Quantum Computing Market to witness wide adoption from multiple end user industries
The global quantum computing market is expected to reach USD 4,851.8 million by 2030, growing at a 31.3% CAGR through 2030. Quantum computing is becoming a hot topic in quantum information scientific research. The technology has already begun to attract RD investments in order to achieve quantum supremacy. In 2020, Google declared that it had achieved quantum supremacy.
The global quantum computing market is gaining traction, owing to the widespread use of quantum computing in the aerospace and defence sectors for space travel verification, critical modelling, and aerodynamic performance simulation. Furthermore, the increasing use of machine learning and quantum computers to detect common themes drives market growth at an exponential rate.
Rising adoption of quantum computing techno from industries such as BFSI, defence, and automotive drives market growth. Furthermore, the rising rate of cybercrime and stringent government initiatives to develop quantum computing technology are key driving factors behind market expansion.
Quantum computing has enormous potential in a variety of fields, including financial modelling, traffic optimization, medical research, weather forecasting, artificial intelligence, and others. It has the potential to be a game-changing technology in combating climate change and enabling businesses to improve their cybersecurity techniques.
The quantum computing market is segmented on the basis of application, product type, vertical, and region. Based on application, the quantum computing market is segmented into Optimization, Machine Learning, Simulation and Others. By Product Type, the market is segmented into Hardware, Software and Services. By Vertical, the market is segmented into Aerospace Defense, BFSI, Energy Power, Healthcare, Information Technology Telecommunication, Transportation and Others.
By region, the market is bifurcated into the Americas, South America, Europe, Asia Pacific, and Rest-of-the-World. Of these, North America accounts for the largest market share, followed by Europe and the APAC region, respectively.
North America currently leads the global quantum computing market and will do so throughout the assessment period. Key market drivers include the presence of key technology suppliers such as IBM Corporation, Intel, Google, and others, as well as well-established technology development centres in the region.
Increased RD investments in creating quantum computers, quantum computing implementations, and quantum computing math expand the market. Furthermore, the vast adoption of the technology for machine learning by government agencies and the aerospace and defence sectors drives the quantum computing market growth. Due to significant technological advancements, the United States has the region's largest quantum computing market share.
Europe has the world's second-largest share of the quantum computing market. Significant investments by market participants, as well as rising initiatives and funding from governments in various countries in this region, have a positive impact on the growth of the quantum computing industry. Furthermore, the presence of major players like Cambridge Quantum Computing Ltd. has an impact on the development of quantum technology in the region.
The massive implementation of quantum computers and rapid growth in manufacturing sectors are driving the APAC quantum computing market. Furthermore, major advancements in quantum computer technologies in countries such as China and South Korea drive quantum computer adoption in the BFSI sector, influencing regional market growth.
Global technology providers are increasingly competing with one another as well as local firms that have mastered industry regulations and suppliers. As a result, eminent gamers seek opportunity to incorporate across the extended value chain while focusing on production facility expansion, RD investments, and MA activities to gain traction. The key players identified in the quantum computing market include Atos SE, Intel Corporation, IBM Corporation, Cambridge Quantum Computing Ltd., D-Wave Systems Inc., Rigetti Co, Inc., Google, QRA Corp, QC Ware Corp., and QxBranch, Inc.
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