Market Overview
The usage of quantum computing has widely been noticed in various sectors such as in financial modeling, weather forecasting, artificial intelligence, medical research, traffic optimization, and more. Due to its application in these prominent sectors, the Quantum Computing Market is growing in high demand. The Quantum Computing Market is noticing a significant growth rate mainly due to its widespread applications in the aerospace & defense sector for operational activities like space exploration verification, critical modeling, and aerodynamic performance simulation. Moreover, the increase in machine learning implementations and quantum computers to detect recurring patterns is boosting the market’s growth.
The key drivers and opportunities are propelling the market at the global level. The rise in the need for quantum computers in various sectors like BFSI, defense, and automotive is emerging the market value. Moreover, the increased number of cybercrimes and stringent government initiatives to develop quantum computing technology are acting as major driving forces. The COVID-19 pandemic has shown a positive impact on digitization. During the pandemic, the global economy has faced tough challenges, and industries are tried to sustain their growth and momentum in digital transformation. These factors have emerged the market's growth because quantum computing remained a major attribute in difficult times.
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Due to the rising growth opportunities, the Quantum Computing Market is projected to witness a CAGR of 34 % with a value of USD 2.82 Billion by 2023 during the forecast period.
Market Segmentation
The Quantum Computing Market is segmented based on product, application, and verticals. The product type segment of the market is further segmented into hardware, software, and services. Among these, the hardware segment is considered the largest segment due to wide usage. The market is classified into optimization, machine learning, simulation, and others in the application segment. The largest application segment of the market is optimization, as it holds the largest share.
The vertical segment of the Quantum Computing Market is categorized into aerospace &defense, BFSI, information technology (IT) & telecommunication, energy & power, healthcare, transportation, and others. Aerospace &defense is considered the largest shareholding segment due to the huge usage of quantum computing.
Regional Analysis
The geographical status of the Quantum Computing Market states the growth of the market in major regions of the world like North America, the Asia Pacific, and Europe. The North American region is considered as the leading region as it holds the highest market share due to the presence of key developers such as Google, Intel, and others. The increased investment in R & D activities for the development of quantum computers is driving the regional market.
The European region holds the second highest market due to the rise in initiatives, and the government’s funding is accelerating the market of this region. The presence of major players is also driving the market. The Asia Pacific market is growing at a high rate due to the wide usage of quantum computers in the manufacturing sector. The presence of major developing countries such as China and South Korea is boosting the need for quantum computers in the BFSI sector, which is emerging the regional market growth.
Industry News
On January 07, 2021, Wipro signed a Memorandum of Understanding with Tel Aviv University, Israel, for research in quantum science and technology to strengthen the India-Israel scientific collaboration. Tel Aviv University's Center for Quantum Science & Technology faculties will work with Wipro to analyze its customer's use cases and potential quantum computing applications.
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