forecast of rising demand does not guarantee that a project can secure power on its desired schedule.
How should newer market estimates be compared?
Arizton’s ninth-edition report, published in August 2026, estimates the market at $514.26 billion in 2025 and projects $959.19 billion in 2031, with a stated 10.95% CAGR for 2025–2031. Arizton says its figures are based on its proprietary estimation framework. These values cover a different base year and forecast period from the 2024 TMT Finance projection, and the sources do not establish that their definitions or methods match.
| Estimate | Value and period | Attribution and basis |
|---|---|---|
| 2024-era forecast | About $300 billion in 2024; $483.15 billion projected in 2029; approximately 10% average CAGR over five years | TMT Finance research for DLA Piper, as reported by Data Center Knowledge in November 2024 |
| Later estimate | $514.26 billion estimated in 2025; $959.19 billion projected in 2031; 10.95% CAGR for 2025–2031 | Arizton, August 2026; proprietary estimation framework |
The later estimate is not, on the available information, a direct correction of the earlier projection. Before comparing market totals, check what each publisher means by “market”—for example, whether it measures investment, revenue, facility infrastructure or services—as well as geographic coverage, included segments, base and forecast years, and estimation method. Arizton describes its global data center market report and its methodology in its own publication.
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