Global Quantum Computing Market Outlook for 2023-28
Markntel Advisors has conducted a comprehensive study on the Global Quantum Computing Market is projected to grow at a CAGR of around 39% during the forecast period, i.e., 2023-28. The mounting need for high-performance computers and technology in different industries and sectors is projected to drive the market predominantly. Since not all enterprises could develop their quantum computer, they could access them online or through an interface, resulting in multiple implementations of the technology. Thus, the market is anticipated to grow exponentially with the advent of new technologies and quantum patents. Further, the concerted efforts of the government and private companies to further study and develop new quantum technologies are also opening up new avenues for the industry players, further aiding in enhancing the Quantum Computing Market size.
In addition, the Global Quantum Computing Market Study highlights the impact of domestic and localized market players, emerging revenue opportunities, strategic market growth analysis, product approvals, product launches, geographic expansions, and technological innovations. The objective of the report is to provide a detailed understanding of the industry, including its features, factors, and elements, along with insights into the regulatory scenario & regional dynamics that may impact market growth.
Key Driver: Intensifying Investments in Quantum Technology
Government initiatives and private sectors are both continuously investing in the development of quantum technologies. For instance, the Chinese government, the government of the USA, and Australia, along with countries from the European Union, are supporting the ventures of quantum technological developments through funding, along with prominent company players in the USA competitively investing in its advancement. Consecutively, it leads to an expanding application and commercialization of quantum computers. In addition, the industry developments are also reflected in the proliferation of quantum technology in various sectors, including banking and retail. Thus, these investments are primarily fueling the further growth of the industry.
Possible Restraint: Inadequate Availability of Skilled Professionals
Quantum computing as an innovative technology requires a group of experts with the necessary technical expertise in its function and deployment. Though several governments and quantum computer manufacturers are providing training courses to overcome the talent shortage, the cost of the classes, the complexity of modules in understanding quantum mechanics, and their time-consuming nature collectively hinder the fulfillment of such courses. Moreover, since machines and algorithms still require talented and knowledgeable handlers, the need for more qualified professionals is hampering the growth and advancement in technology and the market.
Growth Opportunity: Wide Applicability of Quantum Computing in Multiple Industries
There is a growing possibility to imply methods of quantum mechanics in various industries to progress forward. As such, quantum technologies have a broad scope of implementations across many sectors, including BFSI, defense, agriculture, transport, healthcare, etc. Besides, rapid technical breakthroughs and reliance on technology to resolve complicated issues provide a lucrative opportunity for the market players. Furthermore, the steady efforts to come up with time and money-saving solutions by the tech giants are projected to provide unprecedented market growth through the forecast years.
Global Quantum Computing Industry Breakdown: Key Revenue Generating Segments
To facilitate focused analysis, the Quantum Computing Market has been divided into different segments, providing shareholders with the opportunity to identify their areas of interest and the most profitable opportunities within the market. By incorporating technical trends, comprehensive analysis of the downstream & upstream value chain, as well as Porter’s five forces analysis, we have diligently forecasted the industry landscape for specific regions/countries, presenting critical pointers for informed decision-making. The segments are as follows:
-By Offerings
-Hardware
-Software
-Services
-By Deployment
-On Premises
-Cloud
-Hybrid
-By Technology
-Quantum Annealing
-Superconducting
-Trapped Ion
-Quantum Dots
-Others
-By Application
-Machine Learning
-Numerical Simulation
-Model Optimization
-By End User
-Private Companies
-Academia
-Government
-By Sector
-Aerospace & Defense
-Agriculture
-Finance & Investment
-IT & Communications
-Agriculture
-Logistics & Transportation
-Automove & Mobility
-Energy & Power
-Chemicals & Materials
-Life Sciences & Pharma
-Medical Devices & Imaging
-Others
-By Region
-North America
-South America
-Europe
-Asia-Pacific
-Rest of the World
Each sections offer valuable insights into the Quantum Computing Market. The report includes essential pillars of the industry study, such as drivers, restraints, opportunities, and challenges. The report also provides information on industry overview, specifications, definitions, suppliers, R&D status, cost structure analysis, sources, and technological advancements, potential for improvement, applications, among others.
Competitive Analysis of the Global Quantum Computing Industry
-D Wave System Inc.
-IBM Corporation
-Lockheed Martin
-Google Research
-Intel Corporation
-Hewlett Packard Enterprise
-QC Ware Corporation
-Cambridge Quantum Computing Ltd.
-Fujitsu Ltd.
-Accenture
Global Quantum Computing Market Research Report Answers the Following Key Questions
- How big is the Global Quantum Computing Market?
- What is the projected growth rate or CAGR of the Global Quantum Computing Market during 2023-28?
- What are the key trends or growth opportunities for the key players in the Global Quantum Computing Market?
- Which ‘segment’ seems promising for companies operating in the Global Quantum Computing Market?
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