Enterprise Quantum Computing Market Demand, Covid-19 Impact, Scope and Future Estimation until 2023
iCrowdNewswire Jan 8, 2021 4:04 PM ET
Market Research Future (MRFR) estimates the value of enterprise quantum computing market
2020 to be USD 2-3 billion by 2023. MRFR also presumes that the market could progress at a stellar rate of 34% from 2018 to 2023 (evaluation period). We will provide COVID-19 impact analysis with the report, offering an extensive market evaluation post the coronavirus disease outbreak.
Key Drivers and Top Barriers
In May 2020, a team of researchers from Penn State devised new ways that quantum computing can help in the treatment of COVID-19. They have come up with quantum machine learning, which is a combination of quantum physics and machine learning. This technique is believed to be faster and cheaper compared to the existing methods being deployed for drug discovery. Quantum computing promises a lot of favorable prospects when it comes to dealing with the SARS-CoV-2 outbreak and the challenges posed by the pandemic.
While the quantum computing field is already characterized by various research and development activities, the COVID-19 outbreak and the consequent lockdown that has led to major revenue and lives loss, have boosted the initiatives that can help respond to the critical situation. Prominent initiatives with respect to quantum-computing are being taken in Europe, the United States, Canada, Australia, China, Russia and Singapore, with massive spending on qubit research and more and more researchers able to now access advanced cloud services.
While the COVID-19 impact on the market has been drastic, the escalating awareness with regard to quantum computing among defense, automotive and BFSI could mean incredible business growth in the near future. Also, the surge in the cybercrime rate, and the rising number of stringent government policies pertaining to development of the quantum computing technology could induce substantial growth in the enterprise quantum computing market.
The Quantum Computing for Enterprise Market can be segregated with respect to component, deployment, technology, application and vertical.
The components specified in the study include software, services and hardware.
The deployment-wise market sections can be on-cloud, hybrid as well as on-premise.
The techniques covered by MRFR experts are superconducting, quantum annealing and simulation and more.
The primary applications of enterprise quantum computing are medical research, data analytics, optimization, automation, pattern recognition, and advanced cryptography.
The main end-users in the global industry are energy and power, BFSI, transportation, aerospace & defense, IT and telecommunication, medical, chemical, automotive, and more.
MRFR has considered QRA Corp, Intel Corporation, D-Wave Systems Inc, Cambridge Quantum, Computing Ltd, QC Ware Corp., Rigetti & Co, Inc., QxBranch, Inc., IBM Corporation, Google LLC, Quantum Circuits, Inc., Microsoft Corporation, Cisco Systems, and Atos SE as some of the key players in enterprise quantum computing market.
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