The quantum computing Market was anticipated to be valued roughly US$372.9 million in 2022. By the end of 2033, the market for quantum computing is anticipated to be worth US$ 1,505.7 million, up from US$ 418.0 million in 2023. During the forecast period, the quantum computing market is anticipated to grow at a CAGR of 13.7%. (2023-2033).
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How are Rising Investments in Quantum Computing Technology Impacting Market Growth?
Quantum computing technology can change the dynamics in the strategic balance of power, military affairs, and commerce. Governments of different countries are planning to expand exploratory research on new technologies for the establishment and development of a quantum computing solutions. Rising governmental investments in quantum computing solutions for a vast array of applications are expected to boost sales of quantum computing components.
Why is Need for High Level Computing Performance Gaining Traction in the Global Market?
Expanding datacenter workloads, growing preference for software-as-a-service (SaaS) business models, coupled with increasing complexity in processor designs of classical binary computing systems are key factors driving demand for quantum computing.
A classical binary computing system stores data in tiny transistors, and each of these transistors hold a single “bit” of information such as a 0 or a 1, whereas, quantum computing works on a phenomenon called superposition – that stores/process both a 1 and a 0 simultaneously, which is significantly more powerful compared to classical quantum computing systems.
For example: a classical computer that uses transistors will continue searching each line of a database until it finds the match for a specific search query, and then it will return the match.
Quantum computer processes data in qubits, and hence, it can search the entire database immediately by assessing each line concurrently. Thus, quantum computers work much faster compared to classic computers, and, as such, are anticipated to propel demand for quantum computing solutions.
What Factors Are Restraining and Driving the Growth of Quantum Computers?
Infrastructure upgrades and conditions with extreme cooling are essential for quantum computing. This suggests that not every business will have the requisite infrastructure to build or even sustain a quantum computer. But regardless of their location or level of knowledge, many people could use the internet or a quantum computer interface to access the quantum computers and run programmes and modules on them.
Governments and businesses are vying to create the first quantum computer, which has the potential to solve issues in real time and have a variety of uses. Although there is disagreement over the practical efficiency of this product, successful testing have produced findings that have shown efficiency greater than the computers currently in use, making it difficult to forecast what the actual utility of quantum computing will be.
Competitive Landscape
According to the Persistence Market Research’s industry analysis, Huawei Technologies Co., Ltd., IBM Corporation, Google Inc. (Alphabet Inc.), Microsoft Corporation, and Intel Corporation are identified as key providers of quantum computing.
Quantum computing solution providers are partnering with leading providers of crypto-agile and quantum-?safe security solutions to resolve issues at first point of contact, and bring in significant improvements to current banking & financial services. They are generally seen to partner with companies who work with the necessary and latest technology, which would benefit the standard product of the company.
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Companies
- IBM Corporation
- ColdQuanta
- D-Wave Systems Inc.
- Microsoft Corporation
- Intel Corporation
- Atom Computing, Inc
- Xanadu Quantum Technologies Inc.
- Zapata Computing, Inc.
- Strangeworks, Inc.
- IonQ
- Quantum Circuits, Inc.
- Huawei
Quantum Computing Industry Survey by Category
By Component:
- Quantum Computing Devices
- Quantum Computing Software
- Quantum Computing Services
- Consulting Services
- Implementation Services
- Support & Maintenance
By Application:
- Simulation & Testing
- Financial Modeling
- Artificial Intelligence & Machine Learning
- Cybersecurity & Cryptography
- Others
By Industry:
- Quantum Computing for Healthcare & Life Sciences
- Quantum Computing for Banking & Financial Services
- Quantum Computing for Manufacturing
- Quantum Computing for Academics & Research
- Quantum Computing for Aerospace & Defense
- Quantum Computing for Energy & Utilities
- Quantum Computing for IT & Telecom
- Others
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