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With 30.8% CAGR, Quantum Computing Market Worth USD 3,180.9 Million in 2028

According to Fortune Business Insights, the global quantum computing market size is projected to reach USD 3,180.9 million in 2028, at a CAGR of 30.8% during the forecast period. Increasing Product Applications to Generate Remunerative Market Opportunities

/EIN News/ -- Pune, India, June 20, 2022 (GLOBE NEWSWIRE) -- The global quantum computing market size was USD 392.5 million in 2020. The market is expected to grow from USD 486.1 million in 2021 to USD 3,180.9 million in 2028, exhibiting a CAGR of 30.8% during the forecast period. Increasing product applications and incorporating artificial intelligence (AI) and machine learning (ML). Fortune Business Insights™ presents this information in its report titled “Quantum Computing Market, 2021-2028.”

Quantum computing is an advanced computer technology based on quantum theory and quantum mechanics. It deploys 0 and 1 bits but utilizes every state between 0 and 1, thereby providing excellent speeds. Its increasing applications in algorithms, cryptography, quantum parallelism, quantum simulation, and machine learning are expected to boost its sales. Furthermore, incorporating AI and ML technologies is expected to boost demand. These factors may propel the market growth during the upcoming years.


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KEY INDUSTRY PLAYERS

Emphasis of on Partnerships and Acquisition by Key Players to Strengthen Competition

In December 2021, Classic partnered with NTT DATA to Implement Algorithms for Credit Risk Analysis. Further, Classic software will enable end users to specify algorithms targeting various quantum hardware platforms that will give a potential lender a more accurate or faster response in the future.

In November 2021, Q-CTRL, a provider of quantum control solutions, announced Series B funding of USD 25 mn led by Airbus Ventures. This development will allow Q-CTRL to develop new data as a service marketplace using quantum sensors for acceleration, gravity, and magnetic fields. COVID-19 Impact

Report Scope & Segmentation

Report Coverage Details
Forecast Period 2021 to 2028
Forecast Period 2021 to 2028 CAGR 30.8%
2028 Value Projection USD 3,180.9 million
Base Year 2020
Quantum Computing Market Size in 2020 USD 392.5 million
Historical Data for 2017 to 2019
No. of Pages 160
Segments covered Component, Application, End-user and Geography
Quantum Computing Market Growth Drivers Rising Investments in Quantum Computing Technology by Governments to Aid Growth
Increasing Number of Strategic Alliances to Fuel the Quantum Computing Market Growth
Problems with Stability and Error Correction to Hinder Growth


Rising Digitization Amid Pandemic to Propel Growth

The COVID-19 pandemic has positively impacted the Quantum Computing Market growth due to rising digitization in several industries. Also, leading companies from various sectors have adopted recent technologies to simplify their business operations and ease the work process. Furthermore, the companies implemented recent technologies to adopt work from home/remote work culture. These factors bolstered the market growth and expansion during the pandemic.


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Drivers and Restraints

Rising Government Investments and Strategic Alliances to Drive Industry Growth

Governments make extensive investments in quantum computing technologies to boost its adoption. For example, the German Federal Ministry of Education and Research provided USD 50.3 million to fund the Ion Trap Computer development in December 2021. This factor may boost the adoption of the computing solution. Furthermore, increasing strategic alliances may fuel the development of better-quality computing solutions. Moreover, rapid digitization and reliance on the Internet of Things (IoT) may boost its sales. These factors may drive the quantum computing market growth.

Report Coverage

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.

Segmentation

By component, the market is segmented into services, software, and hardware. By deployment, it is bifurcated into cloud-based and on premise. Based on application, it is classified into electronic material discovery, financial services, biomedical simulations, optimization, machine learning, and others. As per end-users, it is categorized into manufacturing, chemical, energy and utilities, researchers, automotive, banking, financial services, and insurance (BFSI), healthcare, and others. Regionally, it is grouped into North America, South America, Europe, Middle East & Africa, and Asia Pacific.

Regional Insights

Early Adoption of Advanced Technologies to Fuel Market Growth in North America

North America is projected to dominate the quantum computing market share because of the early adoption of advanced technologies. The market in North America stood at USD 171.4 million in 2020 and is expected to gain a huge portion of the global market share. Further, the presence of a competitive market and adoption of latest technologies by end-users may augment market growth.

In Europe, the emergence of several startups, regulatory environments, and the rising adoption of cloud technologies is expected to boost sales. Furthermore, the expansion of businesses by key players is expected to boost market development.

In Asia Pacific, the rising demand for quantum computing solutions for machine learning, optimization, and simulation is expected to foster market development. Also, extensive adoption of novel technologies from the industrial sector is expected to surge industry development.


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Quantum Computing Market Segments By Component
  • Hardware
  • Software
  • Services
By Application 

  • Machine Learning
  • Optimization
  • Biomedical Simulations
  • Financial Services
  • Electronic Material Discovery
              Other
 By Deployment
  • On-Premise
  • Cloud
By End-Use Industry
  • Healthcare
  • Banking, Financial Services and Insurance (BFSI)
  • Automotive
  • Researchers
  • Energy and Utilities
  • Chemical
  • Manufacturing
  • Others Retail
  • Healthcare
  • Education
  • Manufacturing


Machine learning is expected to witness highest CAGR in coming years

Quantum machine learning involves the integration of quantum algorithms within machine learning programs. In the case of complex models, it becomes very difficult to sort many variables systematically. Thus, users can opt for quantum computing technology to resolve this complexity with accuracy and speed. For instance, in the Monte Carlo method, the sampling technique is used to estimate numerical quantities from a large dataset. Quantum algorithms can be used to increase the execution speed of a solution, while algorithms can expedite the implementation of the Monte Carlo method and reduce the computational time.

Competitive Landscape

Companies Launch Novel Products to Boost Brand Image

Prominent companies operating in the market launch novel products to boost their brand image. For example, Zurich Instruments announced its novel Superconducting Qubit Controller in November 2021. It integrates the qubit control and readouts to achieve 6 qubits in a device. SHFSG Signal Generator produces microwave pulses, and SHFQA Quantum Analyzer is fused together in a single box. It may enable companies to entice consumers and boost their brand image globally. Furthermore, adopting partnerships, mergers, research and development, expansions, and acquisition strategies may enable companies to achieve a remarkable market position.

Players Profiled in the Quantum Computing Market Report

  • IBM Corporation (New York, U.S.)
  • D-Wave Systems Inc. (Burnaby, Canada)
  • Cambridge Quantum Computing Ltd. (Cambridge, U.K.)
  • Intel Corporation (California, U.S.)
  • Rigetti & Co, Inc. (California, U.S.)
  • Google LLC (California, U.S.)
  • Quantica Computacao (Tamil Nadu, India)
  • Zapata Computing (Massachusetts, U.S.)
  • XANADU (Toronto, Canada)
  • Accenture Plc. (Dublin, Ireland)


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Table of Content

  • Global Quantum Computing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
    • By Component (USD)
      • Hardware
      • Software
      • Services
    • By Deployment (USD)
      • On-Premise
      • Cloud-Based
    • By Application (USD)
      • Machine Learning
      • Optimization
      • Biomedical Simulations
      • Financial Services
      • Electronic Material Discovery
      • Other (Traffic Optimization, Weather Forecasting, and others.)
    • By End-user (USD)
      • Healthcare
      • Banking, Financial Services and Insurance (BFSI)
      • Automotive
      • Researchers
      • Energy and Utilities
      • Chemical
      • Manufacturing
      • Others (Transportation, Logistics, and others.)
    • By Region (USD)
      • North America
      • South America
      • Europe
      • Middle East & Africa
      • Asia Pacific
  • North America Quantum Computing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
    • By Component (USD)
      • Hardware
      • Software
      • Services
    • By Deployment (USD)
      • On-Premise
      • Cloud-Based
    • By Application (USD)
      • Machine Learning
      • Optimization
      • Biomedical Simulations
      • Financial Services
      • Electronic Material Discovery
      • Other (Traffic Optimization, Weather Forecasting, and others.)
    • By End-user (USD)
      • Healthcare
      • Banking, Financial Services and Insurance (BFSI)
      • Automotive
      • Researchers
      • Energy and Utilities
      • Chemical
      • Manufacturing
      • Others (Transportation, Logistics, and others.)
    • By Country (USD)
      • United States
        • By Component
      • Canada
        • By Component
      • Mexico
        • By Component
  • South America Quantum Computing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
    • By Component (USD)
      • Hardware
      • Software
      • Services
    • By Deployment (USD)
      • On-Premise
      • Cloud-Based
    • By Application (USD)
      • Machine Learning
      • Optimization
      • Biomedical Simulations
      • Financial Services
      • Electronic Material Discovery
      • Other (Traffic Optimization, Weather Forecasting, and others.)
    • By End-user (USD)
      • Healthcare
      • Banking, Financial Services and Insurance (BFSI)
      • Automotive
      • Researchers
      • Energy and Utilities
      • Chemical
      • Manufacturing
      • Others (Transportation, Logistics, and others.)
    • By Country (USD)
      • Brazil
        • By Component
      • Argentina
        • By Component
      • Rest of South America

TOC Continued.


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