Quantum Computing Market is Forecasted To Be USD 1,785.32 Million By 2028 With A CAGR of 34.50% | Valuates Reports

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Nov 28, 2022, 08:00 ET

BANGALORE, India, Nov. 28, 2022 /PRNewswire/ -- Quantum Computing Market is Segmented by Type - Hardware, Software, Cloud Service, by Application - Medical, Chemistry, Transportation, Manufacturing, Others. Global Opportunity Analysis and Industry Forecast, 2022 - 2028. It is published in Valuates Reports under the Science Category.

The global Quantum Computing market size was valued at USD 235.52 million in 2021 and is forecast to be a readjusted size of USD 1,785.32 million by 2028 with a CAGR of 34.50% during the forecast period 2022-2028.

Major factors driving the growth of the Quantum Computing market are

Early quantum computing applications in the fields of medicine, chemistry, transportation, manufacturing, and others, along with increased investment in quantum technology, are anticipated to drive the Quantum Computing market expansion on a global scale.

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TRENDS INFLUENCING THE GROWTH OF QUANTUM COMPUTING MARKET

Growing investment in quantum technology is expected to drive the Quantum Computing market. In order to use quantum computers to perform various optimization and simulation tactics, numerous government organizations with ties to the global space and defense industries are spending more and more on the development of quantum computing technology. Governments from many different nations are funding their research institutions with substantial sums of money in order to further the development of quantum computing. China is making major investments in the study and development of quantum computing technology. Governments in the European Union, the United States, and Australia are moving forward with quantum computing programs.

By expediting diagnostics, personalizing medicine, and optimizing pricing, quantum computing might open up a variety of disruptive use cases for providers and health plans in the healthcare sector. Machine learning methods with quantum enhancements are highly applicable in this field. Medical image analysis, including processing steps like edge detection and image matching, may be improved by quantum computing. These upgrades would greatly improve image-aided diagnosis. Thus the potential of quantum computing in the Healthcare sector is expected to drive the Quantum Computing market

Many quantum computing experts agree that chemistry, and particularly quantum chemistry, has a great potential to be the first field to benefit from quantum computing because using quantum computing techniques, molecules can be simulated more effectively. The development of catalysts to facilitate chemical synthesis for more effective chemical product production, the investigation of next-generation battery materials to aid in the construction of sustainable energy systems, and the discovery of drug compounds for a healthier future for all of us could be accelerated by this.

immense potential Manufacturing will be disrupted and redefined as a result of breakthrough goods and services made possible by quantum computing. business benefit The manufacturing sectors most likely to experience significant advancements as a result of quantum computing are chemical discovery, product development, and process optimization. Machine learning and straightforward multivariable analysis are already used in semiconductor chip production. However, due to a computational bottleneck, more sophisticated analyses cannot be performed using classical computing's limited number of components. Quantum computing is anticipated to examine extra interaction elements and procedures to boost output. It takes a lot of computing power to simulate and optimize production flows and robotics scheduling for complicated items like autos. Faster optimization runs and more dynamic optimizations in production may be made possible by quantum computing.

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QUANTUM COMPUTING MARKET SHARE ANALYSIS

D-Wave Solutions, IBM, ColdQuanta, Google, Microsoft, and Rigetti Computing are just a few of the major companies in quantum computing on a global scale. The top five players hold around 48% of the market.

With a market share of around 54%, North America leads Asia-Pacific and Europe in size. Due to its early adoption of cutting-edge technologies and intense competition in the industry, North America has experienced a notable increase. The level of end-user readiness to develop advanced services and the readiness of nations across regions to adopt the cloud have both had a positive impact on market expansion in North America.

With a market share of more than 82%, hardware is the most dominant product category. There are numerous hardware platforms being developed for quantum computing. All commercially accessible quantum computers are based on superconducting circuits and trapped ions, which are the most sophisticated. Spin qubits, photonic networks, and neutral atoms are other intriguing platforms.

With a market share of almost 25%, Medical is the most popular application. In the healthcare and research sectors, computing services are used to manage a variety of applications, including the processing of huge healthcare data and rapid DNA sequencing.

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Market By Region

North America
Europe
Asia-Pacific
Latin America
Middle East & Africa

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Key players

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