The Worldwide Quantum Computing Software Industry is Expected to Reach 430 Million by 2026 at a CAGR of 30.5% from 2021
DUBLIN, July 23, 2021 /PRNewswire/ -- The "Global Quantum Computing Software Market by Component (Software, Services), Deployment Mode (Cloud, On-Premises), Organization Size, Technology, Application (Optimization, Simulation), Vertical (Bfsi, Government), and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global Quantum Computing Software market size is projected to grow from USD 0.11 billion in 2021 to USD 0.43 billion in 2026, at a Compound Annual Growth Rate (CAGR) of 30.5% during the forecast period.
The major factors driving the growth of the Quantum Computing Software market include the growing adoption of quantum computing software in the BFSI vertical, government support for the development and deployment of the technology, and the increasing number of strategic alliances for research and development.
Based on component, the service segment is expected to lead the quantum computing software market during the forecast period
Among component segment, the services segment is leading the quantum computing software market in 2021. The growth of the services segment can be attributed to the increasing investments by start-ups in research and development related to quantum computing technology. Quantum computing software and services are used in optimization, simulation, and machine learning applications, thereby leading to optimum utilization costs and highly efficient operations in various industries.
Based on deployment mode, the cloud segment is expected to lead the quantum computing software market during the forecast period
Among deployment mode, the cloud segment is projected to dominate the global quantum computing software market in terms of market share. The cloud-based approach is expected to become a significant revenue source for quantum computing software and service providers, with users paying for access to noisy intermediate-scale quantum (NISQ) systems that can solve real-world problems. High costs and complexity of the quantum computing system, software, and services are influencing enterprises to deploy cloud-based machines.
Based on vertical, the healthcare & life sciences vertical segment is expected to grow at a higher CAGR during the forecast period
The healthcare & life sciences vertical is expected to grow at the highest CAGR during the forecast period. Quantum computing technology enables scientists to develop medical and diagnostics tools that are ultra-precise and ultra-personalized. Moreover, quantum sensors can be used in magnetic resonance imaging (MRI) machines for ultra-precise measurements. These developments can enhance the quality of healthcare services. Various applications of quantum computing in the healthcare industry include optimization of radiotherapy treatments, creation of protein models, generation of targeted cancer drug therapies, and analysis of DNA.
APAC is expected to grow at a higher CAGR during the forecast period
APAC is projected to be the fastest-growing region in thequantum computing software market due to the increase in adoption of new technologies, rising investments for digital transformation, and growing GDP in APAC countries. A majority of the potential economies in the region include Australia, Singapore, China, and India, which are rapidly investing in technological transformations.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Quantum Computing Software Market, by Component
7 Quantum Computing Software Market, by Organization Size
8 Quantum Computing Software Market, by Deployment Mode
9 Quantum Computing Software Market, by Application
10 Quantum Computing Software Market, by Technology
11 Quantum Computing Software Market, by Vertical
12 Quantum Computing Software Market, by Region
13 Competitive Landscape
14 Company Profiles
15 Adjacent/Related Markets
For more information about this report visit https://www.researchandmarkets.com/r/gkp8o6
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