This market's growth is anticipated to be fueled by growing investment in quantum computing and enhanced strategic partnerships and collaborations among important suppliers. For instance, JSR and Quantinuum collaborated in July 2022 to research quantum computing in the semiconductor industry.
Data Bridge Market Research shows that the Quantum Computing Market accounted for USD 649.54 million in 2021 and is expected to reach USD 8,643.11 million by 2029. The market is expected to grow with a CAGR of 38.20% from 2022 to 2029.
"Increasing Adoption of Quantum Computing as a Service (QCaaS) to Bolster the Growth of the Quantum Computing"
The services sector will probably control a sizable portion of the market. This is due to the increasing use of quantum computing as a service (QCaaS) in various industries, including finance, chemicals, defense, and the pharmaceutical and healthcare industries. Quantum computers can complete calculations in a matter of seconds. As a result, they are heavily utilized in these businesses, particularly BFSI, to speed up operations. The market has benefited from the growing usage of this technology in optimization, simulation, and machine-learning applications across a range of end-use sectors.
What restraints the growth of the Quantum Computing Market?
"High Costs Are Expected to Hamper the Market's Growth"
The limited lifecycle of supercomputers makes commercial expansion difficult; supercomputers have a shorter lifespan than other electronic devices and a relatively high cost, including electricity and maintenance costs. Hence, businesses might choose a new system with the newest hardware and other improved components instead of a supercomputer. The cost of commercial quantum computers such as D-Wave One is 50 qubits – $10,000,000.
Segmentation: Quantum Computing Market
The quantum computing market is segmented on the basis of system, qubits, offering, deployment model, component, application, logic gates and verticals.
- Based on system, the quantum computing market is segmented into single qubit quantum system, multiple qubit system.
- Based on system qubits, the quantum computing market is segmented into trapped ion qubits, semiconductor qubits and super conducting.
- Based on offering, the quantum computing market is segmented into systems, services.
- Based on system deployment model, the quantum computing market is segmented into on-premises, cloud.
- Based on component, the quantum computing market is segmented into system hardware, software and services.
- Based on system application, the quantum computing market is segmented into cryptography, simulation, parallelism, machine learning, algorithms, others.
- Based on logic gates, the quantum computing market is segmented into toffoli gate, hadamard gate, pauli logic gates and others.
- Based on verticals, the quantum computing market is segmented into banking and finance, healthcare and pharmaceuticals, defense, automotive, chemicals, utilities, others.
Regional Insights: North America is expected to dominate the Quantum Computing Market
North America is expected to dominate the market due to substantial expenditures made during the projection period for introducing cutting-edge technology and its use in defense, healthcare, pharmaceutical research, chemicals, utilities, and several other sectors.
In addition, the Asia-Pacific region is likely to register the highest growth rate during the forecast period of 2022 to 2029 due to the region's growing industrialization and urbanization.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-quantum-computing-market
Recent Developments in Quantum Computing Market
- In 2022, The next-generation hybrid cloud and quantum computing technology from IBM Corporation, a US-based technology company, was introduced. It features an integrated AI-enabled chip that enables clients to analyze real-time transactions in crucial industries like credit cards, healthcare, and financial transactions.
The Prominent Key Players Operating in the 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 quantum computing market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global 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.
