Quantum computing market is anticipated to surge over the next decade
As per the findings of a revised market research by Persistence Market Research, the worldwide quantum computing market insight reached a valuation of around $5.6 billion in 2020, and is anticipated to surge at a CAGR of 33.7% over the next ten years.
Major companies are developing quantum computers focused on delivering free access to their quantum systems through cloud platforms, with the objective of creating awareness and a community for developers working on quantum computing technology.
Through this new way of offering access, companies are targeting universities, research groups, and organizations focused on quantum computing to practice, test, and develop applications of quantum computing.
Market study: Key takeaways
- The South Asia & Pacific region is expected to create lucrative growth opportunities for players in the market due to increased use of advanced technologies in the manufacturing sector.
- Key players in the market are focusing on acquisitions to complement their product portfolios, so as to cater to the needs of a variety of customers. Market participants are also focusing on providing products directly to end users to improve direct customer relations.
- The market in the U.S. is projected to expand at a CAGR of 26.4% through 2031, while that in Germany at around 28%.
- Major quantum computing providers are investing more in their research & development and resources with the objective to tap commercial opportunities of quantum computing in private and government sectors.
- Market growth in China, Japan, and India is expected to be much higher, at CAGRS of around 36.9%, 41.8%, and 50.2%, respectively.
COVID-19 impact analysis
The COVID-19 epidemic outbreak has disrupted different industries, including the quantum computing space. Demand for quantum computing software, machine learning, cloud-based quantum computing, artificial intelligence (AI), and quantum computer-as-a-services has been increasing during lockdowns. This is fueling demand for quantum computing software and services.
During the outbreak, manufacturing as well as design and development of quantum computing devices declined by nearly 5%-7% in Q3-Q4 2020, due to falling production across East Asian and North America factories, as both regions are the world’s major quantum computing device manufacturers and suppliers. However, according to report, production has become pretty stable in the first half of 2021 with demand gaining traction again.
Large quantum-computing enterprises in North America, Europe, Canada, China, Australia, India, and Russia are investing in qubit research, while also giving researchers access to cloud-based and commercial cloud services. Over, the market for quantum computing is projected to grow faster from Q3-Q4 2021 onwards.