New York, USA, Nov. 16, 2021 (GLOBE NEWSWIRE) -- According to a new report published by Research Dive, the global quantum computing market is projected to generate a revenue of $667.3 million and rise at a noteworthy CAGR of 30.0% during the forecast period.
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As per our analysts, the extensively increasing cyber-attacks, and the surging need for advanced platforms to ensure the security of applications and software systems are major factors expected to boost the growth of the market over the analysis time period. Moreover, the growing usage of quantum computers in drug development, cyber security, modeling, traffic, network, and optimization is further expected to foster the growth of the market over the estimated period. Besides, the growing adoption of quantum computing technologies in agriculture to enhance the efficiency of yielding crops is expected to uplift the growth of the quantum computing market during the analysis timeframe. However, the lack of highly skilled employees and awareness of quantum computing may impede the growth of the market during the analysis period.
Covid-19 Impact on the Quantum Computing Market
Though the wake of the Covid-19 pandemic has devastated several industries, it has had a considerable impact on the quantum computing market. During the pandemic period, with the help of quantum computing various industries like healthcare, research, and development sector are benefitted from remote working and various research processes such as drug development and many more. In addition, the growing interest of companies to invest in the development of quantum computers for drug discovery is further expected to thrive the growth of the quantum computing market during the analysis period.
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Segments of the Quantum Computing Market
The report has divided the market into segments namely, offerings type, application, end-user, and region.
Offerings Type: Consulting Solution Sub-Segment to be Most Lucrative
The consulting solution sub-segment is expected to generate $354.0 million in revenue during the analysis timeframe. This is mainly due to the higher application of quantum computing in material science, drug discovery, space & defense, and many others. In addition, the increasing research and development activities to expand the multiple usages of quantum computing hardware are further expected to fuel the growth of the quantum computing market in the estimated timeframe.
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Application: Machine Learning Sub-Segment to be Most Profitable
The machine learning sub-segment is expected to generate a revenue of $236.9 million over the estimated time period. This is mainly because of the importance of quantum computing in improving capacity, learning efficiency, runtime, and many more. Moreover, the ability of quantum machine learning to accelerate a number of machine learning processes such as linear algebra, Kernel evaluation, and many more is further expected to boost the growth of the market’s sub-segment throughout the estimated timeframe.
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End-User: Banking and Finance Sub-segment to Have Maximum Market Share
The banking and finance sub-segment is projected to garner $159.2 million and is expected to have rapid growth over the estimated timeframe. The applications of quantum computing in the banking and finance sector support in high-frequency trading, portfolio analysis, asset appraisal, and new quantum algorithms for computational finance application is the major factor further expected to foster the growth of the quantum computing market’s sub-segment during the analysis timeframe.
Region: European Market Predicted to Have Extensive Growth Opportunities
The European market is anticipated to generate a revenue of $221.2 million and is expected to continue a steady growth during the analysis period. This is mainly due to some key factors such as the inclination of quantum computing technologies in this region in various sectors healthcare, pharmaceuticals, chemicals, and many others. Moreover, the increasing applications of quantum computing in fields like cryptography, cyber security, discovery, and development of new drugs are factors expected to upsurge the regional growth of the quantum computing market over the analysis timeframe.
Key Players of the Quantum Computing Market
1. D-Wave Systems, Inc
2. International Business Machines Corporation
3. 1QB Information Technologies
4. StationQ
5. Rigetti Computing
6. River Lane Research
7. Anyon
8. Cambridge Quantum Computing Limited
9. QC Ware, Corp
10. Microsoft
11. Google, Inc
These players are broadly working on the development of new business tactics and strategies.
For instance, in May 2021, Keysight Technologies, Inc., a leading American company that manufactures electronics test and measurement equipment, has announced its acquisition with Quantum Benchmark, a renowned leader for error diagnostics, suppression software for quantum computing. With this acquisition, the companies have aimed to accelerate innovations to connect and secure the world.
Moreover, the report also summarizes other important aspects including SWOT analysis, product analysis, the performance of key players, and the latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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