Selbyville, Delaware, Nov. 01, 2021 (GLOBE NEWSWIRE) —
The quantum computing market revenue is anticipated to record a valuation of USD 5 billion by 2028, according to the most recent study by Global Market Insights Inc. The rising popularity of quantum computing technology fueled by many technological advancements is expected to significantly contribute to market growth. Quantum computing technologies have the capabilities to speed up computers in the coming years, which is anticipated to accelerate innovations in many industry verticals. The major factor driving technology growth is its adoption in the BFSI sector, governments across various countries are also supporting research & development activities to develop innovative solutions across its applications.
The service segment is anticipated to grow at a CAGR of above 30% from 2021 to 2028. Growth is attributed to the increasing number of startups and their research & development activities in quantum computing technology. Services are majorly used in simulation, optimization, and machine learning applications, thus leading to maximum cost utilization and efficient operations in various industries. They also help organizations to use resources remotely similar to Infrastructure-as-a-Service (IaaS).
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The on-premise deployment segment is anticipated to showcase a substantial growth rate in the coming years. Growth is attributed to rising concerns regarding data security. For instance, medical researchers dealing with highly confidential data or developing a computational algorithm for drug development that is vulnerable to data leaks. Due to these concerns, organizations are focusing on the deployment of on-premise models to safeguard their intellectual assets, which in turn, is expected to support the market growth.
The simulation segment is poised to witness a market share of over 20% in 2022 due to an increasing need to manage financial risks. Simulation is one of the important segments that help financial institutions to manage financial risks. It helps institutions to accelerate operations at optimized costs, leads to new opportunities for revenue generation, and cost savings. These innovative capabilities are one of the major factors supporting market growth.
BFSI is projected to grow exponentially in the global quantum computing market with over 25% CAGR through 2028. The sector is an early adopter of quantum computing and the technology helps banks to identify & forecast the future market, predict the price, and identify risks & uncertainties in financial models. It also enables fast and more accurate decision-making capabilities such as shaping an optimal investment portfolio mix. These benefits are anticipated to support market growth in the coming years.
Europe quantum computing market is estimated to accrue revenues of around USD 1.5 million by 2028. Growth is attributed to the launch of quantum initiatives by the European Union. Several regional enterprises are focusing on system launches to offer strong research capabilities. For instance, in April 2021, IBM installed its Quantum System One in Europe for companies and research organizations to develop & test applied quantum algorithms. This development is anticipated to support market growth.
Companies operating in the market are focusing on the development of innovative solutions. For instance, in April 2021, NVIDIA launched Quantum SDK, a platform for simulating quantum circuits. This launch aims to offer GPU-accelerated platforms for quantum circuit and algorithm development & testing. This launch will help the company acquire a competitive position in the market.
Some major findings of the Quantum Computing Market report include:
- Increasing demand for quantum computing software to help businesses commercialize quantum computing.
- Growing technological investments and rising digitization across multiple business sectors are anticipated to support market growth.
- The Europe Quantum Computing market growth is attributed due to increasing demand across the healthcare sector.
- Companies operating in the market are focusing on the development of innovative solutions in accordance with simulation, machine learning, and optimization.
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Partial chapters of report table of contents (TOC):
Chapter 3 Quantum Computing Industry Insights
3.2 Industry segmentation
3.3 Impact of COVID-19 outbreak
3.3.1 Global outlook
3.3.2 Regional outlook
126.96.36.199 North America
188.8.131.52 Asia Pacific
184.108.40.206 Latin America
220.127.116.11 Middle East & Africa
3.3.3 Industry value chain
3.3.4 Competitive landscape
18.104.22.168 Distribution network
22.214.171.124 Business growth
3.4 Industry ecosystem analysis
3.5 Technological & innovation landscape
3.6 Regulatory landscape
3.6.1 General Data Protection Regulation
3.6.2 HEALTH Insurance Portability and Accountability Act of 1996
3.6.3 P7131 – standard for quantum computing performance
3.7 Industry impact forces
3.7.1 Growth drivers
126.96.36.199 Government investments in quantum computing solutions
188.8.131.52 Rising need to solve complex problems
184.108.40.206 Growing demand of tools across end user industries
3.7.2 Industry pitfalls & challenges
220.127.116.11 Lack of technical expertise to fabricate quantum bits
18.104.22.168 High energy consumption
3.8 Growth potential analysis
3.9 Porter’s analysis
3.9.1 Threat of new entrants
3.9.2 Threat of substitutes
3.9.3 Bargaining power of buyer
3.9.4 Bargaining power of supplier
3.9.5 Industry rivalry
3.10 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.