Pune, India, March 04, 2022 (GLOBE NEWSWIRE) — The world quantum computing market the size was $392.5 million in 2020. The market should go from $486.1 million in 2021 for $3,180.9 million in 2028presenting a CAGR of 30.8% during the forecast period. Increase product applications and integrate artificial intelligence (AI) and machine learning (ML). Fortune Business Insight™ presents this information in its report entitled “Quantum Computing Market, 2021-2028.”
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Quantum computing is an advanced computing technology based on quantum theory and quantum mechanics. It deploys bits 0 and 1 but uses all states between 0 and 1, thus providing excellent speeds. Its growing applications in algorithms, cryptography, quantum parallelism, quantum simulation and machine learning are expected to boost its sales. Additionally, the integration of AI and ML technologies is expected to drive demand. These factors might propel the growth of the market over the coming years.
Impact of COVID-19
Growing reliance on digital IT solutions to fuel market development
This market is expected to be positively impacted during the COVID-19 pandemic owing to the growing reliance on digital IT solutions. The alarming spike in COVID patients and the emergence of new virus variants could drive the adoption of working from home and digitization. Rapid digitization and adoption of advanced software can boost product adoption. Additionally, the growing adoption of e-commerce is expected to support industrial progress during the pandemic.
Players Featured in the Quantum Computing Market Report
- IBM Corporation (New York, USA)
- D-Wave Systems Inc. (Burnaby, Canada)
- Cambridge Quantum Computing Ltd. (Cambridge, UK)
- Intel Corporation (California, USA)
- Rigetti & Co, Inc. (California, USA)
- Google LLC (California, USA)
- Quantica Computacao (Tamil Nadu, India)
- Zapata Computing (Massachusetts, USA)
- XANADU (Toronto, Canada)
- Accenture Plc. (Dublin, Ireland)
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By component, the market is segmented into services, software and hardware. By deployment, it is divided into cloud and on-premises. Based on the application, it is categorized into electronic hardware discovery, financial services, biomedical simulations, optimization, machine learning, and others. According to end users, it is categorized into Manufacturing, Chemical, Energy & Utilities, Research, Automotive, Banking, Financial Services & Insurance (BFSI), Healthcare, and Others. Regionally, it is grouped into North America, South America, Europe, Middle East and Africa and Asia-Pacific.
The report provides a detailed analysis of major segments and latest market trends. It discusses in detail the driving and restraining factors and the impact of COVID-19 on the market. Moreover, it examines the regional developments and the strategies undertaken by the major market players.
Drivers and Constraints
Increased government investment and strategic alliances to drive industry growth
Governments are investing heavily in quantum computing technologies to boost its adoption. For example, the German Federal Ministry of Education and Research provided $50.3 million to fund the development of the Ion Trap computer in December 2021. This factor could boost the adoption of the computing solution. Additionally, the growing number of strategic alliances can fuel the development of better IT solutions. Additionally, rapid digitization and reliance on the Internet of Things (IoT) could boost its sales. These factors can drive the growth of the quantum computing market.
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Early Adoption of Advanced Technologies to Fuel Market Growth in North America
North America is expected to dominate the quantum computing market share owing to the early adoption of advanced technologies. The North America market stood at $171.4 million in 2020 and is expected to gain a huge share of the global market share. Moreover, the presence of a competitive market and the adoption of latest technologies by end users can increase the growth of the market.
In Europe, the emergence of several startups, regulatory environments and the growing adoption of cloud technologies are expected to drive sales. Also, business expansion by key players is expected to drive the development of the market.
In Asia Pacific, growing demand for quantum computing solutions for machine learning, optimization, and simulation is expected to drive the market development. In addition, the massive adoption of new technologies by the industrial sector is expected to boost the development of the industry.
Companies launch new products to boost brand image
Prominent companies operating in the market are launching new products to boost their brand image. For example, Zurich Instruments announced its new superconducting qubit controller in November 2021. It integrates qubit control and readouts to achieve 6 qubits in one device. The SHFSG signal generator produces microwave pulses and the SHFQA quantum analyzer is merged into a single package. This can allow companies to attract consumers and strengthen their brand image on a global scale. Moreover, the adoption of strategies of partnerships, mergers, research and development, expansion and acquisition can allow companies to achieve a remarkable position in the market.
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- November 2021- Northrup Grumman has provided $12.5 million to Virginia Tech for education and research in quantum technologies. This funding may enable the architectural development of Alexandria, Virginia, and the development of the Center of Quantum Software.
- Definition, by segment
- Methodology/Research Approach
- Data sources
- Key points to remember
- Market dynamics
- Macro and micro economic indicators
- Drivers, constraints, opportunities and trends
- Impact of COVID-19
- Short term impact
- Long term impact
- Competition Landscape
- Business strategies adopted by key players
- Consolidated SWOT analysis of key players
- Global Market Share Analysis and Matrix, 2020
- Global quantum computing market size estimates and forecasts (quantitative data), by segments, 2017-2028
- Per component (USD)
- Per deployment (USD)
- Per app (USD)
- machine learning
- Biomedical simulations
- Financial services
- Discovery of electronic equipment
- Others (traffic optimization, weather forecasts and others.)
- Per end user (USD)
- Health care
- Bank, Financial Services and Insurance (BFSI)
- Energy and Utilities
- Others (Transport, Logistics and others.)
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