- Quantum computing offers a highly secure computing infrastructure.
- Quantum Computing Services to gain traction with growing deployment of quantum computing hardware and software.
- BFSI and Energy & Utility will be primary growth contributors.
Quantum computing is used in applications that demands performing complex calculations and tasks in shortest time with utmost safety and thus is gaining popularity in cloud computing, machine learning, molecular structure engineering, smart manufacturing, smart logistics, and smart retail applications.
The quantum computing market is anticipated to witness prominent growth in coming years owing to increasing investment in development of quantum computers fueled by rising threat of cybercrimes. Demand from expanding applications such as edge computing, Internet of Things, Artificial Intelligence, and smart infrastructure is anticipated to gain traction in coming years. Additionally, quantum computing offers a highly secure computing infrastructure and thus is anticipated to witness increased deployment in cyber security solutions.
The quantum computing market is segmented based on component, deployment, technology, application, end use industry, and geography. Based on component, the market is segmented into hardware, services and software. Quantum computing hardware and software are undergoing continuous technological advancements to design and develop reliable products.
Among the components, hardware dominated the market and is anticipated to be the dominating segment throughout the forecast period owing to high cost associated with the materials and technology engaged in development of hardware components. Moreover, quantum computing services is anticipated to be the fastest growing segment in coming years owing to high dependence on product developers and requirement of technological knowhow of these systems.
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Based on end use industry, the market is segmented into healthcare & life sciences, IT & telecommunication, manufacturing, BFSI, energy & utilities, aerospace & defense, and others. Quantum computers work on the laws of quantum physics, which makes it suitable for applications requiring complex problem solving and secure communication. The energy and utility sector is anticipated to be the dominating industry segment owing to rising deployment in nuclear and renewable power generation.
Increasing cyber threat in industries such as BFSI, and aerospace & defense is anticipated to fuel the adoption of quantum computing across these industries. BFSI is anticipated to generate high demand for computing computers over the forecast period, fueled by high reliability and secure communication offered by quantum computing infrastructure. Sample request here.
Based on geography, the market is segmented into North America, Europe, Asia Pacific, Middle-East and South America. The research & development, and deployment of quantum computing is highly prevalent in North America and Europe. North America dominated the market in 2018 and is anticipated to be the highest revenue generating geography throughout the forecast period owing to presence of global quantum computing companies across the region.
Europe is anticipated to contribute a prominent share to the market owing to rising adoption of quantum computing across several end use industries. Fueled by the twin benefit of economic development and increasing research & development spending across the region, Asia Pacific is anticipated to be the fastest growing market for quantum computing over the forecast period.
Major players dominating the global include D-Wave Systems Inc., QX Branch Co., IBM Co., Lockheed Martin Corporation, Anyon Systems Inc., Google Co., Huawei Technologies Co. Ltd., Rigetti Computing, D-Wave Systems Inc., and Toshiba Research Europe Ltd.
The Quantum Computing Market – Global Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, sales network, business strategies, research & development activities, major production and consumption, supply chain analysis, competitive landscape, and market composition analysis. Sample request here.