Performance-intensive computing-as-a-service (PICaaS) is a growing category of public cloud services offerings — it belts special cloud technology to run mathematically intensive computations in artificial intelligence (AI), high-performance computing (HPC), Big Data and analytics (BDA) and engineering/technical use cases.
PICaaS provides insights into end-user adoption trends, primarily run by service providers and infrastructure vendors, for performance-critical compute and storage services.
International Data Corporation (IDC) projects that the global PICaaS market will grow from $22.3 billion in 2021 to $103.1 billion in 2027. PICaas revenue is generated by cloud service providers for compute, storage, and software offerings. As of 2022, PICaaS took 12.5% of the total as-a-service market, of the total $241.3 billion that year.
There are two current drivers for PICaaS market growth: performance-intensive computing becoming mainstream, increasingly becoming mission critical and a growing number of enterprises identifying themselves as digital businesses.