Quantum Computing Market Growing Significantly at a 33.7% CAGR by 2031

According to Persistence Market Assessment's most recent research in the quantum computing field. Market valuation is estimated to exceed US$ 127.4 Bn by 2031, increasing considerably at a 33.7% CAGR by 2031. In terms of value, the services category is designated as the fastest-growing component segment, predicted to register the greatest CAGR of 39% over the next ten years.

How are Rising Investments in Quantum Computing Technology Impacting Market Growth?

Quantum computing technology can change the dynamics in the strategic balance of power, military affairs, and commerce. Governments of different countries are planning to expand exploratory research on new technologies for the establishment and development of a quantum computing solutions. Rising governmental investments in quantum computing solutions for a vast array of applications are expected to boost sales of quantum computing components.

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Why is Need for High Level Computing Performance Gaining Traction in the Global Market?

Expanding datacenter workloads, growing preference for software-as-a-service (SaaS) business models, coupled with increasing complexity in processor designs of classical binary computing systems are key factors driving demand for quantum computing.

A classical binary computing system stores data in tiny transistors, and each of these transistors hold a single "bit" of information such as a 0 or a 1, whereas, quantum computing works on a phenomenon called superposition - that stores/process both a 1 and a 0 simultaneously, which is significantly more powerful compared to classical quantum computing systems.

For example: a classical computer that uses transistors will continue searching each line of a database until it finds the match for a specific search query, and then it will return the match.

Quantum computer processes data in qubits, and hence, it can search the entire database immediately by assessing each line concurrently. Thus, quantum computers work much faster compared to classic computers, and, as such, are anticipated to propel demand for quantum computing solutions.

Competitive Landscape

According to the Persistence Market Research's industry analysis, Huawei Technologies Co., Ltd., IBM Corporation, Google Inc. (Alphabet Inc.), Microsoft Corporation, and Intel Corporation are identified as key providers of quantum computing.

Quantum computing solution providers are partnering with leading providers of crypto-agile and quantum-?safe security solutions to resolve issues at first point of contact, and bring in significant improvements to current banking & financial services. They are generally seen to partner with companies who work with the necessary and latest technology, which would benefit the standard product of the company.

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Companies
IBM Corporation
ColdQuanta
D-Wave Systems Inc.
Microsoft Corporation
Google
Intel Corporation
Atom Computing, Inc
Xanadu Quantum Technologies Inc.
Zapata Computing, Inc.
Strangeworks, Inc.
IonQ
Quantum Circuits, Inc.
Huawei

Quantum Computing Industry Survey by Category

By Component:
Quantum Computing Devices
Quantum Computing Software
Quantum Computing Services
Consulting Services
Implementation Services
Support & Maintenance

By Application:
Simulation & Testing
Financial Modeling
Artificial Intelligence & Machine Learning
Cybersecurity & Cryptography
Others

By Industry:
Quantum Computing for Healthcare & Life Sciences
Quantum Computing for Banking & Financial

Services
Quantum Computing for Manufacturing
Quantum Computing for Academics & Research
Quantum Computing for Aerospace & Defense
Quantum Computing for Energy & Utilities
Quantum Computing for IT & Telecom

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Expert analysis, actionable insights, and strategic recommendations - the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.

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