Market Trends of High-Performance Data Analytics Industry
On-Demand to Witness the Growth
- High-performance data analytics combine HPC, Data Analytics, and Big Data. In order to provide quick insight into complex data sets, HPDA uses the speed and processing power of HPC.
- In recent years, there has been strong growth in on-demand computing, also known as cloud computing. This will allow individuals and businesses to make use of computing resources on a subscription basis via the Internet, e.g., storage devices, processing power, or applications.
- Moreover, companies are aiming to become agile with the integration of new technologies in this new era. Moving to a cloud environment is the most effective way of doing this. Being a part of the cloud means obtaining an embedded connection and intelligence, enabling intelligent operations to work in cooperation with each other, as well as building solid foundations for digital services linked to the cloud.
- In addition to this, on-demand deployment has been growing rapidly owing to several factors like digital transformation. Organizations are progressively adopting cloud services to streamline their IT infrastructure and speed up digital transformation initiatives. Cloud computing offers agility, scalability, and cost-efficiency, making it an attractive option for businesses of all sizes.
- According to Flexera, as of 2023, 72% of the enterprise respondents indicated that they had deployed a hybrid cloud in their organization since it can provide businesses more control over their data, help store sensitive data in a private cloud and run enterprise applications on a public cloud.
- Overall, digital transformation has been given an extra dimension by cloud computing, which transforms it from simply adopting new technology to a complete rebuilding of processes, tools, and experiences in a remote, virtual environment. Cloud computing boosts security, enhances user experience, and protects documents from deterioration. Because of this, businesses are now incorporating cloud computing into their ecosystem, fueling the growth of the market.
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North America to Hold Major Market Share
- The United States is among the leading innovators and pioneers in adopting high-performance data analytics. The country is expected to hold a prominent share of the market. It has a strong foothold in terms of high-performance data analytics vendors, which adds to the market's growth.
- Some vendors include IBM Corporation, SAS Institute Inc., Intel Corporation, and Hewlett Packard Enterprise, among others. The growth of new business insights contributes to expanding the high-performance data analytics market in the United States. Data analytics is helping many companies in the region to improve customer experience, identify fraud, and achieve other results that directly strengthen business performance.
- Furthermore, increasing investment in high-performance computing for energy innovation is expected to generate a large amount of data that needs sophisticated data analytics solutions to get insights, optimize operations, drive innovation in the energy sector, and create demand for high-performance data analytics solutions in the country.
- The strong focus on research and innovation in Canada in sectors like healthcare, artificial intelligence, and renewable energy is leading to support the market requiring high-performance data analytics solutions to analyze complex data sets and gain research insights.
- The government of Canada is working collaboratively with provinces and territories on health priorities to improve integrated health care for residents, such as expanding access to family health services and modernizing the health care system with standardized health data and digital tools. Such initiatives related to digitalization in healthcare would result in the growth in data volumes in the sector, which needs advanced data analytics solutions for processing to get insights creating the need for high-performance data analytics solutions for better healthcare service offerings in the country.
- Moreover, partnerships related to high-performance computing are expected to bring together their expertise, technology, and resources to develop more advanced and efficient data analytics solutions. These collaborations could lead to innovations, driving growth and demand in the high-performance data analytics market in Canada.
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