quantum computing market
The Quantum Computing Software Market was valued at US$115.3 million in 2022 and is expected to grow at a CAGR of 31.5% during the forecast period.
The next level of computing speed and power is being sought for the use of a novel paradigm known as quantum computing. It uses phenomena from quantum physics to develop new types of computing components that will change the way computers deal with data. Quantum technology can be used to make these types of technological developments in computing conceivable. It could also be used to develop sophisticated AI for self-driving cars. Quantum computing can also be used to simulate complex biological and chemical processes. Modern aviation, research into biotechnology to provide novel vaccines and treatments for diseases, and the creation of advanced materials (such as metals, polymers, and hybrids) all depend on this simulation. But the field of quantum computing is still relatively new. NISQ, also known as noisy medium-sized quantum processing unit,
Widespread quantum computing applications
Quantum computing is gaining traction on a global scale due to numerous applications in the aerospace and defense industries for space exploration verification, critical modeling, and aerodynamic performance simulation. Furthermore, the exponential market growth is driven by increasing implementations of machine learning and quantum computing to detect recurring trends.
The growing demand for quantum computing from industries like BFSI, defense and automotive is fueling the market expansion. Additionally, escalating cybercrime rates and strict government attempts to push this technology forward are key growth drivers for the market.
Opportunities for quantum computing and the public sector
The public sector offers important business potential. Key elements predicted to have significant development potential include growing quantum computing applications in aerospace and defense, traffic optimization, weather forecasting and increased commercial interest in the technology. However, quantum computing has more applications than just in the public and private sectors of industry.
The increasing use of computational drug discovery and in silico modeling in the life sciences is also expected to open significant prospects for quantum computing. Additionally, the market would grow tremendously due to the increasing emphasis on investigating and implementing innovative use cases in pharmaceutical R&D, particularly molecular dynamics simulations.
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Quantum Computing Software Market – Market Trends
• The market for quantum computing software is growing due to the increasing use of this software by the BFSI industry.
• The banking, financial services and insurance (BFSI) sector is growing exponentially as companies focus on faster transactions, business activity and data management. This technology helps in discovering practical and successful risk management techniques.
• Financial companies using these technologies will gain significantly. By offering relevant and necessary network monitoring to protect users’ financial data using next-generation cryptography, quantum computing could have a positive impact on the financial services industry.
Global Quantum Computing Market: Key Players
• 1QB Information Technologies Inc.
• QxBranch, LLC
• Intel Corporation
• Rigetti Computing
• Station Q—Microsoft Corporation
• D-Wave Systems Inc.
• Toshiba Corporation
• Quantum Circuits, Inc
• Magiq Technologies Inc.
• Cambridge Quantum Computing Ltd
• QC Ware Corp.
• University landscape
• International Business Machines Corporation (IBM)
• Google Inc.
• Nippon Telegraph and Telephone Corporation (NTT)
• Hewlett Packard Enterprise (HP)
• Northrop Grumman Corporation
• Hitachi Ltd
• Evolutionq Inc
Global Quantum Computing Market: Types
Global Quantum Computing Market: Applications
• Banking and finance
• Energy & Performance
• Healthcare and Pharmacy
Global Quantum Computing Market: Regional Analysis
All regional segmentation has been studied based on current and future trends and the market is forecast throughout the forecast period. The countries covered in the regional analysis of the Global Quantum Computing market report are USA, Canada and Mexico in North America, Germany, France, UK, Russia, Italy, Spain, Turkey, Netherlands, Switzerland, and Belgium Rest of Europe Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia Pacific (APAC), Saudi Arabia, United Arab Emirates, South Africa, Egypt, Israel, Rest Middle East and Africa (MEA) as part of Middle East and Africa (MEA) and Argentina, Brazil and Rest of South America as part of South America.
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