Grid Computing Market Size
“The Business Research Company recently released a comprehensive report on the Global Grid Computing Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company’s, The grid computing market size has grown rapidly in recent years. It will grow from $4.36 billion in 2023 to $5.18 billion in 2024 at a compound annual growth rate (CAGR) of 18.7%. The growth in the historic period can be attributed to growing data volumes, demand for high-performance computing, need for resource optimization, increasing complexity of computational tasks, scalability requirements, cost efficiency, Industry-wide adoption.
The grid computing market size is expected to see rapid growth in the next few years. It will grow to $10.43 billion in 2028 at a compound annual growth rate (CAGR) of 19.1%. The growth in the forecast period can be attributed to rise of big data analytics, expansion of cloud computing, demand for distributed computing solutions, acceleration of AI and machine learning, regulatory compliance requirements, focus on energy efficiency. Major trends in the forecast period include integration of artificial intelligence, growth in demand for big data processing, expansion for real-time applications, adoption of containerization.
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Market Drivers and Trends:
The rising demand for data security is expected to propel the growth of the grid computing market going forward. Data security refers to the practices, technologies, and measures implemented to protect digital data from unauthorized access, corruption, theft, or damage throughout its lifecycle. The increase in data security is due to increased cyber threats, growing volumes of data, protection of business reputations, emerging technologies and threats, mitigation of financial risks, protection against data loss, and enhanced trust in digital transactions. Grid computing solutions often incorporate compliance features that align with industry regulations and data protection laws. By adhering to standards and implementing robust security protocols, organizations can mitigate regulatory risks and demonstrate their commitment to safeguarding customer data. For instance, according to the reports published by Corporate Governance of Information Technology, UK-based corporate governance, IT governance identified 1,351 data security incidents in 2023, compared to 1,063 in 2002. Therefore, the rising demand for data security is driving the growth of the grid computing market.
Major companies operating in the grid computing market are focused on adopting technological advancements such as the GridOS Software to gain a competitive edge in the market. The GridOS Software is the end-to-end software that covers every aspect of a process or service from its initiation to completion, providing a complete functional solution without involving third-party vendors. For instance, in February 2023, General Electric., a US-based conglomerate corporation, launched GridOS Software. This helps utilities orchestrate the clean energy grid and accelerate the energy transition, collectively empowering utilities to address the challenges posed by increasing grid complexity, ensuring reliable, sustainable, and affordable energy globally while accelerating the transition to a clean energy grid of the future.
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Major Key Players of the Market:
Amazon Inc., Google LLC, Microsoft Corporation, Dell Technologies Inc., Hitachi Vantara India Pvt. Ltd., Lenovo Group Ltd., Intel Corporation, International Business Machine Corporation, Cisco Systems Inc., Oracle Corporation, Fujitsu Limited, NEC Corp., Hewlett Packard Enterprise Company, NVIDIA Corp., Vmware Inc., Atos SE, SAS Institute Inc., Red Hat Inc., Platform Computing Inc., Anyscale Inc., Incredibuild Software Ltd., Rescale Inc., GigaSpaces Technologies Inc., GridGain Systems Inc., Univa Corp., Bright Computing Inc., AutoGrid Systems Inc
Grid Computing Market 2024 Key Insights:
• The grid computing market size is expected to see rapid growth in the next few years. It will grow to $10.43 billion in 2028 at a compound annual growth rate (CAGR) of 19.1%.
• Driving Factors Behind The Growth Of The Grid Computing Market Focus On Data Security Demands
• Innovative Technological Advancements Shaping The Grid Computing Market Focus On End-to-End Software Solutions
• Asia-Pacific was the largest region in the grid computing market in 2023
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