Enterprise Quantum Computing Market to Deliver Prominent Growth of CAGR of 31.7% and Striking Opportunities By 2025
The global enterprise quantum computing market garnered $650 million in 2017 and is expected to reach $5,853 million by 2025, registering a CAGR of 31.7% from 2018 to 2025.
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The growing demand for high performance computing technology in various industries such as aerospace & defense, BFSI, healthcare & life science, energy & utilities, and others due to its excellent processing power and infinite storage, growing spending and investment in the development and research by industry giants, and the rise in demand for quantum computing from medical research and financial sectors drive the market growth. However, operational challenges and stability & error correction issues associated with quantum computing restrain the growth of the market. Conversely, rise in need for secure computing platforms, increase in use of simulation and modeling in quantum computing, emergence of on-premises quantum computers for businesses, and technological advancements in quantum computing are expected to provide opportunities for the growth of the market.
The key market players analyzed in the report include Alibaba Group, D-Wave Systems Inc., Google, Huawei Technologies Co., Ltd., International Business Management Corporation (IBM), ID Quantique, Intel Corporation, Microsoft, Rigetti & Co, Inc., and Toshiba Research Europe Ltd. These companies have implemented various strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to gain a stronghold in the industry.
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The market in North America contributed to more than two-fifths of the total market share in 2017 and is anticipated to continue its dominance during the forecast period. This is due to the increased funding by the U.S. government to accelerate research and development in quantum computing in the region. However, Asia-Pacific would grow at the fastest CAGR of 35.9% from 2018 to 2025, owing to vast research in enterprise quantum computing in Asian countries. For instance, China is building National Laboratory for Quantum Information Sciences in Hefei worth US$10 billion, which is anticipated to open by 2020. The other regions analyzed for the market study include Europe and LAMEA (Latin America, Middle East, and Africa).
Among components, the hardware segment accounted for more than half of the total market share in 2017 and would continue its dominance through 2025. This is due to the increased need for creating the basic building blocks for quantum computers such as qubits and quantum gates. Moreover, the growing investment by investors into startups working on quantum computing hardware further contributes to the growth of this segment. However, the services segment would register the fastest CAGR of 36.8% from 2018 to 2025. This is because enterprises are expected to experience the requirement for consulting, training, maintenance, and support services during the usage of quantum computers. Furthermore, the demand for deployment, integration, and upgradation services will also drive the growth of segment. The software segment would grow at a steady pace during the study period.
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Among deployments, the on-premise segment grabbed more than three-fourths of the market share in 2017 and is likely to remain dominant in terms of revenue through the study period. This is attributed to the increased technological developments and rising investment by several government entities and organizations for developing on-premise quantum computers. However, the cloud deployment segment would grow at the fastest CAGR of 34.1% from 2018 to 2025. This is because cloud-based deployment model does not involve capital cost and has low maintenance. Moreover, users can develop, test, and run their programs on the quantum devices without needing any physical quantum computer.
Among technologies, the superconducting segment accounted for the largest market share, contributing nearly one-third of the total market share and will remain the lead revenue contributor through 2025. This is because many industry giants are opting for this technology due to its capability of zero resistance under maintenance of certain temperature. However, the quantum dot segment is likely to achieve the fastest growth of 35.7% from 2018 to 2025. The growing need for finding alternative ways of quantum computing by numerous quantum computing companies contributes to the growth of this segment. The research also discusses quantum annealing, trapped Ion, and others.
The optimization segment held the largest market share in 2017, contributing to nearly one-third of the overall market share. It would also remain dominant through 2025. The factors driving the segment is the growing need to optimize the problems associated with financial analysis, traffic optimization, airline scheduling, and other related sectors. Nonetheless, the cyber security segment would grow at the fastest CAGR of 35.8% through the study period. This is due to the growing need for developing new technologies such as quantum-safe crypto solutions which can secure systems from hackers. The report also analyzes applications such as machine learning/deep learning/AI, simulation and data modeling, and others.
The energy and utilities segment would achieve the fastest CAGR of 37.3% during the forecast period, owing to the increasing need to develop next-generation energy technologies. However, the aerospace & defense was the largest segment in 2017, capturing more than one-fourth of the market share. It would also dominate the market through 2025. This is due to the surge in investment in the space and need for increasing research in quantum computing development by aviation and defense industries. The other industries analyzed in the research are healthcare, IT and telecom, manufacturing, BFSI, and others.
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