Quantum Computing Market Projected to Reach $1,765 million by 2026

SEZ Magarpatta City, INDIA

Chicago, May 27, 2022 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™, the "Quantum Computing Market by Offering (Systems and Services), Deployment (On Premises and Cloud Based), Application, Technology, End-use Industry and Region - Global Forecast to 2026", is expected to grow from USD 472 million in 2021 to USD 1,765 million by 2026, at a CAGR of 30.2%. The early adoption of quantum computing in the banking and finance sector is expected to fuel the growth of the market globally. Other key factors contributing to the growth of the quantum computing market include rising investments by governments of different countries to carry out research and development activities related to quantum computing technology. Several companies are focusing on the adoption of QCaaS post-COVID-19. This, in turn, is expected to contribute to the growth of the quantum computing market. However, stability and error correction issues are expected to restrain the growth of the market.

The Quantum Computing market was dominated by International Business Machines (US), D-Wave Systems (Canada), Microsoft (US), Amazon (US), and Rigetti Computing (US). The major strategies adopted by the top 5 players in the Quantum Computing market included product launches/developments, partnerships and collaborations which helped them to innovate on their product offerings, cope up with the COVID-19 outbreak and broaden their customer base.

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Top 2 players in the Quantum Computing Market are:

International Business Machines (US)

IBM provides information technology products, along with computer solutions and services across the world. It has various divisions, namely, IBM Global Services, IBM Smartcamp, and IBM Research. Under its IBM Research division, the company has started the Quantum Experience, a set up wherein researchers carry out research on the IBM quantum computers through the cloud.

  • In January 2020, IBM partnered with Daimler AG, the parent company of Mercedes-Benz, to enhance the capacity and increase the charging speed of batteries of electric vehicles. These companies used a quantum computer to model the dipole moment of three lithium-containing molecules that paves the way for the development of the next-generation lithium sulfur (Li-S) batteries that will be more powerful, long-lasting, and cost-effective than lithium-ion batteries.
  • In November 2019, IBM partnered with the Unitary Fund to provide grants and priority access to certain IBM Q systems. Like the quantum computing mission of IBM, the Unitary Fund aims to create a quantum technology industry that benefits most of the people.

D- Wave Systems (Canada)

D- Wave Systems is one of the global leaders manufacturing and providing quantum computing systems and software. It is the world’s first commercial supplier of quantum computers. The company has its presence in various locations such as the US, Europe, and Asia. The company offers a full stack of systems, software, developer tools, and services to enable enterprises, governments, laboratories, and academic institutions to access the power of quantum computing.

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Top Key Players in Quantum Computing Market:

  • International Business Machines (US)
  • D-Wave Systems (Canada)
  • Microsoft (US)
  • Amazon (US)
  • Rigetti Computing (US)
  • Google (US)

In September 2020, D-Wave Systems announced the general availability of its next-generation quantum computing platform, incorporated with new hardware, software, and tools to enable, and accelerate the delivery of in-production quantum computing applications. Available in the Leap quantum cloud service, the platform includes the Advantage quantum system, with more than 5000 qubits and 15-way qubit connectivity, in addition to an expanded hybrid solver service that can run problems with up to one million variables.

In July 2020, D-Wave Systems announced its latest geographic expansion of the Leap quantum cloud service to India and Australia. Developers, researchers, and businesses in these countries can now access D-Wave 2000Q quantum computers, hybrid solvers, and QAE in real-time through Leap to drive the development of business-critical, in-production hybrid applications.

Machine learning is expected to witness highest CAGR in coming years

Quantum machine learning involves the integration of quantum algorithms within machine learning programs. In the case of complex models, it becomes very difficult to sort many variables systematically. Thus, users can opt for quantum computing technology to resolve this complexity with accuracy and speed. For instance, in the Monte Carlo method, the sampling technique is used to estimate numerical quantities from a large dataset. Quantum algorithms can be used to increase the execution speed of a solution, while algorithms can expedite the implementation of the Monte Carlo method and reduce the computational time.

The superconducting qubits segment is projected to account for the largest size of the quantum computing market from 2021 to 2026.

The growth of this segment can be attributed to faster operations of quantum computers based on superconducting qubits technology than the computers equipped with other technologies. The technology companies such as IBM, Google, and Intel are expected to launch their quantum computing services with superconducting qubits in the coming years.

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