The report "Quantum Computing Market with COVID-19 impact by Offering (Systems and Services), Deployment (On Premises and Cloud Based), Application, Technology, End-use Industry and Region - Global Forecast to 2026", 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.
Browse 111 market data Tables and 51 Figures spread through 199 Pages and in-depth TOC on "Quantum Computing Market with COVID-19 impact by Offering (Systems and Services), Deployment (On Premises and Cloud Based), Application, Technology, End-use Industry and Region - Global Forecast to 2026"
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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.
Cloud based deployment to witness the highest growth in Quantum Computing market in coming years
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.
• Quantum Computing Market Dynamics
Driver: Rise in investment in quantum technology
Various government agencies related to the global space and defense sector are investing increasingly in the development of quantum computing technology so that different optimization and simulation strategies can be implemented with quantum computers. Governments of various countries across the world are making significant investments to support their research institutes for the development of quantum computing technology. China is investing significantly in research and development activities related to quantum computing technology.
Restraint: Stability and error correction issue
Presently, quantum computers use physical qubits, which are error prone. It is estimated that 1,000 physical qubits are required to make a single logical qubit error-free, which is a goal yet to be realized. Till 2020, devices with up to 5,000 physical qubits had been developed. However, a commercially useful quantum computer is expected to be a 200 logical qubit machine with 200,000 physical qubits.
Opportunity: Technological advancement in quantum computing
Quantum computing transforms the way information is stored and processed. It significantly improves the efficiency of algorithms. The ecosystem of quantum computing is evolving fast, thereby contributing to the development of fifth-generation computers. Research related to quantum computing is evolving owing to ongoing innovations in traditional computing. This, in turn, has led to the transition of the classical computing industry to simulating quantum techniques. Quantum computers can potentially decipher obstacles that limit the power of classical computers, thereby solving complex problems related to the encryption and optimization of data in seconds that classical computers take a significantly long time to attempt.
Challenge: Lack of skill professionals
Quantum computing is a new and promising technology. The implementation of this technology requires a pool of technically skilled professionals. Hence, finding professionals with the required skillset acts as a significant challenge for the industry players. Governments of different countries and manufacturers of quantum computers are planning to start training sessions related to this technology to overcome the challenge of the dearth of skilled professionals
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. There is a requirement to resolve complications in optimization, simulation, and machine learning applications across these industries. The large-scale development witnessed by emerging economies of APAC and the increased use of advanced technologies in the manufacturing sector are contributing to the development of large and medium enterprises in the region. This, in turn, is fueling the demand for quantum computing services and systems in APAC.
In APAC, the investments look promising, as most countries such as China, Japan, and South Korea have successfully contained the virus compared with the US and European countries. China is easing the restrictions placed on factory lockdowns and worker movement. Despite being the epicenter of COVID-19, China has maintained its dominant position as a global network leader.
Key Market Players
The Quantum Computing market was dominated by International Business Machines (US), D-Wave Systems (Canada), Microsoft (US), Amazon (US), and Rigetti Computing (US).
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