The need for quantum computing is primarily driven by rising data center workloads, increasing preference for software-as-a-service (SaaS) business models, and increasingly complicated processor designs for traditional binary computing systems, the Global Quantum Computing Market is forecasted to reach nearly US$ 2,000 Mn by 2028 says Ken Research Study.
Quantum computing is a branch of computer science that uses quantum theory ideas. It is a cutting-edge technology that is quickly taking off that uses quantum mechanics to solve more challenging issues than classical computers can handle. In terms of speed, bits, and data, quantum computing has been employed for computation. While traditional computing only uses two bits—0 and 1—the system makes use of all possible states between 0 and 1, producing better results and processing data more quickly. The system’s primary application is to compare various solutions and choose the best one for a challenging issue.
Ken Research shares 3 key insights on this high-demand market from its latest research study.
- Governments are increasing their Investments in Quantum Computing Technology to Support Growth.
To encourage businesses and end users to take use of the capability of these technologies, governments around the world are investing heavily in quantum technology. Additionally, they pledge significant money to improve domestic quantum technologies.
For instance, China has made significant investments in various computing technology R&D. It has announced funding of over US$ 15 billion, which is expected to be more than all other countries combined. The governments of Australia, the United States, and the industrialized countries in the European Union are all pursuing computing-related initiatives.
According to Ken Research estimates, the Global Quantum Computing Market – valued at around US$ 200 Mn in 2017 and estimated to reach nearly US$ 500 Mn by 2022 – is expected to grow to around US$ 2000 Mn opportunity by 2028.
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- An Increase in Strategic Alliances will Drive Market Expansion
The industry leaders are boosting their investments in quantum technologies while also looking for appropriate alliances and partnerships to advance computing, create useful applications, and build a future quantum workforce. By using this approach, businesses can integrate the greatest aspects of their concerns and capabilities with those of other well-known partners and technologies. This will enable businesses to produce superior solutions quickly and at scale.
To improve their quantum capabilities, several, including Riverlane, Google LLC, and Pasqal, are working with quantum professionals all across the world. For example, Riverlane and Rigetti Computing teamed together in June 2022 to work on syndrome extraction using superconducting quantum computers. Similar to this, Pasqal and Qu&Co agreed to merge into a single business in January 2022 that will operate under the Pasqal name and have its headquarters in Paris.
- Lack of skilled professionals is hampering the market growth
Quantum computing is an innovative and promising technology. A group of experts with the necessary technical knowledge is needed for the deployment of this technology. As a result, the sector players face a substantial issue in hiring professionals with the necessary skill set. To address the problem of a shortage of qualified specialists, governments from many nations and quantum computer manufacturers plan to launch training programs. For instance, D-Wave Systems Inc. offers training materials to its clients so they are aware of how quantum computers work.
However, the price of such modules poses a significant obstacle for companies looking to teach their staff. Furthermore, these components are complicated, it takes time and effort to understand them. Therefore, quantum computer producers must lower their profit margins by making additional investments in various post-sales operations.
Key Topics Covered in the Report: –
Snapshot of the Global Quantum Computing Market
Industry Value Chain and Ecosystem Analysis
Market size and Segmentation of the Global Quantum Computing Market
Historic Growth of the Overall Global Quantum Computing Market and Segments
Competition Scenario of the Market and Key Developments of Competitors
Porter’s 5 Forces Analysis of the Global Quantum Computing Industry
Overview, Type Offerings, and Strengths & Weaknesses of Key Competitors
COVID-19 Impact on the Overall Global Quantum Computing Market
Future Market Forecast and Growth Rates of the Total Global Quantum Computing Market and by Segments
Market Size of End-user Segments with Historical CAGR and Future Forecasts
Analysis of Global Quantum Computing in Major Regions
Major Type/Supply and Consumption/Demand Hubs within Each Region
Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
Overview of Notable Emerging Competitor Companies within Each Major Region
Major Players Mentioned in the Report
Quantum Circuits, Inc.
Notable Emerging Companies Mentioned in the Report
Zapata Computing, Inc.
Magiq Technologies Inc.
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
Quantum Computing Companies
Quantum Computing Association
Cloud Server Manufacturers
Networking Equipment Manufacturers
Research & Development Institutes for Quantum Computing
Quantum Computing Systems Manufacturers
Technology Research Associations
Quantum Computing Solution Suppliers
Quantum Computing Component Providers
Investment Banks Targeting Quantum Computing Market
PE and VC Firms Targeting Quantum Computing Industry
Government Ministries and Departments of Information Technology
Government Ministries and Departments of Communications Industry
Potential Entrants into Quantum Computing Industry
For more insights on the market intelligence, refer to the link below: –