Market Overview

Global Quantum Computing Market share is expected to reach USD 6.95 Billion by the end of the forecast period, registering a 27.04% CAGR.

Quantum computing is becoming a popular topic of study in quantum information science. To achieve quantum dominance, the technology has already begun to draw R&D funding. Google stated during the historic forecast period that it has achieved quantum supremacy. Quantum computing holds enormous promise in a variety of fields, including financial modeling, medical research, traffic optimization, weather forecasting, and artificial intelligence. It has the potential to be a game-changing solution for combating climate change and helping businesses enhance their cybersecurity tactics.

The beginning of the COVID-19 pandemic has accelerated digitization around the world. The global economy is adjusting to the effects of the pandemic, and businesses are attempting to maintain their digital transformation pace by adapting to the new normal of installing remote workstations. Quantum computing remains a major attribute of the robust research strengths in such circumstances. Companies are making significant investments because of their strong sectarian competence in technology and their proximity to Asian markets. Google, Oracle, and Cisco Systems are among the corporations that have invested in data centers and cloud computing. Quantum computing, according to industry analysts, has enormous potential in a variety of fields, including medical research, financial modeling, artificial intelligence, traffic optimization, and weather forecasting.

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Major Market Players:

Some key market players are IBM Corporation, Google, Microsoft Corporation, Huawei, Intel Corporation, D-Wave Systems Inc., Atom Computing, Inc., ColdQuant, Xanadu Quantum Technologies Inc., Zapata Computing, Inc., and Strangeworks, Inc.

Market Segmentation:

The global quantum computing market has been segmented into components and applications.

Based on components, the market has been segmented into quantum computing devices, quantum computing software, quantum computing services, consulting services, implementation services, and support & maintenance. The quantum computing software segment accounted for the largest share of the market in 2021. Due to the increase in startups globally and significant investments in computer technology-related R&D, the software divisions are projected to expand over the coming years. Deep learning, optimization, and simulation applications leverage this information technology, leading to more effective operations and lower operating costs across various industries. On the other hand, the quantum computing services segment was the fastest-growing segment during the forecast period. Startups in the healthcare and BFSI sectors are concentrating on implementing these services to improve their offerings through cloud channels as customer acquisition costs rise.

Based on application, the market has been segmented into simulation & testing, financial modeling, artificial intelligence & machine learning, cybersecurity & cryptography, and others. Artificial intelligence & machine learning accounted for the quantum computing market's largest revenue share in 2021. Users can learn how to estimate the characteristics of quantum systems, create new quantum algorithms, and employ quantum error-correcting codes. Besides, the financial modeling category was the fastest-growing segment. Consumers can use quantum computing technology to quickly and accurately address this complexity.

Industry News

The major key players in the market are Intel Corporation, Atos SE, Cambridge Quantum Computing Ltd., IBM Corporation, Rigetti & Co, Inc., D-Wave Systems Inc., QRA Corp, Google, QxBranch, Inc., and QC Ware Corp. The players work significantly to gain traction, leading businesses to look for ways to integrate across the extended value chain, focusing on the development of production facilities, R&D investments, and mergers and acquisitions.

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