Quantum Computing Market size to grow by USD 9.01 billion from 2022 to 2027, Growing utilization of quantum cryptography to boost growth- Technavio

NEW YORK, Oct. 18, 2023 /PRNewswire/ -- The "quantum computing market by deployment (cloud and on-premise), end-user (aerospace and defense, government, IT and telecom, and others), and geography (North America, APAC, Europe, South America, and the Middle East and Africa) - Forecast and Analysis 2023-2027" report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the quantum computing market from 2022 to 2027 is USD 9.01 billion. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

The growing utilization of quantum cryptography is a key factor driving market growth. Cryptography is a technique that can be used to write or decipher codes. From a technical point of view, cryptography involves the transformation of plaintext text to ciphertext. Encryption is a technique used to convert plain text into cipher text. Furthermore, quantum computing can decrypt encrypted data into plain text in a matter of seconds, whereas classical computers might take years to do so. The length of the keys with more bits is increased to achieve this decrypting process, which provides a higher level of security. Hence, these factors are expected to drive market growth during the forecast period. 

Market Challenge

The short lifecycle of supercomputers is a significant challenge restricting market growth. A supercomputer doesn't have much life left in it. It lasts just slightly less than average electronic equipment such as a home theater or an XBOX 360. Experts in the industrial sector say that it happens because, for two or three and a half to four years, supercomputers can be classified as the world's best at most. They then become useful resources for another 3 to 4 years.

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The quantum computing market has been segmented by deployment (cloud and on-premise), end-user (aerospace and defense, government, IT and telecom, and others), and geography (North America, APAC, Europe, South America, and Middle East and Africa). 

• The market share growth of the cloud segment will be significant during the forecast period. Cloud computing is a platform that enables companies to access quantum computers via cloud networks which, in turn, reduces the need for hardware and software. The low price of entry is one of the main drivers for this segment. This makes it very appealing to businesses since the buyer does not have to invest in hardware. 

• North America is estimated to contribute 38% to the growth of the global market during the forecast period.

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Key Companies in the Quantum Computing Market:

1QB Information Technologies Inc., Alibaba Group Holding Ltd., Alphabet Inc., Amazon.com Inc., Anyon Systems Inc., Atos SE, D-Wave Quantum Inc., Honeywell International Inc., ID Quantique SA, International Business Machines Corp., IonQ Inc., Microsoft Corp., QC Ware, QRA Corp., Quantica Computacao, Quantinuum Ltd., Quantum Circuits Inc., Qubitekk Inc., Rigetti and Co. LLC, and Intel Corp.

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Deployment

Market Segmentation by End-user

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio