The Quantum computing market is projected to grow with a CAGR of 50%, owing to rising trade transactions across the globe

As per the research report by Credible Markets, the quantum computing market is presently valued at USD 500 million and is expected to garner a weighty growth at a CAGR of 50% during the estimated timeline of 2022-2030.

Quantum Computing Market - Overview
Quantum Computing is a type of computer that joins the collective mechanics so that it can achieve certain kinds of calculations more efficiently than a conventional computer. The quantum computing is a concept focused on developing digital technology based on principles of quantum theory. Quantum theory is behaviour of energy and material on atomic and subatomic level. Computer Technology today uses the quantum skill.

In other words, quantum computing is a study that uses the phenomenon in quantum physics to conceive new techniques in computing.
Key market trends- Growth determinants and limitations
The quantum computing concept is used in vast array of applications and tasks. The technology is also known to have its contribution in the development of drug and material, stimulating complex system, recent populous cryptography, defence sector and cyber-security as well. Quantum computing has additional influence in development of artificial intelligence and machine learning.

There is rising traction of quantum technology in banking and finance sector that is aiming to pace up the trade activities and transaction. One of the significant applications of quantum computing is simulation. Quantum computing helps in identification of improved and efficient means of managing the financial risks. Quantum computing can carry out speedy operations at optimised prices creating a new opportunity for revenue generation.

As a result of this, government agencies related to defence and space sector are now increasingly investing in the development of quantum computing technology, to implement different optimisation and stimulation strategies in quantum computing. For instance, China is significantly investing in the research and development of quantum computing. Governments of US and Australia as well are capitalizing for the exploration of quantum market.

Surge in number of strategic collaborations for the betterment of quantum technology is propelling the market. Quantum is at its early stage. Hence, for the progression of quantum technology it requires devoted allies to carry out advanced quantum computing, develop practical applications, and build a quantum workforce of the future. For instance, several syndicates such as Intel, Google, and IBM are teaming up with universities of different regions to implement R&D activities related to quantum.

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Segmental Analysis of Quantum market -
The quantum market is segmented into Offering, Deployment, Application, Technology, End-user. The services segment under Offering is projected to display a significant growth and lead the section. This is attributable to rising number of start-ups across the globe that are investing into R&D of quantum computing. Cloud-based segment dominated the market during 2020, on account of development of high-end systems. Machine learning segment is expected to witness highest number of CAGR in the forecasted period. Next, the superconducting qubits segment under technology is accounted to hold a largest yield in the projected timeline. Following, the Quantum Computing market for healthcare and pharmaceuticals is forecasted to garner a noteworthy rate due to the spread of the COVID-19.

Based on Offering-
• Quantum Computing Devices
• Quantum Computing Software
• Quantum Computing Services
• Consulting Services
- Implementation Services
- Support & Maintenance
• On Premises
• Cloud-Based

Based on Application-
• Optimization
• Simulation & Testing
• Financial Modelling
• Artificial Intelligence & Machine Learning
• Cybersecurity & Cryptography

Based on Technology-
• Quantum Computing for Healthcare & Life Sciences
• Quantum Computing for Banking & Financial Services
• Quantum Computing for Manufacturing
• Quantum Computing for Academics & Research
• Quantum Computing for Aerospace & Defence
• Quantum Computing for Energy & Utilities
• Quantum Computing for IT & Telecom
• Others

Based on Technology-
• Trapped Ions
• Quantum Annealing
• Superconducting Qubits
• Others (Topological and Photonic)

Based on Region -
Geographically, the market covers North America; Europe; Asia Pacific; Latin America; MEA regions. The APAC region is the highest developing region for quantum computing.
Competitive landscape

The major companies constituting the competitive hierarchy of quantum computing are Huawei Technologies Co., Ltd., IBM Corporation, Google Inc. (Alphabet Inc.), Microsoft Corporation, and Intel Corporation.
Key takeaways from the report-
• The quantum computing market is anticipated to display a significant rise in CAGR of 50% 2030.
• Rising traction of quantum technology in banking and finance sector is boosting the quantum computing.
• Geographically Asia-Pacific region is a dominant region among the rest.

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Major Questions answered in this report
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About Credible Markets
Credible Markets in one of the leading market research firms providing a 360-degree outlook of various industry dynamics to their clients. The reports and services offered by Credible Markets are used by prominent industry participants including investors, manufacturers, stakeholders, and new entrants.

This release was published on openPR.