The Worldwide Quantum Computing Industry is Expected to Reach $1.7 Billion by 2026

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Feb 16, 2021, 16:00 ET

DUBLIN, Feb. 16, 2021 /PRNewswire/ -- The "Global Quantum Computing Market with COVID-19 Impact Analysis by Offering (Systems, Services), Deployment (On Premises, Cloud-based), Application, Technology, End-use Industry and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The Global Quantum Computing Market is expected to grow from USD 472 million in 2021 to USD 1,765 million by 2026, at a CAGR of 30.2%.

The early adoption of quantum computing in the banking and finance sector is expected to fuel the growth of the market globally. Other key factors contributing to the growth of the quantum computing market include rising investments by governments of different countries to carry out research and development activities related to quantum computing technology.

Several companies are focusing on the adoption of QCaaS post-COVID-19. This, in turn, is expected to contribute to the growth of the quantum computing market. However, stability and error correction issues is expected to restrain the growth of the market.

Services segment is attributed to hold the largest share of the Quantum Computing market

The growth of services segment can be attributed to the increasing number of startups across the world that are investing in research and development activities related to quantum computing technology. This technology is used in optimization, simulation, and machine learning applications, thereby leading to optimum utilization costs and highly efficient operations in various end-use industries.

Cloud-based deployment to witness the highest growth in Quantum Computing market in coming years

With the development of highly powerful systems, the demand for cloud-based deployment of quantum computing systems and services is expected to increase. This, in turn, is expected to result in a significant revenue source for service providers, with users paying for access to noisy intermediate-scale quantum (NISQ) systems that can solve real-world problems. The limited lifespan of rapidly advancing quantum computing systems also favors cloud service providers. The flexibility of access offered to users is another factor fueling the adoption of cloud-based deployment of quantum computing systems and services. For the foreseeable future, quantum computers are expected not to be portable. Cloud can provide users with access to different devices and simulators from their laptops.

Optimization accounted for a major share of the overall Quantum Computing market

Optimization is the largest application for quantum computing and accounted for a major share of the overall Quantum Computing market. Companies such as D-Wave Systems, Cambridge Quantum Computing, QC Ware, and 1QB Information Technologies are developing quantum computing systems for optimization applications. Networked Quantum Information Technologies Hub (NQIT) is expanding to incorporate optimization solutions for resolving problems faced by the practical applications of quantum computing technology.

Trapped ions segment to witness highest CAGR of Quantum Computing market during the forecast period

The trapped ions segment of the market is projected to grow at the highest CAGR during the forecast period as quantum computing systems based on trapped ions offer more stability and better connectivity than quantum computing systems based on other technologies. IonQ, Alpine Quantum Technologies, and Honeywell are a few companies that use trapped ions technology in their quantum computing systems.

Banking and finance is attributed to hold major share of Quantum Computing market during the forecast period

In the banking and finance end-use industry, quantum computing is used for risk modeling and trading applications. It is also used to detect the market instabilities by identifying stock market risks and optimize the 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 the complexities of the banking and finance end-use industry. Moreover, it can help traders by suggesting them solutions to overcome financial challenges.

APAC to witness highest growth of Quantum Computing market during the forecast period

APAC region is a leading hub for several industries, including healthcare and pharmaceuticals, banking and finance, and chemicals. Countries such as China, Japan, and South Korea are the leading manufacturers of consumer electronics, including smartphones, laptops, and gaming consoles, in APAC. There is a requirement to resolve complications in optimization, simulation, and machine learning applications across these industries. The large-scale development witnessed by emerging economies of APAC and the increased use of advanced technologies in the manufacturing sector are contributing to the development of large and medium enterprises in the region. This, in turn, is fueling the demand for quantum computing services and systems in APAC.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in Quantum Computing Market
4.2 Market, by Offering
4.3 Market, by Deployment
4.4 Market in APAC, by Application and Country
4.5 Market, by Technology
4.6 Quantum Computing Market, by End-use Industry
4.7 Market, by Region

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Early Adoption of Quantum Computing in Banking and Finance Industry
5.2.1.2 Rise in Investments in Quantum Computing Technology
5.2.1.3 Surge in Number of Strategic Partnerships and Collaborations to Carry Out Advancements in Quantum Computing Technology
5.2.2 Restraints
5.2.2.1 Stability and Error Correction Issues
5.2.3 Opportunities
5.2.3.1 Technological Advancements in Quantum Computing
5.2.3.2 Surge in Adoption of Quantum Computing Technology for Drug Discovery
5.2.4 Challenges
5.2.4.1 Dearth of Highly Skilled Professionals
5.2.4.2 Physical Challenges Related to Use of Quantum Computers
5.3 Value Chain Analysis
5.4 Ecosystem
5.5 Porter's Five Forces Analysis
5.6 Pricing Analysis
5.7 Impact of COVID-19 on Quantum Computing Market
5.7.1 Pre-COVID-19
5.7.2 Post-COVID-19
5.8 Trade Analysis
5.9 Tariff and Regulatory Standards
5.9.1 Regulatory Standards
5.9.1.1 P1913 - Software-Defined Quantum Communication
5.9.1.2 P7130 - Standard for Quantum Technologies Definitions
5.9.1.3 P7131 - Standard for Quantum Computing Performance Metrics and Benchmarking
5.10 Technology Analysis
5.11 Patent Analysis
5.12 Case Studies

6 Quantum Computing Market, by Offering
6.1 Introduction
6.2 Systems
6.2.1 Deployment of on Premises Quantum Computers at Sites of Clients
6.3 Services
6.3.1 Quantum Computing as a Service (QCaaS)
6.3.1.1 Risen Number of Companies Offering QCaaS Owing to Increasing Demand for Cloud-Based Systems and Services
6.3.2 Consulting Services
6.3.2.1 Consulting Services Provide Customized Roadmaps to Clients to Help Them in Adoption of Quantum Computing Technology

7 Quantum Computing Market, by Deployment
7.1 Introduction
7.2 on Premises
7.2.1 Deployment of on Premises Quantum Computers by Organizations to Ensure Data Security
7.3 Cloud-based
7.3.1 High Costs and Deep Complexity of Quantum Computing Systems and Services Drive Enterprises Toward Cloud Deployments

8 Quantum Computing Market, by Application
8.1 Introduction
8.2 Optimization
8.2.1 Optimization Using Quantum Computing Technology Resolves Problems in Real-World Settings
8.3 Machine Learning
8.3.1 Risen Use of Machine Learning in Various End-use Industries
8.4 Simulation
8.4.1 Simulation Helps Scientists Gain Improved Understanding of Molecule and Sub-Molecule Level Interactions
8.5 Others

9 Quantum Computing Market, by Technology
9.1 Introduction
9.2 Superconducting Qubits
9.2.1 Existence of Superconducting Qubits in Series of Quantized Energy States
9.3 Trapped Ions
9.3.1 Surged Use of Trapped Ions Technology in Quantum Computers
9.4 Quantum Annealing
9.4.1 Risen Use of Quantum Annealing Technology for Solving Optimization Problems in Enterprises
9.5 Others (Topological and Photonic)

10 Quantum Computing Market, by End-use Industry
10.1 Introduction
10.2 Space and Defense
10.2.1 Risen Use of Quantum Computing in Space and Defense Industry to Perform Multiple Operations Simultaneously
10.3 Banking and Finance
10.3.1 Simulation Offers Assistance for Investment Risk Analysis and Decision-Making Process in Banking and Finance Industry
10.4 Healthcare and Pharmaceuticals
10.4.1 Surged Demand for Robust and Agile Computing Technology for Drug Simulation in Efficient and Timely Manner
10.5 Energy and Power
10.5.1 Increased Requirement to Develop New Energy Sources and Optimize Energy Delivery Process
10.6 Chemicals
10.6.1 Establishment of North America and Europe as Lucrative Markets for Chemicals
10.7 Transportation and Logistics
10.7.1 Surged Use of Quantum-Inspired Approaches to Optimize Traffic Flow
10.8 Government
10.8.1 Increased Number of Opportunities to Use Quantum Computing to Solve Practical Problems of Climate Change, Traffic Management, Etc.
10.9 Academia
10.9.1 Risen Number of Integrated Fundamental Quantum Information Science Research Activities to Fuel Market Growth

11 Geographic Analysis
11.1 Introduction
11.2 North America
11.3 Europe
11.4 APAC
11.5 RoW

12 Competitive Landscape
12.1 Introduction
12.2 Revenue Analysis of Top Players
12.3 Market Share Analysis, 2019
12.4 Ranking Analysis of Key Players in Market
12.5 Company Evaluation Quadrant
12.5.1 Quantum Computing Market
12.5.1.1 Star
12.5.1.2 Emerging Leader
12.5.1.3 Pervasive
12.5.1.4 Participant
12.5.2 Startup/SME Evaluation Matrix
12.5.2.1 Progressive Company
12.5.2.2 Responsive Company
12.5.2.3 Dynamic Company
12.5.2.4 Starting Block
12.6 Competitive Scenario
12.7 Competitive Situations and Trends
12.7.1 Other Strategies

13 Company Profiles
13.1 Key Players
13.1.1 International Business Machines (IBM)
13.1.2 D-Wave Systems
13.1.3 Microsoft
13.1.4 Amazon
13.1.5 Rigetti Computing
13.1.6 Google
13.1.7 Intel
13.1.8 Toshiba
13.1.9 Honeywell International
13.1.10 QC Ware
13.1.11 1QB Information Technologies
13.1.12 Cambridge Quantum Computing
13.20 Other Companies
13.2.1 Huawei Technologies
13.2.2 Bosch
13.2.3 NEC
13.2.4 Hewlett Packard Enterprise (HP)
13.2.5 Nippon Telegraph and Telephone Corporation (NTT)
13.2.6 Hitachi
13.2.7 Northrop Grumman
13.2.8 Accenture
13.2.9 Fujitsu
13.2.10 Quantica Computacao
13.2.11 Zapata Computing
13.2.12 Xanadu
13.2.13 IonQ
13.2.14 Riverlane
13.2.15 Quantum Circuits
13.2.16 EvolutionQ
13.2.17 ABDProf
13.2.18 Anyon Systems

14 Appendix
14.1 Discussion Guide
14.2 Knowledge Store: The Subscription Portal
14.3 Available Customizations

For more information about this report visit https://www.researchandmarkets.com/r/8pglda

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