Global Quantum Computing Market Report 2022: Rising Investments in Quantum Technology Fuel Growth –

DUBLIN–(BUSINESS WIRE)–Added the Global Quantum Computing Market: Analysis By Component, By Application, By Technology, By End-User, By Region Size, And Trends Impacting COVID-19 And Forecast To 2027 report Offer.

In 2021, the global quantum computing market was valued at US$442.32 million and is projected to grow to US$3295.97 million by 2027. Quantum computing is an emerging technology that uses the laws of quantum mechanics to tackle problems that are too complex for traditional computers. The word “quantum” comes from the physical term used in quantum mechanics, which defines the physical properties of electrons and photons.

Quantum computers work according to the concept of “qubits”. A qubit, also known as a quantum bit, is a fundamental unit of quantum information that is implemented physically via a two-state device. Some of the main reasons why companies are moving to quantum computing are rising demand for high-performance computing, growing popularity of quantum mechanics in cryptography, increasing use of quantum computing in drug development, etc. CAGR of 39.88% over the forecast period 2022-2027.

Market Segmentation Analysis:

  • By Component: The report offers to segment the Quantum Computing market into three segments based on the components: Hardware, Software and Services.

  • By Application: The report segments the global quantum computing market into three segments based on application: Optimization, Machine Learning, and Materials Simulation.

  • By Technology: The report offers the segmentation of Quantum Computing market on the basis of technology: Quantum Annealing, Superconductivity, Trapped Ion, Quantum Dot and Others.

  • By End User: The report segments the global quantum computing market into twelve segments based on end user: Financial & Investment, Transportation & Logistics, Aerospace, Agriculture, Automotive, Energy, Healthcare, Information Technology, Life Sciences, Manufacturing, Oil & Gas mining and others. Agricultural Quantum Computing Market is expected to grow at the highest CAGR.

Global Quantum Computing Market Dynamics:

  • Growth Drivers: One of the most important factors affecting the dynamics of the quantum computing market is increasing investments in quantum technology. Governments have increasingly invested in QC research and development in recent years as policy makers begin to appreciate the disruptive potential of QCs. Under the 14th five-year quantum technology plan (2021-2025), China has announced the largest public funding of any country to date, more than double the EU investment and eight times the US government investment. Furthermore, in recent years, the market has been growing due to factors such as increase of quantum computing startups, increasing number of strategic partnerships and collaborations, increasing demand for high-performance computing, increasing use of quantum computing in drug development, etc.

  • Challenges: However, the market has faced some challenges, especially high cost of quantum computing solutions, stability and error correction issues, lack of quantum computing talent, etc. Quantum computers require special parts that are not mass-produced. They must be constantly maintained at operating temperatures close to absolute zero to increase their stability, which drives up costs. The cost of developing a large quantum computer with many qubits is still prohibitively high. Qubits can cost tens of thousands of dollars and must be supported by specialized electronics. The high price of quantum computers hampers the expansion of the market.

  • Trends: The market is expected to grow rapidly during the forecast period owing to various recent trends such as increasing adoption of cloud-based quantum computing, integration of quantum computing with IoT (Internet of Things), popularity of quantum mechanics in cryptography, technological advancement in quantum computing, etc. Quantum computing has started to move from the realm of computing and research into something that companies can potentially use in the workplace. The advent of quantum computing in the cloud has piqued the curiosity of tech buyers, who are now looking for practical applications for this type of computing. Complex technology, limitations in capabilities, lack of available resources and costs are deterring some companies from investing in quantum computing technology. To address these concerns, quantum computing vendors, select cloud service providers, and independent software vendors are offering quantum cloud-based solutions that enable companies to experiment with this technology.

key figures

  • Amazon.Com, Inc. (Amazon Web Services, Inc.)

  • microsoft corp (Microsoft Azure)

  • Alphabet Inc. (Google Cloud Platform)

  • Alibaba Group (Alibaba Cloud)

  • IBM

  • Intel Corporation

  • Nvidia Corporation

  • Toshiba Corporation

  • Rigetti computing

  • Quantum Computing Inc.

  • D Wave Systems Inc.

  • Zapata Computing

  • Xanadu Quantum Technologies Inc.

  • QC Ware Corp.

  • Ion Q

Main topics covered:

1. Summary

2. Introduction

3. Global Market Analysis

4. Regional Market Analysis

5. Effects of COVID-19

6. Market Dynamics

7. Competitive Landscape

8. Company Profiles

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