Global Quantum Computing Market Size to Grow at a CAGR of 28.8% in the Forecast Period of 2023-2028
The ‘Global Quantum Computing Market Size, Share, Growth, Value, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global quantum computing market, assessing the market on the basis of its segments like offering, application, end use, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Quantum Computing Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 28.8%
The expansion of medium and large enterprises is fostering the growth of the global quantum computing market. The major drivers of the market include rapid advancements in technologies like IoT and AI and the increasing investments in quantum computing technology by various governments. The rising need to solve complex problems and growing demand for high performance computing are further supporting the steady growth of the market. The increasing usage of quantum computing in the healthcare industry for managing healthcare data and for quick DNA sequencing is further bolstering the market for quantum computing.
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System offerings in the quantum computing market are likely to witness a rapid growth due to the wide applications of this technology in optimisation and deep learning. Simulation applications of quantum computing are also likely to expand in the forecast timeline owing to the additional benefits of quantum computing such as faster results and ability to perform difficult operations. Meanwhile, machine learning applications are likely to flourish as they enable development of novel quantum algorithms and quantum error-correcting codes. The increased adoption of quantum computing in the BFSI sector in order to increase their capabilities over cloud channels is forecasted to boost the BFSI end uses of quantum computing.
Quantum Computing Market Segmentation
Quantum computing is a rapidly emerging technology which exploits quantum mechanical phenomena to solve complex problems faster than on classic computers. In contrast with traditional computers, which use either 0s or 1s to store information as bits, quantum computing deploys quantum bits or qubits. The system compares various solutions effectively and identifies the best one for a complex problem.
On the basis of offering, the market is bifurcated into:
• System
• Services
Based on application, the market is classified into:
• Optimisation
• Simulation
• Machine Learning
• Others
On the basis of end use, the market is divided into:
• Healthcare and Pharmaceuticals
• Chemicals
• Defence
• BFSI
• Energy and Power
• Others
Based on region, the market is categorised into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Quantum Computing Market Trends
Rapid advancements in technology are leading to the growth of the global quantum computing market. The growing adoption of quantum computing for drug development and vaccine development, and increased patent fillings for quantum computing technology are the key trends propelling the growth of the market. Furthermore, the increasing research and development activities of quantum computing technologies and the growing adoption of cloud technology, which provides freedom of access to users, are fuelling the market growth. The emergence of advanced innovations like error suppression and mitigation and dynamic circuits is further expected to positively impact the growth potential of the market for quantum computing.
The rising demand for SaaS business models and the integration of quantum computing with blockchain technology for the establishment of hack-proof systems is augmenting the growth of the quantum computing market. The market growth is further aided by the collective efforts of various governments like the organisation of several hackathons and competitions and providing support to quantum computing based start-ups. The detection of consumer behaviour patterns using quantum computing technologies is likely to significantly reduce fraud risk and enhance safety. Moreover, the enhanced applications of quantum computing in space and military actions for complex system stimulation is forecasted to boost the growth of this market.
Key Market Players
The major players in the global quantum computing market report are Microsoft Corporation, IBM Corporation, Intel Corporation, Google Inc., and D-Wave Systems Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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