Quantum Computing Market Is Expected To Reach 9.25 Billion By 2027 And Grow At A CAGR of 32.8 Percent Over The Forecast Period.
According to the report by Stellar Market Research, Quantum Computing Market is estimated to grow at a CAGR of 32.8 percent over the forecast period 2022 to 2027, reaching nearly USD 9.25 Billion by 2027. Quantum Computing Market size was valued at USD 1.69 Billion in 2021.
Quantum Computing Market Overview:
Quantum computing is an advanced computer technology that is based on quantum theory and physics. The quantum computer has been used to implement quantum computing based on quantum physics concepts. It varies from traditional computing in terms of speed, bits, and data. Quantum computing employs all states between 0 and 1, yielding better results and quicker processing. The most common use of quantum computing in research is to assess several alternatives and discover the best solution to a tough problem. Chemicals, energy, healthcare, and medicines have all made use of them. The segmentation of the Quantum Computing Market research is provided on the basis of component, technology, deployment, application, end-user, and geography.
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Quantum Computing Market Insights:
In 2021, the Asia Pacific region held a 43.2 percent share of the market. Asia Pacific’s primary industries include healthcare and pharmaceuticals, banking and finance, and chemicals. China, Japan, and South Korea are the largest manufacturers of consumer electronics in Asia Pacific region, including smartphones, laptop computers, and gaming consoles. There is a need to address challenges in optimization, simulation, and machine learning applications across various industries. The fast expansion of APAC’s growing economies, as well as increased use of new manufacturing technologies, are assisting in propelling the region’s big and medium-sized firms ahead. As a result, demand for quantum computing services and systems is booming across Asia Pacific region.
During the forecast period, the North American Quantum Computing Market is estimated to develop at a CAGR of 33.7 percent. Rising research investments in a variety of industrial areas are expected to enhance regional industry growth. Leading firms prioritise the development of breakthrough ways to accelerate medical research. For example, in March 2021, Cleveland Clinic and IBM announced a collaboration agreement to deploy quantum computing technology to promote medical research. The firms joined forces to create a discovery accelerator that would extend the breadth and pace of medical research.
Quantum Computing Market Scope and Dynamics:
The quantum computing market is expanding in response to increased demand from the banking and finance services business, which is searching for methods to speed up trading operations, transactions, and data processing in a number of ways. Simulation is one of the most promising uses of quantum computing. Quantum computing aids in the discovery of a more effective and cost-effective technique of controlling financial risks. According to SMR, investment in the quantum computing industry would expand at a CAGR of 12.4% during the forecast period, reaching almost USD 26.1 billion by 2027. This comprises investments from public and private institutions, worldwide government spending, internal allocation (R&D spend) from technology and service providers, and external funding from venture capitalists and private equity firms.
The quantum computing market is still in its infancy. The construction of scalable quantum computers is required to carry out quantum computing advancements, develop practical applications, and build a quantum workforce of the future. Several firms, including Intel, Google, and IBM, are conducting quantum computing research and development alongside universities all around the world. In addition, IBM has begun a series of collaborations with businesses and academic institutions to examine the practical uses of this technology.
Key Players in Quantum Computing Market:
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- International Business Machines (US)
- D-Wave Systems (Canada)
- Microsoft (US)
- Amazon (US)
- Rigetti Computing (US)
- Google (US)
- 1QB Information Technologies Inc. (Canada)
- Lockheed Martin Corporation (US)
- Intel Corporation (US)
- Cambridge Quantum Computing Limited (UK)
- Rigetti Computing (US)
- IonQ (US)
- Alibaba (China)
- Atos (France)
- Q-Ctrl (Australia)
- SAP (Germany)
Quantum Computing Market Segmentation:
Component
- Hardware
- Software
- Services
Technology
- Superconducting qubits
- Trapped ion qubits
- Quantum Annealing
Deployment
- Cloud
- On-Premise
Application
- Simulation
- Optimization
- Sampling
End User
- Defense
- Banking & Finance
- Energy & Power
- Chemicals
- Healthcare & Pharmaceuticals
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About Stellar Market Research:
Stellar Market Research, founded in 2018, is an India-based consultancy and advising firm focused on aiding customers in reaching their company transformation goals through advisory services and strategic business. The company’s goal as a strategic knowledge partner is to become an important component of the client’s business. Stellar Market Research provides comprehensive solutions that go beyond core research technology to help leaders in any organization achieve mission-critical goals. The company produces recommendations that will allow the organization to develop in the future. So far, the firm has worked with over 335 companies across 25 industries, providing dependable data with a 94 percent accuracy rate. The organization has domain-specific research specialists and 119 research analysts in several sectors who evaluate the industry on a regular basis, assisting the company in gaining a competitive advantage through high-quality market intelligence.
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