Quantum Computing Market by Offering (Systems and Services), Deployment (On Premises and Cloud Based), Application, Technology, End-use Industry and Region (2021-2026)
The quantum Computing market is projected to reach USD 1,765 million by 2026; it is expected to grow at a CAGR of 30.2% during the forecast period.The early adoption of quantum computing in the banking and finance sector is expected to fuel the growth of the market globally.
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.
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.
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.
The Quantum Computing market was dominated by International Business Machines (US), D-Wave Systems (Canada), Microsoft (US), Amazon (US), and Rigetti Computing (US)
News Covered :
https://www.globenewswire.com/en/news-release/2022/05/27/2452017/0/en/Qua
ntum-Computing-Market-Projected-to-Reach-1-765-million-by-2026.html
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