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Quantum Computing Market Size, Business Strategies, Regional Outlook, Leading Players and Forecast Through 2030

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Quantum Computing Market Size, Business Strategies, Regional Outlook, Leading Players and Forecast Through 2030

December 23
16:21 2021
Quantum Computing Market Size, Business Strategies, Regional Outlook, Leading Players and Forecast Through 2030
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., NASA, the NSA, and the Los Alamos National Laboratory are involved in this technology related projects.

Factors such as the increasing funding by various governments and private companies in the field of quantum computing and the surging focus on establishing standards for quantum technology are expected to drive the growth of the quantum computing market at a CAGR of 33.1% during the foreseeable period (2020–2030). According to P&S Intelligence, the market size is projected to reach $1,866.8 million by 2030 from $89.6 million in 2019. Moreover, government organizations and other bodies are offering several initiatives to support and promote the commercialization of quantum computing.

The surging funding by various governments and private companies in the field of quantum computing is one of the main factors boosting the quantum computing market growth. In recent years, there has been a significant increase in government initiatives helping quantum information processing, such as funding from governments in research and development (R&D) activities in this field. For instance, the National Quantum Initiative Act was passed into law in December 2018. Under this, the U.S. House of Representatives allocated $1.2 billion to the National Quantum Initiative Program for establishing goals and priorities for a 10-year plan to develop related technologies.

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Based on application, the quantum computing market is classified into optimization, simulation and data problems, sampling, and machine learning. Out of these, the optimization category accounted for the largest market share in 2019. This is attributed to the increasing adoption of optimization solutions to resolve several organizational complications revolving around the streamlining of business operations. Thus, market players are increasing the development of these solutions that can be adopted for optimization purposes. Whereas, the machine learning category is projected to witness the fastest growth in the coming years, owing to its huge potential to enhance quantum computing systems.

Moreover, on the basis of industry, the quantum computing market is categorized into banking, financial services, and insurance (BFSI), information technology (IT) & telecom, healthcare, aerospace & defense, manufacturing, and energy & utilities. Among these, the BFSI category held the largest share in the market in 2019. This is attributed to the escalating focus on investing in this potential technology by the industry players, as it can enable them to streamline their business processes and improve the level of security.

Browse detailed report on Global Quantum Computing Market Latest Trends and Business Scenario 2030

Globally, the North American quantum computing market accounted for the largest share in 2019. This is mainly due to the surging investments from government and private organizations to develop quantum computing technology. This leads to its increasing adoption in government, academic, and industrial facilities in the region. Whereas, the European market is projected to record the highest growth rate during the forecast period. This can be ascribed to the rapid economic development, robust R&D activities, massive IT spending, expansion of the aerospace & defense and manufacturing industries, and increase in inclination toward advanced technologies in the region.

Thus, the increase in funding by various governments and private companies in the field of quantum computing and the robust R&D activities are projected to propel the market growth in the coming years.

Quantum Computing Market Size Breakdown by Segment

By Offering

  • Hardware
  • Software
  • Service
    • Consulting services
    • Training & education
    • Support & maintenance

By Deployment Type

  • On-Premises
  • Cloud-Based

By Application

  • Optimization
  • Simulation and Data Problems
  • Sampling
  • Machine Learning

By Technology

  • Quantum Dots
  • Trapped Ions
  • Quantum Annealing
  • Others

By Industry

  • Banking, Financial Services, and Insurance (BFSI)
  • Aerospace & Defense
  • Manufacturing
  • Healthcare
  • IT & Telecom
  • Energy & Utilities
  • Others

By Geography

  • North America Quantum Computing Market
    • By offering
    • By deployment type
    • By application
    • By technology
    • By industry
    • By country – U.S. and Canada
  • Europe Quantum Computing Market
    • By offering
    • By deployment type
    • By application
    • By technology
    • By industry
    • By country – Germany, U.K., Russia, France, and Rest of Europe
  • Asia-Pacific Quantum Computing Market
    • By offering
    • By deployment type
    • By application
    • By technology
    • By industry
    • By country – China, Japan, South Korea, Singapore, Australia, and Rest of APAC
  • Rest of the World Quantum Computing Market
    • By offering
    • By deployment type
    • By application
    • By technology
    • By industry
    • By country – Brazil and Others

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Website: https://www.psmarketresearch.com/market-analysis/quantum-computing-market