The High Performance Computing as a Service (HPCaaS) market is projected to reach USD 10.0 billion by 2023 from USD 5.7 billion in 2018, at a CAGR of 11.9% during the forecast period. Market growth is largely driven by factors such as the faster deployment of new products and services, access to better technologies, and reduced capital costs.
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The major software vendors in this market include IBM (US), AWS (US), Microsoft (US), Cray (US), Sabalcore Computing (US), Google (US), Penguin Computing (US), Adaptive Computing (US), Nimbix (US), Uber Cloud (US), HPE (US), and Dell (US). New product launches, product enhancement, and collaborations were the widely adopted strategy by the major players from 2016 to 2018. Other strategies such as expansions, acquisitions, and new product launches were also adopted by the companies to expand their presence in the global High Performance Computing as a Service market. This helped them to expand their consumer base and address the unmet needs of end users.
The BFSI segment has the largest share of the market and is growing at the second highest CAGR during the forecast period
Financial institutions are adopting hosted private cloud and colocation services for security concerns. High-frequency trading, capital market analysis, and risk modelling are some of the BFSI applications that deploy HPC as a service. BFSI is the largest adopter of HPC as a service and expected to grow at a high pace in 2018 to 2023.
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It is the biggest market and is expected to grow at the highest volume from 2018 to 2023.
North America has the largest market share in the HPCaaS market and this has been possible through innovations obtained from R&D and technology. The main growth of the HPCaaS market in this region is due to the increasing demand for business flexibility and agility. US accounts for maximum share in the American cloud HPCaaS market. The US government has recognized the importance of problems faced in the areas of computational science and simulation which requires large-scale computational facilities. Thus, the government is investing significant amount of resources into the development of HPC and networking. The major countries taken for analysis are the US and Canada. Some of the leading companies in North America offering HPCaaS are Penguin Computing, Adaptive Computing, and Sabalcore Computing and AWS. The main growth of the HPCaaS market in this region is due to the increasing demand for big data analytics and increase in the complexities of applications that require parallel processing further enhancing business flexibility and agility.
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