USD 490.51 Million
Report ID: SQSG45I2008 | Region: Global | Published Date: December, 2022 | Pages: 165 | Tables: 125 | Figures: 69
Quantum Computing Market was valued at USD 490.51 Million in 2021, and it is expected to reach a value of USD 2,930.67 Million by 2028, at a CAGR of 30.70% over the forecast period (2022 - 2028).
A rapidly evolving technology that links the laws of quantum mechanics, to solve very complex problems is known as quantum computing. Quantum computing machines are very fast processing as compared to commonly used computers in terms of data processing and collection. The superior handling comes from dividing the data into all values and compared to common computers that only break the data into 0 & 1 and no other value. Some of the quantum computing services include machine learning, cryptography, quantum simulation, and other algorithm development. These all allow quantum computing to be applied in various fields for generating better and more accurate results in a lower time frame which in turn is pushing the demand for the quantum computing market.
US Quantum Computing Market is poised to grow at a sustainable CAGR for the next forcast year.
Global Market Size
USD 490.51 Million
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The Global Quantum Computing Market is segmented based on Component, Deployment, Application, End-user, and Region. Based on the Component, the Quantum Computing Market is segmented into Hardware, Software, and services. Based on Deployment, the Quantum Computing Market is segmented into On-Premise and Cloud-Base. Based on Application, the Quantum Computing Market is segmented into Machine learning, Data Optimization, Biomedical simulators, Financial Services, Electronic Material Discovery, and Others. Based on End-user, the Quantum Computing Market is segmented into Health Care, Banking Financial services & insurance (BFSI), Automotive Industry, Research, Energy & Utilities, Chemical Industry, Manufacturing, and other industries. Based on region, the Global Quantum Computing market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Quantum Computing Market Analysis by Component
The component hardware accounts for a major 53% of the worldwide quantum computing market in the year 2021. This is due to the growing demand from insurance (BFSI) and the research industry to run complex problems and get solutions to these critical problems in a short duration. Increasing trading transactions and data processing with discovering an efficient method for financial risk management also leads to increased demand for quantum computing hardware components.
Continuous increase in the number of new businesses and growing investment in the field of research & development activities in the field of quantum computing is also a reason for the rapid growth of the software and services segment during the analysis period. The use of ML technology in the various information technology fields to reduce the overall operational cost is fueling the demand for quantum computing during the forecast period.
Quantum Computing Market Analysis by Application
The quantum computing market is segmented into various applications such as Machine learning, Data Optimization, Biomedical simulators, Financial Services, Electronic Material Discovery, and Others. Machine learning has dominated the market with 37% of the total revenue generated in 2021 and is expected to grow at the fastest CAGR during the analysis period. ML with data optimization is used in various fields to use the storage space efficiently by storing optimized and usable data which in turn saves a huge cost for the companies.
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In the year 2021, North America has dominated the quantum computing market with the largest share of market revenue. This is due to the early adoption of technology and innovation in quantum computing and machine learning which has enabled it to dominate the segment over the forecast period.
Europe and the Asia Pacific are expected to grow at a faster rate through the analysis period. As growing govt initiatives in innovation and digitalization of the financial system are pushing the use of quantum computing which will handle large transaction data and optimize it for further storage. With increasing involvement from large investment firms in the domain the quantum computing market will grow at a tremendous rate during the analysis period.
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Quantum Computing Market Driver
Quantum Computing Market Restraint
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The Quantum Computing market is relatively fragmented, with a high level of competition. Few large players, like IBM Corporation, Cambridge Quantum Computing Ltd., and Intel Corporation, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability.
Quantum Computing Market Top Player’s Company Profiles
Quantum Computing Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, North America has dominated the quantum computing market with the largest share of market revenue, and Europe and the Asia Pacific are expected to grow at a faster rate throughout the analysis period. As growing government initiatives in innovation and digitalization of the financial system are pushing the use of quantum computing which will handle large transaction data and optimize it for further storage. The hardware component market accounts for a major 53.4 % of the total revenue and machine learning has dominated the application segment with 37.6% of the total revenue generated in the year 2021.
|Market size value in 2021||USD 490.51 Million|
|Market size value in 2028||USD 2,930.67 Million|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Quantum Computing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Quantum Computing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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