Market Overview:
Global Quantum Computing Market is expected to reach USD 18.16 Billion by 2027, registering a 34.3% CAGR during the forecast period (2020-2030).
Quantum computing is developing area of interest for quantum information science research. The technology has now started attracting R&D investments to achieve quantum supremacy. Quantum computing promises great capability in diverse areas, including financial modeling, medical research, traffic optimization, weather forecasting, artificial intelligence, and more. It can be a ground-breaking technology in tackling climate change and enabling companies to improve their cybersecurity approaches.
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Regional Analysis:
North America, Asia Pacific, Europe, South America, the middle east and Africa. North America will contribute to the market at a high rate. The increasing use of the integrating digital and physical world via the internet and the increasing traction and popularity of mixed reality are major factors driving the market. Businesses in North America utilize sophisticated virtual reality and augmented reality to improve the company processes. The European region holds the second highest market due to the rise in initiatives, and the government’s funding is accelerating the market of this region. The presence of major players is also driving the market. The Asia Pacific market is growing at a high rate due to the wide usage of quantum computers in the manufacturing sector.
Market Segmentations:
The Quantum Computing Market application segment is sub-segmented into optimization, machine learning, simulation, and others. Among these, the optimization segment accounts for the largest market share. The vertical segment is sub-segmented into aerospace & defense, BFSI, energy & power, healthcare, information technology (IT) & telecommunication, transportation, and others. Among these, the aerospace and defense vertical is the largest adopter of quantum computing technology.
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Covid-19 Analysis:
The COVID-19 outbreak has affected the Quantum Computing industry. The full/partial lockdown forced worldwide to control the spread of coronavirus increased live streaming activities by almost 50% compared to the pre-COVID period. In April 2020 alone, several Quantum Computing platforms observed a significant increase in viewership.
The coronavirus lockdown affected huge revenue losses across the industries and closed numerous manufacturing facilities across the globe, putting a brake on production, but live video streaming actions have spiked further.
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