LONDON, Nov. 30, 2021 /PRNewswire/ -- According to
Brandessence Market Research, the quantum computing market forecast
promises a robust CAGR of 28.5% CAGR during 2020-2027 period. The
quantum computer market growth is likely to reach USD 358.6 Million in 2020 and expected to reach
USD 2074.6 Million by 2027 end. The
growing demand for speeding of trading activities with quantum
computing in the finance, and banking sector remains a promising
driver of growth. The banking sector continues to make aggressive
foray into key technologies like digitalization, automation,
cloud-based data analysis, AI-based security. These investments
have been a major boon for players in the banking sector, with
ability to reach new populations, decrease distribution costs
tremendously, among many other major benefits. The quantum
computing industry promises a major leap for end-use industries
like banking in identifying critical business risks, increase
efficiency manifold, and increased productivity with business
optimization. Quantum computing industry is also likely to offer
various new opportunities for growth, with automated trading
platforms to provide a more through business analysis, and
insights.
Quantum Computing Market: Key Trends
Rising investments in space exploration, AI, supercomputers, and
defense sector remain key trends driving new advancements in
quantum computing technology. The trend is likely to continue
despite some minor setbacks during the covid-19 pandemic.
Governments around the world including emerging nations like
China, established regions like
the EU, key countries in R&D like the US represent major
opportunities for growth for players in the quantum computing
market. In August 2017, the
Commonwealth Bank (CBA) along with Tesltra, in collaboration with
local governments in Australia to
form the country's first quantum computing company. Similar
developments have cropped up across the world, in a robust
support
The quantum computing market report is divided on the basis of
application into machine learning, optimization, stimulation, and
others. Among these, the machine learning application is expected
to hold the highest share of total revenues, thanks to growing
complexity of business operations with the introduction of
cloud-based analysis. Many major tech companies including Google,
Amazon, IBM have jumped in the foray of cloud computing, and these
companies have made cloud access a near prerequisite for business
success. The growing cost-effectiveness of cloud based quantum
machine learning, the increasing demand for accurate, and speedy
mechanisms to deliver efficiency in business operations make
quantum computing a much-needed leap for major tech giants.
Supporting technologies like supercomputers have already made way
for niche applications like DNA sequencing in key sectors like
healthcare. The growing demand for cloud based quantum machine
learning in everyday applications like voice-assistants, customer
service, automated vehicles, among others promise major growth for
the machine learning segment in the quantum computing market.
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Depending on the type of offering, the cloud-based segment in
quantum computing remains a major promise for growth. As mentioned
earlier, cloud-based systems have become inevitable support systems
for growth for businesses of varying sizes. Furthermore, growing
digitalization of data, increased cost-effective data storage, and
diverse cloud offerings including on-premise, off-premise, and
hybrid cloud systems make cloud-based systems appealing to
businesses of varying sizes. The quantum computing is set to bring
key features like Noisy Intermediate-scale quantum or NISQ systems
to solve real-world problems. The quantum-based systems offer
tremendous flexibility for end-players to scale up their services
at economical prices. Furthermore, the quantum computing is also
essential for making a leap in availing technologies like 3D
printing, Virtual Reality, and others. These technologies relying
on high-end graphics remains extremely pricey, and difficult to
embed with limited network bandwidth. Quantum computing use in
telecom and IT sector promises to increase bandwidth and digital
storage to provide the much-needed flexibility to bring
technologies like VR to life.
Who is the leader in quantum computing?
Who is the leader in quantum computing? Very likely, a group
from China. Quantum computing
developments are often wrapped under the sheets, and there is very
little information available on public forums. However, technology
forums continue to report that Chinese companies hold an edge in
quantum computers over established giants like IBM, Google, among
others. However, companies like Google, Intel, and others remain
within grasping inches of major advancements, and may deliver a
breakthrough earlier, thanks to their skilled global workforce. So,
who is the leader in quantum computing is a question that will see
a definite winner in the near future.
Quantum Computing Market: Competitive Analysis
The quantum computing market remains a competitive, fragmented,
and innovative landscape. The growing necessity of quantum
computing in making giant leaps in key sectors like defense are
likely to increase funding for key players in the quantum computing
market. Key players in the quantum computing market continue to
focus on innovation through collaborations, strategic acquisitions,
and mergers. Major costs of investments remain a key barrier to
entry. However, growing availability of venture funding remains a
promising way to overcome this conventional barrier to entering an
advanced field of technology. Some leading quantum computing
companies
- International Business Machines
- Amazon
- Rigetti Computing
- IBM Google
- Microsoft
- Alibaba
- D-Wave Systems Inc.
- Nokia
- Intel
- Airbus
- HP
- Toshiba
- Mitsubishi
- SK Telecom
- NEC
- Raytheon
- Lockheed Martin
- Rigetti
- Biogen
- Volkswagen
- Amgen
- ID Quantique
- Others
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Quantum Computing Market: Regional Analysis
The quantum computing market report is divided into North America, Europe, Asia
Pacific, Latin America, and
Middle East & Africa. Among these, the north America is
expected to hold highest share of total revenues in the global
landscape. The growing demand for quantum computing in defense,
aerospace, automotive, IT, and other industries remains a key
driver of growth in this region. The long-held celebrated tradition
of research with the help of promising academic research also
promises to advance the application of quantum computing in this
region.
The Asia Pacific region is
likely to make way for fastest pace of growth in the quantum
computing market. In countries like China, the development of research institutes,
increased funding for key projects like supercomputers, and growing
promise of academic research from the region remain key drivers of
growth. Furthermore, growing advancements in manufacturing in the
APAC region, its increasing reliance on automated manufacturing,
and major promise of IT technology remain key drivers of growth in
the quantum computing market.
The growing penetration of quantum computing in key sectors like
banking, and finance for core applications like automation, and
security remain key drivers of growth. Quantum computing also
remains a major driver of advancement in research, and development
activities related to quantum computing technology. The covid-19
pandemic has pushed barriers of technology, with increased
automation, growing digitalization, among others. The quantum
computing also remains an important leap in technological
advancements for various governments, due to its increased promise
for national defense, aerospace, aviation, and key application in
industrial manufacturing. The rising availability of proven quantum
computing solutions, the increased visibility of the solutions, and
promising industrial efficacy remain key drivers of growth for
players in the quantum computing market.
North America
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Sweden
- Netherland
- Turkey
- Switzerland
- Belgium
- Rest of Europe
Asia-Pacific
- South Korea
- Japan
- China
- India
- Australia
- Philippines
- Singapore
- Malaysia
- Thailand
- Indonesia
- Rest Of APAC
South America
- Mexico
- Colombia
- Brazil
- Argentina
- Peru
- Rest of South America
Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest Of MEA
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