Quantum Computing & Technologies Market is Expected to Grow with a CAGR of 32.5 % over the Forecast Period.
Increased demand for handling & analyzing the data for making business decisions more effective and rising incidences of cybercrime are some of the major factors driving the growth of the Global Quantum Computing & Technologies Market.
Scope of the Report:
Quantum computing is a section of computing area which focuses on development of computer technology based on the concept of quantum mechanics. The quantum computing is used to know the behavior of energy and material on the atomic and subatomic levels. Quantum computing stores the data in the form of quantum bits or qubits. According to Institute of Quantum Computing at the University of Waterloo, the quantum computing field started in 1980. After discovering the quantum computer the problem which was unable to solve by classical computer can easily solve the problem with minimum time by using quantum computer. The quantum computer is used in the field of drug design, defense, artificial intelligence, in nuclear fusion, big data search, and military affairs and in many more fields. The Google announces that the quantum computer have achieved quantum supremacy on 23 October 2020 which means quantum computer can solve any problem quickly as compared to classical computer. The quantum computer is much faster than super computer. in 1998 Issac Chuang of the Los Alamos National Laboratory have invented first quantum computer which was loaded with data and output solution.
The global quantum computing market is segmented on the basis of components, application, end user and region covered. Based on components the global quantum computing is segmented as hardware, services and software. On the basis of application global quantum computing is classified as optimizing, automation, data analytics. Based on end user the global quantum computing is classified as healthcare and pharmaceuticals, energy and power, defense and others
Quantum computing & technologies consists of subatomic particles such as electrons, photons that exist in more than one state at any time. Unlike traditional computers, the quantum computer comprises series of bits with additional quantum analog qubits. Qubits are physically distinguishable two states quantum mechanical systems like electron and photon in the two dimensions which are responsible for the entanglement and super positioning movement. With the help of qubit, it becomes easy to identify, interpret and analyze the data stored in the warehouse system. Quantum computers can be operated at freezing temperatures near absolute zero which is most suitable to execute its functioning. Quantum computation is the scientific method of finding the most perfect and accurate solutions for problems that cannot be solved by traditional computers. Quantum computational technique is capable of solving polynomials, factorization, and exponential problems with the help of machine learning, Big Data, Internet of Things, Cloud Computing and artificial intelligence which consist of recurrent neural networks to optimize and extricate the dynamic data.
Quantum computing & technologies market report is segmented on the basis of type of technology, applications, component, end-user industry and by region & country level. Based upon technology, market is segmented into Blockchain, Adiabatic, Measurement-Based, superconducting and topological. Based upon applications, market is segmented into Cryptography, IoT/Big data/Artificial intelligence, teleportation, Simulation & data optimization and others. Based upon component, the market is classified as hardware, software & systems and services. Based upon end-user industry, the quantum computing & technology market is segmented into aerospace and defense, healthcare, manufacturing, it & telecommunications, energy and others.
The regions covered in this Global Quantum Computing & Technologies market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Global Quantum Computing & Technologies market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Quantum Computing & Technologies Companies:
Some major key players for Quantum Computing & Technologies market are,
- IBM Google
- D-Wave Systems Inc.
- SK Telecom
- Lockheed Martin
- ID Quantique
Increased Demand for Handling & Analyzing the Data for Making Business Decisions More Effective and Rising Incidences of Cybercrime are Some of the Major Factors Driving the Growth of the Global Quantum Computing & Technologies Market.
The key factor for growth of global quantum computing market is increasing demand for new research and technology in field such as healthcare, defense, drug design and space technology are major factors driving the growth of quantum computing. The problem which cannot solve by using supercomputer can easily solve by using quantum computer the cloud processing is major part in quantum computing system which solves the complex problem with minimum time. The industries such as space and defense have the largest share in quantum computing market in 2020, the need of secure communication and data transfer with faster data operation which boosts the demand of quantum computing. In the last year the quantum volume of IBM was 16 and by now it has been doubled up to 32 quantum volume which is more high achievement in the field of quantum computing since 2017. However lots of error, high cost and lack of knowledge regarding quantum computing to people may restrain the growth of quantum computing market. However increasing investment in research and development for building low cost and efficient quantum computer will increase the opportunities in global market in expected period.
The key factor for growth of global quantum computing market is increasing demand for new research and technology in field such as healthcare, defense, drug design and space technology are major factors driving the growth of quantum computing. The problem which cannot solve by using supercomputer can easily solve by using quantum computer the cloud processing is major part in quantum computing system which solves the complex problem with minimum time. The industries such as space and defense have the largest share in quantum computing market in 2020, the need of secure communication and data transfer with faster data operation which boosts the demand of quantum computing. In the last year the quantum volume of IBM was 16 and by now it has been doubled up to 32 quantum volume which is more high achievement in the field of quantum computing since 2017. However lots of error, high cost and lack of knowledge regarding quantum computing to people may restrain the growth of quantum computing market. However increasing investment in research and development for building low cost and efficient quantum computer will increase the opportunities in global market in expected period.Growth of quantum computing & technologies is primarily driven by big data handling, problem-solving technique to optimize the data which are used in various industries including automotive healthcare energy & power. According to a research, everyday internet generates 2.5 billion gigabytes of YouTube shorts, viral news stories, click-bait articles, and blogs. Worldwide 3.58 billion internet users gather together to send 500 million tweets, publish 2 million articles, and send 281.1 billion emails every day. So, there is huge data and Quantum computing technology allows the user to simulate, detect, analyze, and diagnose the scattered data into well-structured data sets. According to the survey of IT, leaders from the top 400 organization quantum computing technology finds 71% view the emergence of quantum computers as a threat to cyber security. One of the biggest restraints of this technology is its high cost and it requires absolute zero temperature to operate so it’s difficult to maintain that temperature at low cost. Another big challenge faced by this technology is the lack of knowledge and awareness about encryption algorithms and codes used while performing some tasks in quantum computers.
In spite of that, incresaing technological advancements with high-performance quantum computing technology used in various industries such as aerospace & defense, BFSI, healthcare & life science, energy & utilities, and others fosters the growth of the market. Its excellent problem-solving power, growing spending and investment in the development and research by industry giants, has also increase the demand for quantum computing from medical research and financial sectors are expected to create great opportunity for the investors.
North America is Expected to Dominate the Global Quantum Computing & Technologies Market.
North America is dominating the growth in quantum computing market due to rapidly increase in new technology and initiative taken by government to increase the research in quantum computing. The government of US has signed a bill of 1.2 billion USD for countries effort towards quantum information science. Canada is one of the leading countries in quantum computing research. Canada has invested 1 billion USD in past decade, the government initiative; growing private sector impact drives the quantum technology development in Canada. The Europe Union is expected to drive the growth of quantum computing market. The Germany is going to invested 650 million Euros for quantum technology from basic research to market ready applications. The UK government have announced 1253 million Euros investment in quantum computing advancement the government is have invested 1.27 billion USD since 2014 and now the UK’s National Quantum Technology Program have passed 1 billion Euros for development in quantum technology.
North America is emerged as a leading region in the global quantum computing & technologies market followed by Europe and Asia pacific. In the fiscal year, 2019 the U.S. government has provided $1.2 billion to fund the activities promoting quantum information science for an initial five-year period followed by U.S. the European Union has also launched a $1.1 billion investment in providing the top quantum computing strategic plan. One of the biggest competitors of the U.S. is China there is a race going on for using the most advanced technology of quantum computing. China is planning to build the world’s biggest quantum research facility for quantum computers and other revolutionary technology. The National Laboratory for Quantum Information Science of China will be located on a 37-hectare site next to a small lake in Hefei, Anhui province, China.
Key Benefits for Global Quantum Computing & Technologies Market Report–
- Global market report covers in depth historical and forecast analysis.
- Global market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
- Global market report helps to identify opportunities in market place.
- Global market report covers extensive analysis of emerging trends and competitive landscape.
Quantum Computing & Technologies Market Segmentation:–
By Type of Technology: Block chain, Adiabatic, Measurement-Based, Superconducting, Topological
By Applications: Cryptography, IoT/Big data/Artificial intelligence/ML, Teleportation, Simulation & Data Optimization, Others
By Component: Hardware, Software & Systems, Services
By End-User Industry: Aerospace and Defense, Healthcare, Manufacturing, IT & Telecommunications, Energy and Power, Others
Regional & Country Analysis
North America, U.S., Mexico, Canada , Europe, UK, France, Germany, Italy , Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of Middle East and Africa
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