Enterprise Quantum Computing Market Research Report, by Component (Software, Service, Hardware), by Application (Automation, Data Analytics, Optimization), by End-User (Automotive, BFSI, Chemical, Medical), by Technology (Simulation) — Global Forecast till 2023
Quantum computers are based on the principle of superposition which allows them to achieve high computational power necessary for advanced applications such as cryptography, drug discovery, and machine learning. Presently, cryptography is based on public key algorithms such as AES-256, RSA, and ECDSA. These algorithms are secure as per the existing computing needs but are expected to be rendered useless as quantum computing advances. Quantum computing application developers have started testing encryption algorithms with quantum keys which is expected to offer secure encryption for the protection of data against the computational power of future systems. Quantum cryptography is expected to transform the way we carry out transactions and data communication in the years to come and with continuous innovation in this technology, the adoption of quantum computing among enterprises may increase during the forecast period.
Global enterprise quantum computing market is estimated to reach market value of USD 2-3 billion by 2023 growing at a 34% CAGR during forecast period 2019–2023. Rising awareness about quantum computing among BFSI, defense and automotive, increasing rate of cyber crimes, and stringency of government initiatives in developing quantum computing technology are some of the prime driving factors for the growth of the market. However, complexity in implementation is one of the major factors expected to hamper the market growth in coming years. Whereas, developments in artificial intelligence and big data analytics is expected to offer various opportunities in the market. Additionally, compatibility issues within low temperature requirements, and the use of quantum entanglement during network communication are some of the challenges faced by the market.
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The global enterprise quantum computing market is segmented into component, deployment, technology, application, vertical and region.
By component, the market has been segmented into hardware, software, and services.
By deployment, the market has been segmented into on-premise, on-cloud and hybrid.
By technique, the market has been sub-segmented into simulation, superconducting, and quantum annealing among others
By application, the market has been segmented into advanced cryptography, data analytics, pattern recognition, medical research, automation, and optimization among others
By end-user, the market has been classified into aerospace & defense, automotive, IT and telecommunication, BFSI, medical, chemical, transportation, energy and power, among others.
By region, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
Market Research Future has identified following key players in Enterprise Quantum Computing Market —QRA Corp, Intel Corporation, D-Wave Systems Inc, Cambridge Quantum, Computing Ltd, QC Ware Corp., Rigetti & Co, Inc., QxBranch, Inc., IBM Corporation, Google LLC, Quantum Circuits, Inc., Microsoft Corporation, Cisco Systems, and Atos SE among others.
Market Research Future (MRFR) study has covered the following countries in regional analysis of enterprise quantum computing market—the US, Canada and Mexico in North America. Germany, the UK, France, Russia, Spain, and Italy in Europe. China, Japan, India, Singapore, Australia, and South Korea in Asia-Pacific. The Middle East & Africa and South America in the rest of the world.
At present, North America is dominating the global enterprise quantum computing market, followed by Europe, Asia-Pacific, and RoW. Heavy investments by companies as well as governments in the region, especially the US, for research and development of quantum computing technology is expected to drive the market growth in North America. The US currently holds the highest market share in the North American enterprise quantum computing market. The presence of technology leaders such as Google, IBM Corporation and Intel in the country is also expected to contribute to the growth of the market in coming years.
Europe was the second highest revenue generating market for enterprise quantum computing in 2019. Multiple initiatives by governments of different countries in this region is positively impacting the growth of the enterprise quantum computing market. For instance, the European Union launched a USD 1.2 billion quantum flagship project with the aim to place Europe in the forefront of the quantum computing. Among countries, the UK market accounted for the highest share of the European enterprise quantum computing market in 2019. The presence of key players such as Cambridge Quantum Computing Ltd in the country has facilitated the development of quantum technology in the region.
Asia-Pacific is projected to grow with the fastest CAGR during the forecast period. The development of quantum computing technology is largely carried out in countries such as China and South Korea. However, lack of skilled employees is hampering the growth of the enterprise quantum computing market in the region.
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- Technology investors
- Quantum computer manufacturers
- Quantum dots manufacturers
- Government agencies
- Aerospace equipment manufacturers
- Original equipment manufacturers (OEMs)
- Educational Institutes
- Developers and platform providers
- Research/Consultancy firms
LIST OF TABLES
Table 1 Enterprise Quantum Computing Market, By Region, 2019–2023
Table 2 North America: Enterprise Quantum Computing Market, By Country, 2019–2023
Table 3 Europe: Enterprise Quantum Computing Market, By Country, 2019–2023
Table 4 Asia-Pacific: Enterprise Quantum Computing Market, By Country, 2019–2023
Table 5 Rest Of The World: Enterprise Quantum Computing Market, By Region, 2019–2023
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LIST OF FIGURES
FIGURE 1 The Global Enterprise Quantum Computing Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of The Global Enterprise Quantum Computing Market
FIGURE 4 Value Chain/Supply Chain Of The Global Enterprise Quantum Computing Market
FIGURE 5 Share Of The Global Enterprise Quantum Computing Market In 2017, By Country (In %)
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