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Global Quantum Computing Market Report 2022: Rapidly Evolving Industry Set to Grow by 30.7% Yearly, Reaching $2.9 Billion by 2028

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Dublin, Nov. 07, 2022 (GLOBE NEWSWIRE) -- The "The Global Quantum Computing Market, By Component, By Deployment, By Application, By End-user- Forecast and Analysis 2022-2028" report has been added to ResearchAndMarkets.com's offering.

The Global Quantum Computing Market was valued at USD 490.51 Million in 2021, and it is expected to reach a value of USD 2,930.67 Million by 2028, at a CAGR of 30.70% over the forecast period (2022 - 2028).

A rapidly evolving technology that links the laws of quantum mechanics, to solve very complex problems is known as quantum computing. Quantum computing machines are very fast processing as compared to commonly used computers in terms of data processing and collection.

The superior handling comes from dividing the data into all values and compared to common computers that only break the data into 0 & 1 and no other value. Some of the quantum computing services include machine learning, cryptography, quantum simulation, and other algorithm development. These all allow quantum computing to be applied in various fields for generating better and more accurate results in a lower time frame which in turn is pushing the demand for the quantum computing market.

Segments covered in this report

The Global Quantum Computing Market is segmented based on Component, Deployment, Application, End-user, and Region. Based on the Component, the market is segmented into Hardware, Software, and services. Based on Deployment, the market is segmented into On-Premise and Cloud-Base. Based on Application, the market is segmented into Machine learning, Data Optimization, Biomedical simulators, Financial Services, Electronic Material Discovery, and Others. Based on End-user, the market is segmented into Health Care, Banking Financial services & insurance (BFSI), Automotive Industry, Research, Energy & Utilities, Chemical Industry, Manufacturing, and other industries. Based on region, the Global Quantum Computing market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Drivers

Increasing cooperation between large financial firms globally and growing investment in research & development of machine learning and optimization for more accurate and fast results is also a major factor for the quantum market growth. Increasing government intervention in the field of quantum computing is one of the major factors for the segment's tremendous growth. The use of this technology in the field of the military and space sector is unavoidable and it saves a lot of cost for the organizations this, in turn, propels the demand for the quantum computing market.

Restraints

The difficulty in the commercialization of quantum computing due to high computational power consumption and complicated state of data storage are major restraints for the quantum computing industry which could only be fixed with innovation in the technology and will take time.

Trends

The growing use of AI and machine learning in various fields is demanding the use of quantum computing for the faster execution of algorithms and data optimization. This allows financial institutes to solve more complex problems and also gives a computational boost to other processes and other algorithms too. Raising investment in quantum computing research & development purpose is driving the industrial growth throughout the given period.

Companies Mentioned

  • IBM Corporation (US)

  • D-Wave System Inc. (Canada)

  • Cambridge Quantum Computing Ltd. (UK)

  • Intel Corporation (US)

  • Rigetti & Co, Inc. (US)

  • Google LLC (US)

  • Quantica Computacao (India)

  • Dematic (US)

  • Krones AG (Germany)

  • Zapata Computing (US)

  • Xanadu (Canada)

  • Accenture Plc. (Ireland)

For more information about this report visit https://www.researchandmarkets.com/r/vof99n

CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood,Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900