Quantum Computing Market by Revenue Source, Application (Simulation, Optimization, and Sampling), Industry (Defense, Banking & Finance, Energy & Power, Chemicals, and Healthcare & Pharmaceuticals), and Geography - Global Forecast to 2023
“Quantum computing market expected to grow at a significant rate between 2017 and 2023”
The quantum computing market is expected to grow at a CAGR of 29.04% between 2017 and 2023 and is expected to be valued at USD 495.3 million by 2023. The key factors driving the growth of the quantum computing market are the rising incidences of cybercrime, early adoption of quantum computing technology in the automotive and defense industry, and increasing investments by government entities in the quantum computing market. However, the major restraining factors for the growth of this market are presence of substitute technology and reluctance to accept new technology.
“Defense industry accounted for the largest share of the quantum computing market in 2016”
Quantum computing technology could play a significant role in defense and security; hence, the US Army, Navy, and Air Force are working together to establish a secure long-distance quantum communication network. Moreover, Lockheed Martin Corporation (US), an American global aerospace, defense, and security company, has invested in quantum computing technology and purchased a quantum computer developed by D-Wave Systems Inc. (Canada) to test mission-critical software. Quantum computers have the ability to perform multiple operations simultaneously, which results in a faster resolution. Hence, governments are supporting the use of quantum computing technology in the defense industry.
“North America accounted for the largest share of the quantum computing market in 2016”
North America is accounted for the largest share of the quantum computing market in 2016. This region is a key market as it is the home ground for some of the largest corporations such as D-Wave Systems Inc. (Canada), 1QB Information Technologies, Inc. (Canada), International Business Machines Corporation (US), and QxBranch LLC (US). The increased research and development (R&D) activities in the field of quantum computing are conducted in this region as well as the heavy investments by government agencies and technology giants such as International Business Machines Corporation (US), Microsoft Corporation (US), Google Inc. (US), Intel Corporation (US) are some factors driving the growth of this market in North America. The R&D at industry levels is broadening the application areas of the quantum computing in different industries such as energy & power, defense, and chemicals, especially in the US.
The break-up of the profiles of primary participants for the report has been given below:
• By Company Type: Tier 1 – 20%, Tier 2 – 55%, and Tier 3 – 25%
• By Designation: C-Level Executives – 50%, Directors – 25%, and Others – 25%
• By Region: North America – 60%, Europe – 30%, and APAC – 10%
The key players operating in the quantum computing market are D-Wave Systems Inc. (Canada), IBM Corporation (US), Cambridge Quantum Computing Limited (US), 1QB Information Technologies Inc. (Canada), QC Ware Corp. (US), MagiQ Technologies (US), Research at Google (US), and Station Q- Microsoft Corporation (US).
The research report on the quantum computing market covers the market segmented on the basis of the following segments—revenue source, application, industry, and geography. The market has been segmented based on revenue sources into hardware, software, and services. Based on application, the quantum computing market has been classified into simulation, optimization, and sampling. The market has been segmented based on industry into defense, healthcare & pharmaceuticals, chemicals, banking & finance, and energy & power. The report covers the market based on three major regions: North America, Europe, and Asia Pacific (APAC).
Key Benefits of Buying the Report:
Illustrative segmentation, analysis, and forecast for the market based on revenue source, application, industry, and geography have been conducted to give an overall view of the quantum computing market.
The major drivers, restraints, opportunities, and challenges for the quantum computing market have been detailed in this report.
The report includes a detailed competitive landscape, in-depth DIVE analysis, and revenue of the key players.
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