The global quantum computing market was valued at USD 81.6 million in 2018 and is expected to reach USD 381.6 million in 2026, growing at a CAGR of 21.26% from 2019 to 2026.
Quantum computing is basically a computation method which uses quantum-mechanical phenomena such as superposition and entanglement. Quantum Computing is performed by using two approaches as in analog and digital. By using these approaches a quantum computer can be physically implemented by using quantum bits or qubits.
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Quantum computing is offered in two ways: Systems and Consulting Solutions. The growth of the quantum computing market is primarily driven by the rapid advancement in technological development and utilization of advanced electronic systems in computing. Moreover, the growing emphasis on reducing cybercrime is fuelling the need for employing quantum computing. Recent years has witnessed a spur of investments in this field which has resulted in the growth of this market. However, the lack of skilled professionals is one of the restraining factors which may hamper the growth of the global quantum computing market. The quantum computing system offering is poised to dominate the market throughout the forecast period
Based on offering, the quantum computing market has been segmented into consulting solutions and systems. The systems segment accounted for approximately 57% of the share in the global quantum computing market in 2018. While consulting solutions offering segment accounted highest CAGR of around 27.46% in the global quantum computing market during the forecast period owing to the capability of providing customized solutions. This advantage is anticipated to propel the demand and sales for consulting solutions across the developed and developing countries in the global market in the near future.Based on function, the machine learning segment is expected to grow at a CAGR of around 28% during the forecast period
Based on function, the market has been segmented into optimization, machine learning, and material simulation. The optimization function segment accounts for the largest share in the market and expected to grow at a CAGR of around 22.56% during the forecast period. While the machine learning function segment expected to hold the CAGR of approximately 28% during the forecast period. The increase in research & development activities to incorporate better machine connectivity in various industries is anticipated to increase the market share in terms of value. However, the requirement of high capital investment is anticipated to hamper the growth of this segment.Based on end-use industry, the aerospace & defense segment is expected to dominate during 2019 to 2026
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Based on end-use industry, the market has been segmented into Aerospace and Defense, Automotive, Healthcare, and others. The aerospace & defense segment accounts of the largest share in the market and held for more than 32% of the total market in 2018. The major factors that are driving the growth of this segment are the growing number of new players and start-ups which offer cost-efficient solutions. Key players are investing a substantial amount of resources in order to develop modern computing solutions to cater to customised requirements.Regionally, Europe to dominate the Quantum Computing market throughout the forecast period
Europe region accounted for nearly 27.67% share of the global quantum computing market in 2018 and is expected to dominate the market throughout the forecast period. The rapid growth in the industrialization and liberalization of foreign direct investment in the aerospace and defense sector are the major driving factor for the region in the global market. Asia Pacific region is expected to hold the highest CAGR in the global market during the forecast period. Manufacturers are investing in the Asia Pacific region countries to meet the growing demand for end-use industries.
Company Profiles and Competitive Intelligence:The major players operating in the global quantum computing market are D-Wave Systems Inc. (Canada), QX Branch (United States), Cambridge Quantum Computing Limited (United Kingdom), 1QB Information Technologies (Canada), International Business Machines Corporation (United States), QC Ware, Corp. (United States), StationQ- Microsoft (United States), Rigetti Computing (United States), Google Inc. (United States), and River Lane Research (United States) among others.
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