Global Quantum Computing Market to Grow at a CAGR of 28.8% During 2024-2032, Aided by the Rapid Technological Advancements

The global quantum computing industry is being driven by the increased adoption of quantum computing in the banking and finance sector to carry out speedy operations at optimised costs. The banking and finance sector has a history of successfully applying technology to help solve its thorniest problems. Over the forecast period, quantum technology is expected to be used in the handling of financial risks and uncertainty, further increasing the speed of trade activities, transactions, and data processing manifolds. This factor is likely to propel the market growth. Meanwhile, the technological advancements in the healthcare sector are expected to provide further impetus to the market growth.

In February 2021, scientists of Microsoft Corporation (NASDAQ: MSFT) reached a milestone by developing a chip that can handle thousands of qubits. Qubit is the basic unit of quantum information. This chip is known to be the most advanced integrated circuit ever built to operate at deep cryogenic temperatures. After the development of this chip, quantum computers will be able to execute any function faster. Therefore, such developments are expected to aid the market in the coming years.

In terms of region, the Asia Pacific is likely to account for a significant share in the market owing to the rising demand for quantum technology in small, medium, and large enterprises. The technological advancements in the healthcare industry, especially after the outbreak of the COVID-19 pandemic, are anticipated to propel the demand for quantum computing to accelerate diagnostic processes, provide precise medications, and optimise insurance premiums and pricing, thus, aiding the market.

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Market Breakup by Offering, Application, End Use, and Region:

• The market is segmented based on offering into system and services.
• The major applications of the product include optimisation, simulation, and machine learning, among others.
• Based on end use, the market is categorised into healthcare and pharmaceuticals, chemicals, defense, BFSI, and energy and power, among others. 
• Region-wise, the global market for quantum computing can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for quantum computing is being driven by the growing adoption of quantum computing in various industries, including banking and finance, defence, and chemical, among others. 
• The technological advancements in the healthcare and pharmaceutical sector to enhance the comfort of patients are likely to foster the growth of the market. 
• The market is expected to be aided by the expansion of medium and large enterprises, which depend on technologies like quantum computing for various processes.  
• The increased demand for QCaaS in various sectors is expected to further accelerate the market growth. 

Key Offerings of the Report:

• The EMR report gives an overview of the global quantum computing industry for the periods (2018-2023) and (2024-2032). 
• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the offerings, applications, end uses, and regions of quantum computing.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global quantum computing market are Microsoft Corporation, IBM Corporation, Intel Corporation, Google Inc. and D-Wave Systems Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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