Increasing need for high level computing performance fueling the growth of Quantum Computing Market. Expanding datacenter workloads, growing preference for Software-as-a-Service (SaaS) business models coupled with increasing complexity in processor design of classical binary computing systems are key factors driving growth of the global Quantum Computing Market
Verified Market Research recently published a report, “Quantum Computing Market by Offering (Consulting solutions, Systems), by Application (Optimization, Machine Learning, Material Simulation), by End User (Space and Defense, Automotive, Healthcare, Banking and Finance, Chemicals, Energy & Power) and Geography”. According to Verified Market Research, the Quantum Computing Market was valued at USD 193.68 Million in 2019 and is projected to reach USD 1379.67 Million by 2027, growing at a CAGR of 30.02% from 2020 to 2027.
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Global Quantum Computing Market Overview
Rising investments in quantum computing technology by governments to spur Quantum Computing Market growth. Quantum computing technology can change dynamics in strategic balance of power, military affairs, and commerce. Governments of different countries are planning to expand exploratory research on new technologies for establishment and development of a quantum computing solutions. Rising governmental investments in quantum computing solutions for vast array of applications is expected to boost the growth of global Quantum Computing Market.
Furthermore, increase in the number of strategic alliances to boost Quantum Computing Market. In this fast-growing marketplace, it is difficult for the quantum computing solutions providers to specialize in everything. Thus, alliances or partnerships are essential for growing in the market. In addition, to defend their current position in the Quantum Computing Market or to emerge new distribution channels, it is very crucial to have new dimensions of applications connectivity. Thus, companies can interface or open up with business partners to capitalize on new technology in the business. With these strategic alliances, companies also focus on innovations as customers continue to demand improved solutions with high capability and innovation.
The major players in the market are Qxbranch, Inc., QC Ware Corp., International Business Machines Corporation (IBM), D-Wave Systems Inc., 1qb Information Technologies Inc., Cambridge Quantum Computing Ltd, Station Q – Microsoft Corporation, River Lane Research, Rigetti Computing, and Research at Google – Google Inc.
Verified Market Research has segmented the Global Quantum Computing Market On the basis of Offering, Application, End User and Geography.
Quantum Computing Market by Offering
- Consulting solutions
Quantum Computing Market by Application
- Machine Learning
- Material Simulation
Quantum Computing Market by End User
- Space and Defense
- Banking and Finance
- Energy & Power
Quantum Computing Market by Geography
- Rest of Europe
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
- North America
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