The global quantum computing market is projected to observe striking growth over the forecast period, owing to the increasing number of cyber-attacks around the world. The consulting solutions sub-segment is predicted to observe rapid growth by 2027. Geographically, the Europe region is estimated to witness substantial growth during the analysis period.

New York, USA, Jan. 17, 2022 (GLOBE NEWSWIRE) -- Research Dive states that the global quantum computing market is estimated to garner a revenue of $667.3 million by 2027, and rise at a CAGR of 30.0% in the forecast period from 2020 to 2027. The all-inclusive report on quantum computing market provides a brief summary of the current market scenario along with the key aspects of the industry, such as significant growth and restraining factors, challenges, and multiple growth opportunities. Besides, the report provides all the estimations of the market, making it easier and helpful for the novel participants to better understand the global market.

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Quantum Computing Market Dynamics

Analysts at Research Dive state that the increasing number of cyber-attacks, such as phishing, ransomware, and others, and the various strategies implemented by businesses for using quantum computers in cyber security are the major factors anticipated to propel the growth of the global quantum computing market. In addition, the increasing adoption of quantum computing technologies in the agriculture sector is projected to open up massive growth opportunities for the global market in the coming years. Conversely, the shortage of trained employees and the lack of awareness about quantum computing may restrict the market growth in the forecast period.

Impact of COVID-19 on the Quantum Computing Market

The outbreak of COVID-19 has considerably impacted the global quantum computing market growth during the pandemic period. This growth of the market is majorly because quantum computing platforms have joined the forces of disruptive technologies to better control the global outbreak. Quantum technology can be a game changer across quantum chemistry due to its ability to offer exponential acceleration to crucial calculations combined with enhanced optimization.

Check out How COVID-19 impacts the Global Quantum Computing Market: https://www.researchdive.com/connect-to-analyst/8332

Consulting Solutions Sub-segment to Witness Fastest Growth

Based on offerings type, the consulting solutions sub-segment accounted for $37.1 million in 2019 and is estimated to observe the fastest growth during the analysis period. This sub-segment growth of the global quantum computing market is mainly owing to the higher application of consulting solutions in material science, drug discovery, formulation of new chemicals, and various other fields such as space & defense, automotive, chemicals, energy & power, and healthcare.

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Machine Learning Sub-segment to be Most Profitable

Based on application, the machine learning sub-segment is expected to surpass a revenue of $236.9 million by 2027 and is predicted to observe lucrative growth during the analysis period. This is majorly owing to the vital role of quantum computing in improving runtime, capacity, and learning efficiency. Besides, the ability of quantum machine learning (ML) to accelerate a number of ML processes including optimization, deep learning, Kernel evaluation, and linear algebra is another factor predicted to drive the sub-segment’s growth by 2027.

Banking and Finance Sub-segment to be Most Lucrative

Based on end-user, the banking and finance sub-segment is predicted to witness rapid growth and surpass a revenue of $159.2 million over the forecast period. This sub-segment growth of the global quantum computing market is mainly due to its application in quantum computing that supports portfolio analysis, high-frequency trading, and asset appraisal.

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Europe Region to Create Massive Growth Opportunities

By region, the Europe quantum computing market valued for $28.2 million in 2019 and is expected to observe extensive growth during the analysis period. This is majorly due to the increasing rush towards quantum computing technologies in the region in several sectors, such as chemicals, healthcare, utilities & pharmaceuticals, and others. Besides, the higher application of quantum computing technologies in fields such as development & discovery of new drugs, cyber security, cryptography, and defense sector is likely to bolster the growth of the region by 2027.

Key Players of the Quantum Computing Market

1. D-Wave Systems, Inc
2. International Business Machines Corporation
3. 1QB Information Technologies
4. StationQ
5. Rigetti Computing
6. River Lane Research
7. Anyon
8. Cambridge Quantum Computing Limited
9. QC Ware, Corp
10. Microsoft
11. Google, Inc

These players are executing several strategies to gain a dominant position in the global industry.

For instance, in September 2020, D-Wave systems, a Canada-based quantum computing company, declared the availability of its next-generation quantum computing platform through Leap quantum cloud. This platform integrates novel hardware, software, and tools to enable and accelerate in-production application of quantum computing.

Moreover, the report also summarizes other important aspects including SWOT analysis, product analysis, the performance of key players, and the latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.

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Mr. Abhishek Paliwal
Research Dive
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