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
Report ID : 139 | Published Date : May 2020 | Pages : 210 | Region : Global | Report Code : ICT-7
Quantum Computing Market Overview and Introduction
The quantum computing market is estimated to hold a share of US$ 3.98 billion in 2019. The market is anticipated to further grow at a CAGR of 25.30% from 2019 to 2030.
Quantum computing focuses on computer technology involving principles of quantum theory and integrates laws & concepts of quantum physics that help to compute complex problems at high speeds. It uses the states between 0 and 1 to compute, unlike classical computing that uses only 0 and 1 bits. The availability of multiple bits helps in adopting parallelism, resulting in fast computing for better results. Quantum computing finds applications in research, simulation, and other applications in various industries including automotive, defense, healthcare, and others.
The global quantum computing market is driven by factors such as better cyber security when compared with traditional cyber security solutions. As multiple codes are available in quantum computing, the ability to break these encrypted codes becomes more difficult. IBM, Google, Intel, and others are using quantum computing concepts to improvise their cyber security. Moreover, to solve certain complex computational problems, quantum systems are required, that can supersede today’s computers in terms of power & speed. Commonly used computers lack parallelism and entanglement concepts of quantum physics & mechanics. On the other hand, the use of multiple bits in quantum computing leads to more stability and speed.
Also, increased investments in quantum computing technology by various governments, increasing strategic partnerships & acquisitions, and patent registrations are playing a pivotal role in contributing to the extensive market growth of global quantum computing. However, lack of skilled labor leads to instability of output, which is one of the factors that is likely to restrain market growth to a certain extent.
The global quantum computing market is segmented by component, deployment mode, application, and end-use industry.
Quantum Computing Market By Component
Based on component, the market can be segmented into hardware, software, and services. The software segment is estimated to grow at the highest CAGR during the forecast period, 2019-2030 owing to simplification of the overall computing processes and ease of upgrading and maintenance tasks.
Quantum Computing Market By Deployment Mode
Based on deployment mode, the market can be segmented into on-premise and cloud. The cloud segment is estimated to grow at the highest CAGR, owing to factors such as ease of accessing data, computation of data irrespective of the location, and cost-effectiveness when compared with on-premise deployments.
Quantum Computing Market By Application
Based on application, the market can be segmented into optimization, simulation, and sampling. The simulation segment is expected to dominate the application segment, as computing is being used extensively for research & discovery of materials owing to advanced features available with fast computing.
Quantum Computing Market By End-Use Industry
Based on end-use industry, the market can be segmented into Banking, Financial Services, and Insurance (BFSI), healthcare & pharmaceuticals, defense, automotive, chemical, utilities, and others. The automotive segment is dominating in 2019 owing to factors such as need for optimization in the automotive industry, machine learning, and simulation applications in problem-solving such as developments in batteries used for electric vehicles.
Quantum Computing Market By Region
The global quantum computing market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America is expected to dominate the quantum computing market owing to factors such as the adoption of the technology by government & defense sectors in the U.S. for safe and effective communications, rising investments in the technology and the presence of various market players in the region. However, Asia Pacific is expected to witness the highest CAGR, with growth centered in China, Korea, Japan, and India owing to factors such as the significant presence of various industries including healthcare, banking, automotive, and chemicals. The region is the largest producer of the automobile with China, Japan, and South Korea leading in the manufacture of consumer electronic devices.
Quantum Computing Market Prominent Players
The prominent players in the global quantum computing market include IBM, Intel Corporation, Google, Microsoft Corporation, D-Wave Systems Inc., IonQ, Inc., 1QB Information Technologies Inc., Xanadu, ID Quantique, and Rigetti & Co, Inc., among others.