Quantum computing offers higher computing speed as compared to traditional ones. It is gaining popularity owing to the rapid advancements in technology and its high rate of adoption. The observation presented by Market Research Future (MRFR) reveals that the global quantum computing market is expected to register 31.3% CAGR over the assessment period. Also, the valuation of the revenues earned is expected to reach USD 2.82 Bn by the close of the prognosis period.
Quantum computing consumes very less power as compared to traditional ones while exhibiting higher performance. This, in turn, is anticipated to catapult the quantum computing market on upward trajectory. Increasing cyber threats has led to the rising adoption of the technology across industries such as BFSI, healthcare, etc. It is anticipated to augment the quantum computing market in the coming years.
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Based on application, the segments of the quantum computing market are optimization, simulation, machine learning, and others. Among these, the optimization segment resonates growth potential and is assessed to mark 31.7% CAGR over the forecast period.
Based on product type, the quantum computing market has been segmented into Hardware, Software, and Services. The hardware segment held 44.9% share of the market in 2017. It is presumed to expand at 32% CAGR across the evaluation period.
The vertical-based segments of the quantum computing market identified in this MRFR report are BFSI, Energy & Power, Aerospace & Defense, Healthcare, Transportation, Information Technology (IT) & Telecommunication, and Others. Among these, the aerospace and defense segment is projected to retain the pole position in the coming years. It is expected to mark 38.3% CAGR across the evaluation period. The only major restraint to market growth is the lack of desired skillset in personnel.
The regional segments identified for the geographical analysis of Quantum Computing Market are – North America, Asia Pacific (APAC), Europe, the Rest of the World (RoW). North America is observed to exhibit positive growth rate over theses years. It is projected to lead the growth pattern of the quantum computing market in the near future. The growth is driven by the vendors based out of the region, such as Google, IBM Corporation, Intel. The region is prognosticated to witness a CAGR of 31.3% over the review period. The regional quantum computing market is projected to earn revenues worth USD 952.29 Mn by 2023. Increasing investments in research & development are prognosticated to drive the growth of the market in the foreseeable future.
Atos SE, Cambridge Quantum Computing Ltd., Intel Corporation, Rigetti & Co, Inc., D-Wave Systems Inc., IBM Corporation, QxBranch, Inc., Google, QRA Corp, and QC Ware Corp. are some of the players of the quantum computing market profiled in this report. These players hold considerable share of the market and are expected to invest in research & development to strengthen their market positions in the coming years. These endeavors are projected to boost competitiveness, thus, supporting growth of the market. Regional expansion is another factor that is poised to catalyze the competition in the quantum computing market in the foreseeable future.
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