LONDON, Nov. 30, 2021 /PRNewswire/ -- According to Brandessence Market Research, the quantum computing market forecast promises a robust CAGR of 28.5% CAGR during 2020-2027 period. The quantum computer market growth is likely to reach USD 358.6 Million in 2020 and expected to reach USD 2074.6 Million by 2027 end. The growing demand for speeding of trading activities with quantum computing in the finance, and banking sector remains a promising driver of growth. The banking sector continues to make aggressive foray into key technologies like digitalization, automation, cloud-based data analysis, AI-based security. These investments have been a major boon for players in the banking sector, with ability to reach new populations, decrease distribution costs tremendously, among many other major benefits. The quantum computing industry promises a major leap for end-use industries like banking in identifying critical business risks, increase efficiency manifold, and increased productivity with business optimization. Quantum computing industry is also likely to offer various new opportunities for growth, with automated trading platforms to provide a more through business analysis, and insights.
Quantum Computing Market: Key Trends
Rising investments in space exploration, AI, supercomputers, and defense sector remain key trends driving new advancements in quantum computing technology. The trend is likely to continue despite some minor setbacks during the covid-19 pandemic. Governments around the world including emerging nations like China, established regions like the EU, key countries in R&D like the US represent major opportunities for growth for players in the quantum computing market. In August 2017, the Commonwealth Bank (CBA) along with Tesltra, in collaboration with local governments in Australia to form the country's first quantum computing company. Similar developments have cropped up across the world, in a robust support
The quantum computing market report is divided on the basis of application into machine learning, optimization, stimulation, and others. Among these, the machine learning application is expected to hold the highest share of total revenues, thanks to growing complexity of business operations with the introduction of cloud-based analysis. Many major tech companies including Google, Amazon, IBM have jumped in the foray of cloud computing, and these companies have made cloud access a near prerequisite for business success. The growing cost-effectiveness of cloud based quantum machine learning, the increasing demand for accurate, and speedy mechanisms to deliver efficiency in business operations make quantum computing a much-needed leap for major tech giants. Supporting technologies like supercomputers have already made way for niche applications like DNA sequencing in key sectors like healthcare. The growing demand for cloud based quantum machine learning in everyday applications like voice-assistants, customer service, automated vehicles, among others promise major growth for the machine learning segment in the quantum computing market.
Depending on the type of offering, the cloud-based segment in quantum computing remains a major promise for growth. As mentioned earlier, cloud-based systems have become inevitable support systems for growth for businesses of varying sizes. Furthermore, growing digitalization of data, increased cost-effective data storage, and diverse cloud offerings including on-premise, off-premise, and hybrid cloud systems make cloud-based systems appealing to businesses of varying sizes. The quantum computing is set to bring key features like Noisy Intermediate-scale quantum or NISQ systems to solve real-world problems. The quantum-based systems offer tremendous flexibility for end-players to scale up their services at economical prices. Furthermore, the quantum computing is also essential for making a leap in availing technologies like 3D printing, Virtual Reality, and others. These technologies relying on high-end graphics remains extremely pricey, and difficult to embed with limited network bandwidth. Quantum computing use in telecom and IT sector promises to increase bandwidth and digital storage to provide the much-needed flexibility to bring technologies like VR to life.
Who is the leader in quantum computing?
Who is the leader in quantum computing? Very likely, a group from China. Quantum computing developments are often wrapped under the sheets, and there is very little information available on public forums. However, technology forums continue to report that Chinese companies hold an edge in quantum computers over established giants like IBM, Google, among others. However, companies like Google, Intel, and others remain within grasping inches of major advancements, and may deliver a breakthrough earlier, thanks to their skilled global workforce. So, who is the leader in quantum computing is a question that will see a definite winner in the near future.
Quantum Computing Market: Competitive Analysis
The quantum computing market remains a competitive, fragmented, and innovative landscape. The growing necessity of quantum computing in making giant leaps in key sectors like defense are likely to increase funding for key players in the quantum computing market. Key players in the quantum computing market continue to focus on innovation through collaborations, strategic acquisitions, and mergers. Major costs of investments remain a key barrier to entry. However, growing availability of venture funding remains a promising way to overcome this conventional barrier to entering an advanced field of technology. Some leading quantum computing companies
The quantum computing market report is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, the north America is expected to hold highest share of total revenues in the global landscape. The growing demand for quantum computing in defense, aerospace, automotive, IT, and other industries remains a key driver of growth in this region. The long-held celebrated tradition of research with the help of promising academic research also promises to advance the application of quantum computing in this region.
The Asia Pacific region is likely to make way for fastest pace of growth in the quantum computing market. In countries like China, the development of research institutes, increased funding for key projects like supercomputers, and growing promise of academic research from the region remain key drivers of growth. Furthermore, growing advancements in manufacturing in the APAC region, its increasing reliance on automated manufacturing, and major promise of IT technology remain key drivers of growth in the quantum computing market.
The growing penetration of quantum computing in key sectors like banking, and finance for core applications like automation, and security remain key drivers of growth. Quantum computing also remains a major driver of advancement in research, and development activities related to quantum computing technology. The covid-19 pandemic has pushed barriers of technology, with increased automation, growing digitalization, among others. The quantum computing also remains an important leap in technological advancements for various governments, due to its increased promise for national defense, aerospace, aviation, and key application in industrial manufacturing. The rising availability of proven quantum computing solutions, the increased visibility of the solutions, and promising industrial efficacy remain key drivers of growth for players in the quantum computing market.
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