The Global Quantum Computing Market was valued at USD 490.51 Million in 2021
The Global Quantum Computing Market was valued at USD
490.51 Million in 2021, and it is expected to reach a value of USD 2,930.67
Million by 2028, at a CAGR of 30.70% over the forecast period (2022 - 2028).
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A rapidly evolving technology that links the laws of quantum
mechanics, to solve very complex problems is known as quantum computing.
Quantum computing machines are very fast processing as compared to commonly
used computers in terms of data processing and collection. The superior
handling comes from dividing the data into all values and compared to common
computers that only break the data into 0 & 1 and no other value. Some of
the quantum computing services include machine learning, cryptography, quantum
simulation, and other algorithm development. These all allow quantum computing
to be applied in various fields for generating better and more accurate results
in a lower time frame which in turn is pushing the demand for the quantum
computing market.
Global
Quantum Computing Market Segmental Analysis
The Global Quantum Computing Market is segmented
based on Component, Deployment, Application, End-user, and Region. Based on the
Component, the market is segmented into Hardware, Software, and services. Based
on Deployment, the market is segmented into On-Premise and Cloud-Base. Based on
Application, the market is segmented into Machine learning, Data Optimization,
Biomedical simulators, Financial Services, Electronic Material Discovery, and
Others. Based on End-user, the market is segmented into Health Care, Banking
Financial services & insurance (BFSI), Automotive Industry, Research,
Energy & Utilities, Chemical Industry, Manufacturing, and other industries.
Based on region, the Global Quantum Computing market is segmented into North
America, Europe, Asia-Pacific, South America, and MEA.
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Analysis by Component
The component hardware accounts for a major 53% of
the worldwide quantum computing market in the year 2021. This is due to the
growing demand from insurance (BFSI) and the research industry to run complex
problems and get solutions to these critical problems in a short duration.
Increasing trading transactions and data processing with discovering an
efficient method for financial risk management also leads to increased demand
for quantum computing hardware components.
Continuous increase in the number of new businesses
and growing investment in the field of research & development activities in
the field of quantum computing is also a reason for the rapid growth of the
software and services segment during the analysis period. The use of ML
technology in the various information technology fields to reduce the overall
operational cost is fueling the demand for quantum computing during the
forecast period.
Analysis by Application
The quantum computing market is segmented into
various applications such as Machine learning, Data Optimization, Biomedical
simulators, Financial Services, Electronic Material Discovery, and Others.
Machine learning has dominated the market with 37% of the total revenue
generated in 2021 and is expected to grow at the fastest CAGR during the
analysis period. ML with data optimization is used in various fields to use the
storage space efficiently by storing optimized and usable data which in turn
saves a huge cost for the companies.
Top
Player’s Company Profiles
·
Intel Corporation (US)
·
Rigetti & Co, Inc. (US)
·
Google LLC (US)
·
Quantica Computacao (India)
·
Dematic (US)
·
Krones AG (Germany)
·
Zapata Computing (US)
·
Xanadu (Canada)
Recent
Developments
In April
2022, IBM Corporation, a US-based technology company unveiled its
next-generation hybrid cloud and quantum computing technology that has an
integrated AI-enabled chip that helps the clients analyze real-time
transactions in critical works like credit cards, healthcare, and financial
transactions using this technology.
In March
2022, Intel Corporation, a technology giant showcased its cryogenic water probe
in the US. It is eligible for device characterization and enables rapid and statistically
important data gathering of both regular transistor and quantum dot metrics.
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