What Is the Size of Global Quantum Computing Industry?
Global Quantum Computing market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD 2 Bn by 2028. The Quantum Computing Market is largely driven by demand for high-performance computing and influx of government investments. The quantum computing sector will grow as a result of governments investing more money in the field. The development of quantum computing technology has the potential to alter the dynamics of the strategic balance of trade, power, and military affairs. To build and expand quantum computing systems, several countries aim to increase exploratory research on innovative technologies. Rising government spending on such solutions for a variety of applications is predicted to support the growth of the global quantum computing market.
The quantum computing sector faces several underlying intellectual hurdles despite rich development potential. One of the main factors limiting the market's expansion is the complexity of quantum computing solutions. The market's expansion is further hampered by compatibility problems and quantum entanglement during network communication.
Global digitalization has rapidly advanced since the start of the COVID-19 epidemic. The pandemic-induced changes to the world economy are proving difficult to adjust to, and businesses are working to maintain their digital transformation momentum while adjusting to the new norm of installing remote workstations. Quantum computing is still a key component of strong research capabilities in such circumstances.
Global Quantum Computing Market By Components
The Global Quantum Computing market is segmented by Components into Hardware, Software and Services. The hardware segment held the largest market share in 2022, Since hardware represents a substantial bottleneck in the ecosystem, growth in this sector is anticipated.
Numerous hardware platforms are being developed for quantum computing. All commercially accessible quantum computers are based on superconducting circuits and trapped ions, which are the most sophisticated. Spin qubits, photonic networks, and neutral atoms are other intriguing platforms.
Global Quantum Computing Market By Application
The Global Quantum Computing market is segmented by Application into Optimization, Machine Learning, Simulation and Others. The machine learning segment held the largest market share in 2022, due to the growing popularity of such computing, the machine learning segment will gain ground.
Quantum algorithms are included in machine learning software as part of quantum machine learning. It becomes exceedingly challenging to systematically sort a large number of variables in complex models. Therefore, consumers can choose quantum computing technology to quickly and accurately resolve this complexity.
The Monte Carlo approach, for instance, employs sampling to estimate numerical quantities from a big dataset. Algorithms can speed up the implementation of the Monte Carlo method and cut down on calculation time, whereas quantum algorithms can speed up the execution speed of a solution.
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Global Quantum Computing Market By End-User
The Global Quantum Computing market is segmented by End-User into Aerospace & Defense, BFSI, Energy & Power, Healthcare, Information Technology & Telecommunication, Transportation and Others. BFSI segment held the largest market share in 2022, the market will grow as more of these computing systems are used in banking, financial services, and insurance.
During the period of market forecasting for quantum computing, BFSI is anticipated to hold the largest market share. Additionally, quantum computing is gaining popularity in the healthcare industry because, according to a medical futurist, the computing technology can be used to power the development of virtual environments where experts can examine factors like body fluids, electrolytes, circulation, metabolism, and skin temperature on digitally created human replicas.
Global Quantum Computing Market By Geography
The Global Quantum Computing market is segmented by geography into North America, Europe, Asia- pacific and LAMEA. Asia Pacific segment held the largest market share in 2022, chemicals, banking and finance, healthcare and pharmaceuticals, and other industries all have significant hubs.
Leading producers of consumer electronics, including smartphones, laptops, and gaming consoles in APAC include nations like China, Japan, and South Korea. In these industries, there is a need to tackle difficulties in applications of simulation, machine learning, and optimization.
Large and medium-sized businesses are developing in the region as a result of the rapid growth seen by APAC's growing economies and the increased use of cutting-edge technologies in the manufacturing industry. In consequence, this is increasing demand for quantum computing equipment and services in APAC.
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Competition Scenario In Global Quantum Computing Market
The global quantum computing market is highly competitive with ~200 players which include globally diversified players, regional players, and country-niche players with their niche in the quantum computing market.
Regional players constitute ~45% of the competitors, while the County-niche players are the second largest by type. Some of the major players in the market include Intel Corporation, Atos SE, IBM Corporation, Quantum Circuits, Inc., Microsoft Corporation, Google, Accenture, Toshiba Corporation, Hitachi Ltd, Huawei, and among others.
What is the Expected Future Outlook for the Overall Global Quantum Computing Market Across the globe?
The Global Quantum Computing market was valued at USD ~billion in 2022 and is anticipated to reach USD ~2 billion by the end of 2028, witnessing a CAGR of ~% during the forecast period 2022-2028. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The Global Quantum Computing market is driven by demand for high-performance computing and influx of government investments. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries. With the increasing collaboration and emergence of new products, the Global Quantum Computing market is changing rapidly.
For instance, In May 2021, the first multi-chip quantum processor in the world has been introduced by Rigetti Computing. It features a proprietary modular architecture that shortens the path to commercialization while tackling key scaling issues for fault-tolerant quantum computers. In January 2021, Google Quantum AI (Google) and Boehringer Ingelheim announced a collaboration agreement that would focus on implementing and researching novel applications of quantum computing in pharmaceutical research and development, particularly molecular dynamics simulations. In February 2021, the IBM Quantum Network and BP have reportedly joined forces, according to IBM, to support the use of quantum computing technologies in the power and energy sectors.
The global quantum computing market is forecasted to continue the growth that is witnessed since 2017. Quantum computing provides benefits, real-world consequences, and concerns for the automotive sector. Its applications in the automobile industry are many and are likely to address some of the major issues the sector is currently facing. This disruptive technology is related to supercomputing and high-performance computing operations. The market is highly competitive, with firms who have been there for a while taking the majority of the market. Though the market is highly competitive with ~200 players, few global players control the dominant market share and regional players also hold a significant market share.
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