Quantum Computing Software Market worth $0.43 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, July 9, 2021 /PRNewswire/ -- According to the new market research report "Quantum Computing Software Market by Component (Software, Services), Deployment Mode (Cloud, On-Premises), Organization Size, Technology, Application (Optimization, Simulation), Vertical (BFSI, Government), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Quantum Computing Software Market size is projected to grow from USD 0.11 billion in 2021 to 0.43 USD billion in 2026, at a Compound Annual Growth Rate (CAGR) of 30.5% during the forecast period.
The major factors driving the growth of the Quantum Computing Software Market include the growing adoption of quantum computing software in the BFSI vertical, government support for the development and deployment of the technology, and the increasing number of strategic alliances for research and development.
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373 – Tables
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Based on Component, the service segment to grow at a higher CAGR during the forecast period
Among the component segment, the services segment is leading the Quantum Computing Software Market in 2021. The growth of the services segment can be attributed to the increasing investments by start-ups in research and development related to quantum computing technology. Quantum computing software and services are used in optimization, simulation, and machine learning applications, thereby leading to optimum utilization costs and highly efficient operations in various industries.
Based on application, the optimization segment is expected to hold the highest market size during the forecast period
The optimization segment is expected to lead the global Quantum Computing Software Market in terms of market share. Optimization problems exist across all industries and business functions. Some of these problems take too long to be solved optimally with traditional computers, where the usage of quantum computing technology is expected to be an optimum solution. Several optimization problems require a global minimal point solution. By using quantum annealing, the optimization problems can be solved earlier as compared to supercomputers.
Based on vertical, the BFSI segment is expected to hold the highest market size during the forecast period
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, and asset valuation, along with cybersecurity system quantum-proofing and high-frequency trading.
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North America to hold the highest market size during the forecast period
North America is one of the most prominent regions in the Quantum Computing Software Market. The growth of the Quantum Computing Software Market in North America can be attributed to the fact that the region is home to the leading players of the market; quantum computing solutions and services are also witnessing increased adoption in the aerospace & defence, chemical, and BFSI industries of the region.
Major Quantum Computing Software vendors include IBM Corporation (US), Microsoft Corporation (US), Amazon Web Services, Inc. (US), D-Wave Systems Inc (Canada), Rigetti Computing (US), Google LLC (US), Honeywell International Inc. (US), QC Ware (US), 1QBit (US), Huawei Technologies Co., Ltd. (China), Accenture plc (Ireland), Cambridge Quantum Computing (England), Fujitsu Limited (Japan), Riverlane (UK), Zapata Computing (US), Quantum Circuits, Inc. (US), Quantica Computacao (India), XANADU Quantum Technologies (Canada), VeriQloud (France), Quantastica (Finland), AVANETIX (Germany), Kuano (England), Rahko (UK), Ketita Labs (Estonia), and Aliro Quantum (US). These market players have adopted various growth strategies, such as partnerships, collaborations, and new product launches, to expand have been the most adopted strategies by major players from 2019 to 2021, which helped companies innovate their offerings and broaden their customer base.
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