The High Performance Data Analytics Market size is expected to grow from USD 85.28 billion in 2023 to USD 215.14 billion by 2028, at a CAGR of 20.33% during the forecast period (2023-2028). The ability of strong, high-performance computing (HPC) systems to process data at higher resolutions and the increasing adoption of big data analytics are the main factors driving the growth of the high-data performance analytics market.
New York, Aug. 29, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "High Performance Data Analytics Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" - https://www.reportlinker.com/p06483772/?utm_source=GNW
The High Performance Data Analytics Market size is expected to grow from USD 85.28 billion in 2023 to USD 215.14 billion by 2028, at a CAGR of 20.33% during the forecast period (2023-2028).
The ability of strong, high-performance computing (HPC) systems to process data at higher resolutions and the increasing adoption of big data analytics are the main factors driving the growth of the high-data performance analytics market.
Many businesses are relying on large-scale data analytics to gain a deeper understanding of customer behavior, and these requirements are also expected to promote market expansion. Analytics and AI require increasingly powerful processing, networking, and storage infrastructure. Because of this, more companies are employing HPC solutions to boost AI-based innovation and productivity.
High-performance data analytics (HPDA) combines data analytics with high-performance computing to discover patterns and insights. High-performance cloud computing and data analytics have made it possible to analyze extremely large data collections in real time.
Hadoop and Spark are examples of large data analytics techniques that lack access to high-speed computing that has long been utilized for complex modeling and simulations. To prevent input/output bottlenecks, high-performance data analytics also offers the advantage of extremely quick communication between processing parts. Error detection, graph modeling, graph visualization, streaming analytics, exploratory data analysis, and architectural analysis are additional advantages of high-performance data analytics.
Corporations still run the risk of using personal data even if they are successful in protecting it from hackers and cyberattacks. Despite the presence of data privacy laws, there are still some unaddressed concerns about how businesses that have lawfully obtained data use it. Thus, customer data privacy breaching concerns restrict the market growth in many end-user organizations.
Data and analytics can offer clarity and support for clinical and operational decision-making in businesses. For instance, evaluating and validating the medicines required to treat patients with COVID-19 depends on real-world clinical data that may be shared among researchers. Many HPDA service providers have offered software solutions for health systems with free access to a COVID-19 data science workspace for academic projects to aid clinical researchers in their fight against the pandemic, which fueled the market growth during the pandemic.
High Performance Data Analytics Market Trends
Energy and Utilities Sector to Grow Rapidly
The energy and utility industries are also among the other sectors undergoing a large-scale transformation due to the advent of advanced technologies. One major technological driver impacting this industry is the emergence of Big Data and analytics.
For instance, in November 2022, Halliburton, a company that offers products and services to the energy sector, signed a new, multi-year partnership with Enverus, the most reputable energy-specific SaaS platform, to use Enverus software, analytics, and intelligence across its operations. The agreement highlights the significant role that technology and data analytics would play in the development of the energy industry.
The scarcity of fossil fuel is giving rise to alternate sources of energy such as solar, wave, and wind turbines, wherein consumption is increasing at a high pace. Thus, it has become imperative to use advanced tools that use high-performance data analytical tools to understand the behavior or adaption of these sources of energy. For instance, a French energy services company like Edelia launched a complex energy consumption monitoring and management solution which monitors energy usage in near real-time, enabling consumers to control consumption and reduce their carbon footprint.
Energy and utility organizations apply smart technology to their landscape, including sensors, cloud computing technologies, wireless, power planning, and network communication. These produce large data sets, which get collected over a period. Hence the need for quality information will also likely aid the market growth. For example, a utility company using smart meters and power can gather around three petabytes of data every 15 minutes for a year for about one million households.
Many large companies in the energy and utility sectors are developing in-house high-performance data analytics platforms to increase their operational efficiencies. For instance, in August 2022, Shell, a petrochemical producer, claimed that using data more effectively throughout the organization has improved operational efficiency. This has been made possible by the company’s new Shell.ai platform, which, according to the internal data team, has enabled hundreds of engineers, scientists, and analysts to develop together by democratizing data analytics and artificial intelligence.
North America Expected to Continue to Dominate the Market
The North American region dominates the market in terms of demand, owing to the presence of major players. The high investment rate, the presence of active collaboration among different enterprises, and growing applications of HPDA in areas such as BFSI and Retail are among a few factors driving the regional market growth.
Data preparation, training, and deployment workflows for data analytics relied heavily on CPU computing, making them slow and laborious previously. The region consists of two developed economies, the USA and Canada, which have been adopting accelerated data science to improve end-to-end analytics workflow performance, accelerating value creation while cutting costs in various industries.
Utilizing the potential of high-performance data analytics, companies may create products more quickly, provide better customer service, and foster enterprise-wide innovation. Many companies in the region are developing HPDA software to be used across industries to enhance their data analytics ability. For instance, HPE, an American company, introduced an HPC as a service offering, which enables businesses to execute better simulations, data analytics, and artificial intelligence.
Data Analytics software providers in the region are extending their portfolio by including advanced capabilities in their solutions, such as HPC and AI. For instance, in December 2022, with the introduction of its next-generation Data Scale system from SambaNova, businesses could switch from tactical AI implementations to scalable, corporate-wide solutions, and organizations may achieve ROI with Data Scale more quickly.
Additionally, in December 2022, Stifel Financial Corp, an American full-service investment banking firm, selected KX to improve market data analytics and support real-time decision-making. KX created kdb+, the time series database, and a real-time analytics engine. Stifel would use the speed and scalability of kdb+ for data input and processing to enhance its trade execution analytics and operations and add value for its clients. Thus, the demand for HPDA software to increase business in the BFSI sector is driving the market in the region.
High Performance Data Analytics Industry Overview
The competitive landscape of the global high-performance data analytics market is fragmented due to the presence of many players. The key vendors are continuously innovating in the technology due to the vast array of prospects the market projects. The companies are undergoing mergers and acquisitions, spending vast sums of money on R&D activities, etc.
In November 2022, Panasas, a high-performance storage provider, announced adding additional data insight and mobility tools to its PanFS software lineup. The preview and PanMove software solutions have been intended to improve the visibility and portability of data assets at organizations deploying high-performance computing (HPC), high-performance data analytics (HPDA), and artificial intelligence and machine learning (AI/ML) workloads at scale. They bring data management and analytics tools to Panasas storage.
In November 2022, AWS added five new features to its database and analytics portfolios to let users handle and analyze data of a petabyte scale more quickly and easily. These new features for Amazon Document DB, Amazon OpenSearch Service, and Amazon Athena would make it easier for customers to operate high-performance database and analytics workloads at scale.
In October 2022, Striim introduced a High-performance integration software for BigQuery, which has been the first streaming SaaS solution that integrates and replicates data from enterprise-grade databases like Oracle, MS-SQL, PostgreSQL, MySQL, and others to Google Cloud BigQuery’s enterprise data warehouse. It has been using change data capture (CDC) technologies and was an in-house development by the company. Customers might quickly set up a new data pipeline to transmit transactional data from hundreds of tables to BigQuery with sub-second end-to-end latencies to enable real-time analytics and handle time-sensitive operational concerns, which would create a demand for the HPDA software across various industries to analyze these huge data inputs.
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