The “Global Quantum Computing Market with COVID-19 Impact Analysis by Offering (Systems, Services), Deployment (On Premises, Cloud-based), Application, Technology, End-use Industry and Region – Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The Global Quantum Computing Market is expected to grow from USD 472 million in 2021 to USD 1,765 million by 2026, at a CAGR of 30.2%.
The early adoption of quantum computing in the banking and finance sector is expected to fuel the growth of the market globally. Other key factors contributing to the growth of the quantum computing market include rising investments by governments of different countries to carry out research and development activities related to quantum computing technology.
Services segment is attributed to hold the largest share of the Quantum Computing market
The growth of services segment can be attributed to the increasing number of startups across the world that are investing in research and development activities related to quantum computing technology. This technology is used in optimization, simulation, and machine learning applications, thereby leading to optimum utilization costs and highly efficient operations in various end-use industries.
Cloud-based deployment to witness the highest growth in Quantum Computing market in coming years
With the development of highly powerful systems, the demand for cloud-based deployment of quantum computing systems and services is expected to increase. This, in turn, is expected to result in a significant revenue source for service providers, with users paying for access to noisy intermediate-scale quantum (NISQ) systems that can solve real-world problems. The limited lifespan of rapidly advancing quantum computing systems also favors cloud service providers. The flexibility of access offered to users is another factor fueling the adoption of cloud-based deployment of quantum computing systems and services. For the foreseeable future, quantum computers are expected not to be portable. Cloud can provide users with access to different devices and simulators from their laptops.
Optimization accounted for a major share of the overall Quantum Computing market
Optimization is the largest application for quantum computing and accounted for a major share of the overall Quantum Computing market. Companies such as D-Wave Systems, Cambridge Quantum Computing, QC Ware, and 1QB Information Technologies are developing quantum computing systems for optimization applications. Networked Quantum Information Technologies Hub (NQIT) is expanding to incorporate optimization solutions for resolving problems faced by the practical applications of quantum computing technology.
Trapped ions segment to witness highest CAGR of Quantum Computing market during the forecast period
The trapped ions segment of the market is projected to grow at the highest CAGR during the forecast period as quantum computing systems based on trapped ions offer more stability and better connectivity than quantum computing systems based on other technologies. IonQ, Alpine Quantum Technologies, and Honeywell are a few companies that use trapped ions technology in their quantum computing systems.
APAC to witness highest growth of Quantum Computing market during the forecast period
APAC region is a leading hub for several industries, including healthcare and pharmaceuticals, banking and finance, and chemicals. Countries such as China, Japan, and South Korea are the leading manufacturers of consumer electronics, including smartphones, laptops, and gaming consoles, in APAC. There is a requirement to resolve complications in optimization, simulation, and machine learning applications across these industries. The large-scale development witnessed by emerging economies of APAC and the increased use of advanced technologies in the manufacturing sector are contributing to the development of large and medium enterprises in the region. This, in turn, is fueling the demand for quantum computing services and systems in APAC.
- Early Adoption of Quantum Computing in Banking and Finance Industry
- Rise in Investments in Quantum Computing Technology
- Surge in Number of Strategic Partnerships and Collaborations to Carry Out Advancements in Quantum Computing Technology
- Stability and Error Correction Issues
- Technological Advancements in Quantum Computing
- Surge in Adoption of Quantum Computing Technology for Drug Discovery
- Dearth of Highly Skilled Professionals
- Physical Challenges Related to Use of Quantum Computers
- 1QB Information Technologies
- Anyon Systems
- Cambridge Quantum Computing
- D-Wave Systems
- Hewlett Packard Enterprise (HP)
- Honeywell International
- Huawei Technologies
- International Business Machines (IBM)
- Nippon Telegraph and Telephone Corporation (NTT)
- Northrop Grumman
- QC Ware
- Quantica Computacao
- Quantum Circuits
- Rigetti Computing
- Zapata Computing
For more information about this report visit https://www.researchandmarkets.com/r/7447h3
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