Quantum Computing Market - Applications Analysis, Sales Revenue, Competitive Landscape and Forecast 2023

Quantum computing is a type of computing that focuses on the development of computer technology using quantum physics to process information at both atomic and subatomic levels. Quantum computing operates with nanoscale components at temperatures that are colder than interplanetary space. Quantum computers are expected to facilitate discoveries in a variety of sectors, such as energy, healthcare, smart materials, environmental systems, etc.

Market Dynamics

The growing need for secure communication and digitization and the race to make quantum computers commercially viable among the leading countries is one of the key reasons behind the global growth in the quantum computing industry. In addition, the advent of advanced applications, the need for secure communication, and digitalization are expected to add to the market value of quantum computing in the near future.

The global quantum computing market has been segmented into application, product type, and vertical.

By application, the global quantum computing market has been segmented into optimization, machine learning, simulation, and others. The optimization segment accounted for 37.6% of the global quantum computing market in 2017, hitting a valuation of USD 201.41 million. In addition, the segment is projected to experience a CAGR of 31.7% during the assessment period.

By product type, the quantum computing market has been segmented into hardware, software, and services. The hardware segment is expected to remain very attractive throughout the evaluation period. The segment had a market share of 44.9% in 2017. The segment is expected to experience a 32% CAGR over the forecast period and hit a valuation of more than USD 1,180 million.

By vertical – the global Quantum Computing Market has been segmented into aerospace & defense, BFSI, technology (IT) & telecommunication, energy & power, healthcare, information, transportation, and others. The segment for aerospace and defense is predicted to hold its top spot in 2023. The segment had a valuation of USD 118.04 million and is expected to rise at a 38.3% CAGR during the forecast period. Quantum computing is commonly used in aerospace & defense, such as space exploration verification, critical modeling, and aerodynamic performance simulation.

By region, the global quantum computing market has been segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA).

The outlook for North America's quantum computing industry remains optimistic. The U.S. and Canada are technologically advanced countries that allow for faster adoption of quantum computing tools in the region. The North American quantum computing market is predicted to have a CAGR of 31.3% over the projected period and hit a more than USD 952.29 million. In addition, an impressive investment portfolio for R & D, private and public, also reflects favorably on the country's market. In terms of value, the United States has the largest share of the North American quantum computing industry. In addition, tech companies such as Google, IBM Corporation, Intel, and others give the U.S. market an advantage.

Atos SE, Intel Corporation, D-Wave Systems Inc., Cambridge Quantum Computing Ltd., IBM Corporation, QxBranch, Inc., QRA Corp, Rigetti & Co, Inc., Google, and QC Ware Corp.

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