Market Overview
Global Quantum Computing Market is expected to reach USD 4,851.8 Million by the end of the forecast period, registering a 31.3% CAGR.
Quantum computing is becoming a popular topic of study in quantum information science. To achieve quantum dominance, the technology has already begun to draw R&D funding. Google stated during the historic forecast period that it has achieved quantum supremacy. Quantum computing holds enormous promise in a variety of fields, including financial modeling, medical research, traffic optimization, weather forecasting, and artificial intelligence. It has the potential to be a game-changing solution for combating climate change and helping businesses enhance their cybersecurity tactics.
The beginning of the COVID-19 pandemic has accelerated digitization around the world. The global economy is adjusting to the effects of the pandemic, and businesses are attempting to maintain their digital transformation pace by adapting to the new normal of installing remote workstations. Quantum computing remains a major attribute of the robust research strengths in such circumstances. Companies are making significant investments because of their strong sectarian competence in technology and their proximity to Asian markets. Google, Oracle, and Cisco Systems are among the corporations that have invested in data centers and cloud computing. Quantum computing, according to industry analysts, has enormous potential in a variety of fields, including medical research, financial modeling, artificial intelligence, traffic optimization, and weather forecasting.
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Market Segmentation
Based on the product type, the market is segmented into hardware, software, and services.
Based on the application segment, the market is segmented into optimization, machine learning, simulation, and others.
Based on the vertical segment, the market is segmented into aerospace & defense, BFSI, energy & power, healthcare, information technology (IT) & telecommunication, transportation, and others.
Based on the region, the market is segmented into the Americas (US, Canada, Mexico, Rest-of-North America) and South America, Europe (the UK, Germany, France, Italy, and Rest-of-Europe), Asia Pacific (China, Japan, India, South Korea, and Rest-of-the-APAC), and Rest-of-the-World.
Regional Classification
North America now dominates the global quantum computing market and is expected to do so during the assessment period. The presence of significant technology providers such as IBM Corporation, Intel, Google, and others, as well as well-established technological development centers in the region, act as major market drivers. The European quantum computing market is the second-largest in the world. The quantum computing business is growing thanks to significant investments by market participants, as well as expanding initiatives and financing by governments in several countries in this region. Furthermore, the presence of important firms such as Cambridge Quantum Computing Ltd. has an impact on the region's quantum technology development. The vast deployment of quantum computers and significant growth in manufacturing industries are driving the APAC quantum computing industry. Furthermore, substantial advancements in quantum computing technology in countries like China and South Korea are boosting quantum computers used in the BFSI sector, affecting regional market growth.
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Industry News
The major key players in the market are Intel Corporation, Atos SE, Cambridge Quantum Computing Ltd., IBM Corporation, Rigetti & Co, Inc., D-Wave Systems Inc., QRA Corp, Google, QxBranch, Inc., and QC Ware Corp. The players work significantly to gain traction, leading businesses to look for ways to integrate across the extended value chain, focusing on the development of production facilities, R&D investments, and mergers and acquisitions.
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