An accelerated shift of enterprises from on premise to cloud-based solutions primarily accounts for hefty growth in demand for quantum computing. A recent study of Persistence Market Research (PMR) projects that the global quantum computing market will expand at a stellar CAGR of 28% during 2019 – 2029.
Major companies are developing quantum computers focused on delivering free access to their quantum system through cloud platform, with the objective to create awareness and also to create a community for developers working on quantum computing technology. Through this new way of offering access, companies are targeting universities, research groups and companies focused on quantum computing to practice, test, and develop applications of quantum computing.
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Key Takeaways – Quantum Computing Market Study
- Major players in quantum computing market are investing more in their research and development and in resources, with the objective to tap commercial opportunities of quantum computing in private and government sectors.
- In terms of value, software segment is identified as the fastest growing segment, estimated to register highest CAGR of ~31% over the forecast period.
- Cloud based deployment will gain traction over the on premise deployment in future. This is mainly attributed to the excellent beneficial features of cloud based deployment over on premise deployment.
- The software segment is expected to create an incremental opportunity of nearly US$ 10 Bn in quantum computing market, through 2029.
- Lack of researchers or developers with quantum technology skills is hindering the growth of the quantum computing market.
- As compared to developing regions, the sales of quantum computing will be higher in the countries of North America and Europe.
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As the growth of financial industry is expected to be quite strong going forward, there will be many opportunities for quantum computing in the coming years as quantum computing solutions can deliver new way to model financial data compared to the current classical binary computing approaches.
Increasing Research Partnerships between Technology Companies and Universities
Educational institutes across the world are focusing on interdisciplinary theoretical and experimental research on quantum computing technology and its applications across various industry verticals. Major players involved in development of quantum computer are collaborating with educational institutes and research groups that are focusing on advanced quantum technological platforms, with the objective to accelerate their research on quantum computing.
- In June 2019, IBM announced about its expansion in South Africa by partnering with University of the Witwatersrand. This collaboration will drive educational opportunities and accelerate quantum computing research.
- In June 2018, U.S. Army Research Office provided a $16 million grant to Yale University to carry out research into quantum computing. This grant will help to pay for electronics, cooling equipment and a variety of specialized technical gear.
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