Quantum Computing Market Revenue Worth $1,866.8 Million by 2030, says P&S Intelligence
NEW YORK, May 31, 2021 /PRNewswire/ -- According to the market research report published by P&S Intelligence, global market for quantum computing to cross $1,866.8 million revenue by 2030, growing at a CAGR of 33.1% during 2020 and 2030. The machine learning (ML) category under application segment is expected to record the fastest growth during the forecast period. This can be primarily owing to the large potential of ML technologies that can be incorporated with the quantum computing systems for enhancing their use case.
Get the Sample Copy of this Report at @ https://www.psmarketresearch.com/market-analysis/quantum-computing-market/report-sample
The physical challenges to implement this technology is currently significantly high. Quality of qubits, measurement challenges, decoherence, noise and error management, and temperature measurement are some of the factors that presently pose constraints to the technology's development and require certain levels of precision. Hence, quantum computers are exceedingly difficult to engineer, build, and program, owing to high-physical restraints whilst development of technology. As a result, several errors occur in the form of noise, faults, and loss of quantum coherence, which are important to their operation.
Also, quantum error correction schemes do exist, but consume such a large number of qubits that relatively few qubits ultimately remain for actual computation. This reduces the size of the computing task to a tiny fraction of what could run on defect-free hardware. Furthermore, manipulations at nanoscale and operating either in a vacuum environment or at cryogenic temperatures, are also not feasible, and hampers the development of the technology and thus the market growth.
Browse detailed report with COVID-19 impact analysis on Quantum Computing Market Research Report: By Offering (Hardware, Software, Service), Deployment Type (On-Premises, Cloud-Based), Application (Optimization, Simulation and Data Problems, Sampling, Machine Learning), Technology (Quantum Dots, Trapped Ions, Quantum Annealing), Industry (BFSI, Aerospace & Defense, Manufacturing, Healthcare, IT & Telecom, Energy & Utilities) – Industry Share, Growth, Drivers, Trends and Demand Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/quantum-computing-market
Together, North America and Europe are expected to hold almost 78% share cumulatively in the quantum computing market in 2030. All the major investments are being recorded in the U.S., Canada, Germany, the U.K., and Russia. In the U.S., National Aeronautics and Space Administration (NASA), the National Security Agency (NSA), and the Los Alamos National Laboratory are involved in this technology related projects. Furthermore, the regions are exhibiting an accelerating number of partnerships and collaborations, along with a rising number of start-ups investing into and developing quantum technologies. North America is expected to continue to lead the market throughout the forecast period, where the European market is projected to register the fastest growth.
The quantum computing market is highly competitive with high strategic stakes and product differentiation. Some of the key market players include International Business Machines (IBM) Corporation, Telstra Corporation Limited, IonQ Inc., Silicon Quantum Computing, Huawei Investment & Holding Co. Ltd., Alphabet Inc., Rigetti & Co Inc., Microsoft Corporation, D-Wave Systems Inc., Zapata Computing Inc., and Intel Corporation.
Make enquiry about this report at @ https://www.psmarketresearch.com/send-enquiry?enquiry-url=quantum-computing-market
Over 130 companies and research institutes are known to be engaged in R&D related to this technology. In the area of quantum computer hardware systems, privately funded firms, such as D-Wave Systems Inc. and Rigetti & Co. Inc.; and large IT firms, such as Microsoft Corporation, Alphabet Inc., and IBM Corporation, have announced laboratory projects focusing on the development of quantum computers. For instance, Google LLC has been working with NASA and the Universities Space Research Association to establish the Quantum AI Laboratory, using the quantum computers built by D-Wave Systems Inc. Besides, access to the quantum processor via cloud opens the market for new participants, encouraging the development of the quantum computing ecosystem.
Browse Other Related Reports
Automated Machine Learning Market Report - The global AutoML market generated the revenue of $269.6 million in 2019, and is expected to reach $14,511.9 million by 2030, advancing at a CAGR of 43.7% during the forecast period (2020–2030). The cloud category under the deployment type segment is expected to record the fastest growth during the forecast period.
Natural Language Processing Market Report - The global NLP market generated revenue of $8.3 billion in 2018 and is expected to reach $22.9 billion by 2024, exhibiting a CAGR of 19.7% during the forecast period (2019–2024). Increasing adoption of chatbots in organizations is a key trend observed in the natural language processing market.
About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
Contact:
Prajneesh Kumar
P&S Intelligence
Contact: +1-347-960-6455
Email: [email protected]
Web: https://www.psmarketresearch.com
SOURCE P&S Intelligence
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article