WASHINGTON, June 13, 2023 (GLOBE NEWSWIRE) -- Global Quantum Computing Market is valued at USD 812.6 Million in 2022 and is projected to reach a value of USD 8229 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 22% over the forecast period 2023-2030.
One of the most significant economic areas is the Quantum Computing business, and consistent expansion is projected going forward. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight into the sector. Additionally, it provides details on the significant industry players and their expansion strategies.
The report provides a thorough analysis of international producers and suppliers, as well as their current situation and future prospects. It also goes into detail about the global drivers of the demand for human insulin, including rising investment requirements, developing technology, and new laws.
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Market Overview
According to Vantage Market Research, some of the key factors anticipated to accelerate the Quantum Computing market growth over the forecast period. One of the main factors favorably affecting the demand for Quantum Computing is the rising advancements in technology and increasing demand for faster and more accurate computing.
Quantum Computing leverages the principles of quantum mechanics to perform complex calculations and solve problems that traditional computers cannot handle. This technology is being embraced by a wide range of industries, including healthcare, finance, and transportation, for applications such as drug discovery, financial modeling, and logistics optimization. The extensive research and development, product innovation, and strategic partnerships to expand their presence in the market. The market is also witnessing a surge in investments and funding from venture capitalists, government entities, and corporate firms.
Market Dynamics
Rising Investments in Quantum Computing Technology to Drive the Market
Government agencies from all around the world are investing heavily in quantum technologies to entice businesses and end users to take advantage of these technologies' potential. They are also offering significant investment to improve quantum technology on a domestic level.
Increased Number of Strategic Alliances to Quantum Computing to Promote Market Growth
With increased investments in quantum technologies, market players are looking for suitable collaborations and partnerships to carry out computing breakthroughs, create practical applications, and build a future quantum workforce. Businesses that use this approach assist them in fusing the finest aspects of their quantum thoughts and skills with other recognized partners and technology. As a result, businesses will be able to provide superior solutions quickly and on a scale.
Top Players in the Global Quantum Computing Market
- IBM Corporation (U.S.)
- D-Wave Systems Inc. (Canada)
- Microsoft Corporation (U.S.)
- Intel Corporation (U.S.)
- Rigetti & Co. Inc. (U.S.)
- Google LLC (U.S.)
- QC Ware (U.S.)
- Quantinuum Ltd. (U.S.)
- Riverlane (UK)
- IonQ (U.S.)
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Top Trends in Global Quantum Computing Market
- One trend that Vantage Market Research (VMR) expects to see in the Quantum Computing industry is the rising need for cloud-based computing services. In the upcoming years, significant firms are expected to deliver an improved cloud computing service after heavily investing in and studying quantum technologies.
- Another trend that VMR predicts will continue in the Quantum Computing industry is advances in the machine learning segment. Machine learning helps users learn how to estimate the characteristics of quantum systems, create quantum error-correcting codes, and create new quantum algorithms.
Top Report Findings
- Based on Component, most of the Quantum Computing market's revenue is controlled by the hardware category. All commercially accessible quantum computers are based on superconducting circuits and trapped ions, which are the most advanced.
- Based on Deployment, the cloud segment is expected to lead the market over the forecast period. As more durable systems are created, there will certainly be a rise in demand for cloud-based computing solutions and services. Key players are heavily pursuing quantum technologies, spending much on them, and are planning to introduce an improved cloud computing service in the upcoming years.
- Based on Application, the projection period's largest market share for Quantum Computing belongs to the machine learning category. It helps users learn how to estimate the characteristics of quantum systems, create quantum error-correcting codes, and create new quantum algorithms.
- Based on End-User, the highest market share is anticipated over the projection period for the Quantum Computing market in banking, financial services, and insurance. Additionally, Quantum Computing is gaining popularity in the healthcare industry because, according to a medical futurist, the computing technology can be used to power the development of virtual environments where experts can examine factors like body fluids, electrolytes, circulation, metabolism, and skin temperature on digitally created human replicas.
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Top 10 Players Generate Substantial Percentage of the Global Quantum Computing Market Revenue
The report also found that the largest players in the Quantum Computing market are technology providers such as IBM Corporation, Google LLC, D-Wave Systems Inc., and Rigetti Computing. These companies are expected to benefit from increased demand for their products and services, as well as growing investment in new products. Other major players include IBM Corporation (U.S.), D-Wave Systems Inc. (Canada), Microsoft Corporation (U.S.), Intel Corporation (U.S.), Rigetti & Co. Inc. (U.S.), Google LLC (U.S.), QC Ware (U.S.), Quantinuum Ltd. (U.S.), Riverlane (UK), IonQ (U.S.) and others. As per the latest report published by Vantage Market Research, top 10 companies are responsible for generating more than 45% revenue of the market.
Increased Adoption and Implementation in Quantum Computing Market to Generate A Major Proportion of the Total Global Segment Revenue
The top trend in the Quantum Computing market to generate the highest revenue is the increased adoption and implementation of Quantum Computing technology by various industries and government agencies. As the demand for faster and more efficient computing power grows, companies and organizations are turning to Quantum Computing technology to solve complex problems that traditional computing systems cannot handle.
The financial sector is a prime example of an industry embracing Quantum Computing technology to gain a competitive edge. Financial institutions are using Quantum Computing algorithms to analyze financial data and identify patterns and trends that would be difficult or impossible to discern with traditional computing methods. Quantum Computing is also being used by pharmaceutical companies to accelerate drug discovery and development processes, and by aerospace and defense companies to improve the performance of satellites and other advanced technologies.
Government agencies are also investing in Quantum Computing technology to enhance national security and intelligence gathering capabilities. The U.S. government, for example, has launched a major initiative to develop and deploy Quantum Computing technologies for a variety of applications, including cryptography, data analysis, and communication technologies.
Overall, the increased adoption of Quantum Computing technology across a range of industries and applications is expected to generate significant revenue growth in the coming years, as companies and governments continue to seek out new and innovative ways to use this powerful new computing technology.
Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on Quantum Computing Market Forecast Report (2023-2030).
Global Quantum Computing Market Segmentation
By Components
- Hardware
- Software
- Services
By Deployment
- On- Premise
- Cloud
By Application
- Machine Learning
- Optimization
- Biomedical Simulations
- Financial Services
- Electronic Material Discovery
- Others (Traffic Optimization, Weather Forecasting, and Others)
By End-User
- Healthcare
- Banking, Financial Services & Insurance (BFSI)
- Automotive
- Energy & Utilities
- Chemical
- Manufacturing
- Others (Transportation, Logistics, and Others)
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 812.6 Million |
| Revenue Forecast by 2030 | USD 8229 Million |
| CAGR | 22% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | IBM Corporation, D-Wave Systems Inc., Microsoft Corporation, Intel Corporation, Rigetti & Co. Inc., Google LLC, QC Ware, Quantinuum Ltd., Riverlane, IonQ |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/quantum-computing-market-2163/customization-request |
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