Global Quantum Computing Market to Surge with CAGR of 30.0% and Generate a Revenue of $667.3 Million from 2020 to 2027 - Exclusive Report [193 pages] by Research Dive

NEW YORK, Aug. 18, 2021 /PRNewswire/ -- Research Dive has published a new report, titled, 'Quantum Computing Market, by offering Type [Consulting solutions, Systems], Application (Machine Learning, Optimization, and Material Simulation), End-User (Chemicals, Space and Defence, Healthcare, Automotive, Banking and Finance, Energy & Power), and Regional Analysis (North America, Europe, Asia Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2027.' 

The Global Quantum Computing Market is predicted to garner a significant revenue of $667.3 million, from a considerable market size of $88.2 million in 2019, with CAGR of 30.0% in forecast timeframe, 2020-2027.

Regional Analysis: Quantum Computing Market

The European quantum computing market is estimated to rise from $28.2 million in 2019 and surpass $221.2 million by 2027. Numerous sectors in Europe such as healthcare, utilities, chemicals, and pharmaceuticals are opting for quantum computing. Moreover, applications of quantum computing in the fields of cryptography, development and discovery of new drugs, cyber security, and defense are expected to augment the market in the forecast period, 2020-2027.

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Covid-19 Impact on the Quantum Computing Market

The coronavirus pandemic is expected to impact the quantum computing market in a positive way. Quantum computing's ability to offer enhanced optimization and carry out vital calculations is projected to increase its importance. Furthermore, quantum computing can enable material science and pharmaceutical companies to generate techniques for examining large molecules. Apart from this, drugs can be developed and researched with the aid of quantum computing. These factors are driving the market forward during the Covid-19 pandemic.

Access our comprehensive analysis of the IMPACT OF COVID-19 ON QUANTUM COMPUTING MARKET

Key Segment Findings of the Market

The report classifies the market into segments based on offering type, application, end-user, and regional analysis.

• From the type segment, the consulting solutions sub-segment is predicted to garner revenue of $354 million by 2027, from notable market share of $37.1 million in the year 2019. The growth is associated with applications in material science, drug discovery, and formulation of new chemicals. Moreover, other fields such as automotive, chemicals, space & defense, energy & power, and healthcare are also making use of consulting solutions.  These factors are enhancing the market growth in forecast period.
• Machine learning application segment is expected to augment from market size of $29.7 million in 2019 and reach $236.9 million by 2027. Role of quantum computing in refining capacity, learning efficiency, and runtime is projected to enhance the market. Furthermore, quantum machine learning is capable of speeding several machine learning processes like deep learning, linear algebra, optimization, and kernel evaluation. All these factors are escalating the market growth in forecast period.
• Amongst the end-user segment, the banking and finance sub-segment is estimated to generate revenue of $159.2 million by 2027 in forecast period. Application of quantum computing in banking and finance that aids in high-frequency trading, asset appraisal and portfolio analysis is expected to augment the market growth during forecast period.

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Market Dynamics

The quantum computing market is increasing rapidly due to rise in cyber-attacks such as phishing, ransomware and others as quantum computing is advanced enough to provide security to software systems. This factor is expected to enhance the market growth in the forecast period.

However, lack of awareness about quantum computing and shortage of skilled employees is projected to hinder the market growth. Nevertheless, government and company initiatives may create several opportunities for the market growth in the forecast period.

Top 10 Key Market Players and Business Strategies

Some of the leading quantum computing market players includes 

1. Google Inc.
2. Anyon
3. D-Wave Systems Inc.
4. International Business Machines Corporation
5. 1QB Information Technologies
6. Cambridge Quantum Computing Limited
7. QC Ware
8. Rigetti Computing, Corp.
9. StationQ – Microsoft
10. River Lane Research.

They are focusing on advanced product developments and merger & acquisition. These are some of the strategies conducted by the startups as well as established business organizations.  -Inquire and Get Quick Access to Top Companies Development Strategies Summary Report [80 pages]

More about Quantum Computing:

Global Quantum Computing Market to Face Exponential Growth in the Coming Years

Quantum Computing: A Big Wave of Revolution in the Computing Arena

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