Global Quantum Computing in Aerospace & Defense Market Research Report: Information by Component (Hardware, Software, and Services), Application (Quantum Key Distribution [QKD], Quantum Cryptanalysis, and Quantum Sensing), and Region (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa)—Forecast till 2024
The quantum computing in aerospace & defense market is estimated to register phenomenal growth during the forecast period. The demand for advanced computing and investments in the defense industry are expected to drive market growth. Moreover, the need to upgrade military digital infrastructure is estimated to propel market growth during the forecast period.
Quantum computing is currently in development with many countries investing in the technology to gain first-mover advantage. For instance, in April 2019, the Canadian government invested USD 30.4 million in quantum computing research. In April 2019, Zapata, a technology company, raised USD 21 million in funding from Prelude Ventures and Comcast Ventures to develop quantum computing software solutions for various hardware platforms. The company is expected to use the funding to develop quantum computing applications that would include a combination of machine learning and computational chemistry.
The global quantum computing in aerospace & defense market has been segmented on the basis of component, application, and region.
On the basis of component, the market has been divided into hardware, software, and services. The hardware segment is expected to be the largest while the software segment is projected to register the highest CAGR during the forecast period. Significant investments in the research and development of quantum computing are expected to drive the growth of the market.
By application, the global quantum computing in aerospace & defense market has been classified as quantum key distribution (QKD), quantum cryptanalysis, and quantum sensing. The quantum key distribution (QKD) segment is estimated to be the largest and fastest-growing during the forecast period. QKD solutions are currently at a nascent stage and are expected to be widely commercialized during the forecast period, which is projected to drive the growth of the segment.
Based on region, the global quantum computing in aerospace & defense market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America dominated the global market in 2018; the regional market is expected to register the highest CAGR during the forecast period. The presence of key players such as Bombardier Inc. and AAR Corp. in North America is expected to encourage market growth.
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The key players in the global quantum computing in aerospace & defense market are D-Wave Systems Inc. (US), Station Q-Microsoft Corporation (US), Qxbranch LLC (US), Cambridge Quantum Computing Ltd (UK), 1qb Information Technologies Inc. (Canada), QC Ware Corp. (US), IBM Corporation (US), Magiq Technologies Inc. (US), and Rigetti Computing (US).