Quantum Computing Will be USD 5,274 Million Market in 2030, Says P&S Intelligence

NEW YORK, Jan. 9, 2023 /PRNewswire/ -- The quantum computing market has captured USD 458 million revenue in 2021, which is projected to rise at a CAGR of 31.2%, to surpass USD 5,274 million in 2030, according to P&S Intelligence.

The deployment of such solutions has experienced a strong upswing in various sectors, including financial services, logistics & support, and cybersecurity, since technology giants are massively investing in this field.

Under the offering segment, the hardware category held the largest industry share, of 62.5%, in 2021. Industry players are increasingly investing in the development of robust hardware equipment to provide the necessary support for such powerful software.

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Moreover, the category is projected to grow due to the availability of various types of hardware for the deployment of quantum computing solutions. All commercially available quantum computing systems are based on trapped ions, spin qubits, superconducting circuits, and neutral atoms.

Rising R&D Propels Quantum Computing Software & Service Demand

• The services category is expected to witness a significant growth rate, ascribed to the burgeoning requirement for consulting and other associated services in the near future.
• The divisions would also experience growth due to a rise in the number of startups and burgeoning investments in research & development in computer technology.
• Deep learning, simulation, and optimization applications leverage quantum computing for better results and low operational costs across various industries.
• The optimization process involves finding the optimal solution to a problem, in consideration of its restrictions and the desired results. Several important business decisions are made keeping in mind quality, cost, and manufacturing time.

Need for Streamlining Business Processes Fuels Importance of Optimization Solutions 

• Under the application segment, the optimization category holds the largest share, of 63.8%. It is ascribed to the fact that major organizational problems are solved with business process streamlining, which results in the rising importance of optimization solutions.
• Therefore, industry players focus on developing solutions that can be implemented to improve processes.
• Portfolio risk optimization, inflation detection, risk modeling, trade trajectory optimization, trading techniques, instability detection, and asset price optimization are among the several complex problems that can be optimized by quantum computers with unparalleled speed.

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Desire for Centralized Management Drives On-Premises Deployment 

The decrease in the requirement for remote access due to centralized management results in the high demand for on-premises quantum computers. In several industries, such as BFSI, aerospace & defense, and healthcare, company data is highly confidential and needs to be protected. Hence, such companies prefer the on-premises deployment of their IT solutions, aided by their higher budgets.

Dominance of North America on Industry To Continue till 2030

North America generated the highest revenue, of $208.2 million, in 2021, led by the massive investments made by private and government firms for technology development.

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SOURCE P&S Intelligence