Global Quantum Computing Market to Garner $532.91 Billion by 2028 at 5.1% CAGR: Markets N research

The report "Quantum Computing Market by Component (Hardware (Systems), Software, Services), Application (Optimization, Machine Learning, Material Simulation) End-Use Industry (Aerospace & Defense, Automotive, BFSI, Healthcare, Chemicals, Manufacturing, Energy & Power, Others) and Region (North America, Europe, APAC, RoW) - Global Forecast to 2028" The quantum computing market is projected to grow from USD 395.4 million in 2021 and is projected to reach USD 532.91 million by 2028; it is expected to grow at a CAGR of 5.1% from 2021 to 2028. The early implementation of quantum computing in the banking and finance industry is anticipated to drive the market's expansion on a global scale. Rising government spending on research and development linked to quantum computing technology is another important element driving the development of the global market for quantum computing.

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The services component in the quantum computing market is expected to be the fastest-growing segment during the forecast period

The services category is projected to grow the fastest during the forecast period. The expansion of this services category may be ascribed to the growing number of companies investing globally in R&D related to quantum computing technologies. Reduced operating costs and increased operational efficiencies are achieved in a variety of industries because of the use of this technology in optimization, simulation, and machine learning approaches.

Material simulation application of quantum computing market to record highest CAGR from 2022 to 2027

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The material simulation category is expected to account for the highest CAGR of the quantum computing market from 2022 to 2027. While quantum computers process data in quantum bits, which are a superposition of binary zeros and ones, quantum computing simulators process data in binary zeros and ones. The commercial availability of these simulators contributes to an increase in end-user R&D activity. Based on requirements, businesses have begun creating and testing quantum computing applications. Developers can examine the operation of a quantum computer and run quantum algorithms with the aid of quantum computing simulators.

BFSI category of the quantum computing market to record the highest CAGR from 2022 to 2027

The BFSI category is expected to account for the highest CAGR of the quantum computing market from 2022 to 2027. It enables users to handle complex procedures needing historical data with quantum algorithms and computers, resulting in accurate outcomes. HFT (high-frequency trading) and ADM (automated decision-making) also use computing services since they need a lot of computer power to handle real-time data with few errors.

Europe is anticipated to grow at a significant rate in quantum computing market share from 2022 to 2027

The European region is expected to be the fastest-growing region in the quantum computing market because of the rise of startups. The region that is expected to drive the expansion of the industry and technology is also seeing a surge in digital government efforts, regulatory environments, and cloud-based technology adoption. Leaders in the industry concentrate on growing their businesses in the region. For instance, in December 2021, IQM's quantum computer's European development continues, with a new French company focusing on IQM's co-design customers in the aviation, space, and cybersecurity. It has been seen that a significant portion of the European quantum computing market is held by France, Russia, Spain, and Germany. Key players have chosen partnerships with other quantum computing providers and geographical expansion as some of their strategies to drive their sales growth.

Key players in the quantum computing market include 1QB Information Technologies Inc., Atos SE, Cambridge Quantum Computing Ltd, D-Wave Systems Inc., Fujitsu, Hewlett Packard Enterprise (HP), Hitachi Ltd, Honeywell Inc., IBM Corporation, Intel Corporation, Magiq Technologies Inc., QC Ware Corp., Quantum Circuits, Inc., Qxbranch, LLC, Google Research, Rigetti Computing, River Lane Research, Station Q - Microsoft Corporation and Toshiba Corporation.

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