NEW YORK, July 19, 2021 /PRNewswire/ -- As per the findings of a revised market research by Persistence Market Research, the worldwide quantum computing market insight reached a valuation of around US$ 5.6 Bn in 2020, and is anticipated to surge at a CAGR of 33.7% over the next ten years.
Major companies are developing quantum computers focused on delivering free access to their quantum systems through cloud platforms, with the objective of creating awareness and a community for developers working on quantum computing technology. Through this new way of offering access, companies are targeting universities, research groups, and organizations focused on quantum computing to practice, test, and develop applications of quantum computing.
Key Takeaways from Market Study
The South Asia & Pacific region is expected to create lucrative growth opportunities for players in the market due to increased use of advanced technologies in the manufacturing sector.
Key players in the market are focusing on acquisitions to complement their product portfolios, so as to cater to the needs of a variety of customers. Market participants are also focusing on providing products directly to end users to improve direct customer relations.
The market in the U.S. is projected to expand at a CAGR of 26.4% through 2031, while that in Germany at around 28%.
Major quantum computing providers are investing more in their research & development and resources with the objective to tap commercial opportunities of quantum computing in private and government sectors.
Market growth in China, Japan, and India is expected to be much higher, at CAGRS of around 36.9%, 41.8%, and 50.2%, respectively.
"Growing trend of cost-effective cloud quantum computing along with technological advancements and rising governmental investments to develop quantum computing solutions for commercial applications to propel market growth," says a Persistence Market Research analyst.
Pharmaceutical Industry – Preclinical Drug Discovery and Development of Personalized Medicine
Quantum computers are computational devices that use dynamics of atomic-scale objects to manipulate and store information. Current methods in drug synthesis involve significant approximations on the molecular and atomic level. Material science and pharmaceutical vendors use a variety of computational exhaustive methods to evaluation molecule matches and expect positive effects of potential therapeutic approaches.
Accurate predictions often require lengthy simulation processes with the current binary computing system, and it takes years and cost millions of dollars to achieve the desired result. There is an opportunity for quantum computing to replace exiting binary systems in drug discovery processes, as quantum computers can analyze large-scale molecules in less time. Also, high computational power of quantum computers opens up the possibility for developing personalized medicines based on individual unique genetic makeup.
COVID-19 Impact Analysis
The COVID-19 epidemic outbreak has disrupted different industries, including the quantum computing space. Demand for quantum computing software, machine learning, cloud-based quantum computing, artificial intelligence (AI), and quantum computer-as-a-services has been increasing during lockdowns. This is fueling demand for quantum computing software and services.
During the outbreak, manufacturing as well as design and development of quantum computing devices declined by nearly 5%-7% in Q3-Q4 2020, due to falling production across East Asian and North America factories, as both regions are the world's major quantum computing device manufacturers and suppliers. However, according to report, production has become pretty stable in the first half of 2021 with demand gaining traction again.
Large quantum-computing enterprises in North America, Europe, Canada, China, Australia, India, and Russia are investing in qubit research, while also giving researchers access to cloud-based and commercial cloud services. Over, the market for quantum computing is projected to grow faster from Q3-Q4 2021 onwards.
Persistence Market Research puts forward an unbiased analysis of the global market for quantum computing market, providing historical demand data (2016-2020) and forecast statistics for the period 2021-2031.
To understand the opportunities in the market, it has been segmented on the basis of component (quantum computing devices, quantum computing software, and services (consulting services, implementation services, and support & maintenance), application (simulation & testing, financial modeling, artificial intelligence & machine learning, cybersecurity & cryptography, and others) and industry (healthcare & life sciences, banking & financial services, manufacturing, academics & research, aerospace & defense, energy & utilities, it & telecom and others) across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Pacific, and MEA).
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