New York, United States, April 22, 2024 (GLOBE NEWSWIRE) -- The Global Quantum Computing in Automotive Market Size is to Grow from USD 119 Million in 2023 to USD 5201 Million by 2033, at a Compound Annual Growth Rate (CAGR) of 45.90% during the projected period.
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Quantum computing is a groundbreaking innovation that applies quantum mechanics laws to problems that standard computers cannot solve. It may be used in the design of the automotive process to make several modifications, including reduced fuel use and increased fuel efficiency. Quantum computing computations, for instance, can immediately process and calculate huge amounts of data from contemporary systems such as LiDAR, RADAR, and image sensors. Furthermore, it is widely employed in a variety of autonomous vehicle applications, including vehicle optimization, data integration from many sensors, approximate 3D object recognition, and automotive cybersecurity. Quantum computing, while still in its early stages, has proven useful in autonomous vehicles. In 2022, Hyundai Motor Corporation and IonQ entered into a technical agreement to use quantum computing technology to imitate EV battery chemical reactions. In 2020, Mercedes-Benz and IBM Corporation announced a technological collaboration to develop next-generation lithium-sulfur batteries using quantum computing technologies. However, many blockchain-based solutions depend on the circular curve signature technique, which is currently not quantum-safe. The mechanical state of quantum is always changing due to difficulties in constructing a commercial quantum machine, which hampers the development of physical quantum computers.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Quantum Computing in Automotive Market Size, Share, and COVID-19 Impact Analysis, By Deployment (Cloud, On Premises), By Application (Route Planning & Traffic Management, Battery Optimization, Material Research, Production Planning & Scheduling), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The cloud segment is expected to hold the largest share of the global quantum computing in automotive market during the anticipation timeframe.
Based on the deployment, the global quantum computing in automotive market is categorized into cloud, and on premises. Among these, the cloud segment is expected to hold the largest share of the global quantum computing in automotive market during the anticipation timeframe. A cloud-based quantum computing platform is less affordable than building and maintaining quantum computing gear and infrastructure in-house, which can be rather pricey. These factors, together with the cost-effectiveness of cloud quantum computing, are propelling market expansion.
The route planning & traffic management segment is expected to grow at the fastest CAGR during the anticipation timeframe.
Based on the application, the global quantum computing in automotive market is categorized into route planning & traffic management, battery optimization, material research, and production planning & scheduling. Among these, the into route planning & traffic management segment is expected to grow at the fastest CAGR during the anticipation timeframe. Quantum computing can be used to calculate the best routes for people or teams of cars, taking into account factors such as traffic patterns, roads, and weather conditions. Real-time routes can be created using quantum computing to cut travel time and traffic congestion.
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North America is anticipated to hold the largest share of the global quantum computing in automotive market over the anticipation timeframe.
North America is projected to hold the largest share of the global quantum computing in automotive market over the anticipation timeframe. The region's dominance is primarily due to the early adoption of quantum computing systems, as well as the presence of significant technology businesses such as IBM Corporation, Microsoft Corporation, Alphabet Inc., D-Wave Systems Inc., Rigetti Computing, and Zapata Computing, among others. These companies can offer quantum computing solutions to the automotive industry, as well as real-world applications based on quantum computing technology.
Asia Pacific is expected to grow at the fastest CAGR growth of the global quantum computing in automotive market during the anticipation timeframe. China, India, Japan, and ANZ, the region's major automakers, are considering huge investments in quantum computing technologies. Several companies in the region, including Hyundai Motor and Aisin Group, are exploring the use of quantum computing in electric vehicle batteries, self-driving cars, and data science.
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. Major vendors in the global quantum computing in automotive market are IBM Corporation, Microsoft Corporation, D-wave systems, inc, Amazon, Alphabet Inc., Rigetti & Co, LLC, PASQAL, Accenture plc, Terra Quantum, IONQ, and Others.
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Recent Developments
In September 2023, Rigetti & Co, LLC launched their QCS on Microsoft's Azure Quantum platform with a public preview. All Azure Quantum clients can create and run quantum applications on Rigetti's Aspen-M-2 80-qubit and Aspen-11 40-qubit superconducting quantum processors.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global quantum computing in automotive market based on the below-mentioned segments:
Global Quantum Computing in Automotive Market, By Deployment
- Cloud
- On Premises
Global Quantum Computing in Automotive Market, By Application
- Route Planning & Traffic Management
- Battery Optimization
- Material Research
- Production Planning & Scheduling
Global Quantum Computing in Automotive Market, By Regional
- 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 the Middle East & Africa
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