Global Quantum Computing Market Report 2022: Increasing Adoption of Cloud Based Quantum Computing Presents Opportunities

DUBLIN, Dec. 5, 2022 /PRNewswire/ -- The "Global Quantum Computing Market: Analysis By Component, By Application, By Technology, By End-user, By Region Size, and Trends with Impact of COVID-19 and Forecast up to 2027" report has been added to  ResearchAndMarkets.com's offering.

In 2021, the global quantum computing market was valued at US$442.32 million and is anticipated to grow to US$3295.97 million by 2027. Quantum computing is an emerging technology that leverages the laws of quantum mechanics to address problems that are too complex for traditional computers. The word "quantum" originates from the physics concept of Quantum Mechanics, which defines the physical properties of electrons and photons.

Quantum computers operate on the concept of "qubits." A qubit, also known as a quantum bit, is a fundamental unit of quantum information that is physically implemented via a two-state device. Some of the major reasons why companies are switching to quantum computing are the increasing demand for high performance computing, growing popularity of quantum mechanics in cryptography, rising use of quantum computing in drug development, etc. The quantum computing market is expected to grow at a CAGR of 39.88% over the forecast period of 2022-2027.

Market Segmentation Analysis:

• By Component: The report provides the bifurcation of the quantum computing market into three segments based on component: Hardware, Software, and Services.
• By Application: In the report, the global quantum computing market is divided into three segments based on the application: Optimization, Machine Learning, and Material Simulation.
• By Technology: The report provides the segmentation of the quantum computing market on the basis of technology: Quantum Annealing, Superconducting, Trapped Ion, Quantum Dot and Others.
• By End-User: In the report, the global quantum computing market is divided into twelve segments based on the end-user: Finance & Investment, Transportation & Logistics, Aerospace, Agriculture, Automotive, Energy, Healthcare, Information Technology, Life sciences, Manufacturing, Oil, Gas, and Mining, and Others. The agriculture quantum computing market is expected to grow at the highest CAGR.

Global Quantum Computing Market Dynamics:

• Growth Drivers: One of the most important factors impacting quantum computing market dynamics is rising investments in quantum technology. Governments have been increasingly investing into QC research and development in recent years, as policymakers start to appreciate the disruptive potential of QCs. As part of the 14th five-year plan for quantum technology (2021-2025), China has announced the most public funding to date of any country, more than double the investments by EU and eight times more than US government investments. Furthermore, the market has been growing over the past few years, due to factors such as increase in quantum computing start-ups, increasing number of strategic partnerships & collaborations, increase in demand for high performance computing, increasing use of quantum computing in drug development, etc.
• Challenges: However, the market has been confronted with some challenges specifically, high cost of quantum computing solutions, stability and error-correction issues, lack of quantum computing talent, etc. Quantum computers require specialized parts that aren't being produced at large scales. They must constantly be at nearly absolute zero operating temperatures to increase their stability, which drives up costs. The cost of developing a large-scale quantum computer with many qubits is still prohibitively expensive. The cost of qubits can exceed tens of thousands of dollars and has to be supported by specialized electronics. The high price of quantum computers is impeding the market's expansion.
• Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such increasing adoption of cloud-based quantum computing, integration of quantum computing with IoT (internet of things), popularity of quantum mechanics in cryptography, technological advancement in quantum computing, etc. Quantum computing has started moving from the realm of computer science and research into something that enterprises might be able to use in the workplace. The emergence of quantum computing in the cloud has excited curiosity among tech buyers who are now looking at practical applications for this kind of computing. Complex technology, skillset limitations, lack of available resources, and cost deter some organizations from investing in quantum computing technology. To ease these concerns, quantum computing vendors, select cloud-service providers, and independent software vendors are offering quantum cloud-based solutions that allow organizations to experiment with this technology.

Key Players

• Amazon.Com, Inc. (Amazon Web Services, Inc.)
• Microsoft Corp. (Microsoft Azure)
• Alphabet Inc. (Google Cloud Platform)
• Alibaba Group (Alibaba Cloud)
• IBM
• Intel Corporation
• Nvidia Corporation
• Toshiba Corporation
• Rigetti Computing
• Quantum Computing Inc.
• D-Wave Systems Inc.
• Zapata Computing
• Xanadu Quantum Technologies Inc.
• QC Ware Corp.
• Ion Q

Key Topics Covered:

1. Executive Summary

2. Introduction

3. Global Market Analysis

4. Regional Market Analysis

5. Impact of COVID-19

6. Market Dynamics

7. Competitive Landscape

8. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/kkjo0g

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SOURCE Research and Markets