Right from USD 469 million in the year 2021, the global quantum computing market size is anticipated to reach USD 1,775 million by 2027 along with registering a CAGR of 30.5% during the forecast period 2021 to 2027. The progress of this services segment can be recognized by the growing number of start-ups around the globe that are ready to invest in research and development activities, relating to quantum computing technology.
It has increasing applications including algorithms, quantum parallelism, cryptography, machine learning as well as a quantum simulation that are likely to expand its sales. Not only this but also incorporating AI and ML technologies is all set to boost the demand. It is important to know that quantum computing is indulged in offering several openings in various fields including traffic optimization, financial modeling, medical research, weather forecasting, and artificial intelligence.
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How Covid-19 is going impact quantum computing market?
Quantum computing has the capability to be a game-changing solution contending climate change and assisting other businesses to improve their cybersecurity strategies. In this way, quantum computing has the power to change the strategic balance of power, commerce, and military affairs as well. During the COVID-19 pandemic, quantum computing marketing has been positively impacted due to the increased dependence on digital computing solutions.
The alarming spike in COVID patients and the rise of new virus variants have led to the implementation of work-from-home and digitization. Quick digitization and the adoption of progressed software might enhance the adoption of the product. Moreover, the rising adoption of e-commerce is believed to support industrial progress at the time of the pandemic.
How government is helping in growth by rising investments in quantum computing technology?
Based on technology, the global quantum computing market is often categorized into trapped ions qubits, superconducting qubits, quantum annealing, and several others. It is vital for you to know that the superconducting qubits segment adds to the biggest share in the quantum computing market due to the raised adoption of quantum computing by the organizations in order to attain a solid base among competitors.
It is necessary to know that quantum dots are expected to extend at a faster pace at the time of the forecast period because it helps in decreasing the electron tunneling obstruct when two qubits come together. Based on components, the global quantum computing market is divided into hardware, software as well as service. The service segment is accepted to be the part of the highest share in the quantum computing market because of the rising number of start-ups worldwide that invest in R&D activities.
Due to the lower operating costs and efficient operations in various industries, quantum computing technology is used in optimization, simulation as well as machine learning applications. Remember quantum computing is still in its commencement stage. Loyal partners who promote quantum computing are involved in creating a quantum workforce as well as developing future practical applications to create scalable quantum computers.
Thus, the industry players are all set to enter into collaborations, partnerships, and joint ventures to improve their offerings & magnify market reach.
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