Quantum Computing Market Is growing due to the increasing rate of cybercrimes and stringent government initiatives for the development of this technology are major driving forces behind the market growth.
New York, USA, May 25, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Research Report by Market Research Future (MRFR), “Quantum Computing Market Information by By Application, By Product Type, and By Vertical – Forecast till 2030”, the market of Quantum Computing could thrive at a rate of 31.3% between 2022 and 2030. The market size will be reaching around USD 4.85 Billion by the end of the year 2030.
Market Synopsis:
Quantum computing is a technology that uses the principles of quantum mechanics to perform computations in a much faster and more efficient way than classical computers. Instead of using bits, which can either be 0 or 1, quantum computers use quantum bits, or qubits, which can be both 0 and 1 simultaneously. This property, known as superposition, allows quantum computers to perform many calculations simultaneously, vastly increasing their speed and efficiency.
The potential uses and applications of quantum computing are vast and far-reaching. For instance, quantum computers could be used to optimize complex systems such as supply chains or transportation networks, accelerate drug discovery and development, and enhance cryptography and data security. They could also be used to simulate complex physical systems such as weather patterns or the behavior of molecules, which could have applications in fields such as materials science and renewable energy.
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Market Competitive Landscape:
The affluent companies in the Quantum Computing industry include:
- Intel Corporation
- Atos SE
- Cambridge Quantum Computing Ltd.
- IBM Corporation
- Rigetti & Co Inc.
- D-Wave Systems Inc.
Latest Industry Updates:
- May 2021: IBM’s announcement that it had created a two-qubit quantum processor with the lowest error rates in the industry, made it a major milestone in the development of quantum computing technology.
Scope of the Report – Quantum computing Market:
| Report Metrics | Details |
| Market Size by 2030 | USD 4.85 Billion |
| CAGR during 2022-2030 | 31.3% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Key Market Opportunities | The national quantum strategy offers Atos the opportunity to accelerate its Quantum Learning Machine (Atos QLM) expertise to offer the French quantum ecosystem with the benefits of quantum computing in the NISQ (Noisy Intermediate-Scale Quantum) era as soon as possible. |
| Key Market Drivers | The escalated investment level being directed from the governments is expected to have a broad effect on the global market. |
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Market USP Covered:
Market Drivers:
There are several driving factors for the growth of the quantum computing market. First, the increasing demand for high-speed computing and the need to solve complex problems is driving the growth of the market. Second, the growing interest and investment in quantum computing technology by governments, universities, and private companies is also fueling the market’s growth. Third, the emergence of cloud-based quantum computing services is also driving the growth of the market, making quantum computing more accessible to a wider range of users.
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Market Restraints:
The restraints that are hindering the growth of the quantum computing market. One major challenge is the high cost of building and maintaining quantum computers, as well as the limited number of skilled professionals who can design, build, and program them. Another challenge is the difficulty of maintaining the stability of qubits, which are highly sensitive to their environment and prone to errors.
COVID 19 Analysis:
The COVID-19 pandemic has had both positive and negative impacts on the quantum computing market. On the one hand, the pandemic has highlighted the importance of high-speed computing and the need for advanced technology to solve complex problems, which could drive demand for quantum computing technology. On the other hand, the pandemic has also disrupted supply chains and caused delays in research and development, which could slow the market’s growth.
Market Segmentation:
- By Application – The Applications in the market include Optimization, Machine Learning, Simulation, and Others.
- By Product Type – By Product Type, the segment includes Hardware, Software, and Services
- By Vertical – By Vertical, the segment includes Aerospace & Defense, BFSI, Energy & Power, Healthcare, Information Technology & Telecommunication, Transportation, and Others.
Regional Insights:
The North American region is currently the largest market for quantum computing due to several factors. The region is home to some of the biggest and most influential players in the quantum computing industry, including IBM and Google, which have been investing heavily in research and development of quantum computing technology. These companies have been at the forefront of developing quantum computers and quantum computing services, which has helped to drive the growth of the market in the region. Further, Europe is also a significant market for quantum computing, with several countries investing heavily in research and development of the technology. Countries such as the UK, Germany, France, and the Netherlands have established national initiatives to promote the development of quantum computing technology. For example, the UK government launched the National Quantum Technologies Programme in 2013, which provides funding and support for quantum technology research and development. The European Union has also launched a Quantum Flagship initiative, which aims to accelerate the development and commercialization of quantum technologies in Europe.
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Additionally, Asia-Pacific is expected to be the fastest-growing market for quantum computing, due to the increasing investment in quantum computing technology by countries such as China, Japan, and South Korea. These countries have been investing heavily in research and development of quantum computing technology, to develop their own indigenous quantum computing industries. China, for example, has launched a major initiative to become a world leader in quantum computing technology by 2030, investing billions of dollars in research and development.
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