Quantum Computing Market to Grow at a high CAGR of around 30.8% until 2028
Early adoption of the
technology by the banking and finance industries and increasing number of
health and environmental conscious consumers are expected to increase the
demand for quantum computing market during the forecast period of 2024-2028.
According to TechSci Research
report, “Quantum Computing Market
– Global Industry Size, Share, Trends,
Opportunity, and Forecast. 2018–2028, the Global Quantum Computing Market is
anticipated to register a robust growth during the forecast period, 2024-2028”. To use quantum computers
for a variety of simulation and optimization techniques, several government
agencies, involved in the defense and space industries are steadily increasing
their investments in quantum computing technology. Governments from many
different nations are making significant investments to help their research
institutions advance the field of quantum computing. For instance, the
Russian government said that in 2020, it would invest USD 790 million to create
helpful quantum computing technologies. The government intends to
establish a new National Quantum Laboratory to include resources from technology
start-ups, enterprises, research institutes, and universities, and world’s best
practices.
In addition, quantum
computing technology is still developing. Committed partners who promote
quantum computing, create a quantum workforce and future-proof applications are
necessary for the development of scalable quantum computers. It seems likely
that quantum computing will change several businesses. For instance, since
exact equations cannot be computed by classical computers, contemporary
computational chemistry methods mainly rely on approximation. But it is
anticipated that quantum algorithms would produce precise simulations of
molecules over longer timescales, which are currently impossible to simulate
correctly. This could speed up the process of developing medications and lead
to the discovery of potentially life-saving drugs. Therefore, it is anticipated
that the market for quantum computing would grow over the coming few years as
partnerships and collaborative tactics increase.
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Global
quantum computing market is segmented into by component, by deployment, by
application, by end-user and by region.
Based on
deployment, the cloud-based segment is expected to hold a considerable market
share because cloud-based quantum computing allows
organizations to access quantum computing power without purchasing and
maintaining their own quantum computer. Moreover, using a cloud-based quantum
computing increases the benefits of technology manifolds. Technology companies
developing quantum computers that are already working together with businesses
to discover possible use cases, build quantum algorithms and test solutions on
actual quantum computers. For instance, in 2019, Microsoft announced the service,
Azure Quantum, which includes access to quantum algorithms, hardware, and
software expanding its Azure Quantum preview to the public, giving funds access
to other quantum resources.
Based on
regional analysis, Asia Pacific is the major center for several industries,
including finance, chemicals, healthcare, banking, and pharmaceuticals. It is
anticipated that this region would expand rapidly in the quantum computing
market and hold such position throughout the projection period. Consumer
electronics, including smartphones, laptops, and gaming consoles, are primarily
produced in China, Japan, and South Korea. Additionally, the rapid growth of the
region is emerging economies and increased usage of cutting-edge technology in
the manufacturing sector fostering the growth of the region's large and
medium-sized businesses.
Recent
Developments:
- In April 2022, Xanadu and NVIDIA
announced a collaboration to provide native GPU support and high-performance
computing (HPC) capabilities to Xanadu’s open-source PennyLane software.
- In October 2021, UC Santa
Barbara and Cisco Systems announced a collaboration which aims to push the boundaries
of quantum technologies.
Major
market players operating in the global quantum computing market are:
- International Business
Machines Corporation (IBM)
- D-Wave Systems Inc.
- Amazon.com, Inc.
- Rigetti Computing Inc.
- Google LLC
- Intel Corporation
- Toshiba Corporation
- Honeywell International
Inc.
- QC Ware Corporation
- 1QB Information
Technologies, Inc.
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“Quantum computing has
potential uses such as quantum engineering, cryptography, machine learning,
artificial intelligence, simulations, optimizations, etc. Moreover, it is used
across various industries such as finance, pharmaceuticals, AI, and automotive
over the next several years. In addition, funding of start-ups focused on
quantum technologies hiked more than double to USD 1.4 billion in 2021 from
2020. Therefore, such factors swell the market of quantum computing which is
expected to increase over the upcoming period.”, said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“Quantum
computing Market - Global Industry Size, Share, Trends, Opportunities, and
Forecast 2018-2028, Segmented By Component (Hardware, Software, Services), By
Deployment (On-premises and Cloud-based), By Application (Machine Learning,
Optimization, Biomedical Simulations, Financial Services, Electronic Material
Discovery and Others), By End User (Healthcare, BFSI, Automotive, Researchers,
Energy & utilities, Chemical, Manufacturing and Others), By Region,
Competition”,
has evaluated the future growth potential of global quantum computing market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in global quantum computing market.
Contact
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