Quantum Computing Market Growth, Forecast 2021-2031

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Quantum Computing Market to Advance at CAGR of 35.3%; Players to Gain from Harnessing Transformative Potential in Process Optimization Applications: TMR Study

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NEWS PROVIDED BY Transparency Market Research  19 Oct, 2021, 14:30 BST

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 pro몭table avenues

ALBANY, N.Y., Oct. 19, 2021 /PRNewswire/ -- Quantum Computing Market: Broad 

Contours

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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 몭nance, 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 arti몭cial 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 몭nd 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 몭nancial 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 Paci몭c (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 Paci몭c (APAC) China India Japan

ASEAN Rest of Asia Paci몭c

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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Our data repository is continuously updated and revised by a team of research experts,

so that it always re몭ects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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