WELLESLEY, Mass., Aug. 09, 2018 (GLOBE NEWSWIRE) -- Increased government research funding and rapid expansion into a number of key industries are factors helping to boost the global market for quantum computing, according to a report by BCC Research.
The industry expects to see a compound annual growth rate (CAGR) of 37.3% through 2022, when it could be worth $161 million, according to the report Quantum Computing: Technologies and Global Markets to 2022. The report further estimates that between 2022 and 2027 the market will see a CAGR approaching 53% and be worth $1.3 billion.
Major players in the market include D-Wave Systems, IBM, Microsoft, Northrop Grumman, Toshiba, Hewlett-Packard, Japan Science and Technology Agency, University of California, NEC, MagiQ, Qucor and Hypres.
Research Highlights
- By type, both software and hardware will see a CAGR through 2022 of 32%; hardware will lead by size, followed by software.
- By end user, academia will see a CAGR through 2022 of 44.8%, followed by government at 46.5%. from 2022 to 2027, the market will expand to include finance/economics (CAGR of 72.4%), chemical (72.4%), and geology/energy (64.9%).
- By application, financial analysis will see a CAGR from 2022-2027 of 62.6%, followed by advertising and machine learning.
“Until recently, quantum computing was confined to the laboratory, with many experts predicting that commercial applications of quantum computing were years away,” said BCC Research analyst and report author Andrew McWilliams. “However, at the time this report was written in 2017, there was a growing consensus that the industry is on the verge of a breakout in quantum computing.”
Market Obstacles Include Interference, Error Correction
While the market holds great promise, there are a number of challenges to overcome if quantum computing is to become “something more than a laboratory curiosity,” the report adds. Chief among them is interference—during computing, any disturbance can cause errors and ruin the validity of the quantum computation, so future systems must be totally isolated from external interference. Further, error correction systems are needed, but conventional error-correction techniques cannot be used. Finally, a method of output observance is needed to ensure that observed values correspond to the correct answer.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.