Global Quantum Computing Market: By Application
(Optimization, Machine Learning, Simulation and Others), By Product Type
(Hardware, Software, and Services) and By Vertical (Aerospace & Defense,
BFSI, Energy & Power, Healthcare, Information Technology &
Telecommunication, Transportation, and Others) and Region - Forecast Till 2023
Quantum Computing Market Research Report
- Global Forecast till 2023
The global quantum computing market appears to grow
with astounding prospects as well as opportunities during the forecast period
between 2018 and 2023. The quantum computing market is expected to earn
revenues worth USD 2822.91 million, expanding at a CAGR of 34.3 % by 2023.
Observing the market structure, this report offers
insights about factors affecting market growth. Estimating the market size and
forecasting the revenue, this report covers and evaluates the competitive
developments of market players that include joint ventures, mergers and
acquisitions, new product developments, research and developments (R&D), and
strategic alliances.
The major market driver for the quantum computing is
the early adoption of quantum computing in Banking, financial services, and
insurance (BFSI) sector. The second most important market driver is increasing
government investment. Growing application scope also contributes to market
growth. However, the need for highly skilled employees, and complexities in
implementation, as well as operation, can hamper the market growth.
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Segmental Analysis
The quantum computing market can be segmented on the
basis of the application, product type, vertical, and lastly, region. The
application-based market segmentation covers optimization, machine learning,
simulation, and others. Based on product type, the market segmentation covers
hardware, software, and services. Regarding vertical, the market can be
segmented into aerospace & defense, BFSI, energy & power, healthcare, information technology (IT) &
telecommunication, transportation, and others.
The regions covered in this study of the global
market are North America , Europe, Asia Pacific, and rest of the world (RoW).
Competitive Analysis
The market players are observed as being focused on
increasing their operations globally and engage in strategic acquisitions to
grow in the business of quantum computing. The key players featured in the
study are QRA Corp, Intel Corporation, D-Wave Systems Inc., Cambridge Quantum
Computing Ltd., QC Ware Corp., Rigetti & Co, Inc., QxBranch, Inc., IBM
Corporation, Google, and Atos SE.
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Regional Analysis
The regional analysis of the Quantum computing
market covers regions such as Asia Pacific, North America, Europe, and rest of
the world (RoW).
North America is the most influential regional
market due to technological advancement and the presence of many key market
players in this region. During the forecast period, the market has been
calculated to grow at 31.3% CAGR and the market worth by the end forecast
period has been calculated to be USD 952.29 million. Factors leading the market
towards growth in this region are technological advancement, growing adoption
of cloud computing, and the presence of many key market players. The
high-profile country-specific markets in this region are Canada, USA, and
Mexico. Europe is the second most
important regional market due to multiple market-friendly initiatives by the
governments of different European countries.
Asia Pacific region is expected to appear as the
third largest regional market during the forecast period as it has been estimated
to grow at 39% CAGR. By 2023, its market worth is likely to be the US $ 833.76
million. Among country-specific markets, high-level growth is expected in China
and South Korea. In this region, the market can grow due to the growing IT
industry and increasing cloud adoption. Japan is the second largest
country-specific market with China being first. Another important
country-specific market is Taiwan, followed by the remaining countries of the
Asia Pacific region.
The RoW segment covers the countries of the Middle
East & Africa (MEA) and Latin America. During the forecast period, the
Middle East & Africa (MEA) region is expected to rise as the biggest
regional market in the RoW segment, growing at 30.3% CAGR to attain the market
worth of USD 120.50 million. However, lack of research and development can
hinder the market growth. Latin America is the smaller market, but it can grow
due to the availability of various research facilities here. During the
forecast period, it has been estimated to grow at 29.8% CAGR, and its market
worth can go up to USD 21.38 million.
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