Rising need for AI and machine learning skills across a range of industries is expected to drive market expansion in the near future at a CAGR of 7.00% during the forecast period 2024 to 2032.
Market Research Future (MRFR) has published a cooked research report on the "Global Computing Power Market" that contains information from 2019 to 2032. The Computing Power market is estimated to register a CAGR of 7.00% during the forecast period of 2024 to 2032.
MRFR recognizes the following companies as the key players in the global Computing Power market—Atos se, Advanced Micro Devices, Inc., Hewlett Packard Enterprise Development LP, Dell Inc., Cisco Systems, Inc., Fujitsu, Intel Corporation, IBM, Microsoft, Amazon Web Services, Inc.
Computing Power Market Overview
The global Computing Power market is accounted to register a CAGR of 7.00% during the forecast period. It is estimated to reach USD 79.3 billion by 2032.
The growing need for AI and machine learning skills and hybrid high-performance computing solutions are driving the growth of the computing power market. The high cost of advanced computing systems is anticipated to hinder the market's growth. Additionally, rising computing in the Internet of Things (IoT) is anticipated to promote the growth of the global Computing Power market. The major challenge for the market's growth is to maintain a balance in scalability with energy consumption.
Segment Analysis
The global Computing Power market has been segmented based on component, deployment mode, and end user.
Based on component, the market is segmented into servers, software, services, and others. The server segment was attributed to holding the largest market share in 2023 due to there being more data centers and small and mid-sized businesses.
Based on deployment mode, the global computing power market has been segmented into on-premise and cloud. The on-premise segment was expected to hold the largest market share in 2023 due to security concerns regarding the protection of data.
Based on end user, the global Computing Power market has been segmented into BFSI, gaming, media & entertainment, retail, transportation, government & defense, education & research, manufacturing, healthcare & biosciences, and others. The manufacturing segment was expected to hold the largest market share in 2023 due to its business use of HPC systems.
Regional Analysis
The global Computing Power market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The Europe Computing Power market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Computing Power market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Computing Power market comprises of Middle East, Africa, and Latin America.
The largest market share for Computing Power was maintained by the North American regional sector. This increase is attributed to technology solutions in the area. Additional factors promoting market growth include increased investor investments, government support, and the viability of the technology in the area. The implementation of stringent rules, the growing need to reuse raw data, and the considerable presence of significant technology providers and major production companies all have an impact on the US market.
Moreover, the Europe market has been persistently growing over the forecast period. The demand for Computing Power is driven by the rising adoption of digital services. The market expansion is supported by an increase in the deployment of computing power projects as a result of a rise in consumer preference for using sustainable digitalization.
Additionally, due to the increasing digitalization, growing economy, and rising tech-savvy population, Asia Pacific is anticipated to experience the quickest growth over the forecast period.
Furthermore, the rest of the world's Computing Power market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the region's rising tech-savvy population. Government support, a rise in investor interest, and the viability of the technology in the sector are all contributing factors to the market expansion.
Key Findings of the Study
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The global Computing Power market is expected to reach USD 79.38 billion by 2032, at a CAGR of 7.00% during the forecast period.
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The Asia-Pacific region accounted for the fastest-growing global market due to the increasing digitalization and growing economy.
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Based on end user, the manufacturing segment was attributed to holding the largest market in 2023.
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Atos SE, Advanced Micro Devices, Inc., Hewlett Packard Enterprise Development LP, Dell Inc., Cisco Systems, Inc., Fujitsu, Intel Corporation, IBM, Microsoft, and Amazon Web Services, Inc. are the key market players.
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Report details
| Companies Covered | 15 |
| Pages | 128 |
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