The global quantum computing market is expected to grow at a compound annual growth rate (CAGR) of approximately 31.21% between 2022 and 2030, with a value of approximately USD 457.9 million in 2021.
The report examines the global quantum computing market drivers, restraints/challenges, and opportunities over the forecast period. The report also delves into regional and competitive insights, as well as highlighting some recent global market developments.
Quantum Computing Market: Overview
Quantum computing is a computing technology that is based on concepts from quantum mechanics such as entanglement, interference, and superposition. A branch of physics is the study of quantum mechanics. It is a fundamental theory that describes the physical properties of nature that surround living organisms on a scale ranging from subatomic particles to atoms. Quantum computers are devices and technologies that compute or provide digital solutions for quantum calculations.
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Although current computers may not always outperform classical computers in practical applications, the scientific community is optimistic that larger systems will be able to solve exceptionally difficult concepts in quantum mechanics such as integer factorization. Quantum computing is one step ahead of supercomputing because supercomputers cannot solve certain problems. Quantum computers are quickly gaining traction in the global science scene, particularly at large research facilities that are investing in discovering more answers about the universe.
Quantum Computing Market: Segmentation
The global quantum computing market is divided into four sections: technology, industry, deployment type, application, and region.
The global market is divided into trapped ions, quantum dots, and quantum annealing based on technology.
During the forecast period, quantum annealing (QA) is expected to be the most dominant segment.
QA is used to solve combinatorial optimization problems. It used quantum mechanics laws to calculate the energy state.
Temperatures as low as -191.1°C are required for quantum computers to function.
The global market is segmented by industry into aerospace & defence, BFSI, healthcare, manufacturing, and energy & utilities.
In 2021, the global market for Banking, Financial Services, and Insurance (BFSI) generated more than USD 145.39 million.
Quantum computing can assist the segment in making predictions about economic changes and phenomena by analysing the current financial market, making the technology extremely beneficial to market participants.
The global market is divided into four applications: machine learning, optimization, sampling, and simulation & data problems.
The optimization segment currently dominates the global market, accounting for more than 61% of the segmental share, as the primary goal of any business is to optimise the results.
Companies and businesses rely on the accuracy of all current data and forecast information, which quantum computing can provide.
Quantum Computing Market: Regional Analysis
North America will continue to dominate global market growth.
During the forecast period, North America is expected to dominate the global quantum computing market, with the United States acting as the majority shareholder. The presence of the necessary infrastructure to promote and encourage quantum computing systems is expected to drive regional growth.
In terms of technological developments related to quantum mechanics, the region is already far ahead of any other nation on the planet. Factors such as the availability of a supportive ecosystem that includes the numerous partners required to develop such advanced technology, as well as government support, are expected to help North America generate more revenue. The US government oversees the National Quantum Initiative Act, which promotes Quantum Information Science and related technologies.
Quantum Computing Market: Competitive Analysis
The global quantum computing market is led by players like
Huawei Technologies Co. Ltd.
Rigetti & Co Inc
D-Wave Systems Inc.
IBM Corporation
Microsoft Corporation
Telstra Corporation Limited
Zapata Computing Inc.
IonQ Inc.
Silicon Quantum Computing.
The global quantum computing market is segmented as follows:
By Technology
Trapped Ions
Quantum Dots
Quantum Annealing
By Offering
Service
Software
Hardware
By Industry
Aerospace & Defense
BFSI
Healthcare
Manufacturing
Energy & Utilities
By Deployment Type
Cloud-Based
On-Premises
By Application
Machine Learning
Optimization
Sampling
Simulation & Data Problems
By Region
North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
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