Players in automotive, pharmaceutical, energy & power industries keen on harnessing the capabilities of quantum computing in range of use cases
Incredible promise of quantum computing in resolving complex dependency decisions to propel investments in the next 10 years; quantum machine learning presents drug manufacturers massive profitable avenues
ALBANY, N.Y., Oct. 19, 2021 /PRNewswire/ -- Quantum Computing Market: Broad Contours
Quantum computing is attracting massive attention among stakeholders in various industries, given the profound potential the next-gen computing technology holds in addressing incredibly complex problems. The quantum computing market is witnessing growth on the back of players in diverse industries exploring the use cases in process optimization applications. Subsequently, they are likely to reap real revenue gains from the application of quantum computing technologies in finance, pharmaceuticals, energy, and automotive industries. Additionally, the use cases have proliferated in the chemical sector, notably for studying molecular structures.
Software developers and pioneers of quantum artificial intelligence (AI) are plowing into millions of dollars into R&D in quantum computing in the next 10 years, thereby bolstering the availability of software and services in real-life applications. Drug discovery and development during the COVID-19 pandemic witnessed pharmaceutical and biotech companies leveraging the capabilities of quantum computing, notes a TMR study on the quantum computing market. The rise in business potential is expected to translate into global revenues worth US$ 14 Bn by 2031, notes the study.
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Key Findings of Quantum Computing Market Study
- Potential of Quantum Computing in Shortening Time for Drug Discovery and Development to Open New Revenue Streams: Quantum computing technologies and services are likely to impart massive business value to processes in various industries in not-so-distant future. More prominently and recently, the quantum computing market is witnessing growing investments by drug manufacturers and enterprises in the chemical sector on using quantum computing. The computing technology is expected to cut down on both time and costs of development of new drugs and materials, respectively. The demand is gaining impetus from the need for developing novel molecules that find use in pharmaceutical products for curing or treating diseases.
- Businesses to Harness Capabilities in Long-term Data Security: One of the areas viewed with profound business potential in the quantum computing market is the use of the technology in cryptosecurity systems. Quantum scientists and industry players are keen on testing quantum computing for developing quantum-safe algorithms for next-gen algorithms. The trend is likely to offer incremental opportunities for businesses in financial services industry. Other industries are evaluating the potential of vast computation power of quantum computing for ensuring security of data assets in the long-term. Furthermore, the role of quantum computing AI in simplifying complex optimization problems is an attractive business proposition in autonomous vehicle applications and in energy and power sector. The automotive industry in particular is spending sizably to leverage the transformative potential of machine learning with quantum computing AI.
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Quantum Computing Market: Key Drivers
- The past few years have witnessed an unprecedented rise in interest in next-gen computing technologies, notably those that are characterized with solving multivariable problems. Scientists and pioneers across industries have realized the profound potential of quantum physics in shaping the next-generation computing. Thus, there has been extensive R&D in leveraging quantum computing technologies for real-world use, thereby building up potential revenue streams for technology companies in the quantum computing market.
- The outlook of the quantum computing market is shaped by groundswell of interest among forward-thinking policy makers in several countries and the research fraternity worldwide to develop next-gen encryption algorithms for securing data assets
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Quantum Computing Market: Regional Growth Dynamics
- Asia Pacific (APAC) is emerging as a regional market with hotbed of opportunities. The prospects are underpinned by the growing popularity of innovative quantum computing systems. Over the past few years, small- and medium-sized software enterprises are anticipated to develop technologies to tap into emerging revenue streams, notes the TMR study on the quantum computing market.
- Players in the quantum computing market are expected to shift their attention into Middle East & Africa and South America markets. The rapid penetration of cloud-based solutions in multiple industries is broadening the horizon.
Quantum Computing Market: Key Players
Heavyweights in the technology industry with the likes of Microsoft, Google, and IBM are unveiling secure and scalable quantum computing cloud platforms. To this end, several of them are collaborating with research institutes and technology start-ups. Some of the prominent players in the quantum computing market are Toshiba Corporation, D-Wave Systems Inc., QC Ware Corp., Accenture, Fujitsu Limited, and Honeywell Inc.
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Global Quantum Computing Market: Segmentation
By Component
- Hardware (Systems)
- Software
- Services
- Training & Consulting
- Integration & Implementation
- Support & Maintenance
By Application
- Optimization
- Machine Learning
- Material Simulation
By End-use Industry
- Aerospace & Defense
- Automotive
- BFSI
- Healthcare
- Chemicals
- Manufacturing
- Energy & Power
- Others (IT & Telecom, Retail)
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific (APAC)
- China
- India
- Japan
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- United Arab Emirates
- South Africa
- Rest of Middle East & Africa
- South America
- Brazil
- Argentina
- Rest of South America
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