The next generation computing market is poised to significantly influence the technology landscape, expected to achieve an impressive CAGR of 19.1%. This growth is projected to result in a substantial market size of US$ 783.64 billion by the year 2033.
Adoption is reaching its peak due to the new computing architectures’ ability to fulfill the needs for data processing, transfer rates, and energy usage. Healthcare, IT & telecom, manufacturing, and other industries are just a few of the industries that the market participants serve with a variety of services solutions.
Innovators in the field of next generation computing include Hewlett Packard Enterprise, Huawei, Hitachi, IBM, and Dell Technologies. Businesses are vying for control of a substantial chunk of the booming information storage industry.
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The United Kingdom’s Next Generation Computing market is projected to experience huge growth in the coming years, with its size estimated at a staggering US$ 31.2 billion in 2022 and skyrocketing further – fueled by an 8.2% Compound Annual Growth Rate (CAGR) through 2033.
Quantum and neuromorphic computing, among other emerging technologies, are still in their early stages of research. Therefore, in order to scale these technologies, a qualified workforce is needed for research and development of the products and solutions for next generation computing.
The increased use of technologies like 5G, AI, and ML has enormous development potential. Governmental agencies and corporate giants such as Goldman Sachs Group, Lockheed Martin, NASA, and others are funding these technologies.
Due to advantages like remote access and practical storage, businesses across all industries are increasingly adopting cloud services, which drives the demand for next generation computing.
Key Takeaways from the Next Generation Computing Market Report:
- By 2033, the United States is likely to rule the next generation computing market, with a CAGR of 7.2%.
- The next generation computing market increased at a 8.2% CAGR between 2018 and 2022, citing FMI’s study.
- The expansion in China is anticipated to expand at an adequate CAGR of 8.4% by 2033. China’s market is likely to generate a share of US$ 233.3 billion by 2033.
- Japan’s next generation computing market CAGR is likely to be 5.4% by 2033.
- Between 2023 and 2033, the next generation computing sector is likely to increase in India with a size of US$ 9.72 billion.
- The expansion in the UK is anticipated to expand at an adequate CAGR of 8.2% by 2033.
- The average growth of the next generation computing industry is expected to be around 1.19x between 2022 and 2023.
- Based on end-use, the BFSI industry is expected to dominate the market with a CAGR of 9.3% by 2033.
- Based on offering, cloud-based service is projected to lead the market with a CAGR of 21.5% by 2033.
Key Strategies in the Industry:
Businesses are investing in cutting-edge technology like quantum computing and blockchain. Start-ups are aided in their expansion by government grants, venture capital investments, and corporate alliances. The growth of the next generation computing start-ups is being driven by the desire for faster computing performance, access to larger data sets, and advanced analytics.
Recent developments:
- In November 2021, it was revealed that IBM’s “Eagle” processor, which includes 127 quantum bits, would debut. The processor is a step toward using the computational power of devices based on quantum physics.
- Computer chips with AI power, such as Intel’s Xeon processors, operate more swiftly and efficiently than traditional CPUs. The company has also made large investments in the development of quantum computing, which might fundamentally alter how computers handle data.
Major Key Players:
- Google Inc
- HPE
- Cisco Systems Inc.
- Alibaba Group Holding Limited
- Amazon Web Services
- IBM Corporation
- Intel Corporation
- Oracle Corporation
- Atos SE
- Microsoft Corporation
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Next Generation Computing Market Segmentation:
By Components:
- Hardware
- Software
- Services
By Offering:
- Cloud Based
- On Premise
By Type:
- High Performance Computing
- Quantum Computing
- Brain Type Computing
- Approximate and Probabilistic Computing
- Energy Efficiency Computing
- Thermodynamic Computing
- Memory Based Computing
- Optical Computing
- Others
By Enterprise:
- SMEs
- Large Enterprises
By End Use:
- BFSI
- Healthcare
- Space and Defence
- Energy and Power
- Transportation and Logistics
- Chemicals
- Academia
- Government
- Telecom
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East and Africa
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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