Quantum Computing Market size is set to surpass USD 5 billion by 2028, according to a new research report by Global Market Insights Inc.
Increasing investments by government agencies of different countries to develop innovative solutions is likely to drive the quantum computing industry growth. For instance, in August 2020, the U.S. government invested USD 1 billion in AI and quantum computing plans. This investment aims to accelerate development across various ranges including machine learning for atmospheric & ocean science and high-energy physics simulations with quantum systems.
Increasing adoption of quantum computing software across BFSI sector
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The quantum computing software market is expected to grow at above 25% CAGR through 2028 owing to the rising usage to surge the speed of trade activities, transactions, and data processing manifolds across the BFSI sector. The software helps financial institutions and banks with proper identification & verification of customer identity and track business transactions to manage financial risks, thus serving them better.
Growing usage of cloud-based deployment models to reduce the cost of ownership
The cloud segment dominated the market with more than 75% of the revenue share in 2020 led by an increase in the usage to reduce the cost of ownership across various industries. Cloud-based deployment helps organizations to provide access to users across different devices and simulators from their laptops. The flexibility in device access to users is another major factor supporting the market growth.
Browse key industry insights spread across 240 pages with 253 market data tables and 27 figures & charts from the report, “Quantum Computing Market Size By Component (Software, Service), By Deployment Model (Cloud, On-premise), By Application (Optimization, Simulation, Machine Learning, Sampling, Others), By End-user (BFSI, Aerospace & Defense, Automotive, Healthcare, Government, Energy, Chemical, Others), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2028”, in detail along with the table of contents:
Increasing usage of quantum computing across the healthcare industry to develop innovative solutions
The healthcare end use segment is estimated to witness growth rate of over 30% till 2028 on account of growing need to develop drugs, genome sequencing, clinical trials, and analytics. Quantum computing helps scientists to develop innovative diagnostics tools that are ultra-personalized and ultra-precise. The technology also helps the industry to speed up research on life science & drug development processes and expand their scope.
Rising demand for quantum machine learning due to integration of quantum algorithms
The machine learning segment is anticipated to showcase significant growth during 2021 to 2028. Machine learning involves quantum algorithms and high computational power, which can crack complex models. This technology can be used in the treatment of untreatable diseases and to eliminate diagnostic errors related to image reading. This capability of machine learning applications is further creating more opportunities in the adoption of quantum computing.
Strong research & development capabilities in North America
North America quantum computing market is predicted to generate nearly USD 1.5 billion revenue by 2028. Rising investments in research across various industry verticals is forecast to augment the regional industry growth. Leading companies are focusing on the development of innovative solutions to accelerate medical research. For instance, in March 2021, Cleveland Clinic signed a partnership agreement with IBM to boost medical research with the help of quantum computing technology. Through this partnership, the companies launched a discovery accelerator to expand the scope and speed of medical research.
Focus on product development by key players
Major industry participants are focusing on innovative product development initiatives to address the growing market demand. For instance, in February 2021, D-Wave Systems launched Leap quantum cloud service in Singapore. This will enable developers, researches, and organizations in Singapore to access D-Wave’s Advantage quantum computer in real-time. This launch helped the company to allow its customers to increase the development of business-critical in-production hybrid applications.
Some of the major market players include 1QB Information Technologies, Inc., Accenture plc, Amazon Web Services, Inc., Cambridge Quantum Computing, D-Wave Systems, Fujitsu, Google, Honeywell, Huawei, IBM Corporation, Microsoft Corporation, QC Ware, Quantica Computacao, Quantum Circuits, Rigetti Computing, Riverlane, VeriQloud, XANADU, and Zapata Computing.