The quantum computing market is expected to be valued at USD 495.3 Million by 2023, at a CAGR of 29.04% between 2017 and 2023.
The major factors driving the growth of this market include rising incidences of cybercrimes, early adoption of quantum computing in the defense and automotive industry, and increasing investment by government entities in the market. To secure mobile transactions, quantum key distribution systems are being adopted. Quantum keys are considered secure, as it cannot be easily hacked.
Moreover, the University of Oxford (England), Nokia Corporation (Finland) and Bay Photonics Ltd. (UK) have developed a device, which is capable of sending quantum keys using polarized light, thereby making the payments more secure on a smartphone. This factor would have a positive impact on the quantum computing market during the forecast period.
This report segments the quantum computing market on the basis of revenue source, application, industry, and geography. The sampling application of quantum computing accounted for the largest share in 2016. This growth is mainly attributed to the growing demand for the sampling application in the banking & finance, defense, healthcare & pharmaceuticals, and chemicals industries.
North America accounted for the largest share of the overall quantum computing market in 2016. On the other hand, Asia Pacific (APAC) would be the fastest growing region for quantum computing during the forecast period. This growth can be attributed to the increasing demand for quantum technology to solve the most tedious and complex problems in the defense and banking & finance industry.
The key players in this market are D Wave Systems Inc. (Canada), 1QB Information Technologies Inc. (Canada), QC Ware Corp. (US), Google Inc. (US), and QxBranch LLC (US).
Rising Incidences of Cybercrime
Early Adoption of Quantum Computing in the Defense and Automotive Industry
Increasing Investment By Government Entities in the Market
Presence of A Substitute Technology
Reluctance to Accept New Technology
Use of Quantum Cryptography to Secure Mobile Transactions
Increase in Adoption of Quantum Computing in Drug Discovery