July 07, 2020
According to the research report titled ‘Global Quantum Computing Market: Analysis By Solution Type, Application, End User, By Region, By Country (2020 Edition): Market Insight, Competition and Forecast (2020-2025)’, available with Market Study Report LLC, global quantum computing market was worth USD 101.12 million in 2019 and is expected to garner appreciable returns by the year 2025.
For the record, quantum computing is referred to as the use of quantum-mechanical phenomena to solve problems which traditional computing solutions cannot handle. Digitization of various industry verticals along with growing demand for secure communication systems are major factors driving the growth of quantum computing market. Development of advance applications and shifting focus towards making quantum computing technologies feasible among various countries are further aiding the market expansion.
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As per solution type, global quantum computing industry is divided into full stack, software and hardware. The report states that all three segments are predicted to expand substantially in the forthcoming years. However, enterprises are slated to make heavy investments in hardware as well as software individually as compared to full stack quantum computing technologies.
Elaborating on the application spectrum, the industry is bifurcated into machine learning, sampling, simulation, and optimization. According to the report, worldwide quantum computing market share from optimization application is expected to register substantial growth during the estimated timeframe. Alternatively, machine learning segment is also estimated to generate lucrative revenues in the forthcoming years.
The end-user landscape of global quantum computing market comprises of healthcare, R&D, BFSI, aerospace & defense and others. Aerospace & defense segment accounts for majority market share presently and is reckoned to witness considerable expansion in the ensuing years. On the other hand, BFSI sector is slated to amass commendable returns in the forthcoming years.
From the regional perspective, North America quantum computing industry is anticipated to showcase healthy CAGR during 2020-2025. Surging investments towards R&D activities in order to develop advanced quantum computers is favoring the regional market outlook. Additionally, favorable federal reforms which promote the use of such technologies along with high concentration of market majors in the region are also complementing the business scenario in North America.
D-Wave Systems Inc., Intel Corp., IBM Corp., Google LLC and Microsoft LLC are the leading companies in global quantum computing market.