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:
2 Research Methodology
3 Executive Summary
4 Premium Insights4.1 Attractive Opportunities in Quantum Computing Market4.2 Market, by Offering4.3 Market, by Deployment4.4 Market in APAC, by Application and Country4.5 Market, by Technology4.6 Quantum Computing Market, by End-use Industry4.7 Market, by Region
5 Market Overview5.1 Introduction5.2 Market Dynamics5.2.1 Drivers184.108.40.206 Early Adoption of Quantum Computing in Banking and Finance Industry220.127.116.11 Rise in Investments in Quantum Computing Technology18.104.22.168 Surge in Number of Strategic Partnerships and Collaborations to Carry Out Advancements in Quantum Computing Technology5.2.2 Restraints22.214.171.124 Stability and Error Correction Issues5.2.3 Opportunities126.96.36.199 Technological Advancements in Quantum Computing188.8.131.52 Surge in Adoption of Quantum Computing Technology for Drug Discovery5.2.4 Challenges184.108.40.206 Dearth of Highly Skilled Professionals220.127.116.11 Physical Challenges Related to Use of Quantum Computers5.3 Value Chain Analysis5.4 Ecosystem5.5 Porter's Five Forces Analysis5.6 Pricing Analysis5.7 Impact of COVID-19 on Quantum Computing Market5.7.1 Pre-COVID-195.7.2 Post-COVID-195.8 Trade Analysis5.9 Tariff and Regulatory Standards5.9.1 Regulatory Standards18.104.22.168 P1913 - Software-Defined Quantum Communication22.214.171.124 P7130 - Standard for Quantum Technologies Definitions126.96.36.199 P7131 - Standard for Quantum Computing Performance Metrics and Benchmarking5.10 Technology Analysis5.11 Patent Analysis5.12 Case Studies
6 Quantum Computing Market, by Offering6.1 Introduction6.2 Systems6.2.1 Deployment of on Premises Quantum Computers at Sites of Clients6.3 Services6.3.1 Quantum Computing as a Service (QCaaS)188.8.131.52 Risen Number of Companies Offering QCaaS Owing to Increasing Demand for Cloud-Based Systems and Services6.3.2 Consulting Services184.108.40.206 Consulting Services Provide Customized Roadmaps to Clients to Help Them in Adoption of Quantum Computing Technology
7 Quantum Computing Market, by Deployment7.1 Introduction7.2 on Premises7.2.1 Deployment of on Premises Quantum Computers by Organizations to Ensure Data Security7.3 Cloud-based7.3.1 High Costs and Deep Complexity of Quantum Computing Systems and Services Drive Enterprises Toward Cloud Deployments
8 Quantum Computing Market, by Application8.1 Introduction8.2 Optimization8.2.1 Optimization Using Quantum Computing Technology Resolves Problems in Real-World Settings8.3 Machine Learning8.3.1 Risen Use of Machine Learning in Various End-use Industries8.4 Simulation8.4.1 Simulation Helps Scientists Gain Improved Understanding of Molecule and Sub-Molecule Level Interactions8.5 Others
9 Quantum Computing Market, by Technology9.1 Introduction9.2 Superconducting Qubits9.2.1 Existence of Superconducting Qubits in Series of Quantized Energy States9.3 Trapped Ions9.3.1 Surged Use of Trapped Ions Technology in Quantum Computers9.4 Quantum Annealing9.4.1 Risen Use of Quantum Annealing Technology for Solving Optimization Problems in Enterprises9.5 Others (Topological and Photonic)
10 Quantum Computing Market, by End-use Industry10.1 Introduction10.2 Space and Defense10.2.1 Risen Use of Quantum Computing in Space and Defense Industry to Perform Multiple Operations Simultaneously10.3 Banking and Finance10.3.1 Simulation Offers Assistance for Investment Risk Analysis and Decision-Making Process in Banking and Finance Industry10.4 Healthcare and Pharmaceuticals10.4.1 Surged Demand for Robust and Agile Computing Technology for Drug Simulation in Efficient and Timely Manner10.5 Energy and Power10.5.1 Increased Requirement to Develop New Energy Sources and Optimize Energy Delivery Process10.6 Chemicals10.6.1 Establishment of North America and Europe as Lucrative Markets for Chemicals10.7 Transportation and Logistics10.7.1 Surged Use of Quantum-Inspired Approaches to Optimize Traffic Flow10.8 Government10.8.1 Increased Number of Opportunities to Use Quantum Computing to Solve Practical Problems of Climate Change, Traffic Management, Etc.10.9 Academia10.9.1 Risen Number of Integrated Fundamental Quantum Information Science Research Activities to Fuel Market Growth
11 Geographic Analysis11.1 Introduction11.2 North America11.3 Europe11.4 APAC11.5 RoW
12 Competitive Landscape12.1 Introduction12.2 Revenue Analysis of Top Players12.3 Market Share Analysis, 201912.4 Ranking Analysis of Key Players in Market12.5 Company Evaluation Quadrant12.5.1 Quantum Computing Market220.127.116.11 Star18.104.22.168 Emerging Leader22.214.171.124 Pervasive126.96.36.199 Participant12.5.2 Startup/SME Evaluation Matrix188.8.131.52 Progressive Company184.108.40.206 Responsive Company220.127.116.11 Dynamic Company18.104.22.168 Starting Block12.6 Competitive Scenario12.7 Competitive Situations and Trends12.7.1 Other Strategies
13 Company Profiles13.1 Key Players13.1.1 International Business Machines (IBM)13.1.2 D-Wave Systems13.1.3 Microsoft13.1.4 Amazon13.1.5 Rigetti Computing13.1.6 Google13.1.7 Intel13.1.8 Toshiba13.1.9 Honeywell International13.1.10 QC Ware13.1.11 1QB Information Technologies13.1.12 Cambridge Quantum Computing13.20 Other Companies13.2.1 Huawei Technologies13.2.2 Bosch13.2.3 NEC13.2.4 Hewlett Packard Enterprise (HP)13.2.5 Nippon Telegraph and Telephone Corporation (NTT)13.2.6 Hitachi13.2.7 Northrop Grumman13.2.8 Accenture13.2.9 Fujitsu13.2.10 Quantica Computacao13.2.11 Zapata Computing13.2.12 Xanadu13.2.13 IonQ13.2.14 Riverlane13.2.15 Quantum Circuits13.2.16 EvolutionQ13.2.17 ABDProf13.2.18 Anyon Systems
14 Appendix14.1 Discussion Guide14.2 Knowledge Store: The Subscription Portal14.3 Available Customizations
For more information about this report visit https://www.researchandmarkets.com/r/8pglda
Research and Markets Laura Wood, Senior Manager [emailprotected]
For E.S.T Office Hours Call +1-917-300-0470 For U.S./CAN Toll Free Call +1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1904 Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets
Recommendation and review posted by Ashlie Lopez