New York, United States , April 17, 2024 (GLOBE NEWSWIRE) -- The Global Topological Quantum Computing Market Size is expected to Grow from USD 1.80 Billion in 2023 to USD 12.52 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 21.4% during the projected period.
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The topological quantum computing market is a rapidly evolving subset of the overall quantum computing landscape that focuses on the creation, commercialization, and application of quantum computers based on topological qubits. Topological quantum computing encodes and processes quantum information using topological principles, which provides inherent fault tolerance and stability over traditional qubit systems. This market encompasses a wide range of activities, including research and development efforts to advance topological qubit technologies, the production of quantum hardware components, and the development of quantum software and algorithms that capitalize on topological qubits' unique properties. Quantum computing is gaining traction in the banking and finance services industry, to significantly accelerate trade activities, transactions, and data processing. Simulation is one of quantum computing's major potential applications. The advancement of quantum computing helps to discover a more effective and efficient way to manage financial risks. When traditional computers are used in financial institutions, the processing time and cost of high-quality solutions can grow exponentially. However, topological quantum computing is still in its early stages, with numerous technical challenges to overcome before it can be commercialized. Manipulating and controlling anyone, as well as designing fault-tolerant quantum operations, are difficult tasks that require additional research and development.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Topological Quantum Computing Market Size, Share, and COVID-19 Impact Analysis, By Offering (Systems, Services), By Deployment (On-Premises, Cloud), By Application (Optimization, Simulation, Machine Learning), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The services segment dominates the global topological quantum computing market with the largest revenue share over the anticipation timeframe.
Based on the type, the global topological quantum computing market is categorized into systems and services. Among these, the services segment is dominating the global topological quantum computing market with the largest revenue share over the anticipation timeframe. Quantum computing hardware is difficult and expensive to create and maintain. Many businesses and researchers may find it more convenient and cost-effective to access quantum computing resources through cloud-based services rather than purchasing and maintaining their quantum processors. Quantum computers, including topological quantum computers, are still in their early stages. Accessing quantum computing services allows users to overcome hardware limitations and benefit from more advanced systems provided by service providers.
The cloud segment is witnessing significant CAGR growth in the global topological quantum computing market over the anticipation timeframe.
Based on the deployment, the global topological quantum computing market is categorized into on-premises and cloud. Among these, the cloud segment is witnessing significant growth in the global topological quantum computing market over the anticipation timeframe. As more powerful systems become available, the cloud approach is expected to become a significant revenue source for quantum computing service providers, with users paying for access to noisy intermediate-scale quantum (NISQ) systems capable of solving real-world problems. The short lifespan of rapidly evolving quantum computing systems is also advantageous for cloud service providers. Another benefit of cloud quantum computing systems and services is the flexibility they offer users.
The optimization segment dominates the global topological quantum computing market with the largest revenue share over the anticipation timeframe.
Based on the application, the global topological quantum computing market is categorized into optimization, simulation, and machine learning. Among these, the optimization segment is dominating the global topological quantum computing market with the largest revenue share over the anticipation timeframe. Quantum computing optimization is the process of applying quantum computing to improve the performance of optimization algorithms. This involves using quantum algorithms to solve optimization problems more quickly and efficiently than traditional methods. Quantum computing has numerous applications, including finance, logistics, artificial intelligence, and operational research. Furthermore, quantum computing can be used to solve complex optimization problems that are impossible to solve using traditional methods.
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Asia Pacific is anticipated to hold the largest share of the global topological quantum computing market over the predicted timeframe.
Asia Pacific is projected to hold the largest share of the global topological quantum computing market over the forecast period. This segmental growth can be attributed to rising demand for quantum computing systems and services from emerging economies such as China and South Korea for use in various applications in the space and defense, healthcare and pharmaceutical, and energy and power industries during the forecast period. The North America market is expected to grow at the fastest CAGR growth during the forecast period. The presence of key quantum computing systems and service providers in North America, as well as increased adoption of quantum computing applications in industries such as space and defense, chemical, and banking & finance, have all aided the industry's growth in this region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global topological quantum computing market are IBM, D-Wave Quantum Inc., Microsoft, Amazon Web Services, Rigetti Computing, Fujitsu, Hitachi, Toshiba, Google, Intel, Quantinuum, Huawei, NEC, Accenture, Nippon Telegraph and Telephone, Bosch, Quantum Circuits, IonQ, QC Ware, PsiQuantum, Alpine Quantum Technologies GmbH, Xanadu, ABDProf, Zapata Computing, Northrop Grumman, and Others
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Recent Developments
- In September 2022, Intel (US) launched the Intel Quantum SDK, which will enable developers to create new quantum algorithms for executing qubits in simulation and on real quantum hardware in the future.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global topological quantum computing market based on the below-mentioned segments:
Global Topological Quantum Computing Market, By Offering
- System
- Service
Global Topological Quantum Computing Market, By Deployment
- On-Premises
- Cloud
Global Topological Quantum Computing Market, By Application
- Optimization
- Simulation
- Machine Learning
Global Topological Quantum Computing Market, By Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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