Quantum Computing Market By Size, Share, Trends, Growth Drivers and Opportunities from 2023 to 2028

(IT-NEWSWIRE.COM, February 14, 2024 ) The global quantum computing market size is valued at USD 866 Million in 2023 and is anticipated to be USD 4,375 Million by 2028; growing at a CAGR of 38.3% from 2023 to 2028.

The key factors contributing to the growth of the quantum computing market include the rising adoption of quantum computing technology in various industries and sectors, increasing investments in quantum computing technology, and a surge in the number of strategic partnerships and collaborations for advancements in quantum computing technology are among the factors driving the growth of the quantum computing market.

Anticipated to secure the leading Quantum Computing Size during the forecast period, superconducting qubits showcase distinct advantages, including low power consumption, high speed, and operation at low temperatures. This type of qubit, known for its high controllability, finds applications in Quantum Computing, cryptography, and the broader quantum computing industry. Noteworthy advancements in superconducting qubit technology by various companies, exemplified by IBM's launch of Osprey in November 2022, a groundbreaking 433-qubit Quantum Processing Unit (QPU), underscore the industry's growth and potential.

Superconducting qubits is expected to hold the largest share during the forecast period

Superconducting qubits have several advantages over other qubits, including low power consumption, high speed, and the ability to operate at low temperatures. Moreover, due to the high degree of control possible with this type of qubit, they can be used for various applications, such as quantum simulation, cryptography, and quantum computing. In recent years, many companies have made major advances in developing superconducting qubits. For instance, in November 2022, IBM launched Osprey, its new 433-quantum bit (qubit) quantum processing unit (QPU) and the world’s largest superconducting quantum processor.

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Banking & Finance segment to hold largest share of quantum computing market during forecast period

In the banking & finance industry, quantum computing is used for risk modelling applications and trading strategies; it is also used to detect market instabilities and optimize trading trajectories, portfolios, and asset pricing and hedging. As the financial sector is difficult to understand, the quantum computing approach is expected to help users understand its complexities. Moreover, it can help traders by suggesting solutions to overcome financial challenges. Banks and financial institutions, such as hedge fundraisers, are the key adopters of quantum computing systems and services as they help them minimize risks and maximize gains from dynamic portfolios of investments. Potential use cases of quantum computing in the banking and financial industry include portfolio analysis, fraud detection, optimization, asset valuation, cybersecurity system quantum-proofing, and high-frequency trading.

The fastest growth in the Quantum Computing market during the forecast period is expected to occur in the machine learning application.

The synergies between Quantum Computing and machine learning, intertwined fields of research, are poised to revolutionize data processing. Quantum Computing's unique properties are harnessed by machine learning, creating innovative algorithms for faster and more efficient problem-solving. Demonstrations of quantum-enhanced machine learning algorithms have already taken place, reflecting a swift growth trajectory.

Applications include optimizing control systems, developing efficient search algorithms, automating financial data analysis, creating accurate artificial intelligence systems, enhancing Quantum Computing cryptography algorithms, improving machine translation systems, advancing medical image analysis, and refining Quantum Computing simulations. This convergence marks a promising frontier in Quantum Computing technological advancement, supported by compelling statistics and growth trends.

North America is expected to hold the second largest share of the quantum computing market during forecast period

North America accounted for the second largest share of the quantum computing market during the forecast period. The growth of the market in this region can be attributed to the presence of key quantum computing system and service providers in North America, as well as an increase in the adoption of quantum computing applications in distinct industries, such as space & defense , chemical, and banking & finance.

The Top Companies in this quantum computing market are :

IBM (US), D-Wave Quantum Inc. (Canada), Microsoft (US), Amazon Web Services (US), Rigetti Computing (US), Fujitsu (Japan), Hitachi (Japan), Toshiba (Japan), Google (US), Intel (US), Quantinuum (US), Huawei (China), NEC (Japan), Accenture (Ireland), Nippon Telegraph and Telephone (Japan), Bosch (Germany), Quantum Circuits (US), IonQ (US), QC Ware (US), PsiQuantum (US), Alpine Quantum Technologies GmbH (Tyrol), Xanadu (Canada), ABDProf (Spain), Zapata Computing (US), and Northrop Grumman (US). The players in this market have adopted various strategies to expand their global presence and increase their market shares.

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Quantum Computing Market By Size, Share, Trends, Growth Drivers and Opportunities from 2023 to 2028