Worldwide Open Compute Project (Compute and Storage) Infrastructure Market Revenue Forecast to Grow at a 16.6% CAGR through 2024

Worldwide Open Compute Project (Compute and Storage) Infrastructure Market Revenue Forecast to Grow at a 16.6% CAGR through 2024

A new forecast from IDC shows worldwide revenue from the Open Compute Project (OCP) infrastructure market will reach $33.8 billion in 2024. While year-over-year growth will slow slightly in 2020 due to capital preservation strategies during the Covid-19 situation, the market for OCP compute and storage infrastructure is forecast to see a compound annual growth rate (CAGR) of 16.6% over the 2020-2024 forecast period. The forecast assumes a rapid recovery for this market in 2021-22, fueled by a robust economic recovery worldwide. However, a prolonged crisis and economic uncertainty could delay the market’s recovery well past 2021, although investments in and by cloud service providers may dominate infrastructure investments when they occur during this period.

The Open Compute Project (OCP) was established in 2011 as an open community focused on designing hardware technology to efficiently support the growing demands on compute infrastructure at midsize to large datacenter operators (hyperscalers). Open Compute standards are now supported by market leaders such as Facebook, Microsoft, LinkedIn, Alibaba, Baidu, Tencent, and Rackspace. The OCP encourages infrastructure suppliers, hyperscalers, cloud service providers, systems integrators, and components vendors to collaborate on new innovations, specifications, and initiatives across several key categories.

“By opening and sharing the innovations and designs within the community, IDC believes that OCP will be one of the most important indicators of datacenter infrastructure innovation and development, especially among hyperscalers and cloud service providers,” said Sebastian Lagana, research manager, Infrastructure Systems, Platforms and Technologies.

“IDC projects massive growth in the amount of data generated, transmitted, and stored worldwide. Much of this data will flow in and out of the cloud and get stored in hyperscale cloud data centers, thereby driving demand for infrastructure,” said Kuba Stolarski, research director, Infrastructure Systems, Platforms and Technologies at IDC.