The global quantum computing industry is projected to surge from 2020 to 2027 due to the rise in the number of cyber-attacks across the world. Consulting solutions sub-segment is estimated to be the most profitable. The European market is estimated to be the most dominating during the forecasted period.

New York, USA, June 07, 2021 (GLOBE NEWSWIRE) -- According to a recent report studied by Research Dive, the global quantum computing market is speculated to exceed $667.3 million by the end of 2027, rising from a market size of $88.2 million in 2019, at a growth rate of 30.0% during 2020-2027 estimated timeframe. The report highlights the coronavirus mayhem impact on the market, major drivers, hindrances, and regional outlook of the market. The research methodology used in the report is a combination of both primary and secondary research methods.

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Covid-19 Outbreak Impact on the Global Market

The quantum computing market is anticipated to experience a positive impact globally during the coronavirus crises. The reason for market growth is that quantum technology offers augmented performance computing that can shift dynamics for quantum chemistry. Further, quantum technology provides exponential speed for amplified optimization and vital calculations. These facets are predicted to govern the market growth during the coronavirus emergency.

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Aspects Impacting the Market

The global quantum computing market is projected to witness progressive growth due to rise in the cyber-attack cases. Quantum technology assures security to software systems and applications and protects vital data of organizations from attacks such as ransomware, phishing, worms, and much more. Furthermore, key companies of the market are planning strategic frameworks by utilizing quantum personal computers for cyber-security. These aspects are anticipated to surge the market growth during the forecasted timeframe. However, a lack of awareness of quantum technology and unskilled employees is expected to hinder the market growth. On the other hand, the ability of quantum technology to aid farmers in augmenting the yield and efficiency of plants is projected to create promising opportunities for the market growth.

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Consulting Solutions Sub-Segment to be the Most Profitable

From the offerings type segment, the consulting solutions sub-segment is anticipated to reach newer heights during the timeframe. The sub-segment is expected to register a revenue of $354.0 million by the end of the 2027 timeframe. The sub-segment upsurge is due to the usage of quantum computing in applications such as drug discovery, formulation of chemicals, material science, and automotive. Apart from this, it is also used in the chemical industry, aerospace & defense, healthcare, and energy & power sectors. These wide-scale applications are speculated to bolster the growth of the sub-segment during the forecasted years.

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Machine Learning Sub-Segment to Gain Maximum Revenue

From the application segment, the machine learning sub-segment is projected to achieve maximum revenue during the forecasted timeframe. The sub-segment is anticipated to cross $236.9 million by the end of 2027, rising from a market share of $29.7 million in the year 2019. The ability of quantum learning to accelerate machine learning such as optimization, deep learning, Kernel evaluation, and linear algebra is expected to propel the sub-segment market growth during the analyzed timeframe.

Finance & Banking Sub-Segment to Witness Rapid Growth

From the end-user segment, the finance & banking sub-division is speculated to grow rapidly and register a revenue of $159.2 million by 2027. The sub-segment growth is due to the usage of quantum technology in banking for supporting the large-frequency trading aspect.

Regional Outlook

The European market was expected to hold a market size of $28.2 million in 2019 and is speculated to garner a revenue of $221.2 million by the end of 2027. The market growth is mainly attributed to the extensive use of quantum computing in fields such as chemicals, healthcare, pharmaceuticals, and utilities. Moreover, its usage in cryptography, novel drugs, defense, and cybersecurity is predicted to drive the global market during the estimated timeframe.

Major Key Players

QC Ware, Corp. Cambridge Quantum Computing Limited D-Wave Systems Inc., International Business Machines Corporation Rigetti Computing 1QB Information Technologies River Lane Research StationQ Microsoft Anyon Google Inc.

These leading players are planning varied strategies such as acquisitions of companies, product developments, tie-ups & collaborations for maximizing profits, research & development, and organizational development to gain an upper edge in the market worldwide. For example, in April 2021, Nvidia, a computer systems design services company, revealed cuQuantum SDK. This product is a developmental platform for revitalizing quantum circuits on GPU-accelerated systems.

The report consists of various facets of all the vital players that are operative in the market such as financial performance, product portfolio, present strategic moves, major developments and SWOT. Click Here to Get Absolute Top Companies Development Strategies Summary Report.

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Global Quantum Computing Market to Gain $667.3 Million and Surge at a CAGR of 30.0% from 2020-2027 Timeframe - Exclusive [193 pages] COVID-19 Impact...