Quantum Computing Market Size to Reach USD 16.3 Billion by 2032 | CAGR: 36.5% | DataHorizzon Research
Fort Collins, Colorado, Sept. 21, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Quantum Computing Market Size, Growth, Share, Statistics Report, By Component (Hardware, Software, Services), By Deployment (Cloud, On-Premise), By Application (ML, Biomedical Solution, Financial Services), By End-use (BFSI, IT&Telecom, Healthcare, Energy), By Region, and Segment Forecasts, 2023-2032."
*According to DataHorizzon Research, The quantum computing market size was valued at USD 0.7 Billion in 2022 and is expected to reach USD 16.3 Billion by 2032 at a CAGR of 36.5%.* The report comprehensively analyzes the global market scenarios with key takeaways. The report also highlights the present and future trends in the industry, followed by actionable market insights.
Quantum computing can be used for establishing secure connections in space. The space communication is vulnerable to hacking, interceptions, and access to critical information. With the help of quantum computing, it adds more secure layers to prevent any intrusion. This kind of quantum computing approach is specially designed for optimizing different programs. For instance, NASA’s JPL (Jet Propulsion Laboratory) uses quantum annealing to optimize spacecraft, and secure layers to store critical information, and trajectories with lesser travel time.
One of the most significant applications of quantum computing in the field of space science is data analysis. Space science generates vast amounts of data, including images, spectra, and other measurements. Thus, quantum computing is preferably used in space communications. Additionally, quantum computing can be used to simulate and analyze the behavior of large molecules and chemical compounds much more quickly than traditional computers. This accelerated discovery process could result in the rapid development of new drugs over traditional methods.
The increase in investments by various government players and private equities is helping the market's overall development. Increasing the number of strategic collaborations among the companies is helping the market grow. In addition, implementing quantum computers in banking institutions is accelerating the demand. Moreover, mergers and acquisitions have boosted the market dynamics.
Quantum computing has wide applications in the field of simulations that improve the movements of complicated systems like satellite constellations and interplanetary space aircraft. Its use in militaries includes complex simulations, cryptography, and secure communication lines. Recently, NASA has launched QuAIL, a collaboration between NASA, Google & Universities Space Research Association, which was established to develop quantum algorithms and software for different space missions and scientific searches.
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*Report Snapshot:*
*Report Title* Quantum Computing Market
Market Size in 2022 USD 0.7 Billion
Market Size by 2032 USD 16.3 Billion
CAGR from 2032 to 2032 36.5%
Largest Market North America
Forecast Period 2023 to 2032
Historic Period 2021
Base Year 2022
Report Scope & Coverage Market Size, Market Estimations, Competitor Analysis, Trends, and Growth Factors
By Component Hardware, Software, Services
By Deployment Cloud, On-Premise
By Application ML, Biomedical Solution, Financial Services, Electronic Material Discovery
By End-use BFSI, IT & Telecom, Healthcare, Energy & Utilities, Others
Region North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Countries Covered U.S.A, Canada, U.K., Germany, France, China, Japan, India, Brazil, Mexico, UAE, Saudi Arabia, and South Africa, among others
Major Market Players Microsoft, SAP, NEC Corp, Cisco, Genesys, Google, NEC Corp, Avoxi, Aspect Software, Talkdesk, Ameyo, and Five9
*Segmentation Overview:*
The global quantum computing market has been segmented into component, application, end-use, and region. Hardware is a leading component in the market segment due to tremendous technical compatibility demand. Based on deployment, on-premise is fast-growing due to its high relevance in drug and chemical research. On-premise deployment expedites the bandwidth and digital resources for drug and chemical research.
North America is the leading region for quantum computing due to significant investments in technologies such as IoT, quantum computing, and big data. Space research and the emergence of UAVs (unmanned aerial vehicles) are some of the recent fields where quantum computing is widely used. Asia Pacific is the fast-growing market for quantum computing owing to the emerging needs in cybersecurity, machine learning algorithms for blockchain, and drug chemical research.
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*Quantum Computing Market Report Highlights:*
· The global quantum computing market size is anticipated to be valued at USD 16.3 billion at a CAGR of 36.5% by 2032.
· The growing dependency on automation significantly drives the quantum computing market growth.
· Hardware is the leading component and is projected to dominate the global market. On-premise is the fast-growing segment owing to its significance.
· North America dominates the quantum computing market and is expected to remain dominant in the forthcoming years.
· Some prominent players in the quantum computing market report include Microsoft, SAP, NEC Corp, Microsoft, Cisco, Genesys, Google, NEC Corp, Google, Avoxi, and Cisco.
*Key Developments in the Industry:*
· In a recent research, Intel is planning to design a quantum computer processor with extra qubit counts. The company has named this design Tunnel Falls wherein it caters to the needs of research labs with an extra set of 12 qubit counts.
· In 2023, the Indian Government sanctioned USD 730 million for the National Quantum Mission (NQM) with scaled-up objectives to deliver quantum computers with 50-1000 qubits. The project is expected to be accomplished by 2031, under the joint collaboration of the US and India.
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*Quantum Computing Market Report Segmentation:*
*Quantum Computing Market, By Component (2023-2032)*
· Hardware Software
· Software
· Services
*Quantum Computing Market, By Deployment (2023-2032)*
· Cloud
· On-Premise
*Quantum Computing Market, By Application (2023-2032)*
· ML
· Biomedical Solution
· Financial Services
· Electronic Material Discovery
*Quantum Computing Market, By End Use (2023-2032)*
· BFSI
· IT & Telecom
· Healthcare
· Energy & Utilities
· Others
*Quantum Computing Market, By Region (2023-2032)*
· North America
· · U.S.
· Canada
· Europe
· · U.K.
· Germany
· France
· Rest of Europe
· Asia Pacific
· · China
· India
· Japan
· South Korea
· Rest of Asia Pacific
· Latin America
· · Brazil
· Mexico
· Rest of Latin America
· Middle East & Africa
· · UAE
· Saudi Arabia
· South Africa
· Rest of the Middle East & Africa
*About DataHorizzon Research:*
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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