Quantum Computing Market Expected to Reach US$ 4.85 Billion by 2030 | CAGR 31.3% [PDF Version]
Quantum Computing Market Research Report By Application (Optimization, Machine Learning, Simulation & Others), By Product Type (Hardware, Software, & Services)
NEW YORK CITY, NEW YORK, UNITED STATES, April 17, 2023/EINPresswire.com/ — Market Research Future Insights
According to MRFR analysis, the global Quantum computing market is expected to register a CAGR of 31.3% from 2022 to 2030 and hold a value of over USD 4.85 Billion by 2030.
Quantum computing is a type of computing that uses quantum-mechanical phenomena such as superposition and entanglement to perform operations on data. Unlike classical computers, which use bits to store and manipulate information, quantum computers use quantum bits (qubits) to perform calculations. The global quantum computing market was valued at USD 2.1 billion in 2020 and is projected to reach USD 7.3 billion by 2027, growing at a CAGR of 19.5% during the forecast period.
The COVID-19 pandemic has had a mixed impact on the quantum computing market. On the one hand, it has disrupted supply chains and slowed down research and development activities, leading to delays in the launch of new products and services. On the other hand, the pandemic has accelerated the adoption of digital technologies, including quantum computing, as companies seek to improve their resilience and agility in the face of future crises.
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Key players
Some of the key market players are IBM Corporation, Rigetti & Co Inc., D-Wave Systems Inc., Cambridge Quantum Computing Ltd., Atos SE, Intel Corporation, and IBM Corporation.
Regional Analysis
In terms of geography, North America dominates the quantum computing market, followed by Europe and Asia Pacific. The United States is the largest market for quantum computing in North America, owing to the presence of a large number of quantum computing companies and research organizations in the region. In Europe, the United Kingdom and Germany are the major markets for quantum computing. In Asia Pacific, China, Japan, and South Korea are the leading markets for quantum computing.
Market Segmentation
The market for quantum computing is divided into based on product, application, verticals, and geographic regions.
Based on Product: Hardware, software, and services make up the sub-segments within the product type segment. The market’s largest category is hardware.
Based on Application: The application segment for quantum computing is further divided into optimization, machine learning, simulation, and others.
Based on Vertical: Aerospace & defence, BFSI, energy & power, healthcare, information technology (IT) & telecommunication, transportation, and others make up the vertical segment’s sub-segments.
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