Pune, India, Aug. 19, 2021 (GLOBE NEWSWIRE) -- The Global Quantum Computing Market Size is expected to value USD 487.4 million in 2021 and is expected to reach USD 3728.4 million by 2030 at a CAGR of 25.40% over the forecast period from 2021 to 2030. Quantum computing involves use of quantum mechanics to exponentially increase a computer’s processing power. Quantum computers can accelerate the process in various sectors, from materials science to medicinal chemistry.
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Drug discovery and autonomous vehicles are the fields in which quantum computing is expected to gain significant growth. Quantum computing has applications in training and running machine-learning algorithms. It is expected to assist in solving intricate problems quickly, disease diagnosis, improving applications like fraud detection and efficient energy management. This technology also has vast opportunities in financial risk analysis, route optimization, and portfolio optimization in supply chain areas.
Increasing investment in quantum computing, especially in the private sector, is a major driver of the quantum computing industry. Although quantum computing is in the early stages, companies are exploring new avenues in healthcare, military and defense. Integration with emerging technologies resulting in Quantum-as-a-service (QaaS) will allow businesses to utilize quantum computing resources remotely, which is driving the adoption of the technology.
Quantum computing market is facing challenges in keeping qubits stable, and in low temperatures. The companies operating in the market are keen on overcoming this challenge along with the challenge of a complex process of commercializing quantum computers.
Some Significant Market Developments Considered in the Report:
- May 2021 - Google plans to build a commercial quantum computer that can perform large-scale calculations without errors before the end of the decade. The company announced its plans at the Google I/O developer conference.
- February 2021 - A Chinese startup, Origin Quantum, launched the country's first homegrown operating system for a quantum computer, challenging the dominance of the United States in the development of the next-generation machines.
- April 2021 - The first IBM Quantum System One installed in Europe is now available to companies and research organizations that wish to develop and test applied quantum algorithms and gather expertise. In a joint project with IBM, the Fraunhofer-Gesellschaft will operate the quantum computer.
COVID-19 Impact on the Global Quantum Computing Market
COVID-19 pandemic, the current crisis provides vast potential for applications of quantum computing. These applications may be helpful in complex situations, such as zoonotic epidemics and pandemics. As quantum computing offers high performance and speed, it is anticipated to be a game-changer in quantum chemistry. It can provide crucial calculations at exponential speed and enhance optimization. Quantum computing has the potential to reduce the timelines of drug discovery and development even further in the future. Hence, the market is witnessing significant growth.
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Quantum Computing Market, by Component
Based on the component, the market is divided into hardware, software, services. Among these segments, hardware segment holds the largest market share in 2021 and is expected to remain the largest segment during the forecast period.
Companies are seeking to commercialize quantum computers built from superconducting and trapped ion qubits. Any quantum computer requires an integrated hardware approach using significant conventional hardware to enable qubits to be controlled, programmed, and read out. There is an increasing demand for quantum computing hardware to help businesses commercialize quantum computing, which is expected to drive segment growth.
Quantum Computing Market, by Deployment
Based on the deployment, the market is divided into cloud, on premise. Among these segments, the on premise segment is expected to be the fastest growing segment during the forecast period.
The segment growth can be attributed to increasing concerns regarding data security. Hence, companies are turning to on premise mode of deployment to achieve high-performance computing. This is expected to contribute to segment growth.
Quantum Computing Market, by Application
Based on application, the market is divided into simulation, sampling, machine learning, optimization, and others. Among these, the machine learning segment holds the largest market share in 2021 and is expected to remain largest during the forecast period.
The growth of the machine learning segment can be attributed to the increasing demand for quantum machine learning as it has high computational power. It can be used in predictive healthcare and in drug discovery.
Quantum Computing Market, by Technology
Based on technology, the market is divided into trapped ions qubits, superconducting qubits, quantum annealing, and others. Among these, the superconducting qubits segment holds the largest market share in 2021 and is expected to remain largest during the forecast period.
The segment growth can be attributed to the adoption of superconducting qubits, becoming the leading candidate for scalable quantum computing platforms. Although continued work on many aspects of this technology is necessary, the pace of both conceptual and technical progress in recent years has been impressive.
Quantum Computing Market, by Industry Verticals
Based on industry verticals, the market is divided into BFSI, aerospace and defense, government, healthcare and pharmaceuticals, transportation, energy and power, chemicals, others. Among these, the healthcare and pharmaceuticals segment holds the largest market share in 2021 and is expected to remain largest during the forecast period.
The segment growth can be attributed to the application of quantum computing in drug design, clinical trials, genome sequencing and analytics, development in predictive medicine and healthcare.
Quantum Computing Market, by Region
Based on region, the quantum computing market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America.
Based on region, the quantum computing market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America. North America quantum computing market holds the largest market share. The market growth can be attributed to increasing investment in research centers specializing in quantum information science. Companies leading the way are Google, IBM and Microsoft, which are making significant efforts to develop this technology.
Asia Pacific is expected to observe the fastest growth during the forecast period. The regional market is driven by developing digital infrastructure coupled with rising adoption of advanced technologies. The boost for the technology from the government is on account of China focusing on strengthening its strategic defense, space, and military power.
Some Major Findings of the Quantum Computing Market Report Include:
- Major global quantum computing market developments and forecast analysis along with a region-specific market analysis for 25 countries
- In-depth quantum computing market study by the segments with trend-based insights
- Profiles of major market players operating in the global quantum computing market, which include Amazon Web Services, Inc., International Business Machines (IBM), QCWare, Google, Toshiba International Corporation, Microsoft, Intel Corporation, Honeywell International Inc., Hewlett Packard Enterprise Development LP (HP), Huawei Technologies Co., Ltd., Fujitsu, Cambridge Quantum Computing Ltd., Rigetti & Co, Inc., Accenture., Northrop Grumman., NEC Corporation, Robert Bosch GmbH, Nippon Telegraph and Telephone Corporation (NTT).
- Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players
- Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the market
- Impact of COVID-19 on the global quantum computing market
Browse key industry insights spread across 165 pages with 135 market data tables and 91 figures & charts from the report, “Quantum Computing Market, by Component (Hardware, Software, Services), Deployment (Cloud, On Premise), Application (Simulation, Sampling, Machine Learning, Optimization, Others), Technology (Trapped Ions Qubits, Superconducting Qubits, Quantum Annealing, Others), Industry Verticals (BFSI, Aerospace and Defense, Government, Healthcare and Pharmaceuticals, Transportation, Energy and Power, Chemicals, Others), and Region (North America, Europe, Asia Pacific, Middle East and Africa, South America) — Market Size and Forecasting (2021 to 2030) ” in depth analysis along with the table of contents (ToC).
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