Increasing demand for Material Synthesis and Optimization to boost Quantum Computing Worldwide
The global quantum computing market is poised to reach US$ 7,635.38 Mn by 2027, expanding at a CAGR of 34.3% over the forecast period from 2019 to 2027. Increasing complexity in the data sets and incompetent traditional computing methodology has given birth to an advanced computing technology that works on quantum bits or qubits. Quantum computing encompasses three technology stages: quantum annealing, non-error corrected quantum computing, and fully-error corrected quantum computing. Quantum annealing has significantly entered the market visibility phase, while the other two are still under the technology trigger phase. The first phase of the technology has prominently penetrated logistics, artificial intelligence, and machine learning applications. Several venture capitalists also tend to invest significantly into quantum computing technology as they consider it a game changer for various industries, for example, healthcare, BFSI, manufacturing, aerospace & defense, manufacturing, and many other verticals.
Market Synopsis
The Aerospace & Defense Segment dominated the Global Quantum Computing Market in the year 2018
Aerospace & defense dominated the global quantum computing market in 2018 owing to the higher requirement for secure data transfer and communication. Additionally, the demand for fast data operation is expected to boost the industry's need for quantum computing solutions. Recently, the National Aeronautics and Space Administration (NASA) announced the achievement of quantum supremacy in partnership with Google Inc. The company has developed the fastest quantum computer capable of solving problems in just 200 seconds. On the other hand, the automotive and healthcare industry finds lucrative applications in quantum computing methods for route optimization and material synthesis. Furthermore, quantum computing can reveal a new horizon of development in the field of medical science for the treatment of various rare diseases.
Asia Pacific witnesses the Highest Growth over the Forecast Period
In 2018, North America held a major revenue share of the global quantum computing market. Impressive investments and technological advancements are the prime factors escalating regional growth. On the contrary, Asia Pacific is poised to grow exponentially over the forecast period owing to strategic government plans of different Asian countries. Recently, the Chinese government announced to build of a US$ 10 Bn National Laboratory for Quantum Information Sciences that is expected to start by 2020. China, Japan, and South Korea are the other important regions exploiting the quantum computing features for various industry verticals. Moreover, the region has promising industrial growth that favors market growth during the forecast period. BFSI is significantly implementing the quantum benefits in advanced computing.
Key Players & Competitive Landscape:
Some prominent players profiled in the global quantum computing market report include D-Wave Systems Inc., International Business Machines Corporation, Google Inc., 1QB Information Technologies, Microsoft Corporation, QX Branch, Cambridge Quantum Computing Limited, QC Ware Corp., Rigetti Computing, and River Lane Research among others.
The global quantum computing market is highly competitive, with prominent technology players such as IBM, Google, Microsoft, Alibaba, and Intel exploiting quantum computing technology for various computing applications. For instance, Google was exploring the quantum application in high-speed internet surfing and launched its new 54-qubit quantum chip named 'Sycamore' in October 2019.
However, another quantum giant, IBM corporation, opened its new quantum computing center in New York City on September 19, 2019. Similarly, other companies are also exploring new aspects of quantum computing and giving tough competition to each other. Irrespective of the fact that quantum computing is a nascent technology, the market has speedily turned from monopolistic to perfect competition.
Historical & Forecast Period
This research study provides qualitative as well as quantitative insights for each segment and sub-segment from 2017 to 2027, considering 2018 as the base year for the research. CAGR (Compounded Annual Growth Rate) for each segment and sub-segment is calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The quantum computing market research offers market size and forecasts based on market dynamics and predominant trends shaping the industry. In addition, the report provides an all-around view of the global quantum computing market based on type, applications, industry verticals, and geography.
Frequently Asked Questions:
The market for Quantum Computing is expected to reach US$ 7,635.38 Mn by 2027.
The Quantum Computing market is expected to see significant CAGR growth over the coming years, at 34.3%.
The report is forecasted from 2019-2027.
The base year of this report is 2021.
D-Wave Systems Inc., International Business Machines Corporation, Google Inc., 1QB Information Technologies are some of the major players in the global market.
