Emerging technologies, such as quantum and neuromorphic computing, are still in their early stages, and will require a more dedicated workforce in order to scale.
This is according to a report by Future Market Insights, which notes next-generation computing market revenue is predicted to be worth $136.46 billion in 2023, and rise to $783.64 billion by 2033.
The report states demand for next-generation computing services is expected to increase at a compound annual growth rate (CAGR) of 19.1% over the course of the projected period.
It explains that adoption is reaching its peak due to the new computing architectures’ ability to fulfil the needs for data processing, transfer rates and energy usage.
Future Market Insights points out that healthcare, IT and telecoms, 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, says the firm.
Businesses are vying for control of a substantial chunk of the booming information storage industry, it adds.
However, it points out that 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 the research and development of the products and solutions for next-generation computing,” says Future Market Insights.
In South Africa, US-based computing giant IBM expanded its quantum computing efforts to Africa, in a collaboration with the University of the Witwatersrand (Wits) in South Africa.
According to IBM, quantum computing promises to be able to solve certain problems – such as chemical simulations and types of optimisation – that will forever be beyond the practical reach of classical machines.
The company first made quantum computers available to the public in May 2016 through its IBM Q Experience quantum cloud service and has doubled the power of its quantum computers annually since 2017.
Last year, Wits University secured R54 million in funding from the Department of Science and Innovation, to kick-start the South African Quantum Technologies Initiative (SA QuTI).
The SA QuTI is a national undertaking that seeks to create conducive conditions in South Africa for a globally-competitive research environment in quantum computing technologies, and to grow the local quantum technology industry.
A study by Precedence Research says the global quantum computing market reached $10.13 billion in 2022.
“Because of the enormous expenditures being made by governments and commercial companies, the market for quantum computing is booming,” says the study.
“There has been a noticeable increase in the number of government efforts supporting quantum information processing during the past several years, particularly after 2014. Additionally, a number of countries are heavily subsidising research and development in the area of quantum computing, which is fostering industry expansion.”
Neuromorphic computing is a method of computer engineering in which elements of a computer are modelled after systems in the human brain and nervous system.
A report by Grand View Research says the global neuromorphic computing market was valued at $4.2 billion in 2022 and is projected to expand at a CAGR of 21.2% from 2023 to 2030.
Leading firms driving this market include HP, Brain Corporation, CEA-Leti and Intel, it adds.
Future Market Insights observes that businesses are gradually investing in cutting-edge technology like quantum computing and blockchain to gain competitive advantage, while start-ups are aided in their expansion by government grants, venture capital investments and corporate alliances.
“The growth of next-generation computing start-ups is being driven by the desire for faster computing performance, access to larger data sets and advanced analytics,” the firm says.
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