Quantum Computing Technologies Market, By Component (Hardware (Systems), Software, and Services), By Application (Optimization, Machine Learning, and Material Simulation), By End-use Industry (Aerospace & Defense, Automotive, BFSI, Healthcare, Chemicals, Manufacturing, Energy & Power, Others), By Region – Global Analysis Forecast Till 2030

The Global Quantum Computing Technologies Market size was estimated at USD 10.13 Billion in 2021 and is expected to reach around USD 125 Bn by 2030 at a CAGR of 36.98% from 2022 to 2030.

Computer science's application of quantum theory is known as quantum computing. It is a state-of-the-art technology that utilizes quantum physics to tackle more challenging issues than can be handled by traditional computers, and it is quickly gaining prominence. Using concepts from quantum physics, quantum computing has been practiced. It functions faster and uses fewer bits and bytes of data than conventional computers. The system uses all potential states between 0 and 1, whereas traditional computing only uses the two bits 0 and 1. This results in better results and faster data processing. Comparing multiple solutions and selecting the best one for a difficult problem is the system's main use.

Market Dynamics

Drivers:

In order to utilize various optimization and simulation tactics with quantum computers, several government agencies involved in the worldwide space and defense industries are investing more and more in the development of quantum computing technology. Governments from many different nations around the world are investing a sizable amount of money to support their research institutions for the advancement of quantum computing technology. China is making major investments in research and development projects using quantum computing. The governments of the Australia, United States and the EU nations are moving forward with quantum computing efforts.

In the upcoming years, such projects would be anticipated to boost usage and expand the domains in which quantum computing technology can be used. Quantum computer commercialization is the intended use of these investments. They are anticipated to make it possible for market participants in quantum computing to meet the needs of many customers, which will fuel the quantum computing technologies market's expansion in the ensuing years.

Restraints:

Physical qubits, prone to mistakes, are now used in quantum computers. The aim of making a single logical qubit error-free, which has not yet been achieved, is predicted to need 1,000 physical qubits. Up to 5,000 physical qubits could be found in gadgets by the year 2020. But a viable quantum computer for business is anticipated to have 200,000 physical qubits and 200 logical qubits.

The commercialization of quantum computers is a difficult task. The quantum mechanical state of qubits cannot yet be sustained for long periods of time due to their brittleness and ease of disruption by changes in the temperature, noise, and frequency of the environment. The elliptic curve digital signature algorithm (ECDSA), which is widely used in blockchain-based solutions, is also not currently quantum-safe.

Opportunity:

The way information is processed and stored has changed due to quantum computing. The effectiveness of algorithms is notably increased. The rapid evolution of the quantum computing ecosystem is facilitating the fifth-generation of computers. Due to continued advancements in traditional computing, research into the quantum computing technologies market is changing. As a result, the traditional computer industry has begun to adopt quantum simulation methods. Quantum computers may be able to crack codes that restrict the power of classical computers, solving complicated tasks involving data encryption and optimization in a matter of seconds that take classical systems a very long time to try. The use of qubits makes quantum computers superposition and entanglement-capable.

Quantum computers' processing power is considerably increased by superimposing many qubits on top of one another. With this processing capability, quantum computers can solve complex problems beyond traditional computers' capabilities.

Key players:

• 1QB Information Technologies Inc.

• Accenture

• Atos SE

• Cambridge Quantum Computing Ltd

• D-Wave Systems Inc.

• Fujitsu

• Hewlett Packard Enterprise (HP)

• Hitachi Ltd

• Honeywell Inc.

• IBM Corporation

• Intel Corporation

• Magiq Technologies Inc.

• QC Ware Corp.

• Quantum Circuits, Inc.

• Google Research

• River Lane Research

• Station Q - Microsoft Corporation

• Toshiba Corporation

Market Segmentation:

Quantum Computing Technologies Market, By Component

• Hardware (Systems)

• Software

• Services

  • Training & Consulting

  • Integration & Implementation

  • Support & Maintenance

Quantum Computing Technologies Market, By Application

• Optimization

• Machine Learning

• Material Simulation

Quantum Computing Technologies Market, By End-use Industry

• Aerospace & Defense

• Automotive

• BFSI

• Healthcare

• Chemicals

• Manufacturing

• Energy & Power

• Others

Quantum Computing Technologies Market, By Region

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East & Africa (MEA)

Regional Analysis:

Healthcare and pharmaceuticals, banking and finance, and chemicals are just a few of the industries that the APAC area is a major hub for. China, Japan, and South Korea are the region's main producers of consumer electronics, including laptops, gaming consoles, smartphones, and smartphones. Complications in simulation, machine learning, and optimization applications must be resolved in these fields. The growth of large and medium-sized businesses in the region is being aided by the rapid development of APAC's growing economies and the increased usage of cutting-edge technologies in the manufacturing industry. The demand for quantum computing equipment and services in APAC is growing consequently.

Scope of the Report:

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