Surfing The Data Wave The Surge In Asia Pacific's Data Centre Market

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Surfing the data waveThe surge in Asia Pacific’sdata centre marketJanuary 2017

ContentsForeword1Significant demand for data centreservices in Asia Pacific2Know the market:Key factors to consider before investing10Concluding remarks18

ForewordThis is a period of rapid growth in demand for data centre services inAsia Pacific.Our way of life is changing. More people are connected throughoutthe region, with an expected smartphone penetration of 66% by 2020.Coupled with the proliferation of rich media and digital solutions, theincreased digital connectivity subsequently results in a sharp growthin the amount of data generated, consumed, stored and transferred.Driven by economic factors (e.g. data transfer, labour and electricitycosts), regulatory framework, and efforts to enhance consumerexperience (by reducing latency), more businesses are storing theirdata locally.As such, we believe significant investment opportunities lie ahead inthe Asia Pacific data centre space.That being said, there are a number of aspects to consider beforeinvesting in the market. Among the key questions investors need toask are which market offer the most promising growth opportunitiesand returns, as well as where to play in the value chain?Other aspects that have to be factored in include the level of maturityof the market and the current status of supply. Take for example thepipeline of greenfield data centre projects in Singapore, which isalready high, and therefore we observe some overcapacity in the shortterm. In the meantime, looking at the digital growth and penetrationopportunities within Asia Pacific, we remain positive that regionaldemand for data storage will continue to rise exponentially.In this paper, we provide an overview of Asia Pacific’s data centreservices market outlook, the key growth drivers, and strategic factorsto consider before making an investment decision.MethodologyOur comments and analyses are based on data provided by industryrecognised sources, as well as insight from our subject matter experts.We supplemented these findings with independent research andtriangulated them to provide a holistic view of the topic. Furthermore,we have also included case studies, where relevant, to illustrate thetrends we observed.Surfing the data wave1

1Significant demand for data centre services in Asia PacificDid you know that.Asia Pacific’s datacentre servicesmarket size willexceed theEuropean marketsize by 2021The region’s data centreservices market size in2016 is US 12 bnand is expected to growby 27% per annum(p.a.)Japan is thelargestdata centreservices marketin Asia PacificIndonesia isexpected to be thefastest growingdata centreservices market inthe regionChina’s data centreservices market isexpected toexperience thefastest absolutegrowth in the regionIts data centre servicesmarket size in 2015 is c.US 6 bn,which is 2x thenext largest market inAsia PacificIts data centreservices market expectsa 35% compoundannual growthrate (CAGR)US 1.2 bnis the expected averageabsolute growthp.a. of China’s datacentre market between2015 and 2022Source: Market and Markets 2016, Frost & Sullivan 2016Note: Data centre services is defined as third party colocation and managed hosting services (e.g. cloud computing);Market size is defined as the total market revenue2Surfing the data wave

Overtaking Europe by 2021While Asia Pacific’s data centre services market is currently behind that of Europe and North America, it is forecastedto catch up with the European market by 2021, driven by a faster growth rate of 27% p.a. compared to Europe (13%)and North America (12%).Figure 1: Regional data centre services market growth rate, 2016 -20212016-2021 CAGR30%25%Rest of the WorldAsia Pacific20%15%10%EuropeNorth America5%0%51015202530352016 Market size, in US billionsSource: Markets and Markets 2016Four drivers of Asia Pacific’s data centre services market growth1. Surge in local data consumptionFigure 2: Data consumption in select Asia Pacific countries200181Terabyte millions180160138140120103100738049 7 333604020–40 0 461 0 610 1 1 920112012201318 21 15201430 4114661177792711401001552 Source: PwC Global Entertainment & Media Outlook 2016-20Surfing the data wave3

Growth in Asia Pacific’s dataconsumption is forecast to be30-60% p.a. between 2015 and2020 (Figure 2). Even developedeconomies in the region, such asJapan, are expected to experience30-40% growth per annum. Suchgrowth will be driven by increasedtake-up of digital technologiesamong consumers as well asbusinesses, as illustrated in Figure3. Simply put, more data will bedigitally generated, exchanged,and stored moving forward.smartphone penetration isexpected to grow from 43% to66% in the region between 2015and 2020, driven by increasedpenetration in markets suchas India and Vietnam2. Highertake-up of smartphones is thusindicative of a shift towards adigitally connected consumerlifestyle, where social mediaactivities, usage of rich media andmobile applications is expected toproliferate; this translates to anincrease in data consumption.The average broadbandpenetration in Asia Pacific isexpected to reach 38% by 2020compared to 33% in 20151.More importantly, on average,Because of this trend, businessesare progressively turning to dataanalytics to identify key consumerbehaviours and preferencesin order to enhance strategicdecision making, and bettertarget their clients. A survey ofover 250 senior executives inChina between 2014 and 2016indicated that 56% of businessesexpect to rely more on machinealgorithms compared to humanjudgement over the next fiveyears3.Additionally, growth in dataconsumption is also in partpowered by governmentinitiatives (i.e. smart cities)to build and/or elevate theircountry’s digital ecosystem.All of this increase in datageneration and consumptionwill ultimately drive the demandfor data storage and servers.Figure 3: Key data consumption driversBroadband penetration inAsia-Pacific is expected to growto 38% by 2020Change of contentto rich media e.g.8K digital videoresolutionChangingnature ofmediaGlobalinternetaccessDatademanddiversBig DataanalyticsGrowing usageby businessesMobilephone andtabletaccessSocialmediaand AppsSmartcitiesWearable technology,smart cars, smarthousehold appliancesSource: Statista, PwC Entertainment & Media Outlook 2016-2020, Wall Street Journal1 PwC Global Entertainment & Media Outlook 2016-20202 PwC Global Entertainment & Media Outlook 2016-20203 Big Decisions 2.0: How corporate decision making is changing in China4Surfing the data waveApproximately1 billion peoplein Asia Pacifichave smartphonesIn 2015, Facebookhas 500 millionmonthly activeusers in Asia-Pacific

Case study:Smart Nation, SingaporeIn Singapore, the government’spush to become a ‘SmartNation’ promotes constantaccess to information.Among its initiatives includeSmart Home, which enablesresidents to track differentinformation more easily suchas utilities usage. It also allowsconstruction companies toleverage data analytics onvarious factors, such as windflow, to design and constructnew and improved buildings.As countries push to adoptsmart technologies andstronger digital connectivity,the demand for data centreservices will inevitably grow.2. Corporate clients’ growing inclinationto outsource data centre servicesFigure 4: Proportion of data centres outsourced 42%39%40%Western EuropeUSASource: BroadGroupData centres have historicallybeen predominantly held inhouse. Around 5% of companiesin less sophisticated marketssuch as Indonesia outsourcedata centre floor space, whilethis number increases to25% in more mature marketssuch as Singapore. However,this is expected to change asoutsourcing becomes a morepopular option driven by thefollowing benefits: Flexibility in terms of capacityrequired (e.g. space, number ofservers, etc) Lower upfront costs (as theinfrastructure capex is incurredby the data centre owner)Looking at industry verticals,it is likely that financialinstitutions will be a keyconsumer group for outsourceddata centre services goingforward. For example, DBSBank contracted Amazon WebServices (AWS) in June 2016 touse its cloud services in part dueto its flexibility to rapidly scalethe capacity of its computinggrid without needing to makeprovisions for permanentovercapacity4.4 DBS websiteSurfing the data wave5

3. Global content providers are embracing a more regional hosting strategyGlobal content providers suchas Google, Amazon and Netflixare increasingly opting for adecentralised content hostingstrategy, which aims to reducelatency issues and ultimately enhanceuser experience, despite potentiallyincurring higher data centre costs.As a result, data centres operatedby global content providers areCase study: NetflixThe case of Netflix illustratesthe trend towards thedecentralisation of data centres.Netflix decided to opt for localcaching through third-partyservers (i.e. Amazon WebServices) in which contentis disseminated from the USto local storage systems andrefreshed every day.mushrooming in strategic locationsaround the globe.Overcoming latency is a major driverfor this strategic approach. Given thegrowing number of end-users in AsiaPacific, it will be a strategic movefor content providers to locate datacentres that are closer to these endusers across the region.Figure 5: Latency Statistics (Jul-16), msNorth America to APACEMEA to APACIntra to APAC2602361831791591495633Singaporeto USHong Kong North Americato USto TaiwanSource: Verizon Enterprise Solutions6Surfing the data waveTaiwanto UKHong Kongto UKSingaporeto UKTaiwanto SingaporeHong Kongto Singapore

As a result of data centres being decentralised into the various regions, inter-regional data traffic is growingand shifting, with more and more traffic coming to and out of Asia. For example, the Trans-Pacific internationalbandwidth is now almost as high as the Trans-Atlantic one (Figure 6).Figure 6: Change in international internet bandwidth between 2004 and 2014, TbpsInternational Internet Bandwidth (2004), TbpsInternational Internet Bandwidth (2014), Tbps0.6100.450.200Trans-Atlantic Trans-Pacific US-LatinAmericaEurope-AsiaTrans-Atlantic Trans-Pacific US-LatinAmericaEurope-AsiaSource: Telegeography 2015“We now have Open ConnectAppliances in close to 1,000separate locations around theworld. In big cities like NewYork, Paris, London, HongKong, and Tokyo, as well asmore remote locations – asfar north as Greenland andTromsø, Norway and as farsouth as Puerto Montt, Chile,and Hobart, Tasmania.”Ken FloranceVice President of Content Delivery at Netflix55 Netflix websiteSurfing the data wave7

4. Impact of recent government regulationsAside from data consumption trends and technologies, government regulations have been playing a role inshaping the data centre services market, more often with the intention to safeguard their business environment’scybersecurity and privacy. The three case studies below highlights how regulatory requirements are promptingbusinesses in Asia Pacific to store their data locally.Case study 1:Indonesia’s banking industryregulationCase study 2:Singapore’s Personal DataProtection Act (PDPA) Government regulation inIndonesia stipulates thatcustomer data of Indonesianbanks must be storeddomestically by October2017 Singapore’s Personal DataProtection Act (PDPA)prohibits the transfer ofpersonal data outsideof Singapore, unless theoverseas company givesassurance that it will complywith the country’s PDPAregulations This has inevitably drivendemand for data centres fromthe financial services sector,which is now the largestconsumer group(c. 30% market share of thedata centre services market) As a result, operators havebegun increasing theirinvestment in Indonesia’sdata centre market. Forexample, Equinix and DCIIndonesia doubled theircapacity from 400 to 800cabinets at its JK1 datacentre in Jakarta“Market demand from thecloud and financial sectorsfor world-class data centerservices [in Indonesia] isflourishing (Equinix, 2016)” There are restrictions/limitations to outbound datatransfer. For example, it isonly permitted when consenthas been provided by therelevant individuals However, it will beinteresting to see how thisregulation reconcile withsector-specific regulations(eg. from the MonetaryAuthority of Singapore)which states that encrypteddata can be stored overseas.Case study 3:China’s five-year plan Back in 2011, the Chinesegovernment included theirinitiative to develop thecountry’s cloud computingcapabilities in their fiveyear plan, which has beenextended into their currentfive year plan (2016-2021) Apart from setting upcloud computing zones andexhibitions, some municipalgovernments also providedtax breaks and incentives,amongst other initiatives, topromote the construction ofdata centres This has led to the boom inChina’s data centre servicesmarket, which is expectedto have the largest absolutegrowth per annum in APACgoing forwardSource: MAS, Frost & Sullivan 2016, MOST, PwC: What China plans to do in 2016 and the next five years8Surfing the data wave

As a result we foresee investment opportunities in Asia Pacific’s data centre marketHistorically, the upsurge of demand for data centres has outstripped supply in Asia Pacific, leadingto increasing utilisation rates within established data centre marketsFigure 7: Demand for data centre services in SingaporeSingapore data centre demand, sqftSingapore data centre utilisation, %2008 2009 2010 2011 2012 2013 2014 20150%20122013PowerSource: Cushman & Wakefield2014RacksSource: Structure Research, Cushman & WakefieldFigure 8: Recently opened data centre facilities in Singapore (2016)OperatorIT Load Capacity (MW)ST Telemedia/StarhubDRT Loyang1413.21-NET12Telin12Total51.2Anecdotally, Singtel and Keppel T20are expected to open new data centrefacilities this year, bringing an additional50MW in IT load capacity.Source: Cushman & Wakefield, Channel NewsAsia, TelinWhile the increase in capacity may cause an oversupply in certain markets in the short term, we are confidentthat demand for more data centre services will continue to grow followed by the need for additional capacity inthe medium term. This is in part due to supply of data centre services has yet to catch up with emerging demandin some markets within Asia Pacific. Take Indonesia for example, in addition to its financial institutions, itsmanufacturing and transportation companies will also gradually increase their demand for data centre servicesas they start to adopt more information and communication technology (ICT) applications/solutions6.6 Data Centers: What to Do in the Face of Public Cloud (DBS)Surfing the data wave9

2Know the market:Key factors to consider before investingThere are a number of considerations that needs to be taken into accountwhen making investment decisions in the data centre services market, suchas local dynamics, competitive landscape, value chain positioning, etc.The Global Information Technology Report 2016 by World Economic Forumis a good indicator of ICT maturity, as it assesses several aspects of the ICTnetwork readiness. For the purpose of this benchmarking analysis, we haveselected a few key parameters that are integral to data centre operations.Local dynamicsFigure 9: Network readiness index of selected economies (2016)Southeast AsiaOther Asia Pacific countriesLaws relatingto ICTsLaws relatingto ICTsImpact onbusinessmodelsImpact bile networkcoverage, %popImportance ofICTs to gov’tvisionBusiness-toconsumerInternet useInt’l Internetbandwidth,kb/s per userElectricityproduction,kWh/capitaImportance ofICTs to gov’tvisionBusiness-toconsumerInternet useInt’l Internetbandwidth,kb/s per logyabsorptionSingaporeMalaysiaThailandSouth KoreaHong KongNew inaIndiaSource: World Economic Forum 2016Singapore and Malaysia dominate in most indices when compared to otherSoutheast Asian market, although Singapore edges out Malaysia on electricityproduction and international internet bandwidth (Figure 9). However, someother countries in Asia-Pacific, although not true for all, also scored equally orhigher on most indices when compared to Singapore. For example, Hong Kongis a clear leader in the region when looking at international internet bandwidth.Among the key factors data centre players consider when assessing theprospects/attractiveness of a particular market include, but are not limited to): Environmental conditions (e.g. seismic and volcanic activity) Regulatory factors (e.g. foreign ownership restrictions) Political stability Macroeconomic conditions10 Surfing the data wave

These factors will be critical to determine the most suitable type of datacentre to develop. The Singapore market, for example, offers viableconditions to develop green data centres in part due to the SingaporeStandard for Green Data Centre introduced by its government. Accordingto the city state’s Infocomm Media Development Authority (IMDA), thereare already 13 certified green data centres in Singapore.A strong understanding of customers’ requirements and the users’ levelof sophistication will be important to help developers determine the tierof the data centre best suited for targeted markets. The tiers range fromlevel one to level four, and they reflect the data centre’s availability/performance capability (eg. Tier 4 99.995% availability).Major playersLooking at the regional competitive landscape, there is no clear regionalleader. Furthermore, competitive dynamics are relatively country specific,despite the presence of global players such as Equinix, Global Switch and NTT.There are usually one or two strong local players in each market, such asSingtel in Singapore and China Telecom in China.Figure 10: Major players in APAC’s data centre services market by raised floor space (2015)RelianceNTT15%10%11%Others 55%Tulip8%Others el26%IndiaOthers 43%12%9%9%DigitalRealtyJapanHong KongSingaporeGlobal EquinixSwitch9%22%39%China 9%Mobile13%CentrinData SystemsChinaTelecom17%ChinaUnicornGlobal SwitchAustralia10% MetronodeOthers 57%Others25%Others 39%9% e: Frost & Sullivan 2016Surfing the data wave 11

“Where to play” in the value chain?Depending on investors’ existing set of capabilities, there are variousparts in the value chain where they can enter. It is therefore importantto take note that each segment of the value chain (Figure 11) has its ownattractiveness and dynamics, as well as competition.Figure 11: Value chain of the data centre services marketValue chainDesign &constructionEquipmentServices ProvidedExample of players Design and development of datacentres including blueprint,project management, actualfitting of data centre facilitiesand equipment supplies Arup MeinhardtLSK EngineeringM W GroupPro-Matrix Manufacturing and distributingmechanical and electrical (M&E)equipment such as cooling systemsand networking/computingequipment CiscoElectric Stulz JuniperEmerson Network PowerHitachi Data SystemsSchneider Development/acquisition of datacentre facilities in order to leasethem out to IT operations Mapletree PNB Kingsland Development Rental of data centre space tobusinesses to house their servers andother computing hardware; typicallyprovides cooling, power, bandwidthand physical security Provision of value-added services suchas disaster recovery services Increasingly, provision of cloudcomputing services: IaaS, PaaS or SaaS Amazon WebServices Digital Realty Equinix Global Switch Google Microsoft RCS Engineering Shimizu Wah LoonReal estateData centreoperations NTTCommunications Rackspace Singtel Starhub ST TelemediaWe have noted a number of trends impacting this value chain:Design & construction Players in this field have started to move along the value chain. For example,design & build specialists such as Pro-Matrix are also distributing specialisedequipment On the other hand, construction companies such as Wah Loon are alsobackward integrating as they develop their capabilities in the design of facilities12 Surfing the data wave

Real estate We observe a growing trend of separation between the ownership andthe operation of data centre assets Real estate operators are engaging in long-term leasing arrangements(e.g. build and lease or sale and leaseback) with data centre operatorsto operate on their asset. For example, Mapletree built a developmentwith a total of 385,000 sq. ft in gross floor area for Equinix in 2013;1-Net and DataCentre One (a joint venture between CitySpringand Shimizu) also have a similar arrangement whereby 1-Net hascontracted a long-term lease from DataCentre One Going forward, we expect to see more sale and leaseback agreementsbetween data centre operators and real estate playersData centre operations There’s a growing trend to move away from pure wholesale servicesto offering managed services, as well as value-added and cloudservices to customers (Figure 12)Figure 12: Evolution of data centre servicesTraditional Data Centre services(physically separated client IT estates)Cloud services(clients only necessarily virtually separated)Software as aservicengeriServices Offeredfff o thoywxit groelrpoom tial fcdnase poteerInc andInfrastructureas a serviceRetail co-locationWholesaleco-location Leasing of realestate/ largephysical space Leasing ofphysical spaceincluding privatevaults, floorspace, or racks ofvarying size Co-locationtypically includesconnectivity Leasing capacityof (typically)remote physicalinfrastructure,includingservers,storage arrays,networking asvirtual machines Delivered ondemand andcharged as usedPlatform as aservice Providingtools such asprogramminglanguages anddatabases Hybrid of IaaSand SaaS Deliveringcloud-basedapplications,such as emailor customerrelationshipmanagementsoftware (CRM)Surfing the data wave 13

“Which marketto play in”?“We are thinking aboutCloud services in Malaysia.Indonesia and Vietnam arenot mature enough yet.”Data Centre operator, Malaysia,Vietnam, and Indonesia“We are launchingCloud services soon.”Data Centre Operator,Singapore“We have started to offercloud services to ourclient a while ago.”Data Centre Operator,SingaporeSource: PwC Interviews14 Surfing the data waveThe trend of moving frompure wholesale services tooffered managed servicesvaries between markets asthey are at different stagesof maturity. For example,the Singapore market isrelatively mature and isincreasing its offering ofcloud services. Meanwhile,other Southeast Asianmarkets are presently toonascent and still focused onbasic co-location services.

Cost is also an aspect to consider when contemplating a data centreinvestment as cost vary widely across the region (Figure 13 and 14),as well as transactional yield – for example, under the current macroenvironment and market conditions, industrial spaces/property typicallygenerate higher yield than that of office and retail (Figure 15).Figure 13: Operating cost of data centres in Southeast Asia (latest aysiaVietnamAverage industrialelectricity prices US /kWh20189886Average data operationsmanager annual salary, US 84,000 102,00035,000 55,00033,000 50,00040,000 51,00025,000 30,00025,000 50,000Source: Frost & Sullivan, EnerdataFigure 14: Rental of industrial sector in Asia Pacific (latest available)Average industrial rental,US / sq. ft./monthSingaporeTokyo(Japan)2.6911.122Sydney Melbourne(Australia) i(China)1.6530.4640.534HongKongShanghai& Beijing(China)Mumbai& Delhi(India)1 Gross effective rent on NLA2 Gross on NLA3 Net on GFA4 Net effective on GFASource: Jones Lang LaSalle Research 2016,OandaFigure 15: Transactional yield (%) in Asia Pacific (latest available)Transactionalyield ranges Singapore(%)Seoul(Korea)Tokyo(Japan)Sydney Melbourne(Australia) (Australia)Industrial6.0 to 7.06.5 to 7.54.2 to 5.55.25 to 7.255.5 to 7.53.5 to 3.85.5 to 6.510.0 to 1.0Retail4.0 to 5.04.0 to 5.02.6 to 3.54.5 to 7.04.75 to 7.52.8 to 3.23.9 to 5.09.0 to 11.0Office2.5 to 4.04.0 to 4.72.6 to 3.04.9 to 5.755.25 to 6.52.5 to 3.03.6 to 5.08.5 to 10.511 Grade A OfficeSource: Jones Lang LaSalle Research 2016Surfing the data wave 15

Market entry and expansion approachThere are a number of approaches to enter and expand in Asia Pacific’sdata centre space. In recent years, we have observed a number ofgreenfield investments in the region. Tech giants such as Alibaba andGoogle have begun ramping up their investment in building data centresacross the region, such as in Singapore.Examples of greenfield investment in Singapore: Digital Realty opened its second data centre in Singapore - 2016 Alibaba established a data centre - 2015 Google invested in building its second data centre in Singapore - 2015 Equinix rolled out the phase 2 expansion of its data centre - 2015Mergers and acquisitions (M&A) have also been considered as one of thefaster expansion approaches (Figure 16). Several global players such asDigital Realty have looked at M&A as a way to grow in the region. Weexpect M&A activity to ramp up going forward with local/regional playersrequiring funding to grow and expand.16 Surfing the data wave

Figure 16: Data centre M&A activities within and into Asia PacificData centre M&Aactivities within APACData centre M&Aactivities into APAC2012 Japanese NTT acquired 74%2012 US Equinixstake in India Net MagicSolutions terms undisclosedacquired HK-basedAsia Tone USD 230mn2013 Japanese NTT acquired 74%Chinastake in Thailand’s Digital Portterms undisclosed2014 Japanese NTT acquiredSingapore’s Pro-Matrix Pte Ltdterms undisclosedSingapore TechnologiesTelemediaacquired 40% stakein China’s GDS Servicesterms undisclosedIndia2013 US Digital RealtyJapanHong KongSingaporeTokyo-based KVHUSD 160 mnAustraliaJapanese NTT acquiredIndonesian PT Cyber CSFterms undisclosedSingapore Keppel DC REITacquired IC2 from MacquarieTelecom in Sydney USD 32 mnUS Digital Realtyacquiredfullyleased data centre,Sydney USD 12.3mn2014 UK Colt acquired2015 Singapore TechnologiesTelemediaacquired 74%stake in India’s TataCommunications USD 600–650 mnacquired JapanfacilitiesUSD 10.5 mnFR GDF SuezEnergy acquiredSingapore-basedSMP Pte Ltd termsundisclosed2015 US EquinixKey target market for M&A into APACKey target market for M&A within APACacquired Japanbased Bit-isle USD275 mnSource: Telecom Review Asia,, Kingsland Development, Cofely News ReleaseSurfing the data wave 17

3Concluding remarksFor data centre service providers, significant growthopportunity lies ahead.At the heart of the investment and expansion strategy shouldlie a strong understanding of the macro-economic conditionsimpacting the market dynamics. As part of strategic decisionmaking, investors need to weigh the projected costs, risksand returns of investing in a prospective economy and/or a particular segment within the data centre value chain.They will also need to carefully consider which market entrystrategy would help them in realising their business objective.18 Surfing the data wave

4Connect with usAuthorsMaxime BleinAssociate Director, Deals StrategyPwC Singapore 65 9199 WilkinsonManaging Director, Deals StrategyPwC Singapore 65 9232 TeoDirector, Financial Due Diligence,Real Estate & HospitalityPwC Singapore 65 9298 JocsonDirector, Risk AssurancePwC Singapore 65 8318 leadersRichard SkinnerPartner, Strategy LeaderPwC Singapore 65 9823 Kok KeongPartner, ValuationsPwC Singapore 65 Tok HongPartner, Corporate FinancePwC Singapore 65 JansenPartner, Technology,Media & Telecommunications,and Digital Trust LeaderPwC Singapore 65 8100 the data wave 19

2017 PricewaterhouseCoopers Advisory Services Pte Ltd. All rights reserved. “PricewaterhouseCoopers” and “PwC” refer to the network ofmember firms of PricewaterhouseCoopers International Limited (PwCIL), or, as the context requires, individual member firms of the PwC network.Each member firm is a separate legal entity and does not act as an agent of PwCIL or any other member firm.

Source: Market and Markets 2016, Frost & Sullivan 2016 Note: Data centre services is defined as third party colocation and managed hosting services (e.g. cloud computing); Market size is defined as the total market revenue Asia Pacific's data centre services market size will exceed the European market size by 2021 The region's data centre

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