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The global quantum computing market size is expected to reach USD 8,487.60 Million in 2032 and register a steady revenue CAGR of 30.2% during the forecast period, according to latest analysis by Emergen Research. In recent years, tremendous progress has been made in the innovative field of quantum computing, which makes use of the ideas of quantum physics. Governments, businesses, and academia have all begun to realize the enormous potential of quantum computing, which has led to growth in the market for this technology. Quantum computing has the potential to transform several industries, including healthcare, banking, energy, and more. It can process data tenfold quicker than conventional computers.
The increasing desire for more powerful processing capacity is one of the main factors driving the market for quantum computing. Beyond the limitations of conventional computers, quantum computers have the capacity to process enormous volumes of data concurrently. Governments and organizations are now more interested in using the power of quantum computing to address complicated issues including drug discovery, climate modeling, optimization, cryptography, and more.
The market for quantum computing has also been expanding as a result of developments in quantum technology like the creation of qubits (quantum bits), quantum processors, and quantum algorithms. A number of businesses, including IBM, Google, Microsoft, and Intel, are actively investing in the research and development of quantum computing, resulting in technological advances and advancing the market.
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The market for quantum computing, however, nevertheless confronts substantial obstacles and limitations. The intrinsic instability of qubits, known as quantum decoherence, which is particularly susceptible to interference from the environment, is one of the main challenges. This restricts the scalability and dependability of quantum computers, making it difficult to develop reliable and profitable quantum systems. Further impediments to the market's expansion are the high infrastructure costs associated with quantum computing and the scarcity of qualified quantum researchers and engineers.
Additionally, the promise of quantum computing to upend sectors and spur ground-breaking inventions is drawing large investments from private organizations. The market is being stimulated by the active investments made in quantum computing companies by a number of startups and venture capital firms. Additionally, partnerships across government, business, and academia are promoting knowledge exchange and hastening the advancement of quantum computing technologies.
Quantum Computing Market Segmentation:
The global quantum computing market is projected to experience significant growth from 2019 to 2032, with various segments contributing to its revenue in terms of systems, services, deployment, applications, technology, and end-use.
In terms of systems, the market is expected to witness a substantial increase in revenue. Quantum computing as a Service (QCaaS) and consulting services are anticipated to be major drivers of growth in the services segment, offering revenue opportunities for businesses in the quantum computing ecosystem.
Deployment outlook for quantum computing is expected to be dominated by cloud-based solutions, as more companies are adopting cloud computing for their computing needs. However, on-premises solutions may also continue to play a significant role, particularly for businesses with specific requirements.
In terms of applications, optimization, machine learning (ML), simulation, and others are expected to drive revenue growth in the quantum computing market. These applications have immense potential in various industries, including space & defense, banking & finance, healthcare & pharmaceuticals, energy & power, chemicals, transportation & logistics, government, academia, and others.
The technology outlook for the quantum computing market is diverse, with superconducting qubits, trapped ions, quantum annealing, and others being key technologies. These technologies are expected to shape the future of quantum computing and drive advancements in the field.
End-use industries such as space & defense, banking & finance, healthcare & pharmaceuticals, energy & power, chemicals, transportation & logistics, government, and academia are anticipated to be major contributors to the revenue of the quantum computing market. These industries are increasingly recognizing the potential of quantum computing to revolutionize their operations and are investing in research and development to leverage its capabilities.
The report also provides a regional analysis of the market, with a focus on North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Some Key Highlights From the Report
- The optimization segment is expected to account for largest revenue share in the global market over the forecast period due to its wide applicability across various industries. Optimization is anticipated to be the leading application segment in the global quantum computing market during the forecast period. Optimization involves solving complex problems with multiple variables and constraints to find the optimal solution, which has immense potential in industries such as logistics, supply chain management, finance, and drug discovery, among others.
- The superconducting qubits segment is expected to account for largest revenue share in the global market over the forecast period due to its significant advantages in terms of scalability, coherence, and error correction. Superconducting qubits are projected to be the dominant technology segment in the global quantum computing market during the forecast period. Superconducting qubits are a type of qubit that use superconducting circuits to store and manipulate quantum information. They have shown promising characteristics such as long coherence times, high scalability, and the potential for error correction, which make them well-suited for practical quantum computing applications.
- The banking & finance segment is expected to account for a significantly large revenue share in the global market over the forecast period due to the increasing need for advanced computational capabilities to address complex financial challenges. The banking & finance segment is projected to be a prominent end-use industry in the global quantum computing market during the forecast period. The banking and finance sector is constantly faced with complex challenges, such as risk assessment, portfolio optimization, fraud detection, and pricing derivatives, which require advanced computational capabilities for accurate and efficient solutions.
- The North America market is expected to account for largest revenue share during the forecast period due to the presence of key quantum computing players, significant investments in research and development, and increasing adoption across various industries. The North America region is projected to be the dominant market for quantum computing during the forecast period. This can be attributed to several factors that are driving the growth of the quantum computing market in this region.
- Some major companies in the global market report include IBM, D-Wave Quantum Inc., Microsoft, Amazon, Inc., Rigetti & Co., LLC., Google, Intel Corporation, Toshiba, Honeywell International Inc., and QC Ware.
- A USD 110 million Series B round of funding for the company's product portfolio, which includes atomic clocks, sensors, and components in addition to quantum computing, quantum algorithms, and applications, was announced by ColdQuanta, the leader in the worldwide quantum ecosystem, on November 1, 2022. There are many applications for ColdQuanta's core technology within the quantum technology landscape. Along with creating the next generation of Radio Frequency (RF) technologies and atomic clocks, which offer significant advantages over traditional antenna-based receivers, the company is also focusing on quantum technology. Quantum Radiofrequency (RF) sensors will revolutionise communications, and ColdQuanta is setting the pace.
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About Us: Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend's existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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