Quantum Computing Market by Competitive Strategies, Regional Analysis Trends Outlook to 2028
Recent quantum computing market trends are impelled by an upsurge in product adoption across the BFSI sector and increase in government-led R&D activities across a range of applications. The BFSI industry is an early adopter of quantum computing and helps banks in forecasting and identification of the future market, prediction of price, and identification of uncertainties and risks in financial models. The technology enables more accurate and fast decision-making capabilities including shaping an optimal investment portfolio mix.
Driven by these aspects, quantum computing market size is anticipated to record USD 5 billion by 2028, cites the latest research conducted by Global Market Insights, Inc. This rise is accredited to surging service demand in light of the increasing number of startups. The services are prominently utilized in optimization, simulation, and machine learning application, further leading to efficient operations and cost utilization across various industries.
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Steps taken by leading market participants
Leading market players include Honeywell, Accenture plc, IBM, Amazon Web Services, Inc., Huawei, Google, and others. These companies are focusing on product development initiatives, mergers, acquisitions, and collaborations for boosting their position in the market.
Citing an instance, in April 2021, NVIDIA rolled out Quantum SDK platform for the simulation of quantum circuits. The launch helped the company in providing GPU-accelerated platforms for quantum circuit and algorithm development & testing.
To consider another instance, in May 2021, Google announced plans to build an error-corrected and quantum computer by the end of 2030. For developing this technology, the tech giant has released a new Quantum AI campus in Santa Barbara containing hardware research labs, a quantum data center, and quantum processor chip fabrication facilities.
Increasing demand for simulation and on-premise deployment
The industry is witnessing soaring demand for simulation to manage financial risks. Simulation helps institutions in the acceleration of operations at optimized costs, in turn leading to new opportunities for cost savings and revenue generation. Owing to these factors, the simulation segment is anticipated to register an industry share of more than 20% in the year 2022.
Meanwhile, the market has recorded surging concerns with regard to data security. These concerns are typical among medical researchers dealing with highly confidential data or developing a computational algorithm for the purpose of drug development.
Considering this, organizations are keen on the deployment of on-premise models for safeguarding their intellectual assets, creating favorable opportunities for the expansion of the on-premise deployment segment.
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Europe quantum computing market – A look at the regional growth drivers
Over the years, Europe has witnessed the launch of numerous quantum initiatives by the European Union. A number of regional enterprises are focusing on system launches for offering strong research capabilities.
Quoting an instance, in April 2021, IBM introduced its Quantum System One in Europe for research organizations and companies for the development and testing of applied quantum algorithms. In light of these factors, Europe quantum computing market share is expected to exceed USD 1.5 million through 2028.
In a nutshell, increasing digitalization and surging technological investments across multiple businesses will augment the demand for different types of quantum computing through the estimated period.
Some of the key players operating in the industry are 1QB Information Technologies, Inc., Accenture plc, Amazon Web Services, Inc., Cambridge Quantum Computing, D-Wave Systems, Fujitsu, Google, Honeywell, Huawei, IBM, Microsoft, QC Ware, Quantica Computacao, Quantum Circuits, Rigetti, Riverlane, VeriQloud, XANADU, and Zapata Computing.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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