Enterprise Quantum Computing Market is Creating a High Interest for Investors by 2025, Report
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).
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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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 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.
Top Impacting Factors Such as –
1. Rise in investments in quantum computing technology
2. Demand for High performance computing
3. Demand from medical research, and financial markets
Key Findings of the Enterprise Quantum Computing Market:
• By application, the optimization segment is expected to exhibit significant growth in the global enterprise quantum computing market during the forecast period.
• Based on industry verticals, the aerospace & defense segment generated the highest revenue in 2017.
• Based on region, Asia-Pacific is anticipated to be the fastest growing region for enterprise quantum computing market during the forecast period due to presence of major players and increase in investments by government organizations.
• Some of the key market players profiled 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.
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