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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https://www.reportlinker.com/p05879070/?utm_source=PRN
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), 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.
Read the full report:
https://www.reportlinker.com/p05879070/?utm_source=PRN
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