The Worldwide Quantum Computing Industry is Expected to Reach $1.7 Billion by 2026
DUBLIN, Feb. 16, 2021 /PRNewswire/ -- The "Global Quantum Computing Market with COVID-19 Impact Analysis by Offering (Systems, Services), Deployment (On Premises, Cloud-based), Application, Technology, End-use Industry and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The Global Quantum Computing Market is expected to grow from USD 472 million in 2021 to USD 1,765 million by 2026, at a CAGR of 30.2%.
The early adoption of quantum computing in the banking and finance sector is expected to fuel the growth of the market globally. Other key factors contributing to the growth of the quantum computing market include rising investments by governments of different countries to carry out research and development activities related to quantum computing technology.
Several companies are focusing on the adoption of QCaaS post-COVID-19. This, in turn, is expected to contribute to the growth of the quantum computing market. However, stability and error correction issues is expected to restrain the growth of the market.
Services segment is attributed to hold the largest share of the Quantum Computing market
The growth of services segment can be attributed to the increasing number of startups across the world that are investing in research and development activities related to quantum computing technology. This technology is used in optimization, simulation, and machine learning applications, thereby leading to optimum utilization costs and highly efficient operations in various end-use industries.
Cloud-based deployment to witness the highest growth in Quantum Computing market in coming years
With the development of highly powerful systems, the demand for cloud-based deployment of quantum computing systems and services is expected to increase. This, in turn, is expected to result in a significant revenue source for service providers, with users paying for access to noisy intermediate-scale quantum (NISQ) systems that can solve real-world problems. The limited lifespan of rapidly advancing quantum computing systems also favors cloud service providers. The flexibility of access offered to users is another factor fueling the adoption of cloud-based deployment of quantum computing systems and services. For the foreseeable future, quantum computers are expected not to be portable. Cloud can provide users with access to different devices and simulators from their laptops.
Optimization accounted for a major share of the overall Quantum Computing market
Optimization is the largest application for quantum computing and accounted for a major share of the overall Quantum Computing market. Companies such as D-Wave Systems, Cambridge Quantum Computing, QC Ware, and 1QB Information Technologies are developing quantum computing systems for optimization applications. Networked Quantum Information Technologies Hub (NQIT) is expanding to incorporate optimization solutions for resolving problems faced by the practical applications of quantum computing technology.
Trapped ions segment to witness highest CAGR of Quantum Computing market during the forecast period
The trapped ions segment of the market is projected to grow at the highest CAGR during the forecast period as quantum computing systems based on trapped ions offer more stability and better connectivity than quantum computing systems based on other technologies. IonQ, Alpine Quantum Technologies, and Honeywell are a few companies that use trapped ions technology in their quantum computing systems.
Banking and finance is attributed to hold major share of Quantum Computing market during the forecast period
In the banking and finance end-use industry, quantum computing is used for risk modeling and trading applications. It is also used to detect the market instabilities by identifying stock market risks and optimize the trading trajectories, portfolios, and asset pricing and hedging. As the financial sector isdifficult to understand; the quantum computing approach is expected to help users understand the complexities of the banking and finance end-use industry. Moreover, it can help traders by suggesting them solutions to overcome financial challenges.
APAC to witness highest growth of Quantum Computing market during the forecast period
APAC region is a leading hub for several industries, including healthcare and pharmaceuticals, banking and finance, and chemicals. Countries such as China, Japan, and South Korea are the leading manufacturers of consumer electronics, including smartphones, laptops, and gaming consoles, in APAC. There is a requirement to resolve complications in optimization, simulation, and machine learning applications across these industries. The large-scale development witnessed by emerging economies of APAC and the increased use of advanced technologies in the manufacturing sector are contributing to the development of large and medium enterprises in the region. This, in turn, is fueling the demand for quantum computing services and systems in APAC.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in Quantum Computing Market 4.2 Market, by Offering 4.3 Market, by Deployment 4.4 Market in APAC, by Application and Country 4.5 Market, by Technology 4.6 Quantum Computing Market, by End-use Industry 4.7 Market, by Region
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 5.2.1.1 Early Adoption of Quantum Computing in Banking and Finance Industry 5.2.1.2 Rise in Investments in Quantum Computing Technology 5.2.1.3 Surge in Number of Strategic Partnerships and Collaborations to Carry Out Advancements in Quantum Computing Technology 5.2.2 Restraints 5.2.2.1 Stability and Error Correction Issues 5.2.3 Opportunities 5.2.3.1 Technological Advancements in Quantum Computing 5.2.3.2 Surge in Adoption of Quantum Computing Technology for Drug Discovery 5.2.4 Challenges 5.2.4.1 Dearth of Highly Skilled Professionals 5.2.4.2 Physical Challenges Related to Use of Quantum Computers 5.3 Value Chain Analysis 5.4 Ecosystem 5.5 Porter's Five Forces Analysis 5.6 Pricing Analysis 5.7 Impact of COVID-19 on Quantum Computing Market 5.7.1 Pre-COVID-19 5.7.2 Post-COVID-19 5.8 Trade Analysis 5.9 Tariff and Regulatory Standards 5.9.1 Regulatory Standards 5.9.1.1 P1913 - Software-Defined Quantum Communication 5.9.1.2 P7130 - Standard for Quantum Technologies Definitions 5.9.1.3 P7131 - Standard for Quantum Computing Performance Metrics and Benchmarking 5.10 Technology Analysis 5.11 Patent Analysis 5.12 Case Studies
6 Quantum Computing Market, by Offering 6.1 Introduction 6.2 Systems 6.2.1 Deployment of on Premises Quantum Computers at Sites of Clients 6.3 Services 6.3.1 Quantum Computing as a Service (QCaaS) 6.3.1.1 Risen Number of Companies Offering QCaaS Owing to Increasing Demand for Cloud-Based Systems and Services 6.3.2 Consulting Services 6.3.2.1 Consulting Services Provide Customized Roadmaps to Clients to Help Them in Adoption of Quantum Computing Technology
7 Quantum Computing Market, by Deployment 7.1 Introduction 7.2 on Premises 7.2.1 Deployment of on Premises Quantum Computers by Organizations to Ensure Data Security 7.3 Cloud-based 7.3.1 High Costs and Deep Complexity of Quantum Computing Systems and Services Drive Enterprises Toward Cloud Deployments
8 Quantum Computing Market, by Application 8.1 Introduction 8.2 Optimization 8.2.1 Optimization Using Quantum Computing Technology Resolves Problems in Real-World Settings 8.3 Machine Learning 8.3.1 Risen Use of Machine Learning in Various End-use Industries 8.4 Simulation 8.4.1 Simulation Helps Scientists Gain Improved Understanding of Molecule and Sub-Molecule Level Interactions 8.5 Others
9 Quantum Computing Market, by Technology 9.1 Introduction 9.2 Superconducting Qubits 9.2.1 Existence of Superconducting Qubits in Series of Quantized Energy States 9.3 Trapped Ions 9.3.1 Surged Use of Trapped Ions Technology in Quantum Computers 9.4 Quantum Annealing 9.4.1 Risen Use of Quantum Annealing Technology for Solving Optimization Problems in Enterprises 9.5 Others (Topological and Photonic)
10 Quantum Computing Market, by End-use Industry 10.1 Introduction 10.2 Space and Defense 10.2.1 Risen Use of Quantum Computing in Space and Defense Industry to Perform Multiple Operations Simultaneously 10.3 Banking and Finance 10.3.1 Simulation Offers Assistance for Investment Risk Analysis and Decision-Making Process in Banking and Finance Industry 10.4 Healthcare and Pharmaceuticals 10.4.1 Surged Demand for Robust and Agile Computing Technology for Drug Simulation in Efficient and Timely Manner 10.5 Energy and Power 10.5.1 Increased Requirement to Develop New Energy Sources and Optimize Energy Delivery Process 10.6 Chemicals 10.6.1 Establishment of North America and Europe as Lucrative Markets for Chemicals 10.7 Transportation and Logistics 10.7.1 Surged Use of Quantum-Inspired Approaches to Optimize Traffic Flow 10.8 Government 10.8.1 Increased Number of Opportunities to Use Quantum Computing to Solve Practical Problems of Climate Change, Traffic Management, Etc. 10.9 Academia 10.9.1 Risen Number of Integrated Fundamental Quantum Information Science Research Activities to Fuel Market Growth
11 Geographic Analysis 11.1 Introduction 11.2 North America 11.3 Europe 11.4 APAC 11.5 RoW
12 Competitive Landscape 12.1 Introduction 12.2 Revenue Analysis of Top Players 12.3 Market Share Analysis, 2019 12.4 Ranking Analysis of Key Players in Market 12.5 Company Evaluation Quadrant 12.5.1 Quantum Computing Market 12.5.1.1 Star 12.5.1.2 Emerging Leader 12.5.1.3 Pervasive 12.5.1.4 Participant 12.5.2 Startup/SME Evaluation Matrix 12.5.2.1 Progressive Company 12.5.2.2 Responsive Company 12.5.2.3 Dynamic Company 12.5.2.4 Starting Block 12.6 Competitive Scenario 12.7 Competitive Situations and Trends 12.7.1 Other Strategies
13 Company Profiles 13.1 Key Players 13.1.1 International Business Machines (IBM) 13.1.2 D-Wave Systems 13.1.3 Microsoft 13.1.4 Amazon 13.1.5 Rigetti Computing 13.1.6 Google 13.1.7 Intel 13.1.8 Toshiba 13.1.9 Honeywell International 13.1.10 QC Ware 13.1.11 1QB Information Technologies 13.1.12 Cambridge Quantum Computing 13.20 Other Companies 13.2.1 Huawei Technologies 13.2.2 Bosch 13.2.3 NEC 13.2.4 Hewlett Packard Enterprise (HP) 13.2.5 Nippon Telegraph and Telephone Corporation (NTT) 13.2.6 Hitachi 13.2.7 Northrop Grumman 13.2.8 Accenture 13.2.9 Fujitsu 13.2.10 Quantica Computacao 13.2.11 Zapata Computing 13.2.12 Xanadu 13.2.13 IonQ 13.2.14 Riverlane 13.2.15 Quantum Circuits 13.2.16 EvolutionQ 13.2.17 ABDProf 13.2.18 Anyon Systems
14 Appendix 14.1 Discussion Guide 14.2 Knowledge Store: The Subscription Portal 14.3 Available Customizations
For more information about this report visit https://www.researchandmarkets.com/r/8pglda
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