Global Quantum Computing Market to Reach $4.67 Billion by 2030: Cognitive Market Research

CHICAGO, Feb. 14, 2023 /PRNewswire/ -- The Global Quantum Computing Market size is projected to be USD 4.67 Billion by 2030 growing at a CAGR of 32.5% from 2023 to 2030, as per a recent market report published by Cognitive Market Research. Increased investment in quantum computing and increased numerous strategic partnerships and collaborations among key suppliers is expected to drive growth of this market. For instance, in July 2022, JSR and Quantinuum will cooperate to carry out research on the application of quantum computing in the semiconductor industry.

Major findings during the study of the Quantum Computing Market:

• Rising adoption of quantum technology in the healthcare and defense sectors is one of the factors driving the growth of the global quantum computing market
• Global quantum computing is witnessing significant traction due to the widespread applications in the aerospace & defense sector for space exploration verification, critical modeling, and aerodynamic performance simulation
• Increasing implementations of machine learning and quantum computers to detect recurring patterns drive market growth exponentially. Rising quantum computing market demand from sectors such as BFSI, defense, and automotive fosters the market's growth
• The increasing rate of cybercrimes and stringent government initiatives for developing this technology are major driving forces behind the market growth
• Increasing investment in R&D activities to develop low-cost and efficient quantum computing technology is a significant factor expected to create lucrative opportunities for major players in the global market
• The growing adoption in the life sciences in computer-aided drug design and silico modeling is also expected to provide major quantum computing opportunities
• Rising focus on researching and implementing cutting-edge use cases in pharmaceutical research and development, specifically molecular dynamics simulations, would exponentially boost the market growth
• Based on components, the market is categorized into hardware, software, and services. The hardware segment is expected to grow significantly in the global market due to the rise of several quantum-computing hardware platforms
• Based on deployment, the market is categorized into cloud and on-premise. The cloud segment accounts for the highest share of revenue in the global market because the need for cloud-based computing solutions is increasing
• By application, the market is categorized into optimization, machine learning, financial services, biomedical simulation, electronic material discovery, and others. Machine learning segment accounts for the highest revenue share in the quantum computing market during the forecast period
• Based on industry verticals, the market is categorized into aerospace & defense, BFSI, energy & power, healthcare, IT & telecommunication, transportation, and others. The BFSI segment is expected to hold the highest market share during the quantum computing market forecast period
• North America dominates the global quantum computing market and will maintain its market position over the forecast period. This is attributed to the presence of key providers such as IBM Corporation, Intel, Google, and others along with well-established technology development centers in the region

Read Full Market Analysis Quantum Computing Market By Component (Hardware, Software and Services), By Deployment (On-premise and Cloud), By Application (Optimization, Machine Learning, Finacial Services, Biomedical Simulation, Electronic Material Discovery, and Others) By Industry Vertical (Aerospace & Defense, BFSI, Energy & Power, Healthcare, IT & Telecommunication, Transportation, and Others) and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2030

Snapshot:

Quantum Computing Market Growth and Trends

The growing demand for high-performance computing, increasing demand for SaaS business models, and rising data center workloads are factors expected to drive market growth. Increasing government investment in quantum computing technology, growing rate of cybercrimes, and stringent government initiatives for the development of this technology is boosting the market growth. Governments worldwide intend to increase exploratory research into new technologies to build and develop quantum computing systems. The development of the global quantum computing market is expected to benefit from increased government spending on such widely used solutions.

Integrating cloud computing and big data analytics to offer enhanced services to various industries further influence the market. The R&D activities improve hardware and software processing solutions for deep learning. In addition, rapid urbanization, change in lifestyle, the surge in investments, and increased consumer spending positively impact the quantum computing market.

Read the Full Report and access the Table of Contents/Book an appointment with Research Analyst:

https://www.cognitivemarketresearch.com/quantum-computing-market-report

COVID-19 has negatively impacted the quantum computing market due to strict lockdowns and social distancing to curb the spread of the virus. Economic uncertainty, business closures, and low consumer confidence have impacted demand for quantum computing technology. Supply chains have been hampered during the pandemic, and logistics activities have been delayed. However, the quantum computing market is expected to recover post-pandemic due to the easing of restrictions.

Quantum Computing Market Report Scope

Quantum Computing Market - Component Type Outlook (Revenue, USD Billion, 2018–2030)

• Hardware
• Software
• Services

Quantum Computing Market - Deployment Type Outlook (Revenue, USD Billion, 2018–2030)

• On-premise
• Cloud

Quantum Computing Market - Application Type Outlook (Revenue, USD Billion, 2018–2030)

• Optimization
• Machine Learning
• Financial Services
• Biomedical Simulation
• Electronic Material Discovery
• Others

Quantum Computing Market - Industry Vertical Type Outlook (Revenue, USD Billion, 2018–2030)

• Aerospace & Defense
• BFSI
• Energy & Power
• Healthcare
• IT & Telecommunication
• Transportation
• Others

By Regions:

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, UK, Italy, Spain, Russia, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Australia, Southeast Asia, Rest of APAC)
• Latin America (Brazil, Argentina, Columbia, Rest of Latin America)
• Middle East & Africa (GCC, Saudi Arabia, Turkey, Egypt, Rest of MEA)

List Of Key Companies Profiled: 

• IBM Corporation
• D-Wave Systems Inc.
• Microsoft Corporation
• Intel Corporation
• Rigetti & Co, Inc.
• Google LLC
• QC Ware
• Quantinuum Ltd.
• Riverlane
• IonQ

Related Reports on Quantum Computing Market:

• Global Enterprise Quantum Computing Market is expected to reach USD 18.21 billion by 2030

The global enterprise quantum computing market is expected to reach USD 18.21 billion by 2030 growing at a CAGR of 34.70%. Increasing awareness about quantum computing applications due to the rise in cybercrimes, in defense and in automotive units. Also, BFSI taken certain initiatives are the prime factors promoting enterprise quantum computing market growth. Growing funding in quantum computing technology, rising demand for high-performance computing applications, immense development in medical research activities, and the presence of the financial market have driven the growth. Rising adoption of securing platforms and the increasing use of simulation and modeling, has helped in boosting the market size.

• Global Quantum Cryptography Market is expected to reach USD 345.21 million by 2030

Quantum Cryptography Market is expected to be worth USD 345.21 million in 2030 and grow at a CAGR of 19.3 %. The growing number of relevant devices is confusing cyber risk management and increasing the frequency of objectionable cyber incidents globally. As a result, cyberattacks are becoming more common and increasingly targeting businesses and government sectors. The increasing use of the web for computerized business activities and communications, including private documents, has increased the need for data encryption to protect this knowledge from third-party access.

Other Related Reports:

• The Edge Computing Market was valued at USD 15,242.90 million in 2030, at 42.20% CAGR
• The Cloud Computing Market is projected to reach USD 1,627.2 billion in 2030 at a 21.3% CAGR

Explore Other Cognitive Market Research's  Service & Software Industry Report

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