Dubai, UAE, June 27, 2023 (GLOBE NEWSWIRE) -- As per the latest research published by Extrapolate, the Global Quantum Computing and Technologies Market was valued at USD 472 million in 2021 and is anticipated to reach USD 1,867 million by 2028, exhibiting a robust compound annual growth rate of 32.3% during the projection period. The quantum computing market is expected to grow over the forecast period as a result of several factors including the rising acceptance of quantum computing technology across various industries and growing investments in this technology.
On account of its superior strength and efficiency compared to conventional computing, quantum computing has greater potential for solving issues. The global quantum computing & technologies market is expanding alongside other industries including artificial intelligence, big data analytics, edge computing, blockchain, and the Internet of Things. For instance, Bosch is utilizing quantum computing to invest in sensor technologies and cryptography.
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Competitive Landscape
Key players operating in the global quantum computing and technologies market are focusing on several growth strategies such as partnerships, product development, mergers and acquisitions, and investments in R&D activities to gain a competitive edge.
Leading companies operating in the global quantum computing and technologies market include:
- Microsoft
- IBM Corporation
- Alibaba
- D-Wave Systems Inc.
- Google LLC
- XANADU
- Amazon Web Services, Inc.
- Rigetti & Co, Inc.
- Quantum Circuits, Inc.
- Huawei Technologies Co., Ltd.
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Market Segmentation:
By Component
- Hardware
- Software & Services
Software Component to Dominate the Market Owing to Rising Investments of Startups
In light of the growing number of startups engaging in quantum computing research and development globally, the software segment is anticipated to hold the largest share of the market. Lower operating expenses and more effective operations are achieved in several industries due to the use of this technology in simulation, optimization, and machine-learning applications. For instance, Huawei Technologies Co., Ltd. provides a public cloud service platform for quantum computing simulation that will support both research and education in the field.
However, the hardware segment is anticipated to witness the fastest growth during the forecast period owing to the increasing deployment in the BFSI sector since it assists in scientific discovery and efficiently manages financial risks. For instance, Intel Corporation introduced the 2nd-Generation Horse Ridge Cryogenic Quantum Control Chip with Multigate Pulsing and Qubit Readout in December 2020.
By Technology
- Quantum Annealing
- Superconducting Qubit
- Trapped Ion & Others
Superconducting Qubit Technology to Lead the Market Due to the Adoption of Enterprise Quantum Computing
As a result of the deployment of corporate quantum computing, superconducting qubit segment is anticipated to account for the largest market share in 2020, and this trend is anticipated to continue throughout the projection period. Additionally, a number of market participants are investing heavily in R&D activities and creating qubits based on this technology in an effort to explore and get around the limitations of conventional computation technologies, which is driving market growth and is anticipated to offer the global market for quantum computing & technologies with lucrative growth opportunities.
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Concerns Related to Maintaining a Stable Environment to Restrain Market Growth
A sophisticated infrastructure needs to be built around quantum computers since they can be extremely vulnerable to environmental factors such as certain low temperatures. The market for quantum computing and technologies can be majorly hampered by errors caused by even a slight change in a particular situation.
Managing Interactions with the Environment to Pose as a Major Challenge for Market Growth
A fundamental problem in quantum computing systems is the regulation of interactions between the environment and the qubits. The superposition state of a qubit, which is the quantum mechanical equivalent of a classical bit, can be disrupted by noise-induced failures. Engineers are currently working hard to find a precise answer to this pressing problem. Additionally, the lack of skilled professionals is another factor hampering the growth of the market.
Furthermore, the engineering of quantum computers is still in the early stages. The use of quantum computing in real-time applications faces several technological challenges that must be overcome. Quantum computers have the ability to cause the state function to collapse due to their exceptional sensitivity to external interactions.
Integration of Quantum Computing and Technologies in Pharmaceuticals to Drive Market Growth
The advent of quantum computing has the potential to significantly reshape our current understanding and knowledge of the world. Since the usage of quantum computers is anticipated to aid drug manufacturers in simulating chemical systems such as pharmaceuticals and their interactions with other proteins down to their molecular state, and hence the pharmaceutical industry is predicted to grow rapidly in the upcoming years. This could benefit pharmaceutical companies in discovering treatments for persistent medical issues.
For the study of complex systems, such as human physiology and the effects of medications on biological processes and living things, quantum computers offer formidable tools. Several applications for these computers are anticipated in pharmaceutical research and development activities, particularly in the initial stages of drug discovery and development.
The main elements of drug development and discovery are computational tools. They have frequently reduced drastically the amount of time businesses spend on medicine optimization. For in silico modeling of molecular structures, mapping the interactions between a drug and its target, and developing a simulation of the metabolism, distribution, and interaction of a drug in a human body, researchers rely on high-performance computing of potent supercomputers or massively parallel processing systems.
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Rapid Adoption of Quantum Computing and Technologies in BFSI Vertical to Propel Market
The global quantum computing & technologies market is being driven by the growing adoption of quantum computing in the BFSI sector due to its numerous applications in risk assessment and fraud detection, portfolio allocation and rebalancing, optimization calculations, capital allocation, financial arbitrage, and yield-curve fitting. According to the Boston Consulting Group, the adoption and use of quantum computing technology have the potential for generating financial institutions a significant value of between $42 billion and $67 billion.
As a result of the reduced compute time, improved investment portfolio optimization, and reduced hedging processes for the capital required, CaixaBank and D-Wave Systems formed a partnership in March 2022 to advance quantum computing technology for the financial sector.
Recent developments
- Menten AI and XANADU formed a partnership in January 2022 to develop quantum machine learning for protein-based drug discovery to expedite the development of new medicinal compounds.
- With the community of academic, research, startup, business, and governmental organizations, IBM Corporation established a strategic agreement with Quebec in February 2022 to accelerate scientific discovery in health and climate via a convergence of quantum, AI, and hybrid cloud.
Accelerating Adoption of Technological Advancements to Promote North America to Dominate the Market
North America is anticipated to lead the global quantum computing and technologies market share due to the increasing early adoption of advanced technologies and the presence of prominent players investing in R&D activities. For instance, in August 2020, the White House Office of Science and Technology Policy (OSTP) and the U.S. Department of Energy (DOE) announced that Intel Corporation and Argonne National Laboratory, DOE were collaborating on the Q-NEXT quantum computing research project.
However, Europe region is anticipated to grow throughout the forecast period due to growing startups, government initiatives, and increased cloud-based deployment of the quantum computing & technologies market. For instance, in order to further research and experimentation in Germany, IBM and Fraunhofer formed a strategic cooperation in the field of quantum computing in 2019. Similar to this, BT and Toshiba are constructing the first commercial quantum-secured metro network in London.
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Key Points from Table of Content:
1. Executive Summary
2. Research Methodology
3. Market Outlook
4. COVID-19 Impact On Quantum Computing & Technologies Market
5. Global Quantum Computing & Technologies Market Overview, By Component, 2015 - 2028 (USD Million)
6. Global Quantum Computing & Technologies Market Overview, By Deployment, 2015 - 2028 (USD Million)
7. Global Quantum Computing & Technologies Market Overview, By Application, 2015 - 2028 (USD Million)
8. Global Quantum Computing & Technologies Market Overview, By Technology, 2015 - 2028 (USD Million)
9. Global Quantum Computing & Technologies Market Overview, By Vertical, 2015 - 2028 (USD Million)
10. Global Quantum Computing & Technologies Market Overview, By Geography, 2015 - 2028 (USD Million)
11. North America Quantum Computing & Technologies Market Overview, By Countries, 2015 - 2028 (USD Million)
12. Europe Quantum Computing & Technologies Market Overview, By Countries, 2015 - 2028 (USD Million)
13. Asia Pacific Quantum Computing & Technologies Market Overview, By Countries, 2015 - 2028 (USD Million)
14. Middle East & Africa Quantum Computing & Technologies Market Over-view, By Countries, 2015 - 2028 (USD Million)
15. South America Quantum Computing & Technologies Market Overview, By Countries, 2015 - 2028 (USD Million)
16. Competitive Landscape
17. Key Vendor Analysis
18. Industrial Chain, Sourcing Strategy and Downstream Buyers
19. Marketing Strategy Analysis, Distributors/Traders
...TOC Continued
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