• Stacy Lawlor

Global Quantum Computing & Technologies Market Size to grow $1,867 Mn in 2028

Quantum Computing & Technologies Market

The Global Quantum Computing & Technologies Market Size was valued at USD 472 Mn in 2021. The market is projected to grow USD 1,867 Mn in 2028, at a CAGR of 32.3%. The rising investment in quantum computing & technologies, minimize the need for animals and human trials & growth in demand for banking and financial sectors are expected to boost the global quantum computing & technologies market.

Quantum Computing & Technologies Market

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Quantum computing serves to different range of applications and industry verticals. It has been shown to be useful in the discovery of new pharmaceuticals and materials, as well as in the simulation of complex systems, cryptography, defense sector, and cyber-security. Furthermore, the use of quantum computing will have a profound impact on the development of artificial intelligence and machine learning. Quantum computing has the potential to alter the strategic balance of power, military affairs, and trade. Governments of different countries intend to expand exploratory research into innovative technologies in order to construct and develop quantum computing solutions. Sales of quantum computing components are likely to increase as government investments in quantum computing solutions for a wide range of applications increase.

Quantum computing is projected to have a substantial impact in the sectors of drug development and driverless cars. Machine-learning algorithms can be trained and performed using quantum computing. It is predicted to aid in the rapid resolution of complex problems, the identification of diseases, and the enhancement of applications such as fraud detection and energy management. Financial risk analysis, route optimization, and portfolio optimization are just a few of the applications of this technology in the supply chain. The major aiding factor is the rising increasing investment of the cloud-based deployment quantum computing, particularly in the private sector. Despite the fact that quantum computing is still in its early phases, enterprises are looking for novel applications in healthcare, military, and defense. Quantum-as-a-service (QaaS) integration with developing technologies will allow organizations to use quantum computing resources remotely, which is pushing acceptance of the technology.

With the outbreak of the COVID-19 pandemic has made enormous promise for quantum computing applications. These applications could be useful in difficult conditions like zoonotic diseases and pandemics. Quantum computing is expected to be a game-changer in quantum chemistry due to its great performance and speed. It has the ability to do critical calculations at an exponential rate and improve optimization. In the future, quantum computing has the potential to shorten drug discovery and development timelines even more. As a result, the market is expanding rapidly.

Based on the deployment segment, the market is categorized into cloud-based and on-premises. The cloud-based segment is expected to dominate the market share owing to the demand for cloud-based quantum computing solutions has witnessed in surging rapidly in various banking and financial industries in major emerging countries of the South Asia & Pacific such as India and Australia.

Quantum Computing & Technologies Market

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Based on the application segment, the market is categorized into optimization, machine learning, simulation & data modelling, cyber security & others. The machine learning is expected to dominate the market share owing to the rising demand for quantum machine learning as it has extraordinary computational power. It can be used in healthcare and in drug discovery.

Based on technology, the market is divided into trapped ions qubits, superconducting qubits, quantum annealing, and others. Among these, the superconducting qubits segment holds the largest market share in 2021 and is expected to remain the largest during the forecast period.

Based on vertical, the market is categorized into banking, financial services and insurance (BFSI), healthcare & life sciences, IT and telecommunications, manufacturing, government, aerospace & defense & others. The BFSI segment holds the largest market share owing to the rising financial transactions, detecting market instability, asset price optimization, and others among the banking and financial institutions.

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