Quantum Computing Market Analysis and Forecast to 2032: By Component (Hardware, Software, Services), Deployment (On-Premises, Cloud), Application (Machine Learning, Optimization, Biomedical Simulations, Financial Services, Electronic Material Discovery, O

Quantum Computing Market Analysis and Forecast to 2032: By Component (Hardware, Software, Services), Deployment (On-Premises, Cloud), Application (Machine Learning, Optimization, Biomedical Simulations, Financial Services, Electronic Material Discovery, Others), End User (Healthcare, Banking, Financial Services, and Insurance, Automotive, Energy & Utilities, Chemical, Manufacturing, Others), and Region

The quantum computing market was valued at USD 712.2 million in 2021 and it is anticipated to grow further to USD 10737.9 million by 2031, at a CAGR of 31.2% during the forecast period.

Quantum computing is a type of computing where information is processed using quantum bits instead of classical bits. This makes quantum computers much faster and more powerful than traditional computers. Quantum computers can solve problems that classical computers cannot, such as factorizing large numbers or searching unsorted databases.

Global Quantum Computing Market Scope and Report Structure

Market Trends and Drivers

The key drivers of the Quantum Computing market are the need for faster and more powerful computing, the development of new quantum algorithms, and the increasing investment in quantum computing research and development. Faster and more powerful computing is needed for tasks such as big data analysis, machine learning, and AI. Quantum computers can perform these tasks much faster than classical computers. The development of new quantum algorithms is another key driver of the Quantum Computing market. These algorithms can solve problems that are difficult or impossible for classical computers to solve. The increasing investment in quantum computing research and development is another key driver of the Quantum Computing market. This investment is needed to develop more powerful quantum computers and to find new applications for quantum computing.

Market Restraints and Challenges

The key restraints and challenges in Quantum Computing market are:

1. Lack of commercial viability: Quantum computers are not yet commercially viable, which is a key challenge for the market growth.

2. Limited scalability: Another challenge for quantum computing is scalability. The number of qubits that can be reliably manipulated is still quite limited, which limits the potential applications of quantum computers.

3. High costs: Quantum computers are very expensive, which is another key challenge for the market growth.

4. Lack of skilled personnel: There is a lack of skilled personnel who are trained in quantum computing, which is another key challenge for the market growth.

Global Quantum Computing Market Segmental Overview

The global quantum computing market is segmented into component, deployment, application, end user, and region.

Global Quantum Computing Market by Component

Based on the component, it is segmented into hardware, software, and services. The hardware segment is anticipated to dominate the market during the forecast period. Multiple quantum computing hardware platforms are currently in development. The most advanced are superconducting circuits and trapped ions, on which all commercially available quantum computers are based. Other promising platforms are photonic networks, spin qubits, and neutral atoms.

Global Quantum Computing Market by Deployment

Based on the deployment, it is segmented into on-premises, and cloud. The cloud segment is anticipated to dominate the market during the forecast period. The need for cloud-based computing solutions and services is likely to increase as more robust systems are developed. Google is highly investing and researching quantum technologies and is anticipated to launch an enhanced cloud computing service in the upcoming years.

Global Quantum Computing Market by Application

Based on the application, it is segmented into machine learning, optimization, biomedical simulations, financial services, electronic material discovery, and others. The machine learning segment is anticipated to dominate the market during the forecast period. It enables users in discovering the estimation of quantum system features, quantum error-correcting codes, and the development of novel quantum algorithms.

Global Quantum Computing Market by End User

Based on the end user, it is segmented into healthcare, banking, financial service & insurance, automotive, energy & utilities, chemical, manufacturing, and others. The banking financial service and insurance segment is anticipated to dominate the market during the forecast period. Furthermore, quantum computing is gaining traction in the healthcare sector as according to the medical futurist, the computing technology can fuel the creation of virtual environments where professionals can analyze variables like body fluids, electrolytes, circulation, metabolism, and skin temperature on digital replicas of humans.

Geographical Analysis of the Global Quantum Computing Market

Region-wise, it is studied across the North America, Europe, Asia Pacific, and the Rest of the World. The North America region is anticipated to dominate the market during the forecast period. The highly competitive landscape and the early adoption of advanced technologies is boosting the growth of the market.

Major Players in the Global Quantum Computing Market

The key players studied in the report are IBM Corporation (U.S.), D-Wave Systems Inc. (Canada), Microsoft Corporation (U.S.), Intel Corporation (U.S.), Rigetti & Co, Inc.(U.S.), Google LLC (U.S.), QC Ware(U.S.), Quantinuum Ltd. (U.S.), Riverlane (U.K.), and IonQ (U.S.) among others.

COVID-19 Impact

The market for quantum computing is experiencing a rise in research projects that investigate quantum machine learning to open up new possibilities in COVID-19 drug discovery by fast producing potential chemical compounds. Quantum computing is being adopted by businesses somewhat slowly, but its use in the BFSI, healthcare, and manufacturing sectors is expected to increase dramatically. Quantum communications have the ability to offer strong eavesdropping protection. Given that quantum computing is still in its infancy, it is obvious that a quantum computer might determine the most likely solution to cracking an encryption method, but that it will require the classical computer to test the solution to see if it actually does so.

Recent Developments

• July 2022, ORCA Computing announced plan to partner with a company based in Israel, Quantum Machines. The companies intend to begin a newly announced Israeli computing center with this association.
• March 2022, Pasqal partnered with Microsoft, intending to offer cloud-based access to the company’s neutral-atom-based quantum computers on Azure Quantum.

Frequently Asked Questions

Q1. How big is the Quantum Computing market?

Ans. The global Quantum Computing market size was USD 712.2 million in 2021 and it is anticipated to grow further till USD 10737.9 million by 2031, at a CAGR of 31.2% from 2022 to 2031.

Q2. What is the Quantum Computing market growth rate?

Ans. The growth rate of the Quantum Computing market is 31.2%.

Q3. Which region holds a major market share for the Quantum Computing market?

Ans. North America holds a major market share of the Quantum Computing market in 2021.

Q4. Which segment accounted for the largest Quantum Computing market share?

Ans. By end user, the healthcare segment accounted for the largest Quantum Computing market share.

Q5. Who are the key players in the Quantum Computing market?

Ans. The global Quantum Computing market report includes players such as IBM Corporation (U.S.), D-Wave Systems Inc. (Canada), Microsoft Corporation (U.S.), Intel Corporation (U.S.), Rigetti & Co, Inc.(U.S.), Google LLC (U.S.), QC Ware(U.S.), Quantinuum Ltd. (U.S.), Riverlane (U.K.), and IonQ (U.S.) among others.

Q6. What are the factors driving the Quantum Computing market growth?

Ans. The major factors driving the growth of the market are the growing healthcare market in emerging countries.

Q7. What are the key growth strategies of Quantum Computing market players?

Ans. The key growth strategies of Quantum Computing market players are product launch and product approval.

Q8. Which region will provide more business opportunities for the Quantum Computing market during the forecast period?

Ans. The Asia-Pacific region will provide more business opportunities for the Quantum Computing market during the forecast period.

Please Note: This report will be delivered by publisher within 3-4 business days of order confirmation.