New York, USA, Nov. 07, 2022 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global quantum computing market is predicted to grow at a tremendous CAGR of 30.0%, thereby garnering a revenue of $667.3 million in the 2020-2027 timeframe. This holistic report provides an overarching overview of the nature of the global market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2020-2027 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the nature and working of the market.
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Dynamics of the Quantum Computing Market
Drivers: Strategic collaborations between key market players is expected to be the primary growth driver of the quantum computing market in the forecast period. Moreover, launch of advanced quantum computing software and services is predicted to propel the market growth.
Opportunities: Extensively increasing cyber-attacks across the globe is predicted to offer numerous growth opportunities to the market in the forecast period. Additionally, increasing adoption of quantum computing technologies in agriculture is anticipated to augment the growth rate of the market.
Restraints: Lack of high skilled employees, however, might restrict the growth of the quantum computing market.
Impact of Covid-19 on the Quantum Computing Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The quantum computing market, however, has been an exception. Quantum technology provides high performance advanced computing which helps in various sectors, especially chemistry due to its ability to offer exponential speed-up to crucial calculations along with enhanced optimization. Thus, the demand for quantum computing increased during the pandemic period which helped the market to grow in these years.
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Segments of the Quantum Computing Market
The report has divided the market into certain segments based on offerings type, application, end-user, and region.
Offerings Type: Consulting Solutions Sub-segment to Have the Fastest Growth
By offerings type, the consulting solutions sub-segment of the quantum computing market is expected to have the highest growth rate and register a revenue of $354.0 million by 2027. Wide range of applications in various fields such as automotive, space & defense, chemicals, healthcare, and energy & power is predicted to augment the growth rate of this sub-segment.
Application: Machine Learning Sub-Segment to be the Most Profitable
By application, machine learning sub-segment is expected to be the most dominant as well the fastest growing and surpass $236.9 million by 2027. Quantum machine learning has wide applications in machine learning processes including deep learning, optimization, linear algebra, and Kernel evaluation which is anticipated to help the sub-segment register a positive growth during the forecast period.
End-User: Banking and Finance Sub-segment to Have Rapid Growth
By end-user, the banking and finance sub-segment of the quantum computing market is expected to be the most dominant and reach $159.2 million during the forecast timeframe. Application in quantum computing in finance and banking that supports high-frequency trading and asset appraisal is predicted to augment the growth rate of this sub-segment.
Region: Market in Europe Region to be the Most Lucrative
By regional analysis, the quantum computing market in the Europe region is projected to be the most profitable and register a revenue of $221.2 million in the analysis timeframe. The increasing adoption of quantum computing technologies in various sectors such as healthcare, chemicals, utilities & pharmaceuticals is expected to be the main factor behind the growth of the market in this region.
Broader Insights pertaining of Specific Segments or Regions of Quantum Computing Market
Prominent Quantum Computing Market Players
Some prominent market players of the quantum computing market are
- D-Wave Systems Inc.
- 1QB Information Technologies
- Rigetti Computing
- Anyon
- QC Ware, Corp.
- Google Inc.
- International Business Machines Corporation
- INTERNATIONAL BUSINESS MACHINES CORPORATION
- StationQ – Microsoft
- River Lane Research
- Cambridge Quantum Computing Limited, among others.
These players are formulating numerous business strategies like mergers, acquisitions, and collaborations to get a commanding position in the market. – Inquire Here to buy the Full Report
For instance, in June 2022, Quantum Computing Inc., a leading developer of accessible quantum computing technology, announced the acquisition of QPhoton Inc., a developer of innovative quantum photonic system (QPS). This acquisition will help the acquiring company Quantum Computing Inc. to integrate their resources with QPhoton Inc., for delivering an affordable full-stack QPS that can be used for real-world business applications.
Finally, this report published by Research Dive, also offers many vital facets of the global market including latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
More about Quantum Computing Market:
- Global Quantum Computing Market to Face Exponential Growth in the Coming Years
- Quantum Computing: A Big Wave of Revolution in the Computing Arena
- Google Introduces a Novel Method for Combining Quantum Computing and Classical Computer Competences
