Market Research Future (MRFR) projects the global enterprise quantum computing market to reach a market value of USD 3 billion at a 34% CAGR from 2018–2023 (forecast period).
Multiple Factors Boosting the Global Market
Various factors such as the increasing cybercrime incidences, early adoption of quantum computing in the defense and automotive industries, increased investments by government bodies, active collaborations and partnerships between start-ups and academic universities are propelling the global enterprise quantum computing market over the forecast period.
Difficulty in Implementation
Complexity in implementation is one of the significant factors predicted to hamper the market growth in the coming years. Additionally, compatibility concerns within low-temperature constraints, as well as the utilization of quantum entanglement during network communication, are some of the market's obstacles.
The global enterprise quantum computing market has been segmented into component, deployment, technology, application, and vertical.
Based on components, the global enterprise quantum computing market has been segmented into hardware, software, and services.
Based on deployment, the global enterprise quantum computing market has been segmented into on-premise, on-cloud and hybrid.
Based on technique, the global enterprise quantum computing market has been segmented into simulation, superconducting, and quantum annealing, among others
Based on application, the global enterprise quantum computing market has been segmented into advanced cryptography, data analytics, pattern recognition, medical research, automation, and optimization, among others.
Based on end-user, the global enterprise quantum computing market has been segmented into aerospace defense, automotive, IT and telecommunication, BFSI, medical, chemical, transportation, energy and power, among others.
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North America to Lead the Global Market
At the moment, North America leads the worldwide enterprise quantum computing industry, followed by Europe, Asia Pacific, and the Rest of the World. Heavy investments in research and development of quantum computing technology by enterprises and governments in the region, particularly the United States, are projected to drive market expansion in North America. In the North American enterprise quantum computing market, the United States currently has the largest market share. The presence of technological leaders in the country, such as Google, IBM Corporation, and Intel, is also projected to contribute to market growth in the coming years.
Europe to Hold the Second Spot in the Global Market
In 2018, Europe was the second-largest revenue-generating market for enterprise quantum computing. Several initiatives by governments in this region are favorably boosting the growth of the enterprise quantum computing market. The European Union, for example, launched a USD 1.2 billion quantum flagship initiative with the goal of putting Europe at the forefront of quantum computing. In 2018, the UK market accounted for the largest share of the European enterprise quantum computing market. The presence of significant players in the country, such as Cambridge Quantum Computing Ltd, has aided the development of quantum technology in the region.
APAC to Witness the Fastest Growth Rate
During the forecast period, Asia Pacific is expected to develop at the quickest CAGR. China and South Korea are leading the way in the development of quantum computing technologies. However, a dearth of skilled employees is impeding the growth of the region's enterprise quantum computing market.
Market Research Future has recognized the following key players in the market—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 among others.
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