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.
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| 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.
