Global Quantum Computing Market: By Application (Optimization, Machine Learning, Simulation and Others), By Product Type (Hardware, Software, and Services) and By Vertical (Aerospace & Defense, BFSI, Energy & Power, Healthcare, Information Technology & Telecommunication, Transportation, and Others) and Region - Forecast Till 2023



Quantum Computing Market Research Report - Global Forecast till 2023

The global quantum computing market appears to grow with astounding prospects as well as opportunities during the forecast period between 2018 and 2023. The quantum computing market is expected to earn revenues worth USD 2822.91 million, expanding at a CAGR of 34.3 % by 2023.

Observing the market structure, this report offers insights about factors affecting market growth. Estimating the market size and forecasting the revenue, this report covers and evaluates the competitive developments of market players that include joint ventures, mergers and acquisitions, new product developments, research and developments (R&D), and strategic alliances.

The major market driver for the quantum computing is the early adoption of quantum computing in Banking, financial services, and insurance (BFSI) sector. The second most important market driver is increasing government investment. Growing application scope also contributes to market growth. However, the need for highly skilled employees, and complexities in implementation, as well as operation, can hamper the market growth.

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Segmental Analysis

The quantum computing market can be segmented on the basis of the application, product type, vertical, and lastly, region. The application-based market segmentation covers optimization, machine learning, simulation, and others. Based on product type, the market segmentation covers hardware, software, and services. Regarding vertical, the market can be segmented into aerospace & defense, BFSI, energy & power, healthcare, information technology (IT) & telecommunication, transportation, and others.

The regions covered in this study of the global market are North America , Europe, Asia Pacific, and rest of the world (RoW).

Competitive Analysis

The market players are observed as being focused on increasing their operations globally and engage in strategic acquisitions to grow in the business of quantum computing. The key players featured in the study are QRA Corp, Intel Corporation, D-Wave Systems Inc., Cambridge Quantum Computing Ltd., QC Ware Corp., Rigetti & Co, Inc., QxBranch, Inc., IBM Corporation, Google, and Atos SE.

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Regional Analysis

The regional analysis of the Quantum computing market covers regions such as Asia Pacific, North America, Europe, and rest of the world (RoW).

North America is the most influential regional market due to technological advancement and the presence of many key market players in this region. During the forecast period, the market has been calculated to grow at 31.3% CAGR and the market worth by the end forecast period has been calculated to be USD 952.29 million. Factors leading the market towards growth in this region are technological advancement, growing adoption of cloud computing, and the presence of many key market players. The high-profile country-specific markets in this region are Canada, USA, and Mexico. Europe is the second most important regional market due to multiple market-friendly initiatives by the governments of different European countries.

Asia Pacific region is expected to appear as the third largest regional market during the forecast period as it has been estimated to grow at 39% CAGR. By 2023, its market worth is likely to be the US $ 833.76 million. Among country-specific markets, high-level growth is expected in China and South Korea. In this region, the market can grow due to the growing IT industry and increasing cloud adoption. Japan is the second largest country-specific market with China being first. Another important country-specific market is Taiwan, followed by the remaining countries of the Asia Pacific region.

The RoW segment covers the countries of the Middle East & Africa (MEA) and Latin America. During the forecast period, the Middle East & Africa (MEA) region is expected to rise as the biggest regional market in the RoW segment, growing at 30.3% CAGR to attain the market worth of USD 120.50 million. However, lack of research and development can hinder the market growth. Latin America is the smaller market, but it can grow due to the availability of various research facilities here. During the forecast period, it has been estimated to grow at 29.8% CAGR, and its market worth can go up to USD 21.38 million.

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