April 04, 2023 08:30 AM Eastern Daylight Time
NEEDHAM, Mass.--(BUSINESS WIRE)--International Data Corporation (IDC) has published its first-ever forecast for the performance intensive computing as a service (PICaaS) market. IDC projects that the total worldwide PICaaS market will grow from $22.3 billion in 2021 to $103.1 billion in 2027 with a compound annual growth rate (CAGR) or 27.9% over the 2022-2027 forecast period.
IDC forecasts the worldwide Performance Intensive Computing as a Service (PICaaS) market will grow to $103.1 billion in 2027 with a compound annual growth rate (CAGR) or 27.9%.
IDC recognizes the performance-intensive computing as a service market as a fast-developing category of the public cloud services offerings with end users leveraging the advantages of special cloud technology to run mathematically intensive computations. Mathematically intensive computations are typically found in artificial intelligence (AI), high-performance computing (HPC), Big Data and analytics (BDA), and engineering/technical use cases.
The percentage that the PICaaS market represents of the total $241.3 billion as-a-service market for 2022 is 12.5%. The PICaaS market encompasses revenue generated by cloud service providers for compute, storage, and software offerings within their infrastructure-as-a-service (IaaS), platform-as-a-service (PaaS), and software-as-a-service (SaaS) portfolio for AI, BDA, HPC, and engineering/technical workloads.
The BDA as a service market segment will remain the predominant contributor to the overall market throughout the forecast period, followed by AI as a service. The HPC-as-a-service market segment shows the highest growth rate, followed by AI, and then engineering/technical workloads.