Quantum computing Market 2022 | Rising Adoption Of Quantum Computing Techniques In Various Sector

According to Precision Business Insights (PBI), the latest report, the Quantum computing market is expected to be valued at USD 521.2 million in 2022 and is poised to grow at a significant CAGR of 25.4% over 2022-2028. The primary driver of the expansion of the global Quantum computing market is the increasing adoption of quantum computing in the banking and finance sector, and rising investments by governmental bodies of different countries to perform various research and development activities associated with quantum computing technology.

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Cloud based deployment Segment to Dominate the Quantum computing Market
Cloud based deployment segment is expected to account for a larger revenue share in the global Quantum computing market, with a value share worldwide due to the development of very powerful systems, which increases demand for cloud-based deployment of quantum computing systems and services, consistently is expected to result in a significant revenue source for service providers, with operators paying for access to noisy intermediate-scale quantum (NISQ) systems that can resolve real-world problems. The limited lifespan of advancing quantum computing systems also favors cloud service providers. The flexibility of access offered to users is another major factor propelling the adoption of cloud-based deployment of quantum computing systems and services. During the forecasted period, quantum computers are anticipated not to be portable, but the cloud can provide users with access to different devices and simulators from their laptops, which undoubtedly leads to expanding the global market of quantum computing by increasing the demand for cloud-based deployment service.

Asia Pacific Quantum computing Market
The Asia Pacific market is expected to increase in the global quantum computing market over the forecast period. It is projected to grow at a significant CAGR in the coming years owing to the leading hub for numerous industries, such as healthcare and pharmaceuticals, banking and finance, and chemicals. Moreover, emerging economies such as China, Japan, and South Korea are the foremost electronics manufacturers, including smartphones, laptops, and gaming consoles. Thus, there is a need to resolve complications in optimization, simulation, and machine learning applications across these industries, which in turn enhances the demand for the quantum computing market. The extensive development observed by emerging economies of Asia Pacific, and the augmented usage of advanced technologies in the manufacturing sector, are some major factors that undoubtedly favours the expansion of the market in the region.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players.
The global quantum computing market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In December 2021, SpeQtral is, a Singapore-based startup, received USD 8.3 million in funding for creating commercial space-based QKD based on technologies developed at the National University of Singapore's Centre for Quantum Technologies (CQT). The company has a partnership with Toshiba to empower quantum-secure communication systems in Southeast Asia, among other initiatives.

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The Quantum computing market is segmented based on component, deployment, application, end user, and geography.
Based on the component, the market is segmented into the following:
• Hardware
• Software
• Services

Based on the deployment, the market is segmented into the following:
• On-Premise
• Cloud

Based on the application, the market is segmented into the following:
• Machine Learning
• Optimization
• Biomedical Simulations
• Financial Services
• Electronic Material Discovery
• Others

Based on the end user, the market is segmented into the following:
• Healthcare
• Banking, Financial Services, and Insurance (BFSI)
• Automotive
• Researchers
• Energy and Utilities
• Chemical
• Manufacturing
• Education
• Others Retail

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

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Key players' profiles in the Quantum computing market report are IBM Corporation (New York, U.S.), Rigetti & Co, Inc. (California, U.S.), D-Wave Systems Inc. (Burnaby, Canada), Zapata Computing (Massachusetts, U.S.), Cambridge Quantum Computing Ltd. (Cambridge, U.K.), Intel Corporation (California, U.S.), Google LLC (California, U.S.), Quantica Computacao (Tamil Nadu, India), XANADU (Toronto, Canada).

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