The quantum computing market valued $507.1 million in 2019, from where it is projected to grow at a CAGR of 56.0% during 2020-2030 (forecast period),…

NEW YORK, April 6, 2020 /PRNewswire/ -- Quantum Computing Market Research Report: By Offering (Hardware, Software, Service), Deployment Type (On-Premises, Cloud-Based), Application (Optimization, Simulation and Data Problems, Sampling, Machine Learning), Technology (Quantum Dots, Trapped Ions, Quantum Annealing), Industry (BFSI, Aerospace & Defense, Manufacturing, Healthcare, IT & Telecom, Energy & Utilities) Industry Share, Growth, Drivers, Trends and Demand Forecast to 2030

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The quantum computing market valued $507.1 million in 2019, from where it is projected to grow at a CAGR of 56.0% during 20202030 (forecast period), to ultimately reach $64,988.3 million by 2030. Machine learning (ML) is expected to progress at the highest CAGR, during the forecast period, among all application categories, owing to the fact that quantum computing is being integrated in ML for improving the latter's use case.

Government support for the development and deployment of the technology is a prominent trend in the quantum computing market, with companies as well as public bodies realizing the importance of a coordinated funding strategy. For instance, the National Quantum Initiative Act, which became a law in December 2018, included a funding of $1.2 billion from the U.S. House of Representatives for the National Quantum Initiative Program. The aim behind the funding was to facilitate the development of technology applications and quantum information science, over a 10-year period, by setting its priorities and goals.

Moreover, efforts are being made to come with standards for the quantum computing technology. Among the numerous standards being developed by the IEEE Standards Association Quantum Computing Working Group are the benchmarks and performance matrix, which would help in analyzing the performance of quantum computers against that of conventional computers. Other noteworthy standards are those related to the nomenclature and definitions, in order to create a common language for quantum computers.

In 2019, the quantum computing market was dominated by the quantum annealing category, on the basis of technology. This is because the physical challenges in its development have been overcome, and it is now being deployed in larger systems. That year, the banking, financial services, and insurance (BFSI) division held the largest share in the market, on account of the rapid expansion of this industry. Additionally, banks and other financial institutions are quickly deploying this technology to make their business process streamlined as well as secure their data.

By 2030, Europe and North America are expected to account for more than 78.0% in the quantum computing market, as Canada, the U.S., the U.K., Germany, and Russia are witnessing heavy investments in the field. For instance, the National Security Agency (NSA), National Aeronautics and Space Administration (NASA), and Los Alamos National Laboratory are engaged in quantum computing technology development. Additionally, an increasing number of collaborations and partnerships are being witnessed in these regions, along with the entry of several startups.

The major players operating in the highly competitive quantum computing market are Telstra Corporation Limited, International Business Machines (IBM) Corporation, Silicon Quantum Computing, IonQ Inc., Alphabet Inc., Huawei Investment & Holding Co. Ltd., Microsoft Corporation, Rigetti & Co. Inc., Zapata Computing Inc., D-Wave Systems Inc., and Intel Corporation. Google LLC, the main operating subsidiary of Alphabet Inc. is establishing the Quantum AI Laboratory, in collaboration with the NSA, wherein the quantum computers developed by D-Wave Systems Inc. are being used.

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The quantum computing market valued $507.1 million in 2019, from where it is projected to grow at a CAGR of 56.0% during 2020-2030 (forecast period),...