The Quantum Computing market is expected to grow from USD 472 million in 2021 to USD 1,765 million by 2026, at a CAGR of 30.2%. The early adoption of quantum computing in the banking and finance sector is expected to fuel the growth of the market globally. Other key factors contributing to the growth of the quantum computing market include rising investments by governments of different countries to carry out research and development activities related to quantum computing technology. Several companies are focusing on the adoption of QCaaS post-COVID-19. This, in turn, is expected to contribute to the growth of the quantum computing market. However, stability and error correction issues is expected to restrain the growth of the market.
Services segment is attributed to hold the largest share of the Quantum Computing market The growth of services segment can be attributed to the increasing number of startups across the world that are investing in research and development activities related to quantum computing technology. This technology is used in optimization, simulation, and machine learning applications, thereby leading to optimum utilization costs and highly efficient operations in various end-use industries.
Cloud based deployment to witness the highest growth in Quantum Computing market in coming years With the development of highly powerful systems, the demand for cloud-based deployment of quantum computing systems and services is expected to increase.This, in turn, is expected to result in a significant revenue source for service providers, with users paying for access to noisy intermediate-scale quantum (NISQ) systems that can solve real-world problems.
The limited lifespan of rapidly advancing quantum computing systems also favors cloud service providers.The flexibility of access offered to users is another factor fueling the adoption of cloud-based deployment of quantum computing systems and services.
For the foreseeable future, quantum computers are expected not to be portable. Cloud can provide users with access to different devices and simulators from their laptops.
Optimization accounted for a major share of the overall Quantum Computing market Optimization is the largest application for quantum computing and accounted for a major share of the overall Quantum Computing market.Companies such as D-Wave Systems, Cambridge Quantum Computing, QC Ware, and 1QB Information Technologies are developing quantum computing systems for optimization applications.
Networked Quantum Information Technologies Hub (NQIT) is expanding to incorporate optimization solutions for resolving problems faced by the practical applications of quantum computing technology.
Trapped ions segment to witness highest CAGR of Quantum Computing market during the forecast period The trapped ions segment of the market is projected to grow at the highest CAGR during the forecast period as quantum computing systems based on trapped ions offer more stability and better connectivity than quantum computing systems based on other technologies. IonQ, Alpine Quantum Technologies, and Honeywell are a few companies that use trapped ions technology in their quantum computing systems.
Banking and finance is attributed to hold major share of Quantum Computing market during the forecast period In the banking and finance end-use industry, quantum computing is used for risk modeling and trading applications.It is also used to detect the market instabilities by identifying stock market risks and optimize the trading trajectories, portfolios, and asset pricing and hedging.
As the financial sector is difficult to understand; the quantum computing approach is expected to help users understand the complexities of the banking and finance end-use industry. Moreover, it can help traders by suggesting them solutions to overcome financial challenges.
APAC to witness highest growth of Quantum Computing market during the forecast period APAC region is a leading hub for several industries, including healthcare and pharmaceuticals, banking and finance, and chemicals.Countries such as China, Japan, and South Korea are the leading manufacturers of consumer electronics, including smartphones, laptops, and gaming consoles, in APAC.
There is a requirement to resolve complications in optimization, simulation, and machine learning applications across these industries.The large-scale development witnessed by emerging economies of APAC and the increased use of advanced technologies in the manufacturing sector are contributing to the development of large and medium enterprises in the region.
This, in turn, is fueling the demand for quantum computing services and systems in APAC. In APAC, the investments look promising, as most countries such as China, Japan, and South Korea have successfully contained the virus compared with the US and European countries.China is easing the restrictions placed on factory lockdowns and worker movement.
Despite being the epicenter of COVID-19, China has maintained its dominant position as a global network leader.
The break-up of primary participants for the report has been shown below: • By Company Type: Tier 1 - 18%, Tier 2 - 22%, and Tier 3 - 60% • By Designation: C-level Executives - 21%, Manager Level - 35%, and Others - 44% • By Region: North America - 45%, Europe - 38%, APAC - 12%, and RoW - 5%
The Quantum Computing market was dominated by International Business Machines (US), D-Wave Systems (Canada), Microsoft (US), Amazon (US), and Rigetti Computing (US).
Research Coverage: This research report categorizes the Quantum Computing based on offering, deployment, application, technology, end-use industry and region. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the Quantum Computing market and forecasts the same till 2026.
Key Benefits of Buying the Report
The report would help leaders/new entrants in this market in the following ways: 1. This report segments the Quantum Computing market comprehensively and provides the closest market size projection for all subsegments across different regions. 2. The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth. 3. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes product launches and developments, partnerships, and collaborations. 4. This report would help understand the pre and post-COVID-19 scenarios as to how would the penetration of quantum computing will look like for the forecast period. The region segment includes the country wise impact analysis of COVID-19 and initiatives taken to overcome these impacts.
Our reports have been used by over 10K customers, including:
The IR spectroscopy market is expected to grow at a CAGR of 4.1% from USD 1.0 billion in 2020 to USD 1.3 billion. Increasing demand of spectroscopy products in the healthcare & pharmaceuticals industry and food & beverages industry will drive the market. IR spectroscopy market for far-infrared technology is expected to grow...
The overall wireless charging market is expected to be valued at USD 4.5 billion in 2021 and projected to reach USD 13.4 billion by 2026, at a CAGR of 24.6% between 2021 and 2026. The growth of the wireless charging market is attributed to the rising adoption of wireless technology in consumer electronics; increase in sales of electric vehicles;...
The portable projector market is projected to grow from USD 1.5 billion in 2020 to USD 1.9 billion by 2025; it is expected to grow at a CAGR of 4.3% from 2020 to 2025. The growth of the portable projector market is driven by digitalization in the education sector and technological advancements in portable projectors. Moreover, a reduction...
The hardware encryption market is expected to be valued at USD 262 million in 2020 and reach USD 313 million by 2025, growing at a CAGR of 3.6%. Some of the factors such as an increase in the penetration of internet users and the growing adoption of digital content are the drivers for the growth of the hardware encryption market Hardware...
In terms of revenue, the global USB Devices market was valued at US$ 30869.1 million in 2019 and it is projected to reach US$ 59266.8 million by 2027; it is expected to grow at a CAGR of 8.7% during the forecast period from 2020 to 2027. Universal serial bus (USB) or USB key or USB stick devices store data in flash memory with a USB-integrated...
The analog and mixed signal IP market is expected to register a CAGR of 14.5% during the forecast period from 2021 to 2026. Over the past decade, the integrated circuits have become increasingly complex and expensive. The industry started to embrace new design and reuse methodologies that are collectively referred to as system-on-chip (SoC),...
The global EMC shielding and test equipment market size was valued at USD 6.4 billion in 2020 and is projected to reach USD 8.2 billion by 2025; it is expected to grow at a CAGR of 5.2% from 2020 to 2025. The growth of the EMC shielding and test equipment market is majorly driven by surging demand for consumer electronics, increasing electromagnetic...
Growing consumer electronics market and cooling technology enhancement in server and datacenter is set to drive the thermal management market. The global thermal management market size is estimated to be USD 8.8 billion in 2020 and is projected to reach 12.8 billion by 2025, at a CAGR of 8.2% during the forecast period. The market has...
The embedded system market is projected to grow at CAGR of 6.1% from 2020 to 2025. The embedded system market is projected to grow from USD 86.5 billion in 2020 to USD 116.2 billion by 2025; it is expected to grow at a CAGR of 6.1% from 2020 to 2025. Key factors fueling the growth of this market include an increase in the...
The eSIM market was valued at US$ 392.7 million in 2019 and is projected to reach US$ 2,282.3 million by 2027; it is expected to grow at a CAGR of 27.4% from 2020 to 2027.The tech-savvy millennial and mid-aged population across the world demand advanced technologies such as smartphones and smart wearable. Owing to this, several companies constantly...
You can change your Cookie Settings at any time but parts of our site will not function correctly without them.