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NEW YORK, June 20, 2023 /PRNewswire/ -- Thequantum computing market size is expected to grow by USD 9,013.68 million from 2022 to 2027, progressing at a CAGR of18.84% as per the latest Technavio market research report.North America is estimated to account for38% of the market's overall growth. A major factor influencing the market growth is thepresence of a substantial number of US-based customers. For instance, amain vendor of quantum computers, D-Wave, which is headquartered in Canada, has sold quantum computing machines to major US-based clients such as Lockheed Martin, Google, NASA, and Temporal Defense Systems. Furthermore, suchfirms have collaborations with D-Wave to upgrade to the latest machine once it has been developed. Additionally,these clients have high economies of scale and, therefore, have the finances and resources to adopt these technologies at a much faster pace compared to other regions.Hence, such factors influence the growth of the regional market during the forecast period.For more insights on the market share of various regions-Downloadsample report in MINUTES

Quantum Computing Market: Increasing Expenditure by Stakeholders to drive growth

The growing utilization of quantum cryptography, which is a technique for secure code-writing and solving is a major driver for the market growth.Quantum cryptography offers the highest level of security for transmitting even the most critical data. With the advent of quantum computers, vast amounts of encrypted data can be processed at incredibly high speeds.

Moreover,quantum computing can decrypt encrypted data into plain text in a matter of seconds, while classical computers might take years to do so. Thedecryption process is achieved by increasing the length of keys with more bits. This provides heightened security butthere is a concern that hackers may also use quantum computers to decrypt sensitive information, which has prompted many governments to invest millions of dollars in developing quantum computers with top-notch security features. Hence, such factors drive the market growth during the forecast period.

Quantum Computing Market: Growth Of AI And Machine Learning

The growth of AI and machine learning is an emerging trend shaping market growth.AI is a branch of science, which generallydeals with computers, machines, software, and computer-operated robots to think intelligently to find solutions for complex problems in a manner that is like how a human brain thinks. Also, machine learning is a type of AI that allows computers to self-learn.

Additionally,AI and machine learning will be some of the biggest applications of quantum computers, where AIrequires fast processors to work, and the development of quantum computing processor chips will be used in AI applications. This is because theseprocessors work at high speeds to compute data efficiently. Hence, such trends fuel the market growth during the forecast period.

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Some of the key Quantum Computing Market Players:

The quantum computing market isfragmentedand the vendors are deploying organic and inorganic growth strategies to compete in the market.

Some of the key market players are1QB Information Technologies Inc., Alibaba Group Holding Ltd., Alphabet Inc., Amazon.com Inc., Anyon Systems Inc., Atos SE, D-Wave Quantum Inc., Honeywell International Inc., ID Quantique SA, International Business Machines Corp., IonQ Inc., Microsoft Corp., QC Ware, QRA Corp., Quantica Computacao, Quantinuum Ltd., Quantum Circuits Inc., Qubitekk Inc., Rigetti and Co. LLC, and Intel Corp.

Quantum Computing Market: Segmentation Analysis

This report extensively coversmarket segmentation by deployment (cloud and on-premise), end-user (aerospace and defense, government, IT and telecom, and others), and geography (North America, APAC, Europe, South America, and Middle East and Africa).

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Quantum Computing Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 18.84%

Market growth 2023-2027

USD 9,013.68 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

18.6

Regional analysis

North America, APAC, Europe, South America, and Middle East and Africa

Performing market contribution

North America at 38%

Key countries

US, China, Japan, India, and Germany

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

1QB Information Technologies Inc., Alibaba Group Holding Ltd., Alphabet Inc., Amazon.com Inc., Anyon Systems Inc., Atos SE, D-Wave Quantum Inc., Honeywell International Inc., ID Quantique SA, International Business Machines Corp., IonQ Inc., Microsoft Corp., QC Ware, QRA Corp., Quantica Computacao, Quantinuum Ltd., Quantum Circuits Inc., Qubitekk Inc., Rigetti and Co. LLC, and Intel Corp.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Deployment

7 Market Segmentation by End-user

8 Customer Landscape

9 Drivers, Challenges, and Trends

10 Vendor Landscape

11 Vendor Analysis

12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email:[emailprotected] Website:www.technavio.com

SOURCE Technavio

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Quantum Computing Market size to grow by USD 9,013.68 million ... - PR Newswire