Gradual acceptance of quantum computing in several areas noted as key driver of quantum computing market

In 2019, the quantum computing market reached $89.6 million and is predicted to generate $1,866.8 million by 2030, advancing at a 33.1% CAGR during 2020-2030. This is due to the rising funding by government and private firms. Quantum computing is the utilization of attributes and principles of quantum mechanics for solving problems and performing associated calculations.

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The aim behind developing quantum computers is to use quantum bits, which can exist in multiple states when combined, resulting in the carrying out of multiple calculations at once. This allows quantum systems to analyze multiple streams of data simultaneously. When the application is taken into consideration, the quantum computing market is divided into machine learning, optimization, sampling, and simulation and data problems.

The optimization application held the largest share of the market during the historical period (2014-2019) and is further expected to dominate the market during the forecast period. This is because of the fact that most of the problems faced by organizations revolve around streamlining business processes, for which optimization solution is of the utmost importance.

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The machine learning division is predicted to advance at the fastest pace during the forecast period. In terms of industry, the quantum computing market is categorized into energy & utilities, banking, financial services, & insurance (BFSI), IT & telecom, aerospace & defense, healthcare, manufacturing, and others.

Out of these, the BFSI category contributed the largest revenue share to the market during the historical period and is projected to dominate the market during the forecast period as well. This is because of the expanding BFSI industry and the focus of large banks on investing in this technology which can streamline their business processes and provide unbeatable security level.

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