Quantum Computing Market : Record-Breaking Growth during 2021-2027 | Honeywell, Accenture, Google, Microsoft

Quantum Computing Market

The Quantum Computing market is expected to grow from USD 472 million in 2021 to USD 1,765 million by 2027, at a CAGR of 30.2%.

Latest added Quantum Computing Market research study by MarketDigits offers detailed product outlook and elaborates market review till 2027. The market Study is segmented by key regions that is accelerating the marketization. At present, the market is sharping its presence and some of the key players in the study are Honeywell International, Accenture, Google, Microsoft, Xanadu, Anyon System, QC Ware Corp, Intel Corporation. The study is a perfect mix of qualitative and quantitative Market data collected and validated majorly through primary data and secondary sources.

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This report studies the Quantum Computing Market size, industry status and forecast, competition landscape and growth opportunity. This research report categorizes the Quantum Computing Market by companies, region, type and end-use industry.

Scroll down 100s of data Tables, charts and graphs spread through Pages and in-depth Table of Content on ”Global Quantum Computing Market By System (Single Qubit Quantum System and Multiple Qubit System), Qubits (Trapped Ion Qubits, Semiconductor Qubits and Super Conducting), Deployment Model (On-Premises and Cloud), Component (Hardware, Software and Services), Application (Cryptography, Simulation, Parallelism, Machine Learning, Algorithms, Others), Logic Gates (Toffoli Gate, Hadamard Gate, Pauli Logic Gates and Others), Verticals (Banking And Finance, Healthcare & Pharmaceuticals, Defence, Automotive, Chemical, Utilities, Others) and Geography (North America, South America, Europe, Asia- Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026″. Early buyers will get 10% customization on study.

To Avail deep insights of Quantum Computing Market Size, competition landscape is provided i.e. Revenue Analysis (M $US) by Company (2018-2020), Segment Revenue Market Share (%) by Players (2018-2020) and further a qualitative analysis is made towards market concentration rate, product/service differences, new entrants and the technological trends in future.

Unlock new opportunities in Quantum Computing Market; the latest release from MarketDigits highlights the key market trends significant to the growth prospects, Let us know if any specific players or list of players needs to consider to gain better insights.

This report answers following 11 key questions:

Q.1. What are some of the most promising, high growth opportunities for the Quantum Computing market by headset type (standalone, smartphone enabled and PC-connected),by application (military, education, entertainment and media, retail, real estate and healthcare), and region (North America, Europe, Asia Pacific, and the Rest of the World)?

Q.2. Which segments will grow at a faster pace and why?

Q.3. Which region will grow at a faster pace and why?

Q.4. What are the key factors affecting market (Quantum Computing market, Quantum Computing market share) dynamics? What are the key challenges and business risks in this Quantum Computing market?

Q.5. What are the business risks and competitive threats in this Quantum Computing (Quantum Computing market, Quantum Computing market share) market?

Q.6. What are the emerging trends in this Quantum Computing (Quantum Computing market share) market and the reasons behind them?

Q.7. What are some of the changing demands of customers in the Quantum Computing (Quantum Computing market share) market?

Q.8. What are the new developments in the Quantum Computing (Quantum Computing market share) market? Which companies are leading these developments?

Q.9. Who are the major players in this Quantum Computing (Quantum Computing market share) market? What strategic initiatives are key players pursuing for business growth?

Q.10. What are some of the competing products in this Quantum Computing (Quantum Computing market share) market and how big of a threat do they pose for loss of market share by material or product substitution?

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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. Several companies are focusing on the adoption of QCaaS post-COVID-19. This, in turn, is expected to contribute to the growth of the quantum computing market. However, stability and error correction issues is expected to restrain the growth of the market.

Market Dynamics

Drivers: Early adoption of quantum computing in banking and finance industry

Quantum computing is gaining traction in the banking and finance services industry, which is focusing on increasing the speed of trade activities, transactions, and data processing manifolds. One of the significant potential applications of quantum computing is the simulation. Quantum computing helps in the identification of an improved and efficient way to manage financial risks. The processing time and the costs of high-quality solutions can increase exponentially if classical computers are used in financial institutions, while quantum computers can carry out speedy operations at optimized costs, resulting in cost savings and new opportunities for revenue generation

Rise in investments in quantum computing technology

Various government agencies related to the global space and defense sector are investing increasingly in the development of quantum computing technology so that different optimization and simulation strategies can be implemented with quantum computers. Governments of various countries across the world are making significant investments to support their research institutes for the development of quantum computing technology. China is investing significantly in research and development activities related to quantum computing technology. Governments of the US and Australia, as well as of the countries of the European Union, are forging ahead with quantum computing initiatives. For instance, in August 2017, the Commonwealth Bank (CBA) joined telco firm Telstra, the Federal Government, the New South Wales Government, and the University of New South Wales (UNSW) in a USD 83 million venture to establish the first quantum computing company of Australia.

Surge in number of strategic partnerships and collaborations to carry out advancements in quantum computing technology

Quantum computing technology is in its infancy stage. The development of scalable quantum computers requires dedicated partners to carry out advancements in quantum computing, develop practical applications, and build a quantum workforce of the future. Several companies such as Intel, Google, and IBM are collaborating with universities of different countries to carry out research and development activities related to quantum computing technology. Additionally, IBM has announced a series of partnerships with corporations and academic institutions to explore the practical aspects of this technology. The Massachusetts Institute of Technology, Princeton University, and the University of Waterloo are also working collaboratively on the development of quantum computer prototypes. Moreover, the retail bank, NatWest partnered with Fujitsu on a proof-of-concept project that aims to optimize its mix of high-quality liquid assets, including bonds, cash, and government securities

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Restraints: Stability and error correction issues

Presently, quantum computers use physical qubits, which are error-prone. It is estimated that 1,000 physical qubits are required to make a single logical qubit error-free, which is a goal yet to be realized. Till 2020, devices with up to 5,000 physical qubits had been developed. However, a commercially useful quantum computer is expected to be a 200 logical qubit machine with 200,000 physical qubits.

Commercializing quantum computers is a complex task. Till date, it is not possible to maintain the quantum mechanical state of qubits for a long period of time as they are delicate and can get easily disrupted by changes in environmental temperature, noise, and frequency. Moreover, a number of blockchain-based technologies rely on the elliptic curve digital signature algorithm (ECDSA), which is not quantum-safe at present.

Services segment is projected to lead the quantum computing market from 2021 to 2027.

The growth of this 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.

The cloud based segment held largest share of the quantum computing market in 2020. With

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.

Machine learning is expected to witness highest CAGR in coming years

Quantum machine learning involves the integration of quantum algorithms within machine learning programs. In the case of complex models, it becomes very difficult to sort a large number of variables systematically. Thus, users can opt for quantum computing technology to resolve this complexity with accuracy and speed. For instance, in the Monte Carlo method, the sampling technique is used to estimate numerical quantities from a large dataset. Quantum algorithms can be used to increase the execution speed of a solution, while algorithms can expedite the implementation of the Monte Carlo method and reduce the computational time.

The superconducting qubits segment is projected to account for the largest size of the quantum computing market from 2021 to 2027.

The growth of this segment can be attributed to faster operations of quantum computers based on superconducting qubits technology than the computers equipped with other technologies. The technology companies such as IBM, Google, and Intel are expected to launch their quantum computing services with superconducting qubits in the coming years.

The Quantum Computing market for healthcare and pharmaceuticals is foreseen to grow at a significant rate owing to the spread of the COVID-19

Governments of various countries have increased their healthcare and pharmaceuticals spending to combat this issue. Companies operating in this industry focus on the adoption of emerging technologies, such as quantum computing. The quantum computing technology enables scientists to develop medical and diagnostics tools that are ultra-precise and ultra-personalized. Moreover, quantum sensors can be used in magnetic resonance imaging (MRI) machines for ultra-precise measurements.

APAC is projected to hold a major share in the Quantum computing market in coming years

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.

Key Market Players

The Quantum Computing market was dominated by International Business Machines (US), D-Wave Systems (Canada), Microsoft (US), Amazon (US), and Rigetti Computing (US).

International Business Machines

IBM provides information technology products, along with computer solutions and services across the world. It has various divisions, namely, IBM Global Services, IBM Smartcamp, and IBM Research. Under its IBM Research division, the company has started the Quantum Experience, a set up wherein researchers carry out research on the IBM quantum computers through the cloud.

This report categorizes the Quantum Computing market based on offering, deployment, application, technology, end-use industry, and region.

Quantum Computing market, by Offering:

  • Systems
  • Services

Quantum Computing market, by Offering:

  • On Premises
  • Cloud Based

Quantum Computing market, by Application:

  • Optimization
  • Simulation
  • Machine Learning
  • Others (Quantum Chemistry and Quantum Finance)

Quantum Computing market, by Technology:

  • Trapped Ions
  • Quantum Annealing
  • Superconducting Qubits
  • Others (Topological and Photonic)

Quantum Computing market, by End-use Industry:

  • Banking & Finance
  • Space and Defense
  • Banking and Finance
  • Healthcare and Pharmaceuticals
  • Chemicals
  • Energy and Power
  • Transportation and Logistics
  • Academia
  • Government

Quantum Computing market, by Region:

  • North America
  • Europe
  • APAC
  • RoW

Recent Developments

  • In January 2020, IBM partnered with Daimler AG, the parent company of Mercedes-Benz, to enhance the capacity and increase the charging speed of batteries of electric vehicles. These companies used a quantum computer to model the dipole moment of three lithium-containing molecules that paves the way for the development of the next-generation lithium sulfur (Li-S) batteries that will be more powerful, long-lasting, and cost-effective than lithium-ion batteries.
  • In November 2019, IBM partnered with the Unitary Fund to provide grants and priority access to certain IBM Q systems. Similar to the quantum computing mission of IBM, the Unitary Fund aims to create a quantum technology industry that benefits most of the people.

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