The Quantum Computing market is expected to grow from USD 472 million in 2021 to USD 1,765 million by 2026, at a CAGR of 30.2%. The early adoption of quantum computing in the banking and finance sector is expected to fuel the growth of the market globally. Other key factors contributing to the growth of the quantum computing market include rising investments by governments of different countries to carry out research and development activities related to quantum computing technology. Several companies are focusing on the adoption of QCaaS post-COVID-19. This, in turn, is expected to contribute to the growth of the quantum computing market. However, stability and error correction issues is expected to restrain the growth of the market.
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Based on offering, the services segment is projected to lead the quantum computing market from 2021 to 2026. The growth of this 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.
Based on deployment, the cloud based segment held largest share of the quantum computing market in 2020. 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.
Based on application, machine learning is expected to witness highest CAGR in coming years. Quantum machine learning involves the integration of quantum algorithms within machine learning programs. In the case of complex models, it becomes very difficult to sort a large number of variables systematically. Thus, users can opt for quantum computing technology to resolve this complexity with accuracy and speed. For instance, in the Monte Carlo method, the sampling technique is used to estimate numerical quantities from a large dataset. Quantum algorithms can be used to increase the execution speed of a solution, while algorithms can expedite the implementation of the Monte Carlo method and reduce the computational time.
Based on technology, the superconducting qubits segment is projected to account for the largest size of the quantum computing market from 2021 to 2026. The growth of this segment can be attributed to faster operations of quantum computers based on superconducting qubits technology than the computers equipped with other technologies. The technology companies such as IBM, Google, and Intel are expected to launch their quantum computing services with superconducting qubits in the coming years.
Based on end-use industry, the Quantum Computing market for healthcare and pharmaceuticals is foreseen to grow at a significant rate owing to the spread of the COVID-19. Governments of various countries have increased their healthcare and pharmaceuticals spending to combat this issue. Companies operating in this industry focus on the adoption of emerging technologies, such as quantum computing. The quantum computing technology enables scientists to develop medical and diagnostics tools that are ultra-precise and ultra-personalized. Moreover, quantum sensors can be used in magnetic resonance imaging (MRI) machines for ultra-precise measurements.
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The quantum computing market in North America is attributed to hold a major share in the Quantum computing market in 2020. The growth of the market in this region can be attributed to the presence of key quantum computing system and service providers such as IBM, Amazon, Google, Intel and Microsoft in North America, as well as an increase in the adoption of quantum computing applications in distinct industries such as space and defense, chemicals, and banking and finance.
In March 2020, the World Health Organization declared the COVID-19 as a pandemic. As such, various government authorities in North America and the world implemented numerous measures to contain the spread of the virus, including the imposition of travel bans and restrictions, quarantines, and shelter-in-place orders, along with limited business activities or their complete halting. These measures resulted in disruptions in the manufacturing industry and temporary logistical challenges. However, the businesses are expected to eventually resume some degree of normalcy if the pandemic is contained and social distancing requirements are eased.
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