Growth Drives by Increasing Quantum Computing Applications In Aerospace & Defense, Traffic Optimization, Weather Forecasting
New York, US, Sept. 29, 2022 (GLOBE NEWSWIRE) -- Acording to a comprehensive research report by Market Research Future (MRFR), “Quantum Computing Market: By Application, Vertical, Product Type, and Region- Forecast till 2030”, the market is anticipated to flourish substantially during the assessment timeframe at a healthy CAGR of approximately 34.3% to attain a valuation of around USD 18.16 Billion by the end of 2030.
Quantum Computing Market Overview:
Quantum computing is an area of interest for quantum information science research. The technology has earlier started attracting R&D investments to achieve quantum supremacy. Quantum computing guarantees brilliant potential in various areas, like medical research, artificial intelligence, traffic optimization, financial modelling, and weather forecasting.
The list of leading players across the global market for quantum computing includes companies such as:
Rigetti & Co, Inc.
D-Wave Systems Inc.
Cambridge Quantum Computing Ltd.
QC Ware Corp.
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Market USP Covered
Quantum Computing Market Drivers
The global market for quantum computing has overgrown in the last few years owing to the aspects such as widespread applications in the aerospace & defense sector, increasing implementations of machine learning, growing quantum computing from several end-use sectors, and the cumulative rate of cybercrimes.
On the contrary, the absence of experienced professionals may limit the market's growth.
Market Size by 2030
USD 18.16 Billion
CAGR during 2022-2030
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Market Opportunities
The national quantum strategy offers Atos the opportunity to accelerate its Quantum Learning Machine (Atos QLM) expertise to offer the French quantum ecosystem with the benefits of quantum computing in the NISQ (Noisy Intermediate-Scale Quantum) era as soon as possible.
Key Market Drivers
The escalated investment level being directed from the governments is expected to have a broad effect on the global market.
Quantum Computing Market Restraints
On the contrary, complexity in quantum computing implementations may restrict the market's growth.
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The global health crisis in the form of COVID-19 has had a massive impact on several industry areas across the globe. The pandemic affected nearly 225 nations, leading to several governments implementing partial or complete lockdowns. Unlike other industry sectors, the global market for quantum computing witnessed a substantially positive impact due to the pandemic. With global financial or industrial activities returning to normal, the global market for quantum computing is anticipated to grow substantially over the coming years.
Quantum Computing Market Segment Analysis
Among all the product types, the hardware segment is predicted to ensure the top spot across the global market for quantum computing over the assessment timeframe. The segment accounted for the maximum share of approximately 44.9% across the global market in 2017. the report further predicts the hardware segment to flourish substantially during the review era at a healthy rate of approximately 32% to attain a valuation of around USD 1,180 million by the end of 2030.
Among all the application areas, the optimization segment is predicted to hold the top position across the global market for quantum computing over the coming years. the segment accounted for a share of approximately 37.6% in the year 2017, with a valuation of USD 201.41 million. The reports by MRFR suggest that the market will flourish substantially at a robust CAGR of approximately 31.7% during the assessment era.
Among all the end-use sectors, the aerospace and defense verticals are predicted to hold the top position across the global market for quantum computing over the review era. The segment was valued at approximately USD 118.04 million in the year 2017. The report anticipates the segment to grow at a substantial CAGR of around 38.3% during the review era. Quantum computing technology seeks prevalent application in aerospace & defense sectors for aerodynamic performance simulation, critical modeling, and space exploration verification.
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Quantum Computing Market Regional Analysis
The global market for quantum computing is analyzed across five major regions: North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa.
According to the research reports by MRFR, the North American region is predicted to secure the leading [position across the global market for quantum computing over the assessment timeframe. The region comprises several leading growth contributors, such as Mexico, Canada, and the US. The primary parameter supporting the growth of the regional market is the presence of key technology providers such as Google, Intel, IBM Corporation, and various others. Furthermore, well-established technology development centers across the region are a prime driving force for the market. Moreover, the growing research & development activities in building quantum computing maths, quantum computing applications, and quantum computers will enhance the market's size over the coming years. In addition, the vast acceptance of the technology by aerospace & defense sectors and government agencies for machine learning boost the regional market's growth over the evaluation period. Given the rapid technological developments, the region has the US as a leading growth contributor.
The quantum computing market for the European region is predicted to hold the second position globally over the review era. The region consists of Italy, France, Germany, and the UK. The primary parameter supporting the regional market's growth is the significant investments by market participants. Furthermore, the growing number of initiatives and funding by governments across several nations in the European region is also predicted to influence the growth of the regional market. In addition, major players such as Cambridge Quantum Computing Ltd. are also predicted to influence the growth of the regional market over the coming years.
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The Asia-Pacific regional market for quantum computing is anticipated to show the maximum CAGR over the coming years. the prime aspects supporting the regional market's growth include rapid growth in manufacturing sectors and the vast adoption of quantum computers. Moreover, the substantial progress in quantum computing technology across nations such as South Korea and China boosts the adoption of quantum computers across the BFSI sector. It is projected to influence the regional market's growth over the evaluation time. The region consists of South Korea, India, Japan, and China.
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