New York, United States , June 12, 2023 (GLOBE NEWSWIRE) -- The Global Quantum Computing Market Size is To Grow from USD 13.67 Billion in 2022 to USD 143.44 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 26.5% during the forecast period.
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Quantum computing harnesses the principles of quantum mechanics to perform powerful computations. Unlike classical computers that use bits, quantum computers employ qubits, which can exist in multiple states simultaneously due to superposition and entanglement. This enables quantum computers to solve complex problems exponentially faster. Quantum computing has potential applications in cryptography, optimization, drug discovery, and machine learning. However, practical and scalable quantum computers remain a challenge due to issues like quantum decoherence and error correction. Nevertheless, ongoing research and technological advancements are driving the development of this transformative field, opening up new possibilities for solving previously intractable problems.
Browse key industry insights spread across 200 pages with 100 Market data tables and figures & charts from the report on "Global Quantum Computing Market Size, Share, and COVID-19 Impact Analysis, By Component (Software and Services), By Deployment Model (On-premises and Cloud), By Application (Optimization, Simulation, Machine Learning, Sampling, and Others), By End-user (BFSI, Aerospace & Defense, Automotive, Government, Energy, Chemical, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The software segment is expected to grow at a CAGR of around 28.5% during the forecast period.
Based on the type of component, the global quantum computing market is segmented into software and services. The software segment in the quantum computing market is anticipated to experience significant growth in the forecast period. This can be attributed to several factors. As quantum computing technology advances, there is an increasing need for software solutions that can effectively harness its power and capabilities. Quantum software frameworks, programming languages, and development tools are crucial for researchers, developers, and businesses to design and implement quantum algorithms and applications. The software segment plays a vital role in enabling the seamless integration of quantum computing with existing classical computing systems and workflows. As more organizations recognize the potential of quantum computing, the demand for software solutions that facilitate quantum programming and optimization is expected to rise, driving the growth of the software segment in the quantum computing market.
The BFSI segment is expected to grow at a CAGR of around 29.4% during the forecast period.
Based on end-user, the global quantum computing market is segmented into BFSI, aerospace & defense, automotive, government, energy, chemical, and others. The BFSI (Banking, Financial Services, and Insurance) segment is projected to witness substantial growth in the forecast period within the quantum computing market. This growth can be attributed to several factors. The BFSI industry deals with complex optimization problems, risk modeling, portfolio management, and cryptography, all of which can benefit from the computational power offered by quantum computing. The quantum computing has the potential to revolutionize financial modeling and algorithmic trading, enabling more accurate predictions and faster execution.
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Asia-Pacific is predicted to grow at a higher CAGR of around 31.5% over the projected period.
Based on region, Asia-Pacific is anticipated to experience significant growth in the forecast period in the field of quantum computing. Several factors contribute to this projection. The region is home to a large and rapidly expanding technology market, with countries like China, Japan, and South Korea leading the way in research and development. These nations have been actively investing in quantum computing initiatives, including building quantum infrastructure and fostering collaborations with industry and academia. Additionally, the presence of a strong manufacturing base and advanced semiconductor industries in the region provides a competitive advantage for the development and commercialization of quantum computing technologies. The rising demand for advanced computing solutions and the region's commitment to technological advancement position Asia-Pacific as a key growth market for quantum computing.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global quantum computing market include Accenture, Cambridge Quantum Computing, AWS, Fujitsu, Google, Huawei, 1QBIT, IBM, Microsoft, Rigetti Computing, Riverlane, D-Wave Systems, Zapata Computing, Honeywell, and QC Ware.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global quantum computing market based on the below-mentioned segments:
Quantum Computing Market, By Component
- Software
- Services
Quantum Computing Market, By Deployment Model
- On-premises
- Cloud
Quantum Computing Market, By Application
- Optimization
- Simulation
- Machine Learning
- Sampling
- Others
Quantum Computing Market, By End-User
- BFSI
- Aerospace & Defense
- Automotive
- Government
- Energy
- Chemical
- Others
Quantum Computing Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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