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Quantum Computing Market size to exceed $65 Bn by 2032
- Published Date: May 4, 2023
Quantum Computing Market size is expected to cross USD 65 billion by 2032, according to a new research report by Global Market Insights Inc.
The quantum computing sector is expanding rapidly due to the increase in cyberattacks. It is one of the cutting-edge platforms that offers protection to applications and software systems, defending them from cyber-attacks such as ransomware, phishing attacks, and others. A range of methods for using quantum computing in cybersecurity are being developed by research institutes and companies. In 2023, the Centre for Quantum Engineering, Research and Education (CQuERE), announced that it is in the process of developing a superconducting qubits quantum computer.
Advanced computing solutions using cloud services
Quantum computing market sizefrom the cloud segment is predicted to record more than 10% CAGR from 2023 to 2032. Cloud quantum computers can be accessible through a network in a cloud environment. Users can choose from a number of cloud quantum computing services which can be used to deal with complex problems that call for advanced computing. In March 2023, Japanese joint research partners successfully developed Japan’s first superconducting quantum computer.
Introduction of Machine Learning based quantum computers
Quantum computing market from the machine learning segment is set to surpass USD 6 billion by 2032. The quantum computer adds to the hardware available for machine learning. This will open up new prospects for both individuals as well as corporations. Additionally, they will be able to solve complicated problems that even the most advanced traditional computer systems cannot manage. Hence, the demand for ML-based quantum computers is estimated to rise over the years.
Browse key industry insights spread across 200 pages with 289 market data tables and 39 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), By End-user (BFSI, Aerospace & Defense, Automotive, Healthcare, Government, Energy, Chemical) & Global Forecast, 2023-2032” in detail along with the table of contents:
Development in online transactions to spike market expansion
Quantum computing market share from the BFSI segment is poised to reach USD 5 billion by 2032. Quantum computers are projected to be able to break many of the encryption techniques being used to protect financial transactions. This could lead to the development of cutting-edge, quantum-resistant encryption methods, improving the security of online financial transactions. The increasing use of online transactions like mobile banking, third-party money transfers, online banking, etc. is influencing the demand for quantum computing solutions.
High product adoption rates in APAC region
Asia Pacific quantum computing industry will witness over 35% CAGR between 2023 and 2032, owing to the rising need for quantum computing solutions for simulation, machine learning, and optimization. In addition, widespread industrial use of cutting-edge technology is anticipated to speed up the market growth. Emerging application of quantum computing solutions in various sectors across the APAC will shape industry dynamics.
Competitive landscape of the global quantum computing industry
Major players involved in the quantum computing market include AWS, D-Wave Systems, Fujitsu, Huawei, Google, IBM, Cambridge Quantum Computing, QC Ware, Riverlane, Zapata Computing, and Accenture. Joint ventures, collaborations, and partnerships among companies are happening in the global market.
In March 2023, the Intel Quantum Software Development Kit (SDK), a platform for programmers to design quantum algorithms that can be used by a quantum computer, was released by Intel Corporation. The platform enables developers with no prior experience with quantum computing to use it. Algorithms can be executed on a simulated quantum computing system on account of the introduction of the Intel Quantum SDK. With it being based on quantum mechanics, it is faster than conventional computing.