High Performance Computing Market Growth Trajectory Through 2024-2033

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The High Performance Computing Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s High Performance Computing Global Market Report 2024, The high performance computing market size has grown strongly in recent years. It will grow from $44.18 billion in 2023 to $48.12 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to expanding data analytics and big data processing, advancements in parallel processing, increased demand in financial services.

The high performance computing market size is expected to see strong growth in the next few years. It will grow to $69.88 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to growing demand for high-fidelity simulation, climate modeling and sustainability, continued expansion in genomics and bioinformatics. Major trends in the forecast period include cybersecurity and threat detection, exponential growth in AI and deep learning, expansion of cloud-based HPC services, integration of artificial intelligence (AI), focus on energy efficiency.

The emerging need for high-speed data processing with accuracy is driving the high-performance computing market. When data is processed, it is gathered and converted into useable information. It is critical that data processing is done appropriately and faster so that the result, or data output, is not harmed. HPC allows users to analyze massive volumes of data faster than a regular computer, resulting in faster insights and allowing enterprises to remain ahead of the competition. For instance, in August 2023, according to Statistics Canada, a Canada-based national statistical agency, in 2022, Internet usage among Canadians aged 15 years and older surged to 95%, marking an increase from 92% in 2020, continuing the upward trend in online engagement. Therefore, the rising need for high-speed data processing with accuracy will propel the high-performance computing market growth.

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The high performance computing market covered in this report is segmented –

1) By Data Type: Structured, Unstructured, Semi Structured

2) By Component: Software, Hardware, Services

3) By Organization Size: Small and Medium-sized Enterprises (SMEs), Large Enterprises

4) By Deployment Type: Cloud, On-premises

5) By Industry Vertical: Government and Defense, IT and Telecom, Banking and Finance, Transportation and logistics, Retail and Consumer goods, Media and Entertainment, Others

Major companies operating in the high-performance computing market are focusing on development of advanced solutions such as high-performance computing systems to enhance computational power and accelerate complex data processing tasks. High-performance computing systems are advanced computing infrastructures designed to execute complex tasks requiring immense computational power at high speeds. For instance, in October 2023, KT Cloud, a South Korea-based cloud computing company, launched t cloud service AI SERV, a powerful cloud computing service designed for AI service development, which will help boost its AI infrastructure business. AI SERV is a dedicated infrastructure for AI inference services that applies slicing technology to graphic processing units (GPUs). AI SERV focused on the fact that AI companies that have completed AI development and learning processes and are providing AI services can divide high-performance GPU infrastructure into the optimal amount needed for each service.

The high performance computing market report table of contents includes: