DUBLIN, July 31, 2023 /PRNewswire/ — The “Quantum Computing Market – Forecasts from 2023 to 2028” report has been added to ResearchAndMarkets.com’s offering.

The global quantum computing market was valued at US$592.99 million in 2021 and is forecast to grow at a CAGR of 49.34% to reach US$9.82 billion by 2028.

Quantum computing has a major impact on various industries, including security, banking, military intelligence, drug discovery, aircraft design, utilities (nuclear fusion), polymer design, machine learning, artificial intelligence (AI), big data search, and digital manufacturing. They can be utilized to improve secure information exchange or to increase radars’ ability to identify missiles and airplanes.

Increasing federal initiatives and innovative collaborations to support digitization

Governments are spending heavily on quantum computing technology, which reflects the growing demand for the technology. For instance, the German government announced in November 2021 that, within the next four years, quantum computer prototypes based on several architectures would be created as part of DLR’s (German Aerospace Centre) Quantum Computing Initiative. Through this procedure, DLR is asking businesses, start-ups, and other research organizations to work together to further the creation of quantum computer hardware, software, and applications. The growth of strategic collaborations may also encourage the creation of higher-caliber computing solutions. For instance, a high-level Finnish team visited the Centre for Development of Advanced Computing (C-DAC), Pune, in December 2022 to explore opportunities for bilateral cooperation on quantum technologies, HPC-quantum integration, and related applications. C-DAC has invented its motherboard, server, and connection in HPC.

Stability and maintenance difficulties

Quantum computers employ practical quantum bits that are prone to mistakes. Additionally, it is a difficult challenge to commercialize quantum computers. Since qubits are sensitive and quickly perturbed by fluctuations in the temperature, sound, and wavelength of their surroundings, retaining their quantum mechanical state for an extended length of time is challenging. Additionally, several blockchain-based solutions use the ECDSA, a digital signature method that is not yet quantum-safe.

North American market is anticipated to hold a sizeable market share 

The main factor driving the expansion of the North American market is the presence of major technology companies like Google, Intel, and IBM Corporation, among others. In addition, the industry is primarily driven by established technological development centers spread in the region. The European quantum computing industry is anticipated to grow steadily in the forecast period. The large investments made by market participants are the main factor promoting the regional market’s expansion. Additionally, it is anticipated that an increasing amount of projects and financing from governments across a range of European countries would impact the development of the local market. Further, the quantum computing industry is anticipated to expand the most in the Asia Pacific region. Numerous sectors, including medicine, transportation, finance, and chemicals, are growing, and countries like India, Japan, and South Korea have a thriving IT industry, supporting the market expansion.

Market Segmentation:

By Application

• Hardware
• Software and Service

By Deployment

• On-Premises
• Cloud-Based

By Industry Vertical

• BFSI
• Automotive
• Manufacturing
• Healthcare
• IT & Telecom
• Energy & Power

By Applications

• Artificial Intelligence & Machine Learning
• Computational Chemistry
• Drug Design & Development
• Cybersecurity & Cryptography
• Financial Modelling
• Logistics Optimisation

Company Profiles

• IBM
• Microsoft
• Quantum Computing Inc.
• Intel Corporation
• D-Wave Quantum Inc.
• Quix Quantum BV
• Alpine Quantum Technologies GmbH
• ORCA Computing
• Rigetti & Co, LLC.
• Google LLC

For more information about this report visit https://www.researchandmarkets.com/r/b85bmo

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SOURCE Research and Markets