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Quantum Computing Market Report

RA08332

Quantum Computing Market, by offering Type [Consulting solutions, Systems], Application (Optimization, Machine Learning, Material Simulation), End-User (Space and Defence, Automotive, Healthcare, Banking and Finance, Chemicals, Energy & Power), Regional Analysis (North America, Europe, Asia Pacific, LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2027

RA08332

Pages: 193

Dec 2020

COVID-19

pandemic has shown to have an enormous impact on most
industries.

Click Here to access our comprehensive analysis of the

Impact of covid-19 on Quantum Computing Market

The global quantum computing market forecast shall be $ 667.3  million by 2027, increasing from $88.2 million in 2019 at a healthy CAGR of 30.0%. The North America quantum computing market is estimated to grow at a CAGR of 28.7%  by registering a revenue of $217.3  million over the analysis period. Strategic collaborations among the market players along with the launching of advanced quantum computing software and services are expected to accelerate the North America quantum computing market growth.

Quantum Computing Market Synopsis 

Strategic collaborations among key market players, along with the launches of advanced quantum computing software & services, are expected to accelerate the growth of the quantum computing market.

However, the lack trained employees and awareness about quantum computing might be the restricting factors for the market.

According to the regional outlook, the Asia-Pacific market for quantum computing is anticipated to grow during the review period and expected to generate a revenue of $150.3 million by 2027, with a CAGR of 31.6%, due to large presence of market players in the region.

Quantum Computing Market Analysis:

Quantum computers are supercomputers and they use properties of quantum physics for data storing and performing computations. A quantum computer offers extremely advantageous tasks in cybersecurity, drug development, financial modeling, better batteries, cleaner fertilization and much more.

Impact Analysis of COVID-19 on the Quantum Computing Market

The COVID-19 pandemic is predicted to create considerable impact on the global quantum computing market. Quantum technology serves high performance computing which can be a game-changer in the area across quantum chemistry, mainly because of its ability to offer exponential speed-up to crucial calculations along with enhanced optimization.  

However, there are many companies operating in the quantum computing industries such as D-Wave Systems Inc. are stepping forward with their innovative steps to help societies  during the COVID-19 lockdown situation. For instance, in March 2020, D-Wave announced that they are offering quantum computers free to anyone working on the coronavirus crisis for research and other work related to Covid19.  Quantum computing can be helpful in development of new drugs that took more than 10 years for commercialization earlier. Quantum computing can analyze different kind of interactions between biomolecules and handle the infectious agents such as viruses; therefore computers are best way to model or solve any problems. Companies are investing heavily in the development of quantum computers for drug discovery. These key factors may generate investment opportunities for the quantum computing industry in the global marketplace.

Extensively increasing cyber-attacks, across the globe may generate remarkable revenue for the global quantum computing market

The quantum computing industry is expirencing massive growth mainly due to increasing cyber attacks, as it is one of the advanced platforms that ensures security to applications and software systems keeping it protected from cyber-attacks like phishing attacks, ransomware, and others. Moreover, the ventures involved in quantum computing businesses are working on various strategies for using quantum computers in cybersecurity.  For instance, in 24 Nov, 2020 NPL (National Physical Laboratory) announced that they are in collaboration with CQC Cambridge Quantum Computing,  and this collaboration will result in the development of quantum computing. The main aim of the collaboration is to use quantum computers in cybersecurity, drug development, AI, modelling, traffic, network and optimization. These advancements may lead to an increase in the demand for quantum computing services in the global market.  

To know more about quantum computing market drivers, get in touch with our analysts here.

Lack of highly skilled employees may restrain the growth of the global quantum computing industry

Lack of trained or skilled employees along with awareness regarding quantum computing leading to reluctance to accept may obstruct the growth of the global market. However, government investment and intervention is expected to overcome this restraint. This  type of government support may create a positive impact on the global quantum computing market during the forecast period.

Growing adoption of quantum computing technologies in agriculture may create huge opportunities for the global quantum computing market in the future

The quantum computing industry is growing at a very fast pace and it offers various opportunities in almost every field, but its potential to help farmers to enhance the efficiency and yield of crops is the most significant factor. Also, a quantum computing platform may help in creating chemicals required to making energy-efficient fertilizers. Such factors are responsible for the surging adoption of quantum computing technologies in the agriculture sector. Moreover, government across the world is also supporting and providing financial aid to quantum computing researchers. For instance, in February 2020, the Indian Government made an announcement that it has proposed a plan to invest around $1.12 billion in quantum computing research. Furthermore, Quantum, a software company offers quantum computing softwares to develop innovative agricultural solutions that allow farmers to manage their farming operations better. Such company initiatives and government support may create significant market opportunities for the global quantum computing market in agriculture in the future.

To know more about quantum computing market opportunities, get in touch with our analysts here.

Quantum Computing Market, by Offerings Type:

Consulting solutions offering will generate a revenue of $354 million by 2027, mainly because of its growing emphasis on the quantum computing to improve cloud-based systems

Quantum Computing Market, by Offerings Type

Source: Research Dive Analysis

The global consulting solutions segment shall have the fastest market growth and it is anticipated to generate a revenue of $354.0 million by 2027, growing from $37.1 million in 2019. The growth of this segment is mainly attributed to its higher application in material science, formulation of new chemicals, drug discovery and many other fields such as automotive, space & defense, chemicals, healthcare, and energy & power. Also, emphasis on quantum computing to improve cloud-based systems is increasing. Moreover, many market leaders in e-commerce sectors are also adopting quantum computing services. For instance, in December 2019, Amazon.com, Inc., a global leader in cloud computing, e-commerce, and artificial intelligence, has announced that it have entered into QCaaS (Quantum Computing as a Services) business to launch ‘Amazon Braket’. It is a fully-managed service that allows researchers, developers and scientists to initiate experimenting with computers from multiple providers of quantum hardware in a single place. These key factors are expected to boost the demand for quantum computing in the global market during the projected period.

The system sub-segment type shall have a dominating market share in the global market and is expected to register a revenue of $313.3 million during the analysis timeframe due to increasing demand of quantum computing in radar making, AI, and machine learing technologies among others. These systems can make decisions more precisely than normal computers. Hence, researchers are able to do superior research using these integrated systems. These initiatives may create massive opportunities for the sub-segment throughout the forecast period.

Quantum Computing Market, by Application:

The machine learning sub-segment for quantum computing market will have the highest market share; this is mainly because of the growing potential applications for quantum computing

 Quantum Computing Market, by Application

Source: Research Dive Analysis

The machine learning sub-segment of the quantum computing market will have significant as well as the fastest growth and it is projected to surpass $236.9 million by 2027, with an increase from $29.7 million in 2019; this is mainly owing to the crucial role of quantum computing in improving capacity, runtime, and learning efficiency. Also, quantum machine learning has ability to accelerate a number of machine learning processes including deep learning, optimization, linear alegebra and Kernel evaluation. These key elements are expected to surge the demand for the sub-segment worldwide, which will eventually increase the market growth. Furthermore, majority of the key players are focusing on novel product innovations, which may also positively affect the global quantum computing market in the forecast years. For instance, in July 2020, QCWare, has newly invented Forge, an integrated quantum machine learning (QML) platform that enhances QML accuracy and accelerates the industry timeline for practical QML applications. These factors are expected to surge the demand for the segment worldwide, which will eventually increase the market growth

Quantum Computing Market, by End-user :

The banking and finance sub-segment will have the fastest-growth in the global market; this is mainly because of growing adoption of quantum computing in BFSI.

Quantum Computing Market, by End-user	 

Source: Research Dive Analysis

The banking and finance sub-segment for the quantum computing market shall have rapid growth, and it is anticipated to generate a revenue of $159.2 million by 2027 during the forecast period. This is mainly attributed to its application in quantum computing in finance and banking that supports high-frequency trading, portfolio analysis, and asset appraisal. For instance, in December 2019, QCWare teamed up with Goldman Sachs to gain insights on the near term impact of quantum technologies and on the development of new quantum algorithms for computational finance application. Therefore, demand for quantum computing technologies is further expected to increase in the global market in the forecast years.

Regional Insights:

The market share of Europe region will reach up to $221.2 million by the end of 2027 mainly owing to the growing emphasis on the potentialities of advanced quantum computing services and solutions in the region.

Regional Insights

Source: Research Dive Analysis

The Europe quantum market accounted for $28.2 million in 2019 and is projected to register a revenue of $221.2  million by 2027. The extensive growth of the Europe quantum market is mainly driven by key factors such as the rush towards quantum computing technologies in the Europe region in various sectors such as healthcare, chemicals, utilities & pharmaceuticals among others. Also, its higher application in fields such as development and discovery of new drugs, cryptography, cyber security, and defense sector is likely to bolster the demand for quantum computing services, which will ultimately accelerate the quantum computing market growth during the analysis period.

Asia-Pacific quantum computing market share is projected to grow at a CAGR of 31.6% by registering a revenue of $150.3 million by 2027. Extensively increasing presence of large number of Asia Pacific based users and remarkable players in quantum computing market in this region is leading to high adoption of quantum computing technology in this region. In APAC region, countries are committing and started funding for the development of quantum computing, and China has been the top leading quantum computing investor in the region. For instance, in year 2016, China established national strategies to become self-reliant in the quantum computing technologies. The government of China invested US$10 bn for building a research facility in quantum computing and it is expected to open in the year 2020. Moreover, the investment portfolio for R&D and strategic partnership will reflect favorably on the market in the region. For instance, in December 2019, D-Wave Systems came in partnership with Japan's NEC for building of quantum apps and hybrid HPC for exploring the capabilities NEC's high-performance computers and D-Wave's quantum systems. Such partnerships may further surge the growth of market during the analysis timeframe.

Competitive Scenario in the Global Quantum Computing Market:

The advanced product development coupled with mergers & acquisitions are the frequent strategies followed by the significant market players

Competitive Scenario in the Global Quantum Computing Market

Source: Research Dive Analysis

Some of the leading quantum computing market players include D-Wave Systems Inc., Anyon, International Business Machines Corporation, Cambridge Quantum Computing Limited, 1QB Information Technologies, QC Ware, Corp., StationQ – Microsoft, Rigetti Computing, Google Inc. and River Lane Research and they are focusing on merger & acquisition and advanced product developments. These are the effective strategies followed by the startup as well as established organizations.

Porter’s Five Forces Analysis for Quantum Computing Market:

  • Bargaining Power of Suppliers: The quantum computing software and service suppliers are high in number, and established service providers of the quantum computing are much larger and globalized. So, there will be less threat from suppliers. Thus, the bargaining power of the suppliers is Moderate
  • Bargaining Power of Buyer: Buyers will have huge bargaining power, significantly because of multiple players operating in the quantum computing services. The quantum computing service providers offer free software services and systems. The buyers can freely choose the convenient service that best fits their preferences. Thus, the bargaining power of the buyer is HIGH
  • Threat of New Entrants: The companies entering into the quantum computing market are adopting technological innovations such as developing integrated apps to attract customers. Also, these companies are implementing various effective strategies such as offering discounts, free-softwares, and many among others. Thus, the  bargaining power of the new entrant is Moderate
  • Threat of Substitutes: Several substitutes are available in the market such as normal commercial computer services. However, such alternative options can’t offer the kind of accessibility and convenience that a quantum computers service does. Thus, the threat of substitute is Low.
  • Competitive Rivalry in the Market: The competitive rivalry among the industry leaders is rather intense, especially between the global players including International Business Machines Corporation, Cambridge Quantum Computing Limited and 1QB Information Technologies. These companies are launching various product innovations in the international market and strengthening the footprint worldwide. Therefore, competitive rivalry in the market is High

Aspect

Particulars

  Historical Market Estimations

  2018-2019

  Base Year for Market Estimation

  2019

  Forecast timeline for Market Projection

  2020-2027

  Geographical Scope

  North America, Europe, Asia-Pacific, LAMEA

  Segmentation by offering

  • Consulting solutions
  • Systems

  Segmentation by Application

  • Optimization
  • Machine Learning
  • Material Simulation

  Segmentation by End-users

  • Space and Defence
  • Automotive
  • Healthcare
  • Banking and Finance
  • Chemicals
  • Energy & Power

  Key Countries Covered

U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Russia, Rest of Europe, China, Japan, India, Australia, South Korea, Rest of Asia-Pacific, Brazil, Saudi Arabia, United Arab Emirates, Rest of LAMEA

  Key Companies Profiled

  • D-Wave Systems Inc.,

  • International Business Machines Corporation

  • Cambridge Quantum Computing Limited

  • 1QB Information Technologies

  • QC Ware, Corp.

  • StationQ – Microsoft

  • Rigetti Computing

  • Google Inc.

  • River Lane Research

  • Anyon

 


Frequently Asked Questions
 

A. The global quantum computing market size was over $88.2 million in 2019 and is projected to reach $667.3 million by 2027.

A. 1QB Information Technologies, QC Ware, Corp., StationQ – Microsoft, Rigetti Computing and Google Inc are some of the key players in the global quantum computing Market.

A. The Asia-Pacific region possesses great investment opportunities for the investors to witness the most promising growth in the future.

A. Asia-Pacific quantum computing market is anticipated to grow at 31.60% CAGR during the forecast period.

A. Capacity expansion, product development, along with joint ventures are the key strategies opted by the operating companies in this market.

A. 1QB Information Technologies and Google Inc companies are investing more on R&D activities for developing new products and technologies.

1. Research Methodology

1.1. Desk Research
1.2. Real time insights and validation
1.3. Forecast model
1.4. Assumptions and forecast parameters

1.4.1. Assumptions
1.4.2. Forecast parameters

1.5. Data sources

1.5.1. Primary
1.5.2. Secondary

2. Executive Summary

2.1. 360° summary
2.2. By offering type trends
2.3. By Application trends
2.4. By End-user trends

3. Market overview

3.1. Market segmentation & definitions
3.2. Key takeaways

3.2.1. Top investment pockets
3.2.2. Top winning strategies

3.3. Porter’s five forces analysis

3.3.1. Bargaining power of consumers
3.3.2. Bargaining power of suppliers
3.3.3. Threat of new entrants
3.3.4. Threat of substitutes
3.3.5. Competitive rivalry in the market

3.4. Market dynamics

3.4.1. Drivers
3.4.2. Restraints
3.4.3. Opportunities

3.5. Technology landscape
3.6. Regulatory landscape
3.7. Patent landscape
3.8. Pricing overview

3.8.1. By Offering Type
3.8.2. By Application
3.8.3. By End-user

3.9. Market value chain analysis

3.9.1. Stress point analysis
3.9.2. Raw material analysis
3.9.3. Manufacturing process
3.9.4. Distribution channel analysis
3.9.5. Operating vendors

3.9.5.1. Raw material suppliers
3.9.5.2. Product manufacturers
3.9.5.3. Product distributors

3.10. Strategic overview

4. Quantum Computing Market, by Offering Type

4.1. Consulting solutions

4.1.1. Market size and forecast, by region, 2019-2027
4.1.2. Comparative market share analysis, 2019 & 2027

4.2. Systems

4.2.1. Market size and forecast, by region, 2019-2027
4.2.2. Comparative market share analysis, 2019 & 2027

5. Quantum Computing Market, by Application

5.1. Optimization

5.1.1. Market size and forecast, by region, 2019-2027
5.1.2. Comparative market share analysis, 2019 & 2027

5.2. Machine Learning

5.2.1. Market size and forecast, by region, 2019-2027
5.2.2. Comparative market share analysis, 2019 & 2027

5.3. Material Simulation

5.3.1. Market size and forecast, by region, 2019-2027
5.3.2. Comparative market share analysis, 2019 & 2027

6. Quantum Computing Market, by End-User  

6.1. Space and Defense

6.1.1. Market size and forecast, by region, 2019-2027
6.1.2. Comparative market share analysis, 2019 & 2027

6.2. Automotive

6.2.1. Market size and forecast, by region, 2019-2027
6.2.2. Comparative market share analysis, 2019 & 2027

6.3. Healthcare

6.3.1. Market size and forecast, by region, 2019-2027
6.3.2. Comparative market share analysis, 2019 & 2027

6.4. Banking and Finance

6.4.1. Market size and forecast, by region, 2019-2027
6.4.2. Comparative market share analysis, 2019 & 2027

6.5. Chemicals

6.5.1. Market size and forecast, by region, 2019-2027
6.5.2. Comparative market share analysis, 2019 & 2027

6.6. Energy & Power

6.6.1. Market size and forecast, by region, 2019-2027
6.6.2. Comparative market share analysis, 2019 & 2027

7. Quantum Computing Market, by Region

7.1. North America

7.1.1. Market size and forecast, by Offering type, 2019-2027
7.1.2. Market size and forecast, by application, 2019-2027
7.1.3. Market size and forecast, by End-user, 2019-2027
7.1.4. Market size and forecast, by country, 2019-2027
7.1.5. Comparative market share analysis, 2019 & 2027
7.1.6. U.S.

7.1.6.1. Market size and forecast, by Offering type, 2019-2027
7.1.6.2. Market size and forecast, by application, 2019-2027
7.1.6.3. Market size and forecast, by End-user, 2019-2027
7.1.6.4. Comparative market share analysis, 2019 & 2027

7.1.7. Canada

7.1.7.1. Market size and forecast, by Offering type, 2019-2027
7.1.7.2. Market size and forecast, by application, 2019-2027
7.1.7.3. Market size and forecast, by End-user, 2019-2027
7.1.7.4. Comparative market share analysis, 2019 & 2027

7.1.8. Mexico

7.1.8.1. Market size and forecast, by Offering type, 2019-2027
7.1.8.2. Market size and forecast, by application, 2019-2027
7.1.8.3. Market size and forecast, by End-user, 2019-2027
7.1.8.4. Comparative market share analysis, 2019 & 2027

7.2. Europe

7.2.1. Market size and forecast, by Offering type, 2019-2027
7.2.2. Market size and forecast, by application, 2019-2027
7.2.3. Market size and forecast, by End-user, 2019-2027
7.2.4. Market size and forecast, by country, 2019-2027
7.2.5. Comparative market share analysis, 2019 & 2027
7.2.6. Germany 

7.2.6.1. Market size and forecast, by Offering type, 2019-2027
7.2.6.2. Market size and forecast, by application, 2019-2027
7.2.6.3. Market size and forecast, by End-user, 2019-2027
7.2.6.4. Comparative market share analysis, 2019 & 2027

7.2.7. UK

7.2.7.1. Market size and forecast, by Offering type, 2019-2027
7.2.7.2. Market size and forecast, by application, 2019-2027
7.2.7.3. Market size and forecast, by End-user, 2019-2027
7.2.7.4. Comparative market share analysis, 2019 & 2027

7.2.8. France

7.2.8.1. Market size and forecast, by Offering type, 2019-2027
7.2.8.2. Market size and forecast, by application, 2019-2027
7.2.8.3. Market size and forecast, by End-user, 2019-2027
7.2.8.4. Comparative market share analysis, 2019 & 2027

7.2.9. Spain

7.2.9.1. Market size and forecast, by Offering type, 2019-2027
7.2.9.2. Market size and forecast, by application, 2019-2027
7.2.9.3. Market size and forecast, by End-user, 2019-2027
7.2.9.4. Comparative market share analysis, 2019 & 2027

7.2.10. Italy 

7.2.10.1. Market size and forecast, by Offering type, 2019-2027
7.2.10.2. Market size and forecast, by application, 2019-2027
7.2.10.3. Market size and forecast, by End-user, 2019-2027
7.2.10.4. Comparative market share analysis, 2019 & 2027

7.2.11. Rest of Europe

7.2.11.1. Market size and forecast, by Offering type, 2019-2027
7.2.11.2. Market size and forecast, by application, 2019-2027
7.2.11.3. Market size and forecast, by End-user, 2019-2027
7.2.11.4. Comparative market share analysis, 2019 & 2027

7.3. Asia Pacific

7.3.1. Market size and forecast, by Offering type, 2019-2027
7.3.2. Market size and forecast, by application, 2019-2027
7.3.3. Market size and forecast, by End-user, 2019-2027
7.3.4. Market size and forecast, by country, 2019-2027
7.3.5. Comparative market share analysis, 2019 & 2027

7.3.6. China

7.3.6.1. Market size and forecast, by Offering type, 2019-2027
7.3.6.2. Market size and forecast, by application, 2019-2027
7.3.6.3. Market size and forecast, by End-user, 2019-2027
7.3.6.4. Comparative market share analysis, 2019 & 2027

7.3.7. India 

7.3.7.1. Market size and forecast, by Offering type, 2019-2027
7.3.7.2. Market size and forecast, by application, 2019-2027
7.3.7.3. Market size and forecast, by End-user, 2019-2027
7.3.7.4. Comparative market share analysis, 2019 & 2027

7.3.8. Australia 

7.3.8.1. Market size and forecast, by Offering type, 2019-2027
7.3.8.2. Market size and forecast, by application, 2019-2027
7.3.8.3. Market size and forecast, by End-user, 2019-2027
7.3.8.4. Comparative market share analysis, 2019 & 2027

7.3.9. Rest of Asia Pacific

7.3.9.1. Market size and forecast, by Offering type, 2019-2027
7.3.9.2. Market size and forecast, by application, 2019-2027
7.3.9.3. Market size and forecast, by End-user, 2019-2027
7.3.9.4. Comparative market share analysis, 2019 & 2027

7.4. LAMEA

7.4.1. Market size and forecast, by Offering type, 2019-2027
7.4.2. Market size and forecast, by application, 2019-2027
7.4.3. Market size and forecast, by End-user, 2019-2027
7.4.4. Market size and forecast, by country, 2019-2027
7.4.5. Comparative market share analysis, 2019 & 2027
7.4.6. Latin America  

7.4.6.1. Market size and forecast, by Offering type, 2019-2027
7.4.6.2. Market size and forecast, by application, 2019-2027
7.4.6.3. Market size and forecast, by End-user, 2019-2027
7.4.6.4. Comparative market share analysis, 2019 & 2027

7.4.7. Middle East 

7.4.7.1. Market size and forecast, by Offering type, 2019-2027
7.4.7.2. Market size and forecast, by application, 2019-2027
7.4.7.3. Market size and forecast, by End-user, 2019-2027
7.4.7.4. Comparative market share analysis, 2019 & 2027

7.4.8. Africa

7.4.8.1. Market size and forecast, by Offering type, 2019-2027
7.4.8.2. Market size and forecast, by application, 2019-2027
7.4.8.3. Market size and forecast, by End-user, 2019-2027
7.4.8.4. Comparative market share analysis, 2019 & 2027

8. Company Profiles

8.1. D-Wave Systems Inc., 

8.1.1. Business overview
8.1.2. Financial performance
8.1.3. Product portfolio
8.1.4. Recent strategic moves & developments
8.1.5. SWOT analysis

8.2. International Business Machines Corporation 

8.2.1. Business overview
8.2.2. Financial performance
8.2.3. Product portfolio
8.2.4. Recent strategic moves & developments
8.2.5. SWOT analysis

8.3. Cambridge Quantum Computing Limited 

8.3.1. Business overview
8.3.2. Financial performance
8.3.3. Product portfolio
8.3.4. Recent strategic moves & developments
8.3.5. SWOT analysis

8.4. 1QB Information Technologies 

8.4.1. Business overview
8.4.2. Financial performance
8.4.3. Product portfolio
8.4.4. Recent strategic moves & developments
8.4.5. SWOT analysis

8.5. QC Ware, Corp. 

8.5.1. Business overview
8.5.2. Financial performance
8.5.3. Product portfolio
8.5.4. Recent strategic moves & developments
8.5.5. SWOT analysis

8.6. StationQ – Microsoft 

8.6.1. Business overview
8.6.2. Financial performance
8.6.3. Product portfolio
8.6.4. Recent strategic moves & developments
8.6.5. SWOT analysis

8.7. Rigetti Computing 

8.7.1. Business overview
8.7.2. Financial performance
8.7.3. Product portfolio
8.7.4. Recent strategic moves & developments
8.7.5. SWOT analysis

8.8. Google Inc. 

8.8.1. Business overview
8.8.2. Financial performance
8.8.3. Product portfolio
8.8.4. Recent strategic moves & developments
8.8.5. SWOT analysis

8.9. River Lane Research 

8.9.1. Business overview
8.9.2. Financial performance
8.9.3. Product portfolio
8.9.4. Recent strategic moves & developments
8.9.5. SWOT analysis

8.10.  Anyon 

8.10.1. Business overview
8.10.2. Financial performance
8.10.3. Product portfolio
8.10.4. Recent strategic moves & developments
8.10.5. SWOT analysis

Quantum computing basically focuses on fostering computer technology by using quantum theory principles. These principles define the behavior of material and energy at subatomic and atomic level. Apart from this, the power of quantum computing comes from quantum bits or qubits that can be generated and manipulated. The main features of quantum computing are superimposition and entanglement and due to these features, quantum computers can run operations at a speed higher than the conventional computers at minimum energy.

Quantum computing is used in sectors like finance, intelligence, military, drug design & discovery, artificial intelligence, aerospace and many more.

Forecast Analysis of the Quantum Computing Market

The quantum computing market is expected to grow tremendously in the coming years mainly due to rise in cyber-attacks across the world. Quantum computing ensures safety and security by preventing such attacks. All software systems and applications that run on quantum computing are protected from attacks like phishing and ransomware. Moreover, some ventures are devising strategies for utilizing quantum computing in cyber security as well. These factors are considered to enhance the market growth. However, quantum computing market may face obstacles due to lack of awareness about quantum computing and shortage of skilled employees. Nevertheless, government intervention and investment are anticipated to overcome this hindrance.

Opportunities for quantum computing market can be witnessed in the field of agriculture for augmenting yield and efficiency of crops. Moreover, quantum computing can be used in developing chemicals for preparing energy rich fertilizers, thus widening prospects in the agricultural field.

As per a report by Research Dive, the global quantum computing market is predicted to garner significant revenue of $667.3 million by 2020. The European quantum computing market is anticipated to increase from $28.2 million in 2019 and surpass $221.2 million by 2027. Various sectors in Europe such as healthcare, utilities, chemicals, and pharmaceuticals are rushing toward quantum computing. Moreover, applications of quantum computing in fields like cryptography, development and discovery of new drugs, cyber security, and defense are expected to boost the market in the coming years.

The leading market players of the global quantum computing market are Google Inc., Anyon, D-Wave Systems Inc., International Business Machines Corporation, 1QB Information Technologies, Cambridge Quantum Computing Limited, QC Ware, Rigetti Computing, Corp., StationQ – Microsoft, and River Lane Research.

Recent Developments in the Quantum Computing Market

The businesses functioning in the quantum computing arena are implementing unique strategies with the help of which they are likely to gain a competitive edge in the global market. Some frequently utilized plans are acquisitions, partnerships and collaborations, novel product launches, investments in research and development.

In October 2020, IonQ, a quantum computing software and hardware company, revealed its next generation quantum computer system that consists of 32 qubits with minimum gate errors and quantum volume greater than 4,000,000. This product has random access to all-to-all gate operations for compiling software applications.

In September 2020, D-Wave systems, a quantum computing company of Canada, declared that its next generation quantum computing platform via Leap quantum cloud service is available. This platform integrates novel software, hardware, and tools to accelerate and enable in-production application of quantum computing.

In August 2020, Amazon, an American based multinational technology company, launched Amazon Braket that consists of quantum computing services on AWS in order to enhance research. Amazon Braket offers a space to design quantum algorithms that are tested on stimulated quantum computers and then run on various quantum computing hardware.

In October 2020, Honeywell, a multinational conglomerate company, announced the launch of System Model H1 which is a next generation quantum computer. This product includes 10 fully connected qubits, mid-circuit measurement, quantum volume of 128, and qubit reuse. 

Covid-19 Impact on the Quantum Computing Market

The coronavirus pandemic is anticipated to affect the quantum computing market positively. Quantum computing’s potential to offer enhanced optimization and carry out vital calculations rapidly is increasing its importance. Furthermore, quantum computing can help material science and pharmaceutical companies in developing methods for analyzing large molecules. Apart from this, due to quantum computing drugs can be developed and researched via a computer. These factors are driving the market forward.  

The quantum computing market is expected to bloom in the upcoming years due to its vast usage in several businesses. Moreover, frequent product launches by well-known companies are anticipated to propel the market further in the future.

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