- North America would retain its dominance over the global Quantum Computing for Business Market throughout the forecast period.
- Complexity in implementation is a major factor expected to impede the growth of the market in the coming years.
- The market demonstrates high growth prospect, which, in turn, is attracting several new entrants to the market that would intensify the market competition further.
According to Market Research Future (MRFR), the global Quantum Computing for Business Market will reach approximately $2.5 billion by 2023. MRFR confirms that the market is expected to grow at a whopping CAGR, around 34%, throughout the forecast period (2018–2023).
The global Quantum Computing for Business Market is witnessing considerable growth. Increasing implementation of machine learning and quantum computers in order to recognize objects by detecting recurring patterns attributes to the growth of the market.
Rising awareness about quantum computing is increasing the adoption of these solutions in sectors such as BFSI, defense, and automotive. Moreover, increasing the rate of cyber crimes and the stringency of government initiatives in developing quantum computing technology are some of the other major driving force behind the growth of the market. Several research institutes and scientists are carrying out research programs to understand the practical capacity of quantum computers truly.
On the other hand, complexity in implementation is a major factor expected to impede the growth of the market in the coming years. Also, compatibility issues within low-temperature requirements and the use of quantum entanglement during network communication are posing challenges to market growth. Nevertheless, developments in artificial intelligence and Enterprise Quantum Computing is expected to support market growth, offering various growth opportunities.
Players leading the Quantum Computing for Business Market include Intel Corporation, QRA Corp, D-Wave Systems Inc, Computing Ltd, Cambridge Quantum, QC Ware Corp., QxBranch Inc., Rigetti & Co Inc., IBM Corporation, Quantum Circuits Inc., Google LLC, Microsoft Corporation, Atos SE, and Cisco Systems, among others.
The report is segmented into six key market dynamics to widen the scope of understanding,
By Component: Hardware, Software, and Services.
By Deployment: On-premise, On-cloud, and Hybrid.
By Technique: Simulation, Superconducting, and Quantum Annealing, among others.
By Application: Advanced Cryptography, Data Analytics, Pattern Recognition, Medical Research, Automation, and Optimization, among others.
By End-user: Aerospace & Defense, Automotive, IT &Telecommunication, BFSI, Medical, Chemical, Transportation, and Energy & Power, among others.
By Regions: Asia, Pacific, North America, Europe, and the Rest-of-the-World.
North America is expected to retain its dominance over the global Quantum Computing for Business Market throughout the forecast period. The presence of technology leaders such as IBM Corporation, Google, and Intel is contributing to the growth of the market. Factors such as usages of quantum computers by government agencies and aerospace & defense for machine learning are increasing investments for research and development of quantum computing technology. The US, among other North American countries, currently holds the highest market share in the regional Quantum Computing for Business Market.
The Quantum Computing for Business Market holds the second biggest share in the global market. Substantial investments by companies as well as governments in the region, especially the UK, are expected to drive market growth in Europe. Multiple initiatives by governments in various countries in this region are positively impacting the growth of the market. The presence of significant players such as Cambridge Quantum Computing Ltd has facilitated the development of quantum technology in the region.
The Asia Pacific Quantum Computing for Business Market is a promising market expected to show positive growth over the review period. Major developments on quantum computing technology are largely carried out in countries such as China and South Korea. Owing to factors such as the wide adoption of quantum computers by the BFSI sector in APAC countries like China, Japan, and others, the regional market has seen a sudden hike. Countries witnessing the use of quantum computers for optimization of tasks would show huge growth in Quantum Computing for Business Market by the forecast period.
Highly competitive, the Quantum Computing for Business Market appears to be fragmented due to the presence of numerous well-established players. Prevailing strategies traced from the study of recent developments of the players include product launch, agreement & partnership, acquisition, and expansion. The study indicates large investments are being made by multinational companies and emerging startups. The market demonstrates high growth prospect, which, in turn, is attracting several new entrants to the market that would intensify the market competition further.
April 25, 2019 —- IBM Corporation (the US), a technology giant, announced the collaboration with the University of Waterloo for quantum computing research. IBM is poised to establishing itself as a global hub for quantum computing.
The firm is partnering with several universities through its IBM Q Network program to further joint research in quantum computing. This also helps in developing programs to prepare students for careers in quantum computing across science and business. IBM Q Network is a community of many companies, startups, academic institutions, and research labs working to advance and explore practical applications for quantum computing.
The University of Waterloo recently received $41 million from the federal government, which went to four local organizations working on developing projects in quantum, among other advanced technologies. The university would focus on accelerating collaborative research in quantum algorithms and quantum complexity theory.