Quantum Computing Market By Top Trends, Growth Opportunities & Forecast to 2035
Research Nester assesses the growth and market size of the global quantum computing market, which is anticipated to be on account of the supportive initiatives by governments in various parts of the world and the advanced features incorporated into computers by leaders in quantum computing such as Microsoft and IBM.
Research Nester’s recent market research analysis on “Quantum Computing Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitor’s analysis and a detailed overview of the global quantum computing market in terms of market segmentation by technology, deployment model, end use, offering, application, and by region.
Steady Progression in the Development of Quantum Processors and Computers to Promote the Global Market Share of Quantum Computing
The global quantum computing market is estimated to grow mainly as a result of the introduction of advanced quantum computers and processors into the market by major enterprises. Quantum computers help scientists observe and study the behavioral patterns of energy and matter at the quantum level. These studies enable the understanding of molecular structure in a superior and more precise manner which later proves useful in the research and development in many industries such as chemicals and pharmaceuticals. The observations from the study of atoms are often referred to during the development of new drugs or new chemical products. This significance of quantum computers encourages the introduction of new quantum computers and processors with advanced features and thus helps in the market growth. For instance, IBM developed a 53-qubit quantum computer in 2019 for wide application in the commercial sector. Another instance is that of the 72-qubit processor, Bristlecone, that got introduced by Quantum Artificial Intelligence Laboratory.
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Further, the market is also expected to grow as a result of the considerable rise in investments in the technology of quantum computing. The technology, when applied in industries such as medicine, pharmaceuticals, and finance, presents them with substantial benefits. Computing tasks are of crucial importance in most of these industries. Quantum computing technology helps speed up these tasks while enhancing their reliability and accuracy. Thus, the significance that quantum computing technology holds in almost all industries are motivating more and more enterprises to invest in the same and thus drive market growth.
Some of the major growth factors and challenges that are associated with the growth of the global quantum computing market are:
- Application of Quantum Technology in the Development of New Medicines
- Progress Made in Machine Learning Industry
The absence of proper standardization in the use of quantum computing is the major factor that is thought to hinder market growth during the forecast period. Though quantum computing results in more benefits compared the classical computing, the number of risks it poses is also higher. Standard governance of quantum computing helps minimize the risks associated with the use of the systems and the technology. Hence, standard governance is considered inevitable in the development, testing, and deployment of quantum computing. Such governance would also ensure the reliability and security of the system, which are decisive factors for businesses planning to invest in quantum computing.
Further, another factor that is thought to pose many difficulties for the growth of the market for quantum computing is the insufficiency of needed skills among professionals. This lack of skilled and qualified candidates is a threat to the businesses that have invested in quantum computing, thus restricting market growth.By deployment model, the global quantum computing market is segmented into on-premise and cloud. Between the two sub-segments, the cloud deployment model is thought to hold the largest share of revenue in the market by the end of 2035. As the forecast period ends, the cloud deployment is expected to hold a revenue share of about 53%. Several factors should contribute to the growing demand for the cloud deployment model. For instance, this deployment model makes quantum computing technology more user-friendly and profitable. The demand for computing solutions with enhanced performance is on the rise. This, with the increasing implementation of cloud servers by businesses for services and solutions, should also prove beneficial to the cloud deployment model for quantum computing. Further, the access to advanced technologies and tools and the flexibility that comes with scalable cloud solutions should also create many opportunities for the cloud deployment model.
By region, the North American quantum computing market is to generate the highest revenue by the end of 2035. It is expected that the region should hold a market revenue share of around 38% when the forecast period comes to an end. Industries in the region are in pursuit of computing capabilities fast enough to solve complex problems faced by enterprises with ease. This pursuit of such computing capabilities is expected to be the major driving factor for the growth of the market in North America. The pace of quantum computing in solving certain tasks is much faster compared to traditional computing. This advantage over traditional computing also makes quantum computing a priority for businesses based in North America. Further, North America also houses major businesses in quantum computing, including IBM and Microsoft, which engage in the launch of new advanced computers. The regional market would also benefit from supportive government initiatives.This report also provides the existing competitive scenario of some of the key players of the global quantum computing market which includes company profiling of T-Systems International GmbH, IBM Corporation, Telstra Corporation Limited, Microsoft Corporation, Silicon Quantum Computing, Rigetti Computing, Inc., Huawei Technologies Co. Ltd., D-Wave Systems Inc., Zapata Computing Inc., IonQ Inc., and others.
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