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Quantum computing market size will reach around $125 billion by 2030

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According to Precedence Research, the global quantum computing market size is expected to reach approximately $125 billion by 2030 and is expected to grow at a CAGR of 36.89% from 2022 to 2030.

Ottawa, Jan. 06, 2023 (GLOBE NEWSWIRE) — The world quantum computing market The size was $10.13 billion in 2022. Due to huge spending by governments and commercial enterprises, the quantum computing market is booming. There has been a noticeable increase in the number of government efforts supporting quantum information processing in recent years, particularly after 2014. Additionally, a number of countries heavily subsidize research and development in the field. of quantum computing, which promotes the expansion of the industry. .

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The market is closely following various important changes that are happening mainly in North America, but also elsewhere. In order to gain a competitive edge in the quantum computing industry, private companies are also investing heavily in the technology. For example, North American companies such as Microsoft Corporation, Google LLC, and International Business Machines (IBM) Corporation are working hard to create and commercialize this technology.

Similarly, China’s leading online retailer, Alibaba Group Holding Limited, is building its own quantum computing center. Additionally, the Chinese government is building a $10 billion national facility for quantum research in Hefei, with an opening date of 2020. A significant increase in simulation work for quantum computing is also seen in the market for quantum computing solutions. Market players are actively trying to create numerical simulation of quantum systems as it is crucial for the advancement of scientific knowledge. But more processing power is needed for the development of these systems. In fields like quantum chemistry and superconducting materials, models that represent many important and crucial systems cannot be precisely solved numerically or analytically by conventional computers.

Quantum computers are used around the world to provide precise solutions. This greatly accelerates the commercial development of quantum computing. Quantum simulation will also be one of the first uses of quantum computers since it can already provide useful results with only a small fraction of the qubits needed for classical processing.

Report Highlights

  • The type of system sub-segment is expected to have a major market share in the global market owing to the growing need for quantum computing across several industries including machine learning, AI, and radar manufacturing.

  • Due to the rapid use of quantum computing technologies in a number of industries in the Europe region, including chemicals, healthcare, utilities, and pharmaceuticals, the European quantum market is expected to generate the most revenue in terms of sales.

  • The fastest growth in the market is predicted for the global consulting solutions category, which will be primarily driven by its increasing use in drug research, formulation of innovative compounds, aerospace and defense, materials science , chemicals, energy and electricity and health care.

  • BFSI holds a large market share based on end use and is expected to grow significantly in the coming years.

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Report scope

Report attributes

Details

Revenue forecasts by 2030

$125 billion

CAGR

36.89% from 2022 to 2030

The biggest market

North America

Fastest growing region

Asia Pacific

Year of reference

2022

forecast year

2023 to 2030

Key players

Demant A/S, Starkey Laboratories, Inc., Cochlear Ltd., RION Co., Ltd, Microson, GN Store Nord A/S, Sonova Group

Regional overviews

The quantum computing market share is expected to be dominated by North America owing to its early adoption of advanced technologies. The market size in North America which was USD 171.4 million in 2020 is expected to increase significantly. In addition, the existence of a competitive market and acceptance by end users of advanced technologies can promote market growth. Sales are expected to increase across Europe due to the rise of several startups, favorable legislative conditions and the growing use of cloud technology. Furthermore, the expansion of the business of large companies is expected to accelerate the growth of the market.

The market is expected to grow in Asia-Pacific owing to the growing need for quantum computing solutions for simulation, optimization, and machine learning. In addition, the widespread industrial use of innovative technologies is expected to accelerate the development of the industry.

Market Ddynamic

Drivers

To support the expansion of the quantum computing industry, more people are expected to use quantum computing as a service (QCaaS). Based on what it has to offer, the services category is expected to control a large portion of the market. This is due to the growing use of quantum computing as a service (QCaaS) in a variety of industries, including finance, chemical, defense, and pharmaceutical and healthcare industries. Calculations can be performed by quantum computers in seconds. As a result, they are heavily used in various businesses especially BFSI to speed up operations.

Meanwhile, the market has benefited from the increasing use of this technology in optimization, simulation and machine learning applications across a range of end-use sectors. The development of networked quantum information technologies (NQIT) is expected to accelerate the inclusion of optimization methods to solve problems that arise during practical applications of quantum computing during the forecast period.

Constraints

Technical and implementation issues limit market expansion. Research is still ongoing on quantum computer engineering. There are several technological challenges to integrating quantum computing technology into real-time applications. Since any contact with the environment will cause the state function to collapse, quantum computers are particularly sensitive to environmental interactions. The creation of physical general purpose computers that can be used for real-time applications has only been demonstrated theoretically, and it is not yet clear how quantum computing solutions will affect the way information is now processed. These are the drivers of the widening gap between research institutions, investment companies and the business environment, which is expected to have a negative impact on the development of the global IT industry. quantum.

Opportunities

The quantum computing industry is growing rapidly and offers opportunities in virtually every discipline, but its ability to help farmers increase agricultural productivity and production is the most important aspect. A quantum computing platform could also help develop the chemicals needed to make energy-efficient fertilizers. These elements are to blame for the explosive adoption of quantum computing technology in the agricultural industry. Additionally, governments around the world sponsor and fund quantum computing researchers. For example, the Indian government announced in February 2020 that it had proposed a proposal to invest around $1.12 billion in quantum computing research. Additionally, a software startup called Quantum provides quantum computing software to deliver cutting-edge agricultural solutions that help farmers better manage their agricultural operations. These companies and government assistance could provide tremendous market potential for the global quantum computing industry in agriculture in the future.

Challenges

Since qubits are delicate and easily disturbed by fluctuations in ambient temperature, frequency, and noise, it has been difficult to maintain their quantum mechanical state for very long. Commercializing quantum computers is a difficult and complex undertaking. A number of online ledger-based systems use the elliptic curve digital patterning approach, which is currently not quantum secure. The strength of these services lies in their ability to store complex state in one bit. This aspect also contributes to the challenge of building, testing and designing quantum systems. The fragility of quantum states requires precise fabrication and frequent operation of bits at very low temperatures.

Related Reports

RECENT DEVELOPMENTS

  • In December 2021, Classic and NTT DATA partnered to deploy credit risk analysis algorithms. Classic software users will also be able to program algorithms that will work with different quantum hardware platforms in the future, giving a potential lender a more accurate or faster answer.

  • A Singapore-based company named SpeQtral secured an $8.3 million investment in December 2021 to build a space-based commercial QKD using technology created at the National University of Singapore’s Center for Quantum Technology. In order to power a secure quantum communication system in Southeast Asia, the company is cooperating with Toshiba.

Market segmentation

By app

  • machine learning

  • Optimization

  • Biomedical simulations

  • Financial services

  • Discovery of electronic equipment

  • Others (traffic optimization, weather forecasts and others.)

By end use

By type of offer

  • Consulting Solutions

  • Systems

By geography

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Precedence Research is a global market research and consulting organization. We provide an unparalleled nature of offering to our customers located all over the world across industry verticals. Precedence Research has expertise in providing in-depth market intelligence as well as market insights to our clients spread across various businesses. We are obligated to serve our diverse customer base in medical services, healthcare, innovation, next-generation technology, semiconductor, chemical, automotive, aerospace and defence, among the various companies present in the world.

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