Portland, March 28, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global enterprise quantum computing market contributed $650 million in 2017 and is projected to garner $5.85 billion by 2025, growing at a CAGR of 31.7% from 2018 to 2025. The report offers insights on top winning strategies, key segments, drivers & opportunities, geographsical regions, and competitive landscape.
Increase in investments in quantum computing technology, implementation of high performance computing, and demand for finance and medical research applications drive the market growth. However, operational challenges and error & stability correction issues hinder the growth in the market. On the other hand, technological innovations in quantum computing and advent of on-premise quantum computing create new opportunities in the industry.
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Among deployments, the on-premise segment contributed more than three-fourths of the total share in 2017 and is expected to maintain its dominating position by 2025. This is due to the rise in technological advancements and surge in investments by different governments and organizations for development of on-premise quantum computers. However, the cloud deployment segment is expected to grow at the fastest rate, with a CAGR of 34.1% from 2018 to 2025. This is owing to low cost of operation and maintenance and ability to test, develop, and run programs without physical quantum computer.
Based on regions, North America held the major market share in 2017, accounting for more than two-fifths of the total share in 2017, and is expected to maintain its lead position during the forecast period. This is due to the surge funding given by the U.S. government for speeding up research and development of quantum computing. However, Asia-Pacific is expected to register the highest CAGR of 35.9% from 2018 to 2025, owing to increase in research and development activities taking place in enterprise quantum computing in Asian countries.
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Leading market players explored in the report include Alibaba Group, Google, D-Wave Systems Inc., International Business Management Corporation (IBM), Huawei Technologies Co., Ltd., Intel Corporation, ID Quantique, Rigetti & Co, Inc., Microsoft, and Toshiba Research Europe Ltd. They have adopted different strategies such as mergers & acquisitions, expansions, joint ventures, partnerships, collaborations, and others to gain a strong position and sustain in the industry.