• Megawide Industries, owned by Filipino business magnate Edgar Saavedra, is investing $300 million in the AI and data center industry in Cavite, outside of Manila.
• The 70-megawatt data facility requires regulatory approval and will be built in phases over five years with an anticipated launch date in the first quarter.
• The data center will offer cloud computing, artificial intelligence and data analytics services to enterprises.
Megawide Industries Investing $300 Million into AI Data Center
Megawide Industries, owned by Filipino business magnate Edgar Saavedra, is making a foray into the AI and data center industry with a $300 million co-location center development in Cavite, just outside the country’s capital city of Manila, in cooperation with Singapore’s Evolution Data Centres.
Data Facility Overview
The 70-megawatt data facility in the Philippines is subject to regulatory approval as part of a transition to the digital domain. It will be erected in phases over a five-year period, with an anticipated launch in the first quarter, the companies indicated in a Wednesday statement.
Services Offered by Data Center
Once completed, the data farm will offer sophisticated solutions to enterprises seeking to use the benefits of cloud computing, artificial intelligence, and data analytics.
AI Market Growth Projections
The AI market is currently experiencing significant growth and is expected to continue to do so in the coming years. According to market research firm Grand View Research, the global AI market size was valued at $62.35 billion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 39.1% from 2021–2028.