Quantum Computing Market Size to Grow by USD 9.01 Billion, North America is estimated to account for 38% of the growth of the global market - Technavio

NEW YORK, Dec. 3, 2023 /PRNewswire/ -- According to Technavio, the global quantum computing market size is estimated to grow by USD 9.01 billion from 2022 to 2027. The market is estimated to grow at a CAGR of 18.84% during the forecast period. Moreover, the growth momentum will accelerate. Based on geography, the global quantum computing market is segmented into North America, APAC, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global quantum computing market. North America is estimated to account for 38% of the growth of the global market during the forecast period. The growth of this segment is primarily driven by factors such as the presence of numerous customers based in the US. US-based firms have access to quantum computers on immediate release. They also have high economies of scale and have the finances and resources to adopt these technologies. These factors will drive the growth of the market in the region during the forecast period. The report includes historic market data from 2017 to 2021. In 2017, the quantum computing market was valued at USD 3,001.05 million. The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market. For more insights on the market, request a sample report.

Quantum computing market - Five forces

The global quantum computing market is fragmented, and the five forces analysis covers– 

• Bargaining power of buyers 
• The threat of new entrants
• Threat of rivalry
• Bargaining power of suppliers
• Threat of substitutes
• For an interpretation of Porter's five forces model – Buy the report!

Quantum computing market – Customer landscape 

The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Quantum computing market - Segmentation assessment

Segment overview

Technavio has segmented the market based on deployment (cloud and on-premise) and end-user (aerospace and defense, government, IT and telecom, and others). 

• The cloud segment will account for a significant share of the market's growth during the forecast period. Firms can access quantum computing systems through a cloud network, which lowers the need for hardware and software. The growth of this segment is attributed to factors such as the low cost of entry. Buyers do not have to invest in hardware. Moreover, the speed of setup and implementation is high. These factors will fuel the growth of this segment during the forecast period.

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Quantum computing market – Market dynamics

Key factor driving market growth

• The growing use of quantum cryptography is driving market growth.
• With the use of quantum cryptography, critical data can be transmitted with a high level of security.
• Quantum computers have high processing speeds and efficiently process vast amounts of encrypted data.
• Governments of many countries have invested large amounts in the development of highly secure quantum computers.
• These factors will fuel the growth of the market during the forecast period.

Leading trends influencing the market 

• The growth of AI and machine learning is a key trend in the market.
• AI and machine learning are expected to be some of the biggest applications of quantum computers.
• Quantum computing processor chips will be used in AI applications to compute data at high speeds efficiently.
• The use of AI will help solve issues related to optimization and sampling.
• These factors will support the growth of the market during the forecast period.

Major challenges hindering market growth

• The short lifecycle of supercomputers is challenging market growth.
• The lifespan of a supercomputer is shorter than that of regular electronic products.
• Moreover, the cost of a supercomputer is very high, including maintenance and power consumption.
• Therefore, companies can opt for a new system with the latest hardware and other upgraded components instead of a supercomputer.
• These factors may hinder the adoption of such systems.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this quantum computing market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the quantum computing market between 2023 and 2027
• Precise estimation of the size of the quantum computing market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the quantum computing market across North America, APAC, Europe, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of quantum computing market vendors

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TOC

1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation by Deployment
7. market Segmentation by End-User
8. Customer Landscape
9. Geographic Landscape
10. Drivers, Challenges, and Trends
11. Company Landscape
12. Company Analysis
13. Appendix

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