Quantum Computing Market is Expanding at a CAGR of 31.2% by 2032 | Intel Corporation (U.S.), Rigetti & Co, Inc.(U.S.), Google LLC (U.S.), QC Ware(U.S.)

The quantum computing market was valued at USD 712.2 million in 2022 and it is anticipated to grow further till USD 10737.9 million by 2032, at a CAGR of 31.2% during the forecast period.

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Quantum computing is a type of computing where information is processed using quantum bits instead of classical bits. This makes quantum computers much faster and more powerful than traditional computers. Quantum computers can solve problems that classical computers cannot, such as factorizing large numbers or searching unsorted databases.

Market Trends and Drivers

The key drivers of Quantum Computing market are the need for faster and more powerful computing, the development of new quantum algorithms, and the increasing investment in quantum computing research and development. Faster and more powerful computing is needed for tasks such as big data analysis, machine learning, and AI. Quantum computers can perform these tasks much faster than classical computers. The development of new quantum algorithms is another key driver of the Quantum Computing market. These algorithms can solve problems that are difficult or impossible for classical computers to solve.

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The increasing investment in quantum computing research and development is another key driver of the Quantum Computing market. This investment is needed to develop more powerful quantum computers and to find new applications for quantum computing.

Major Players in the Global Quantum Computing Market

The key players studied in the report are IBM Corporation (U.S.), D-Wave Systems Inc. (Canada), Microsoft Corporation (U.S.), Intel Corporation (U.S.), Rigetti & Co, Inc.(U.S.), Google LLC (U.S.), QC Ware(U.S.), Quantinuum Ltd. (U.S.), Riverlane (U.K.), and IonQ (U.S.) among others.

COVID-19 Impact

The market for quantum computing is experiencing a rise in research projects that investigate quantum machine learning to open up new possibilities in COVID-19 drug discovery by fast producing potential chemical compounds. Quantum computing is being adopted by businesses somewhat slowly, but its use in the BFSI, healthcare, and manufacturing sectors is expected to increase dramatically. Quantum communications have the ability to offer strong eavesdropping protection. Given that quantum computing is still in its infancy, it is obvious that a quantum computer might determine the most likely solution to cracking an encryption method, but that it will require the classical computer to test the solution to see if it actually does so.

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Global Quantum Computing Market Segmentation

By Component

Hardware
Software
Services

By Deployment

On-Premise
Cloud

By Application

Machine Learning
Optimization
Biomedical Simulations
Financial Services
Electronic Material Discovery
Others

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By End User

Healthcare
Banking
Financial Services & Insurance
Automotive
Energy & Utilities
Chemical
Manufacturing
Others

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This release was published on openPR.