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Quantum computing is the use of quantum-mechanical phenomena that make use of substantial subatomic particle capability to be present in more than one state at any given period.
The global quantum computing market is estimated to witness a CAGR of more than 30% during the forecast period 2023-2031. Quantum computers are significantly powerful and process information in a novel way. Driven by these factors to compute complex calculations, the quantum computing market is estimated to see healthy growth. The substantial market growth is attributed to various factors such as increasing incidences of cybercrimes, increasing investment by the government in quantum computing, and growing implementation of quantum computing technology across the sectors such as defense, banking & finance, chemicals, pharmaceuticals, and healthcare markets. Whereas, availability of alternative technologies such as my computer and others are restraining the overall market growth; also, the requirement of low-temperature exhibit the key challenge for the global marketplace.
Segmentation Overview of the Global Quantum Computing Market
The global quantum computing market is segmented on the basis of application, deployment, and end-user. These major market segments are further categorized into various sub-segments to study the market in detail.
Geographically, the global quantum computing market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. As per the studies, North America dominates the quantum computing marketplace owing to the presence of a large number of regional users coupled with the presence of significant players in quantum computing. The region is witnessing high adoption of quantum computing technology coupled with significant support from the government in the form of investment in research and development of quantum computing systems, hence the region is anticipated to maintain the dominance over the forecast period.
Key Players Insights
The major players in the market are 1QB Information Technologies Inc., Alibaba Group Holding Limited, Anyon Systems Inc., Booz Allen Hamilton Inc., Cambridge Quantum Computing Ltd., D-Wave Systems Inc., Hewlett Packard Enterprise Development LP, IBM Corporation, QbitLogic, Rigetti & Co, Inc. Qubitekk, Inc., Sparrow Quantum, Tokyo Quantum Computing, Toshiba Research Europe Ltd., among others are some major players included in the research study of the Quantum Computing market. Companies are increasing their R&D activities to develop intelligent quantum computing that ensures complex computations and are innovating in software that scales globally. For instance, in January 2019, Exxon Mobil has announced a partnership with the IBM Corporation for adopting their IBM Q Network which is a worldwide quantum computing community that aims to advance quantum computing and explore science and business applications. In February 2019, D-Wave launched a new processor for quantum computing with lower noise as compared to traditional computing. D-Wave 2000Q processor will boast up to 25 times with this as compared to the better predecessors with a high number of qubits, hybrid software, and tools.
Research Report on the Global Quantum Computing Market Include: