Quantum Computing Market: size was valued at US$ 1.27 Bn. in 2020. Global Quantum Computing Market is estimated to grow at a CAGR of 32.8% over the forecast period.
Quantum Computing Market Overview: Quantum computing is gaining traction in the banking and finance services industry, which is looking for ways to speed up trading activities, transactions, and data processing in a variety of ways. Simulation is one of quantum computing's most promising applications. Quantum computing helps in the detection of a more effective and economical method of managing financial risks. When classical computers are employed in financial institutions, processing time and costs for high-quality solutions can increase exponentially, but quantum computers can perform faster processes at lower costs, resulting in cost savings and new income potential.
The current state of definitions, classifications, applications, and the industrial chain structure was explored in this Quantum Computing Market Research Report. The study offers unbiased professional analysis of the current market situation, previous market performance, production and consumption rates, demand and supply ratios, and prospective income generation projections. The Quantum Computing market report also provides information on the strategic aims and company growth objectives of the major organisations in the Quantum Computing sector. Mergers and acquisitions, government and corporate transactions, partnerships and collaborations, joint ventures, brand marketing, and product launches are just a few of the strategies examined in the study. To summarise what has been mentioned thus far, the report presents a thorough picture of the Quantum Computing sector in both global and regional markets.
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COVID-19 Impact on Quantum Computing market:
The Quantum Computing industry has been severely impacted by the COVID-19 pandemic. Due to a lack of staff and the global economic downturn, production facilities have been halted. The COVID-19 pandemic has resulted in a major and prolonged decline in production utilisation, as well as travel bans and facility closures, which have kept people away from their facilities, leading the Quantum Computing market to slow down in 2020. COVID-19's negative impact on the Quantum Computing market, on the other hand, is predicted to be brief, and the sector is expected to quickly recover by early 2021, thanks to strong demand.
Quantum Computing Market Regional Analysis:
Important market influencing elements and changes in market regulation that effect the market's current and future trends are also included in the region section of the research. New sales, replacement sales, national demography, regulatory activities, and import-export taxes are some of the key elements used to examine the market scenario for distinct places. Furthermore, the existence and availability of global brands, as well as the issues they face owing to strong or weak competition from local and domestic brands, as well as the impact of sales channels, are taken into account when offering forecast analysis of national data.
Quantum Computing Market Segmentation:
By Deployment, the Quantum Computing Market is segmented into Cloud and On-Premise. The Cloud segment dominated the market with 74% in 2020. The need for cloud-based deployment of quantum computing systems and services is expected to rise as more powerful systems are developed. Cloud service companies also benefit from the short lifespan of rapidly evolving quantum computing equipment. Another element driving the popularity of cloud-based quantum computing systems and services is the freedom of access provided to users. Quantum computers are unlikely to be portable for the foreseeable future. From their laptops, customers can access a variety of devices and simulations over the cloud.
A growth in utilization to lower the total cost of ownership across various industries is expected to boost the market growth. Organizations can employ cloud-based deployment to give users access to different devices and simulations from their computers. Another important aspect driving market growth is the freedom with which users can access their devices.
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Quantum Computing Market Key players:
International Business Machines (US)
D-Wave Systems (Canada)
Rigetti Computing (US)
1QB Information Technologies Inc. (Canada)
Lockheed Martin Corporation (US)
Intel Corporation (US)
Cambridge Quantum Computing Limited (UK)
Rigetti Computing (US)
The research looks into the Quantum Computing market's presence in a variety of industries and countries. The research analyst wants to identify hidden development potential that may be leveraged by companies in various parts of the world by doing a complete geographical assessment of the sector. In terms of growth, sales, and other vital criteria, Quantum Computing market research provides exact information that helps market participants compete successfully with their most important competitors. In the research study, important market components such as market drivers and obstacles are distinguished from vital development prospects and industry trends.