High performance computing (HPC) provides parallel or distributed processing power that enables computational challenges to be solved in minutes instead of days. HPC is widely used in engineering, life sciences, finance, nanotechnology, oil and gas exploration and simulation of nuclear weapons, among others. It helps accelerate research in science and engineering by enabling simulations of complex systems. The global High Performance Computing Market is estimated to be valued at US$ 36.33 Bn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Cloud services have revolutionized the delivery of high-performance computing capabilities as a service. Many industries and scientific research organizations now leverage cloud-based HPC as it offers scalable, elastic and on-demand access to compute capacity and storage. Rising adoption of cloud HPC services is being driven by benefits such as pay-as-you-go pricing model, no upfront capital costs, flexibility to scale up or down as per workload demands and ability to access HPC resources from any location. Major cloud service providers including Amazon Web Services, Microsoft Azure and Google Cloud are expanding their HPC service offerings to cater to the growing requirements of businesses and scientific research institutions. Growth in cloud services is expected to continue propelling the high performance computing market over the forecast period.
Strength: HPC provides competitive advantage to organizations through faster processing power and simulation capabilities. It allows optimization of complex operations with higher accuracy.
Weakness: HPC infrastructure requires massive investments and has high maintenance costs. Challenges in development of parallel programming models and algorithms.
Opportunity: Growing demand from industries like automotive, manufacturing, healthcare etc for advanced simulations. Increasing R&D in artificial intelligence and machine learning expansion of HPC applications.
Threats: Short lifespan of HPC systems due to rapid evolution of technologies. Significant power consumption resulting in high operating costs. Lack of skilled workforce limits growth potentials.
The Global High Performance Computing Market Size is expected to witness high growth.
Regional analysis: North America dominates the High Performance Computing market currently due to heavy investments by government and private organizations in R&D activities. Asia Pacific region is anticipated to grow at the fastest pace owing to rising demand from verticals like automotive, manufacturing etc and increasing government initiatives in countries like China, Japan and India.
Key players related content comprises Key players operating in the High Performance Computing market are Advanced Micro Devices Inc, Cisco Systems, Dell Technologies, Fujitsu, Hewlett Packard Enterprise, IBM Corporation, Intel Corporation, Lenovo Group Limited, NEC Corporation, National Instruments.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it