Selbyville, Delaware, June 04, 2023 (GLOBE NEWSWIRE) --
Automotive Quantum Computing Market is expected to cross a valuation of USD 3.5 billion by 2032, according to latest research report by Global Market Insights Inc.
The growing deployment of advanced battery management in electric as well as hybrid vehicles for improving the battery performance and lifespan will influence the market growth. Of late, the industry demand has gained immense ground as it helps in developing more advanced battery management systems for enhanced monitoring and controlling of battery performance while extending battery life in all-electric and hybrid applications. However, the higher costs of developing and integrating new automotive solutions may limit the market growth.
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Rising preference for on-premise computing
The automotive quantum computing market from the on-premise segment is poised to witness over 30% CAGR from 2023-2032. The growth can be attributed to the higher availability of customized solutions and the increasing affordability of quantum computing in the automotive sector. The ongoing developments in quantum computing technology has spurred the profitability of local solutions in automotive companies. The growing popularity of on-premise computing in large organizations that require more manpower and resources for investing in internal areas will also add to the segment growth.
Robust adoption in autonomous driving
The industry size from autonomous driving applications is estimated to record more than 40% growth rate from 2023-2032 due to the surging need for improved safety worldwide. Automotive computing can be touted as an integral part of autonomous driving as it offers processing power and algorithms required for interpreting the sensor data for making realistic driving decisions. The increasing prominence of this technology for improving road safety and limiting accidents caused by human error will also drive the business development.
Europe to emerge as a major market
Europe automotive quantum computing industry size may cross USD 1 billion by 2032. The growth can be attributed to the strong presence of multiple car companies and government officials for supporting the development of quantum computing in the region. For instance, the European Union introduced the Quantum Flagship program in a bid to introduce quantum technologies. The surging number of investments for helping companies to develop novel solutions for automotive development and cybersecurity will further accelerate the market trends.
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Automotive Quantum Computing Industry Competitive Landscape
Some of the prominent automotive quantum computing market participants include QC Ware Forge, Amazon Web Services, Inc.,D-Wave Systems Inc. , PASQAL ,PsiQuantum, Fujitsu Limited, Huawei Technologies Co., Ltd. , Google LLC, IonQ, ISARA Corporation , Microsoft Corporation, Q-CTRL , QpiAI Tech, Rigetti Computing, Inc., and Strangeworks, Inc. These firms are coming up with innovative strategies to widen their global presence. For instance, Zapata Computing, in August 2021, launched Orquestra, its new quantum computing software platform to assist researchers and developers in developing and testing quantum computing algorithms for several applications, including cars.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Automotive quantum computing market 360º synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM)
2.3 Regional trends
2.4 Component trends
2.5 Deployment trends
2.6 Application trends
2.7 Stakeholder type trends
Chapter 3 Automotive Quantum Computing Market Insights
3.1 Impact on COVID-19
3.2 Russia- Ukraine war impact
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Technology & innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 Increasing government investments in quantum research
3.10.1.2 Advancements in autonomous vehicle technology
3.10.1.3 Growing demand for electric and hybrid vehicles
3.10.1.4 Increasing complexity of automotive systems
3.10.2 Industry pitfalls & challenges
3.10.2.1 High cost of quantum computing hardware and software
3.10.2.2 Technical complexity
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
