New York, USA, Aug. 09, 2021 (GLOBE NEWSWIRE) -- According to the latest report by Research Dive, the global quantum computing market is anticipated to garner revenue of $667.3 million by 2027 rising from $88.2 million in 2019 at a stable CAGR of 30.0% from 2020-2027.
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COVID-19 Impact on the Global Quantum Computing Market
During the initial stages of the pandemic, countries were forced to implement lockdowns and shut their borders owing to the guidelines by healthcare professionals and organizations. The medical sector instantly initiated research to find an effective treatment or solution for the coronavirus. Several experts in the field of quantum computing contributed to this research by providing the desired technology to the healthcare professionals for the development of drugs. Quantum technology has today made it possible to speed up any critical process where most processes took over a decade earlier. These factors have ensured the growth of the quantum computing market even amidst a pandemic.
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Market Analysis
Growth: Quantum computing helps in keeping devices and applications safe from various cyberattacks such as ransomware, phishing attacks and more. This is one of the primary reasons that has led to the growth of the global quantum computing market. The National Physical Laboratory along with Cambridge Quantum Computing (CQC) have been working to upgrade quantum computing technology. This partnership is to implement quantum computers into AI, traffic, cybersecurity as well as drug development. These factors are set to add to the growth of the market in the analysis period.
Restraints: On the other hand, there are fewer people who are trained in quantum computing due to which organizations are hesitant to implement the use of the technology. But, support from the government in the form of investments and innovations may assist in overcoming these restraints in the market.
Opportunities: The pace of growth of the quantum computing market is increasing over time and has introduced multiple opportunities for the people. This technology has been benefitting every sector including farming by ensuring the use of chemicals to make high quality, energy efficient fertilizers. This has resulted in yielding high quality crops which has further propelled the growth of the market in the estimated timeframe.
Segmental Analysis
The market is segregated into multiple segments based on offerings type, application, end user, and region.
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Consulting Solutions Sub-Segment Predicted to Gain Highest Market Share
By offerings type, the consulting sub-segment is set to gain the highest market share with a rise in revenue from $37.1 million in 2019 to over $354.0 million by 2027. The use of the technology for advanced purposes such as drug discovery, material science, as well in various fields such as space, healthcare, chemicals and more has ensured the growth of the segment. Off late the e-commerce has also implemented quantum computing to enhance their services.
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Machine Learning Sub-Segment Expected to Dominate the Market
By application, the machine learning sub-segment is set to dominate the market with a significant rise in revenue from $29.7 million in 2019 to over $236.9 million by 2027. This futuristic form of technology has enhanced the efficiency in learning as well as runtime. To add further, the process of quantum machine learning has also helped speed up several intricate processes such as optimization, deep learning, Kernel evaluation and more. These factors are predicted to add to the growth of the segment.
Banking and Finance Sub-Segment is Predicted to Gain Highest Revenue
By end user, the banking and finance sub-segment is anticipated to garner the highest revenue of $159.2 million by 2027. The exhaustive use of quantum computing by the banking and financial sectors for purposes such as high-frequency trading and asset appraisal has added to the growth of the segment in the forecast period.
Regional Analysis
This growth is primarily due to multiple industries such as chemicals, pharmaceuticals, healthcare and utilities implementing quantum computing. This advanced form of technology is also used by the defence sector as well as for cryptography purposes. These are the prominent factors that are set to further propel the growth of the market in the forecast period.
Key Market Players
The report also contains an extensive list of key players whose strategies have assisted in the growth of the market. These include mergers, product launches, partnerships, and collaborations. Some of them are as listed below –
1. D-Wave Systems, Inc
2. International Business Machines Corporation
3. 1QB Information Technologies
4. StationQ
5. Rigetti Computing
6. River Lane Research
7. Anyon
8. Cambridge Quantum Computing Limited
9. QC Ware, Corp
10. Microsoft
11. Google, Inc
In September 2020, D-Wave System, Inc, an expert in the development of quantum computers launched new systems known as the Advantage Quantum Computers. Their primary features include connectivity of over 5000 qubits and 15- way qubit. These systems can be found on Leap Cloud, the company’s computing platform.
The report consists of various facets of all the vital players that are operative in the market such as financial performance, product portfolio, present strategic moves, major developments and SWOT. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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