Quantum Computing Market is anticipated to grow at a CAGR of ~25% from 2019 to 2030.
Market Industry Reports (MIR) has published a new report titled “Quantum Computing Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global quantum computing marketing estimated to account for ~ US$ 3.98 billion in 2019. It is anticipated to grow at a CAGRof ~25% from 2019 to 2030.
The global quantum computing market is driven primarily by factors such as benefits of quantum cyber-security as compared to traditional cyber-security solutions, rising investmentsing quantum computing technology by various government agencies,increasing strategic partnerships & acquisitions, and patent registrations.
Quantum computing operates using qubits or quantum bits for faster computing & solving mathematical problems with complex calculations, whereas traditional systems only use two bits 0s & 1s to solve problems. Increasing threats of cyber-attacks across different industry verticals, has triggered the need for quantum technology to deal with these threats more effectively. Moreover, quantum computing is dependent on complex algorithms such as Shor’s algorithm, which in turn makes it difficult for cyber attackers to target any system. For instance, in 2017, Temporal Defense Systems Inc., a cybersecurity firm introduced the D-Wave 2000Q quantum machine for solving complex cybersecurity issuesaffecting government and commercial enterprises. Therefore, superposition & entanglement effects of quantum computing assistsin solving complex problems quickly and are much more efficientthan traditional computing for issues related to cybersecurity.
Countries across the globe have been extensively investing in quantum computing for adapting to cyber threats from various sources. For instance, Canada invested over US$ 1 billion in the past decade, whereas, the German government announced to invest over US$ 700million in IBM’s quantum computing research for industry and application-oriented quantum computational strategies. Similarly, strategic partnerships & acquisitions have also played a crucial role in fueling the growth of the market. For instance, tech giant IBM,announced partnerships with companies such as Delta Airlines to use the quantum computing technology for transforming experiences of customers and employees and simultaneously address several challenges associated with day to daytravel. Similarly, Intel announced collaboration with Netherlands based quantum computing organization, QuTech, for development of viable quantum computing systems.
Browse key industry insights spread across 210 pages with market data tables & figures & charts from the report, Quantum Computing Market by Component (Hardware, Software, and Services), Deployment Mode (On-Premises and Cloud), Application (Optimization, Simulation, and Sampling), End-Use Industry (Banking, Financial Services, and Insurance (BFSI)), Healthcare & Pharmaceuticals, Defense, Automotive, Chemical, Utilities, and Others) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/quantum-computing-market/139
However, lack of skilled labor and instability of output factor of computing are likely to restrain the growth of the market to a certain extent. The number of skilled personnel across the globe for quantum computing is less, as the technology is still in its nascent stage. Moreover, researchers prefer to work on traditional computing as compared to quantum computing, owing to current widespread application of traditional computing. Furthermore, it is difficult to build an error-free quantum computing system, due to the presence of temperature fluctuations, electromagnetic waves and other interactions of the system with the environment, which can in turn lead to loss of coherence. These errors consume extra storage than the qubitsand hence results in reduction ofspeed in performing computational tasks which in turn increases probability of wrong output.
North America is expected to dominate the quantum computing market owing to factors such as increasing adoption of the technology by the U.S. government & defense sector for safe & fast communications, rising investments in the technology and the presence of various players in the region. However, Asia Pacific is expected to witness the highest CAGR during the forecast period, with the growth in this market centered onChina, Korea, Japan, and India. The growth of this region can be attributed to factors such aspresence of several industries including healthcare, banking, automotive, &chemicals; increasing adoption of innovative technology to fight cyber-attacks and rising economic capabilities in these countries, among others.
Some of the prominent players in the quantum computing marketing include IBM, Intel Corporation, Google, Microsoft Corporation, D-Wave Systems Inc., IonQ, Inc., 1QB Information Technologies Inc., Xanadu, ID Quantique, Rigetti& Co, Inc. among others.
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