Quantum computing can navigate various options and abstract potential answers to complex issues. The rapidly developing field of quantum computing uses the terms of quantum mechanics to ease the problems that are too complex for conventional computers. The market for quantum computing is also being driven forward by rising demand for Software-as-a-Service (SaaS) business models, growing data center workloads, and increased complexity in the processor design of conventional binary computing systems.
According to Data Bridge Market Research, the Europe Quantum Computing Market was valued at USD 110.36 million in 2022 and is expected to reach the value of USD 878.32 million by 2030, at a CAGR of 29.60% during the forecast period.
“Growing use of machine learning accelerates market growth."
Quantum algorithms are incorporated into machine learning programs as part of quantum machine learning. It is extremely challenging to sort multiple variables in the context of complex models systematically. Therefore, users can use quantum computing to quickly and precisely resolve this complexity. For instance, the Monte Carlo method uses the sampling method to evaluate numerical quantities from a large data collection. Quantum algorithms can accelerate the speed at which a solution is executed, whereas algorithms can speed up computation and broaden the use of the Monte Carlo method. Therefore, machine learning is anticipated to experience the fastest growth during the forecast period.
What restraints the growth of the quantum computing market?
“Complexities in quantum computing implementation will limit the market growth rate."
There are some fundamental intellectual obstacles facing the quantum computing market. Factor that is limiting the growth of the quantum computing market is the complexity of quantum computing implementations. The market growth rate is also hampered by quantum entanglement and compatibility problems during network communication.
Segmentation: Europe Quantum Computing Market
The Europe quantum computing market is segmented on the basis of system, qubits, quantum offerings, deployment model, component, application, logic gates and verticals.
- On the basis of system, the quantum computing market is segmented into single qubit quantum system, multiple qubit system.
- On the basis of qubits, the quantum computing market is segmented into trapped ion qubits, semiconductor qubits, and super conducting.
- On the basis of offering, the quantum computing market is segmented into systems, and services.
- On the basis of deployment model, the quantum computing market is segmented into on-premises and cloud.
- On the basis of component, the quantum computing market is segmented into hardware, software, and services.
- On the basis of application, the quantum computing market is segmented into cryptography, simulation, parallelism, machine learning, algorithms, and others.
- On the basis of logic gates, the quantum computing market is segmented into toffoli gate, hadamard gate, pauli logic gates, and others.
- On the basis of verticals, the quantum computing market is segmented into banking and finance, healthcare and pharmaceuticals, defense, automotive, chemical, utilities, and others.
Regional Insights: Germany is expected to dominate the Europe Quantum Computing Market
Germany is anticipated to dominate the Europe quantum computing market because the government is allocating more money to promote quantum computing. In order to develop quantum computing and profit from it, they also encourage and reward startup collaboration. France dominates after Germany because government officials have revealed national plans to advance quantum technologies.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/europe-quantum-computing-market
Recent Developments in Europe Quantum Computing Market
- In 2019, IBM Corporation worked with universities like Stony Brook University and Florida State University for extended quantum computing research. In order to support student research projects and instruction, Virginia Tech, the University of Tokyo, and the University of Notre Dame will begin working with IBM quantum computing systems. Joint ventures, collaboration, and other market participant strategies help an organization increase its quantum computing product offering while broadening its company portfolio.
The Prominent Key Players Operating in the Europe Quantum Computing Market Include:
- Honeywell International, Inc. (U.S.)
- Accenture (Ireland)
- Fujitsu (Japan)
- Rigetti & Co, Inc. (U.S.)
- 1QB Information Technologies, Inc. (Canada)
- IonQ (U.S.)
- Atom Computing, Inc. (U.S.)
- ID Quantique (Switzerland)
- QuintessenceLabs (Australia)
- Toshiba Research Europe Ltd. (U.K.)
- Microsoft (U.S.)
- Magiq Technologies, Inc. (U.S.)
- NEC Corporation (Japan)
- Anyon System Inc. (Canada)
- CAMBRIDGE QUANTUM COMPUTING LTD (U.K.)
- QCWare (U.S.)
- Intel Corporation (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of Europe quantum computing market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Europe Quantum Computing Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
