Showing posts with label Quantum Computing Market. Show all posts
Showing posts with label Quantum Computing Market. Show all posts

North America is Dominating the Quantum Computing Market

 In 2021, the quantum computing market size stood at USD 458 million, which is projected to witness a 31.2% CAGR during 2021–2030, reaching USD 5,274 million by 2030 as per P&S Intelligence. The deployment of these solutions has witnessed a robust upswing in numerous industries, including BFSI, logistics, support, and cybersecurity, as market players are heavily spending in this field.

 

In 2021, the hardware category had the largest revenue share, of 62.5%. Key players are heavily investing in the growth of robust hardware equipment, to help this powerful software.

Quantum Computing Industry Growth and Demand Forecast to 2030

in 2021, the optimization category had the highest share revenue of 63.8% in the market, based on application. This can be ascribed to the fact that a maximum number of organizational issues revolve over streamlining business processes, for which optimization services are most vital. thus, market players are concentrating more on creating a solution that can be functional for optimization purposes.

 

portfolio risk optimization, Inflation detection, risk modelling, trade trajectory optimization, trading techniques, instability detection, and asset cost optimization are just a few of the complex issues that quantum computers can solve with unmatched speed.

 

In 2021, the industry for quantum computing solutions in the BFSI market held the highest revenue share of approximately USD 145.4 million, On the basis of industry. this can be credited to the banks which are concentrating more on spending on this potential technology to modernize their business methods, to enhance their security.

 

The industry in the healthcare sector is projected to grow at the highest pace in the coming years. This will mainly be because of the snowballing demand for enhanced diagnosis and treatment measures for chronic illnesses. Furthermore, such computing technologies play a vital role in drug development and discovery.

 

In 2021, North America held the highest revenue share by generating $208.2 million, because of the heavy expenditure made by government and private companies for the growth of this technology. For example, in January 2019, the U.S. Congress accepted the National Quantum Initiative, approving above USD 1.2 billion expenditure in quantum science and technology in the coming 5–10 years. these initiatives will result in the snowballing acceptance of this technology in academic, industrial, and government facilities.

 

Thus, the government is the main reason behind the growing use of quantum computing, by spending on research and development. Additionally, the high investment in IT, early acceptance of emerging technologies, and constant technological improvements help in the enlargement of the market in this continent.

 

Hence, because of the robust upswing in numerous areas, including financial services, logistics and support, and cybersecurity, as market players are heavily spending in this field the demand for the quantum computing market will surge in the future as well. 

 

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Improved legislation to support research and education efforts makes sure growth of quantum computing market

The quantum computing market valued $507.1 million in 2019, from where it is projected to grow at a CAGR of 56.0% during 2020–2030 (forecast period), to ultimately reach $64,988.3 million by 2030. Machine learning (ML) is expected to progress at the highest CAGR, during the forecast period, among all application categories, owing to the fact that quantum computing is being integrated in ML for improving the latter’s use case.



Government support for the development and deployment of the technology is a prominent trend in the quantum computing market, with companies as well as public bodies realizing the importance of a coordinated funding strategy. For instance, the National Quantum Initiative Act, which became a law in December 2018, included a funding of $1.2 billion from the U.S. House of Representatives for the National Quantum Initiative Program. The aim behind the funding was to facilitate the development of technology applications and quantum information science, over a 10-year period, by setting its priorities and goals.

Moreover, efforts are being made to come with standards for the quantum computing technology. Among the numerous standards being developed by the IEEE Standards Association Quantum Computing Working Group are the benchmarks and performance matrix, which would help in analyzing the performance of quantum computers against that of conventional computers. Other noteworthy standards are those related to the nomenclature and definitions, in order to create a common language for quantum computers.


In 2019, the quantum computing market was dominated by the quantum annealing category, on the basis of technology. This is because the physical challenges in its development have been overcome, and it is now being deployed in larger systems. That year, the banking, financial services, and insurance (BFSI) division held the largest share in the market, on account of the rapid expansion of this industry. Additionally, banks and other financial institutions are quickly deploying this technology to make their business process streamlined as well as secure their data.

Chapter 1. Research Background

1.1 Research Objectives

1.2 Market Definition

1.3 Research Scope

1.3.1 Market Segmentation by Offering

1.3.2 Market Segmentation by Deployment Type

1.3.3 Market Segmentation by Application

1.3.4 Market Segmentation by Technology

1.3.5 Market Segmentation by Industry

1.3.6 Market Segmentation by Region

1.3.7 Analysis Period

1.3.8 Market Data Reporting Unit

1.3.8.1 Value

1.4 Key Stakeholders

Chapter 2. Research Methodology

2.1 Secondary Research

2.2 Primary Research

2.2.1 Breakdown of Primary Research Respondents

2.2.1.1 By region

2.2.1.2 By industry participant

2.2.1.3 By company type

2.3 Market Size Estimation

2.4 Data Triangulation

2.5 Assumptions for the Study
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