Pune, India, Nov. 08, 2022 (GLOBE NEWSWIRE) -- The global quantum computing market size was USD 554.6 million in 2021. The market is set to expand from USD 712.2 million in 2022 to USD 4,758.0 million by 2029, exhibiting a CAGR of 31.2% from 2022 to 2029. The market growth can be attributed to the rising efforts of key market players on the expansion of business units across developing countries.
Fortune Business Insights™ provides this information in its research report, titled "Quantum Computing Market Forecast, 2022-2029".
Key Industry Development:
September 2022 – IBM developed Goldeneye, a super-fridge equipped to cool the future generations of quantum experiments. The solution transcends the issues found in existing dilution refrigerators.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 31.2% |
| 2029 Value Projection | USD 4,758.0 Million |
| Base Year | 2021 |
| Quantum Computing Market Size in 2021 | USD 554.6 Million |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 160 |
| Segments covered | Component, Deployment, Application, and Geography |
| Quantum Computing Market Growth Drivers | Market Value to Rise on Account of Growing Number of Strategic Alliances |
Market Share Increased Owing to Considerable Growth Opportunities
The COVID-19 pandemic led to an increase in demand for quantum computing services across the globe. The industry recorded a considerable rise in investments from venture capital and private entities. The adoption of various strategies by leading market players is expected to nurture a promising future for the market in the following years.
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Drivers and Restraints:
Market Value to Rise on Account of Growing Number of Strategic Alliances
The quantum computing market growth is being driven by the increasing adoption of strategic alliances. Several companies are investing in quantum technologies for the development of practical applications and carrying out computing developments.
However, the industry expansion is likely to be hindered on account of a rising talent shortage among various regions across the globe.
Segments:
Hardware Segment to Gain Traction Due to Surging Product Demand in BFSI and Research Sectors
On the basis of component, the market is fragmented into software, hardware, and services. The hardware segment is expected to record appreciable expansion over the forecast period driven by the rising product usage in deep learning and simulation applications.
Cloud Segment to Record Lucrative Growth Due to Rising Product Adoption
Based on deployment, the market is classified into on premise and cloud. The cloud segment is set to register considerable growth throughout the study period. The segmental expansion is driven by the growing popularity of cloud-based systems.
Machine Learning Segment to Emerge Prominent Owing to Growing Product Popularity
On the basis of application, the market is segmented into biomedical simulations, optimization, financial services, electronic material discovery, machine learning, and others. The machine learning segment is estimated to exhibit appreciable growth throughout the analysis period.
BFSI Segment to Record Commendable Growth Due to Rising Adoption of Quantum Computing
On the basis of end-user, the market is classified into BFSI, automotive, healthcare, chemical, manufacturing, energy and utilities, and others. The BFSI segment is expected to record appreciable expansion over the forecast period. Additionally, the healthcare segment is set to depict considerable growth throughout the analysis period.
Based on region, the market is studied across North America, South America, Asia Pacific, Europe, and the Middle East & Africa.
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Regional Insights:
North America to Lead Due to Growing Adoption of Cloud Services
The North America quantum computing market share is estimated to register substantial expansion over the study period. The rise can be credited to the increased usage of cloud technology in the region.
Europe is set to record commendable growth throughout the forecast period. The rise is being driven by the increasing usage of cloud-based technology.
Report Coverage:
The report provides an in-depth analysis of the major trends favoring market growth throughout the estimated period. It further gives an insight into the vital steps taken by leading industry players for maintaining their market position. Some of the initiatives comprise mergers, acquisitions, and the formation of alliances.
Competitive Landscape:
Market Players Enter into Partnership Deals to Strengthen Industry Position
Prominent quantum computing companies are participating in trade conferences and striking collaborations and partnership deals for the consolidation of their industry position. Some of the other initiatives include mergers, acquisitions, product developments, and others. In addition, some industry participants are also undertaking research and development activities.
List of Key Players Mentioned in the Report:
- IBM Corporation (U.S.)
- D-Wave Systems Inc. (Canada)
- Microsoft Corporation (U.S.)
- Intel Corporation (U.S.)
- Rigetti & Co, Inc.(U.S.)
- Google LLC (U.S.)
- QC Ware(U.S.)
- Quantinuum Ltd. (U.S.)
- Riverlane (U.K.)
- IonQ (U.S.)
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Major Table of Contents:
- Global Quantum Computing Market Size Estimates and Forecasts), By Segments, 2018-2029
- By Component (USD)
- Hardware
- Software
- Services
- By Deployment (USD)
- On-Premise
- Cloud
- By Application (USD)
- Machine Learning
- Optimization
- Biomedical Simulations
- Financial Services
- Electronic Material Discovery
- Other
- By End-user (USD)
- Healthcare
- Banking, Financial Services and Insurance (BFSI)
- Automotive
- Energy and Utilities
- Chemical
- Manufacturing
- Others
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- By Component (USD)
- North America Quantum Computing Market Size Estimates and Forecasts by Segments, 2018-2029
- By Component (USD)
- Hardware
- Software
- Services
- By Deployment (USD)
- On-Premise
- Cloud
- By Application (USD)
- Machine Learning
- Optimization
- Biomedical Simulations
- Financial Services
- Electronic Material Discovery
- Other
- By End-user (USD)
- Healthcare
- Banking, Financial Services and Insurance (BFSI)
- Automotive
- Energy and Utilities
- Chemical
- Manufacturing
- Others
- By Country (USD)
- United States
- Canada
- Mexico
- By Component (USD)
- South America Quantum Computing Market Size Estimates and Forecasts by Segments, 2018-2029
- By Component (USD)
- Hardware
- Software
- Services
- By Deployment (USD)
- On-Premise
- Cloud
- By Application (USD)
- Machine Learning
- Optimization
- Biomedical Simulations
- Financial Services
- Electronic Material Discovery
- Other
- By End-user (USD)
- Healthcare
- Banking, Financial Services and Insurance (BFSI)
- Automotive
- Energy and Utilities
- Chemical
- Manufacturing
- Others
- By Country (USD)
- Brazil
- Argentina
- Rest of South America
- By Component (USD)
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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
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