In 2021, the quantum computing market size was USD 458 million, which is projected to show a CAGR of 31.2% in 2021-2030, according to P&S Intelligence, and will reach USD 5,274 million by 2030. The deployment of these solutions has seen a robust upsurge in numerous industries including BFSI, logistics, support and cybersecurity as market players invest heavily in this space.
In 2021, the hardware category had the largest share of sales at 62.5%. Major players are investing heavily in the growth of robust hardware devices to support this powerful software.
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In 2021, the optimization category had the highest share revenue of 63.8% on the market based on application. This is due to the fact that a high level of organizational issues revolve around streamlining business processes, for which optimization services are most important. Hence, the market players are more focused on creating a solution that can be workable for optimization purposes.
Portfolio risk optimization, inflation detection, risk modeling, trade history optimization, trading techniques, instability detection, and asset cost optimization are just some of the complex problems that quantum computers can solve with unmatched speed.
In 2021, the BFSI Market Quantum Computing Solutions industry held the highest revenue share of around US$145.4 million based on the industry. This is thanks to the banks, which are more focused on spending on this potential technology to modernize their ways of doing business and increase their security.
The industry in the healthcare sector is expected to grow the most in the coming years. This will be primarily due to the rapidly increasing demand for improved diagnostics and treatment measures for chronic diseases. In addition, such computing technologies play a crucial role in drug development and discovery.
In 2021, North America had the highest share of revenue at $208.2 million as government and private companies spent heavily to grow this technology. For example, in January 2019, the US Congress adopted the National Quantum Initiative, approving over $1.2 billion in spending on quantum science and technology over the next 5-10 years. These initiatives will lead to rapid adoption of this technology in academic, industrial and government settings.
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Thus, the government is the main reason behind the increasing use of quantum computing by spending on research and development. In addition, the high investments in IT, the early acceptance of new technologies and the constant technological improvements contribute to the enlargement of the market on this continent.
Due to the robust upswing in numerous areas including financial services, logistics and support, and cybersecurity as market players invest heavily in this area, the demand for the quantum computing market will continue to grow strongly in the future.
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