The quantum computing market is projected to grow at a CAGR of 5.1%, with estimated market size of USD 395.4 million in 2021 and USD 532.91 million by 2028. The main reason propelling market expansion over the projection period is the spike in demand for quantum technology, particularly during coronavirus emergencies, since it offers exponential speed for amplified optimization and crucial calculations. The market is further influenced by integrating big data analytics and cloud computing to provide improved services to various sectors. Research and development (R&D) operations improve deep learning processing systems. Additionally, the market for quantum computing is positively impacted by rising urbanization, lifestyle changes, an increase in investments, and higher consumer spending.

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Quantum Computing Market Dynamics

Drivers: Rising investments in quantum computing technology by the government

The development of computing technology is receiving significant funding from governmental bodies engaged in the global military and space industries. Quantum computers will be used for various optimization tasks and simulation strategies. Many governments worldwide are making significant investments in their research institutions to promote the development of computing technologies. The governments of Australia, the European Union, and the United States are all pursuing computing-related projects. For instance, the Ion Trap Computer Development received financing from the German Federal Ministry of Education and Research for USD 50.3 million in December 2021. Germany's government plans to construct a 10-qubit ion trap that will be usable every day of the week and at all times.

Restraints: Problems with stability and error correction

Since qubits are delicate and quickly disturbed by ambient temperature, noise, and frequency changes, commercializing quantum computers is a difficult, complex effort. Maintaining their quantum mechanical state for a long time has been difficult. Several systems based on digital ledgers use the elliptic curve digital signature technique (ECDSA), which is currently not quantum-safe. Quantum systems are also challenging to build, test, and design due to this aspect. Bits frequently need to operate at extremely low temperatures because of the fragility of quantum states. Production must be precise.

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Opportunities: Increasing number of strategic alliances

Scalable quantum computing requires devoted partners to advance computing, create useful applications, and build a future workforce of quantum workers. Several businesses collaborate with colleges worldwide to perform computing research and development, including Google LLC, Intel Corporation, and IBM Corporation. For instance, Thales, GENCI, Pasqal, and Paris Region collaborated in December 2021 to study the planning and scheduling applications of Pasqal's quantum processor. Similar to this, in November 2019, the Unitary Fund and IBM Corporation teamed up to offer discounts and first access to several IBM Q systems. The Unitary Fund aspires to establish a quantum technology business that helps the greatest number of people.

Hardware (systems) component is estimated to be the largest growing market category during the forecast period

Hardware (systems) is predicted to expand significantly since it is utilized extensively in the BFSI industry to speed up business operations, activities, and data processing. It assists in the development of a system for controlling financial risks that is more effective and efficient. Additionally, processing times and costs for high-quality solutions can increase exponentially when using conventional classical computers in financial institutions. However, using quantum computers, which can complete tasks faster and for less money, results in cost savings and new sources of income.

Machine learning application is estimated to be the largest growing market category during the forecast period

Quantum machine learning entails incorporating quantum algorithms into machine learning software. It becomes exceedingly challenging to order many variables systematically in complex models. Users can therefore choose quantum computing technologies to quickly and accurately resolve this complexity. For instance, the Monte Carlo approach uses sampling to estimate numerical quantities from a big dataset. Algorithms can speed up the implementation of the Monte Carlo method and cut down on calculation time, whereas quantum algorithms can speed up the execution of a solution.

North American segment is estimated to be the largest growing market during the forecast period

North America is the largest quantum computing market and is projected to grow at the highest CAGR during the forecast period due to substantial expenditures made during the projection period for the introduction of cutting-edge technology and its use in the defense, healthcare, and pharmaceuticals research, chemicals, utilities, and several other sectors.



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Key Market Players

The quantum computing market is dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the market are 1QB Information Technologies Inc., Accenture, Atos SE, Cambridge Quantum Computing Ltd, D-Wave Systems Inc., Fujitsu, Hewlett Packard Enterprise (H.P.), Hitachi Ltd, Honeywell Inc., IBM Corporation, Intel Corporation, Magiq Technologies Inc., QC Ware Corp., Quantum Circuits, Inc., Qxbranch, LLC, Google Research, Rigetti Computing, River Lane Research, Station Q - Microsoft Corporation and Toshiba Corporation.

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