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Quantum Computing Market by Component (Hardware, Software, and Services), Deployment Mode (On-Premises and Cloud), Application (Optimization, Simulation, and Sampling), End-Use Industry (Banking, Financial Services, and Insurance (BFSI)), Healthcare & Pharmaceuticals, Defense, Automotive, Chemical, Utilities, and Others) – Global Analysis & Forecast 2019-2030
Quantum Computing Market Share to Touch 25.30% CAGR by 2030 with Top Key Players: IBM, Intel Corporation, Google, Microsoft Corporation
The quantum computing market is estimated to hold a share of US$ 3.98 billion in 2019. The market is anticipated to further grow at a CAGR of 25.30% from 2019 to 2030.
Leading Key Players:
IBM, Intel Corporation, Google, Microsoft Corporation, D-Wave Systems Inc., IonQ, Inc., 1QB Information Technologies Inc., Xanadu, ID Quantique, and Rigetti & Co, Inc., among others.
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Quantum computing focuses on computer technology involving principles of quantum theory and integrates laws & concepts of quantum physics that help to compute complex problems at high speeds. It uses the states between 0 and 1 to compute, unlike classical computing that uses only 0 and 1 bits. The availability of multiple bits helps in adopting parallelism, resulting in fast computing for better results. Quantum computing finds applications in research, simulation, and other applications in various industries including automotive, defense, healthcare, and others.
The global quantum computing market is driven by factors such as better cyber security when compared with traditional cyber security solutions. As multiple codes are available in quantum computing, the ability to break these encrypted codes becomes more difficult. IBM, Google, Intel, and others are using quantum computing concepts to improvise their cyber security. Moreover, to solve certain complex computational problems, quantum systems are required, that can supersede today’s computers in terms of power & speed. Commonly used computers lack parallelism and entanglement concepts of quantum physics & mechanics. On the other hand, the use of multiple bits in quantum computing leads to more stability and speed.
By End-User :
· Financial Services
· Insurance (BFSI)
· Healthcare & Pharmaceuticals
Among the 3 major regions, the quantum computing consulting solution market in APAC is expected to grow at the highest CAGR during the forecast period. APAC is a leading hub for several industries, including healthcare, banking, automotive, and chemicals. This region is the largest automobile producer in the world
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