Dublin, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The "Quantum Computing Market - Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.
The report reveals that the global quantum computing market was valued at US$592.99 million in 2021 and is expected to grow at a CAGR of 49.34% to reach US$9.82 billion by 2028.
Market Overview:
Quantum computing is a field of computer science that applies quantum theory, using subatomic particles like electrons or photons, to create quantum bits or qubits that can exist simultaneously in two states. Compared to traditional computers that use binary signals (1 and 0) to process data, quantum computing has the potential to solve complex problems by sifting through a large number of possibilities. Quantum computing is significantly impacting various industries, including security, banking, military intelligence, drug discovery, aircraft design, utilities, polymer design, machine learning, artificial intelligence, big data search, and digital manufacturing.
Market Drivers:
The report highlights that the quantum computing market is driven by increasing federal initiatives and innovative collaborations to support digitization. Governments are investing heavily in quantum computing technology, reflecting the growing demand for this cutting-edge technology. For instance, the German government's Quantum Computing Initiative aims to create quantum computer prototypes based on various architectures within the next four years. Collaborations between research organizations and businesses further enhance the development of higher-caliber computing solutions. Similarly, other countries like the US and Finland are also engaged in research and development projects related to quantum technologies.
Challenges and Developments:
One of the challenges in the quantum computing market is the stability and maintenance difficulties of quantum computers, which employ practical quantum bits prone to errors. The commercialization of quantum computers is also a challenging task. Furthermore, the report highlights that blockchain-based solutions using the ECDSA digital signature method are not yet quantum-safe.
Regional Insights:
The North American market is anticipated to hold a significant share of the quantum computing market, driven by major technology companies like Google, Intel, and IBM Corporation, among others. The region is also known for its established technological development centers. The European quantum computing industry is expected to grow steadily, thanks to significant investments by market participants and government support. Additionally, the Asia Pacific region is expected to see substantial growth in the quantum computing market, with various sectors like medicine, transportation, finance, and chemicals expanding. Countries like India, Japan, and South Korea with thriving IT industries contribute to the market's expansion.
Market Segmentation:
The quantum computing market is segmented based on application, deployment, industry vertical, and geography. Applications include hardware, software and services, while deployment options include on-premises and cloud-based solutions. Industry verticals covered are BFSI, Automotive, Manufacturing, Healthcare, IT & Telecom, Energy & Power, and Others. Applications of quantum computing span Artificial Intelligence & Machine Learning, Computational Chemistry, Drug Design & Development, Cybersecurity & Cryptography, Financial Modelling, Logistics Optimization, and Others.
Key Players:
The report profiles major players in the quantum computing market, including:
- IBM
- Microsoft
- Quantum Computing Inc.
- Intel Corporation
- D-Wave Quantum Inc.
- Quix Quantum BV
- Alpine Quantum Technologies GmbH
- ORCA Computing
- Rigetti & Co, LLC
- Google LLC
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 144 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value (USD) in 2021 | $592.99 million |
| Forecasted Market Value (USD) by 2028 | $9822.35 million |
| Compound Annual Growth Rate | 49.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/ts3j2j
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