Quantum Computing Market - Challenges, Opportunities, Statistics to 2023
Technology Research & Development
Updated on Sep 23, 2020
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The surge in demand from the BFSI sector is anticipated to motivate the quantum computing market 2020. The packaging and transport industry reports are produced by Market Research Future, which highlights market options for expansion. A CAGR of 34% is predicted to guide revenues to USD 2.82 billion by 2023.
The diversity of applications in quantum computing is expected to open up new areas for growth in the duration of the forecast period. The rise in opportunities from the public sector is estimated to sustain the development of the quantum computing market in the forecast period.
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The segmental study of the quantum computing market is conducted based on application, product type, vertical, and region. Based on the application, the quantum computing market is segmented into machine learning, optimization, simulation, and others. On the basis of product type, the quantum computing market is segmented into software, hardware, and services. Based on the vertical, the quantum computing market is segmented into energy & power, information technology (IT) & telecommunication, healthcare, aerospace & defense, BFSI, transportation, and others. On the basis of regions, the quantum computing market is segmented into Europe, Africa, North America, APAC, and the Middle East.
Detailed Regional Analysis
The regional examination of the quantum computing market includes regions such as Europe, Africa, North America, APAC, and the Middle East. The opinion is relatively positive towards the North American region’s quantum computing market. The countries of the U.S. and Canada are technologically superior countries, which is permitting a sooner implementation of quantum computing tools in the North American region. The North American quantum computing market is anticipated to reveal a CAGR of 31.3% for the duration of the forecast period and attain a valuation of an additional USD 952.29 Million. Furthermore, a notable investment range towards R&D by both private and public is also influencing the market favorably in the region. The U.S. holds the principal portion In terms of value, of the North American quantum computing market. In addition, the existence of tech Goliaths, such as among others, gives the U.S. market an edge in the coming years.
The stability of the economic state is expected to further lend to the favorable development in the global market strength. The improvement in research and development facilities and equipment is further projected to influence the growth of the market in the forecast period. The scope of development of the market shows a high growth potential that the market can achieve in the coming years. The strategic allocation and positioning of assets are expected to aid each competitor in the mart with their growth goals. The inducement of certain regulations introduced by the governments of several countries is estimated to enhance the profits that can be gained by the market. The availability of suitable means to build robust distribution channels is estimated to characterize the future expansion of the market in the forecast period. The need to prepare for contingencies such as natural disasters, pandemics, and international trade wars is expected to allow the market a better capability to deal with the challenges.
The distinguished players leading the quantum computing market are D-Wave Systems Inc., Cambridge Quantum Computing Ltd., Atos SE, Intel Corporation, IBM Corporation, QxBranch, Inc., QRA Corp, Rigetti & Co, Inc., Google, and QC Ware Corp.
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