Market Research Future Insights
According to market research and future insights analysis, the global quantum computing market is expected to register a CAGR of 31.3% from 2022 to 2030 and hold a value of over USD 4,851.8 million by 2030.
The COVID-19 epidemic has expanded the quantum computing market due to increased digitization across numerous industries. Leading businesses across various industries have also embraced contemporary technologies to streamline operations and make work easier. In addition, the businesses adopted a culture of remote and work-from-home employment. These elements supported market expansion and growth during the pandemic. Manufacturing will likely be disrupted and revolutionized by the development of ground-breaking goods and services enabled by quantum computing. Among the many areas, quantum computing is expected to reinvent product creation, chemical discovery, and process optimization. Long-term advantages for early adopters of quantum computing are envisaged over other stakeholders. Furthermore, the quantum computing market is anticipated to expand as the number of strategic alliances increases. It’s challenging for providers of quantum computing solutions to be experts in everything in this rapidly expanding industry. As a result, the growth plan includes the creation of alliances or agreements. The proportion of investments in quantum computing made by private and venture capital companies increased significantly in the second half of 2021. This increase accounted for more than 70% of investments, showing increased business confidence that the technology will produce beneficial results.
North America dominated the market for quantum computing in 2021 because of a highly competitive environment and the early uptake of cutting-edge technologies. The level of end-user preparedness to build sophisticated services and the readiness of nations across regions to adopt the cloud have both had a favorable impact on market expansion in North America. The region’s large and medium-sized businesses are being helped by the quick development of its emerging economies and the increased use of cutting-edge technology in its manufacturing sector.
Europe is expected to register lucrative growth in the market for quantum computing. As more startups functioning on the technology are located in the region, Europe is predicted to experience tremendous growth. Additionally, it is projected that the region’s rising use of cloud-based technology, digital government regulatory settings, and initiatives would fuel industry expansion and technological improvement.
The global quantum computing market has been segmented into components and applications.
Based on components, the market has been segmented into quantum computing devices, quantum computing software, quantum computing services, consulting services, implementation services, and support & maintenance. The quantum computing software segment accounted for the largest share of the market in 2021. Due to the increase in startups globally and significant investments in computer technology-related R&D, the software divisions are projected to expand over the coming years. Deep learning, optimization, and simulation applications leverage this information technology, leading to more effective operations and lower operating costs across various industries. On the other hand, the quantum computing services segment was the fastest-growing segment during the forecast period. Startups in the healthcare and BFSI sectors are concentrating on implementing these services to improve their offerings through cloud channels as customer acquisition costs rise.
Some key market players are IBM Corporation, Google, Microsoft Corporation, Huawei, Intel Corporation, D-Wave Systems Inc., Atom Computing, Inc, ColdQuant, Xanadu Quantum Technologies Inc, Zapata Computing, Inc, and Strangeworks, Inc
- Machine Learning
- Aerospace & Defense
- Energy & Power
- IT & Telecommunication
Based on application, the market has been segmented into simulation & testing, financial modeling, artificial intelligence & machine learning, cybersecurity & cryptography, and others. Artificial intelligence & machine learning accounted for the quantum computing market’s largest revenue share in 2021. Users can learn how to estimate the characteristics of quantum systems, create new quantum algorithms, and employ quantum error-correcting codes. Besides, the financial modeling category was the fastest-growing segment. Consumers can use quantum computing technology to quickly and accurately address this complexity.