Quantum Computing Market Will Advance at a 31.2% CAGR

The quantum computing market will reach a value of USD 5,274 million USD 5,274 million, powering at a 31.2% compound annual growth rate, by 2030.  

The employment of such solutions has witnessed a robust improvement in some areas, including financial services, logistics & support, and cybersecurity because technology giants are strongly spending in this field. 

The hardware category, based on offering, was the largest contributor to the industry in the past few years, with a 62.5% share. Industry players are significantly investing in the innovation of strong hardware equipment, to assist such powerful software.  

Moreover, the hardware category is likely to grow continuously because different kinds of hardware for quantum computing are being produced. All commercially accessible computing systems are based on trapped ions, superconducting circuits, photonic networks, neutral atoms, and spin qubits. 

In recent years, the on-premises category, based on deployment type, accounted for the larger share. This is because of the large scale of research at the organizational or institutional level, for which this technology users prefer to store the data on their own servers. 

The optimization category, based on application, was the largest contributor to the quantum computing market. This can be because most organizational issues circle around streamlining business procedures, for which optimization solutions are of the highest importance.  

As a result, industry players are concentrating on producing a solution that can be utilized for optimization purposes. 

The BFSI category, on the basis of industry, accounted for the highest revenue in the past few years. This can be mainly because of the fact that large banks are concentrating on spending on this potential technology to enhance their business procedures, coupled with gaining greater security. 

The healthcare category, on the other hand, is likely to propel at the highest compound annual growth rate in the years to come. This can be mainly because of the surging need for developed diagnosis as well as treatment techniques for chronic disorders.  

North America was the highest revenue contributor to the industry in recent years. This is because of the large funding made by private firms for technological development. These initiatives will lead to the growing acceptance of this technology in academic, industrial, and government facilities. 

Europe will advance at the fastest CAGR in the years to come. This can be because of the region's advancing economic development, strong research and development (R&D) ecosystem, substantial funding in information technology (IT), thriving aerospace & defense and industrial sectors, and rising fondness for advanced technologies. 

With the surging funding for this technology by private firms as well as governments, the quantum computing industry will continue to progress in the coming years. 

SOURCE: P&S Intelligence