Quantum Computing Market worth $4,375 Million by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 3, 2023 /PRNewswire/ -- The Quantum Computing Market size is valued at USD 866 Million in 2023 and is anticipated to be USD 4,375 Million by 2028; growing at a CAGR of 38.3% from 2023 to 2028 according to a new report by MarketsandMarkets™. The key factors contributing to the growth of the quantum computing market include the rising adoption of quantum computing technology in various industries and sectors, increasing investments in quantum computing technology, and a surge in the number of strategic partnerships and collaborations for advancements in quantum computing technology are among the factors driving the growth of the quantum computing market.
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Superconducting qubits is expected to hold the largest share during the forecast period
Superconducting qubits have several advantages over other qubits, including low power consumption, high speed, and the ability to operate at low temperatures. Moreover, due to the high degree of control possible with this type of qubit, they can be used for various applications, such as quantum simulation, cryptography, and quantum computing. In recent years, many companies have made major advances in developing superconducting qubits. For instance, in November 2022, IBM launched Osprey, its new 433-quantum bit (qubit) quantum processing unit (QPU) and the world's largest superconducting quantum processor.
Banking & Finance segment to hold largest share of quantum computing market during forecast period
In the banking & finance industry, quantum computing is used for risk modelling applications and trading strategies; it is also used to detect market instabilities and optimize trading trajectories, portfolios, and asset pricing and hedging. As the financial sector is difficult to understand, the quantum computing approach is expected to help users understand its complexities. Moreover, it can help traders by suggesting solutions to overcome financial challenges. Banks and financial institutions, such as hedge fundraisers, are the key adopters of quantum computing systems and services as they help them minimize risks and maximize gains from dynamic portfolios of investments. Potential use cases of quantum computing in the banking and financial industry include portfolio analysis, fraud detection, optimization, asset valuation, cybersecurity system quantum-proofing, and high-frequency trading.
Machine learning application is expected to grow at the fastest rate during the forecast period
Quantum computing and machine learning are two closely related fields of research. Quantum computing has the potential to revolutionize the way we process data, and machine learning is a powerful tool for making use of that data. By combining the two, researchers are hoping to develop new algorithms that can take advantage of the unique properties of quantum computing to solve difficult problems faster and more efficiently. There have already been a number of successful demonstrations of quantum-enhanced machine learning algorithms, and the field is rapidly growing. Potential uses for quantum computing and machine learning include: Optimizing complex control systems, Developing more efficient search algorithms, Automating the analysis of financial data, Creating more accurate artificial intelligence systems, Developing better quantum cryptography algorithms, Improving machine translation systems, Enhancing medical image analysis, and Improving quantum computing simulations.
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North America is expected to hold the second largest share of the quantum computing market during forecast period
North America accounted for the second largest share of the quantum computing market during the forecast period. The growth of the market in this region can be attributed to the presence of key quantum computing system and service providers in North America, as well as an increase in the adoption of quantum computing applications in distinct industries, such as space & defense, chemical, and banking & finance.
The key players in this market are IBM (US), D-Wave Quantum Inc. (Canada), Microsoft (US), Amazon Web Services (US), Rigetti Computing (US), Fujitsu (Japan), Hitachi (Japan), Toshiba (Japan), Google (US), Intel (US), Quantinuum (US), Huawei (China), NEC (Japan), Accenture (Ireland), Nippon Telegraph and Telephone (Japan), Bosch (Germany), Quantum Circuits (US), IonQ (US), QC Ware (US), PsiQuantum (US), Alpine Quantum Technologies GmbH (Tyrol), Xanadu (Canada), ABDProf (Spain), Zapata Computing (US), and Northrop Grumman (US). The players in this market have adopted various strategies to expand their global presence and increase their market shares.
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