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The global quantum computing market, according to the recently published report by Market Research Future (MRFR), is slated to witness a striking CAGR of 34% over the forecast period (2018-2023), reaching a substantial valuation of USD 2.82 billion by 2023.
Drivers and Restraints
The primary driving factor for the quantum computing market is the early adoption of quantum computing in Banking, financial services, and insurance (BFSI) sector. The other essential driving factor is increasing government investment across the globe. Moreover, the growing application scope of quantum computing also contributes to market growth over the review period. On the other hand, the demand for highly skilled employees, and complications in employment, as well as operation, can hinder the market growth over the review period.
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The quantum computing market can be segmented on the basis of the application, product type, vertical. The application-based market segmentation comprises of machine learning, optimization, simulation, and others. the optimization is expected to witness a substantial CAGR of 31.7% over the assessment period. Based on product type, the market segmentation consists of software, hardware, and services. The hardware segment is expected to gain traction during the assessment period. The segment is projected to witness a striking CAGR of 32% during the review period and reach a market share of USD 1,180 Million. Based on the vertical, the market can be segmented into BFSI, aerospace & defense, healthcare, energy & power, transportation, information technology (IT) & telecommunication, and others. The aerospace and defense segment is anticipated to acquire the largest market share over the assessment period, at a CAGR of 38.3% during the review period.
The major market players identified by MRFR in the global quantum computing market are Cambridge Quantum Computing Ltd., Atos SE, Rigetti & Co, Intel Corporation, Inc., IBM Corporation, QxBranch, D-Wave Systems Inc., Inc., Google,QRA Corp, and QC Ware Corp.
The regional analysis of the Quantum computing market size is conducted in regions such as North America, Asia Pacific, Europe, and the rest of the world (RoW). North America is the largest regional market owing to technological advancements and the presence of key market players in a higher concentration in this region. During the forecast period, the market has been estimated to acquire USD 952.29 million at 31.3% CAGR by 2023.
Europe is the second-largest regional market due to multiple market-friendly initiatives by the governments of different European countries. over the forecast period, Europe is expected to attain a valuation of USD 894.98 million at 34.5% CAGR. factors driving the market growth in this region are the presence of significant market players, technological advancements, and a rise in R&D activities.
Asia Pacific region is assessed as the third-largest regional market over the forecast period. By 2023, the regional market is likely to register a market share of USD 833.76 million at a 39% CAGR. the market is expected to expand due to the growing IT industry and growing cloud adoption developing countries such as China, India, Japan, South Korea, and Taiwan, among others.
The RoW segment consists of the Middle East & Africa (MEA) and Latin America. the Middle East & Africa (MEA) region is slated to witness gradual growth due to the lack of research and development activities. Moreover, the region is expected to attain a market share of USD 120.50 million at 30.3% CAGR. Latin America is also poised to witness gradual growth, owing to the availability of technologically integrated industries and comparatively better capital. Latin America is expected to rise at 29.8% CAGR, registering a market share of up to USD 21.38 million by 2023.
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