Enterprise Quantum Computing Market Research Report, by Component (Software, Service, Hardware), by Application (Automation, Data Analytics, Optimization), by End-User (Automotive, BFSI, Chemical, Medical), by Technology (Simulation) — Global Forecast till 2023
Quantum computers are based on the principle of superposition which allows them to achieve high computational power necessary for advanced applications such as cryptography, drug discovery, and machine learning. Presently, cryptography is based on public key algorithms such as AES-256, RSA, and ECDSA. These algorithms are secure as per the existing computing needs but are expected to be rendered useless as quantum computing advances. Quantum computing application developers have started testing encryption algorithms with quantum keys which is expected to offer secure encryption for the protection of data against the computational power of future systems. Quantum cryptography is expected to transform the way we carry out transactions and data communication in the years to come and with continuous innovation in this technology, the adoption of quantum computing among enterprises may increase during the forecast period.
Global enterprise quantum computing market is estimated to reach market value of USD 2-3 billion by 2023 growing at a 34% CAGR during forecast period 2019–2023. Rising awareness about quantum computing among BFSI, defense and automotive, increasing rate of cyber crimes, and stringency of government initiatives in developing quantum computing technology are some of the prime driving factors for the growth of the market. However, complexity in implementation is one of the major factors expected to hamper the market growth in coming years. Whereas, developments in artificial intelligence and big data analytics is expected to offer various opportunities in the market. Additionally, compatibility issues within low temperature requirements, and the use of quantum entanglement during network communication are some of the challenges faced by the market.
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The global enterprise quantum computing market is segmented into component, deployment, technology, application, vertical and region.
By component, the market has been segmented into hardware, software, and services.
By deployment, the market has been segmented into on-premise, on-cloud and hybrid.
By technique, the market has been sub-segmented into simulation, superconducting, and quantum annealing among others
By application, the market has been segmented into advanced cryptography, data analytics, pattern recognition, medical research, automation, and optimization among others
By end-user, the market has been classified into aerospace & defense, automotive, IT and telecommunication, BFSI, medical, chemical, transportation, energy and power, among others.
By region, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
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.
The Enterprise Quantum Computing Market is estimated to grow at a significant rate during the forecast period 2019 to 2023. The geographical analysis of enterprise quantum computing market has been studied for North America (US, Canada, and Mexico), Europe (Germany, UK, France, Russia, Italy, Spain, and the rest of Europe), Asia-Pacific (China, Japan, India, Singapore, Australia, South Korea, and the rest of Asia-Pacifc), and the rest of the world (including the Middle East & Africa, and South America).
North America was leading the enterprise quantum computing market in 2019. North America is an established region in terms of advanced infrastructure support— widely known for being an early adopter of new technology. Increasing investment in research & development of quantum computing by key players, highly skilled technical expertise, and presence of market leaders such as Google, IBM Corporation, and Intel primarily affect the growth of enterprise quantum computing in the region.
Europe held second-largest share of the global quantum computing market in 2019. The UK dominated the market, followed by Germany and France. The Canada-Germany agreement signed in 2019 for establishing quantum computing and machine learning networks has significantly benefited the development of quantum computing technology in the country.
Asia-Pacific is projected to grow with the fastest growing CAGR. China accounted for the highest market share of the Asia-Pacific enterprise quantum computing market in 2019. The recently launched USD 10 billion quantum initiative in Shanghai is expected to contribute to the growth of China enterprise quantum computing market. Initiatives from companies such as Alibaba towards the development of quantum technology is further expected to drive the growth of the market in in the coming years.
The rest of the world enterprise quantum computing market is expected to grow with a steady rate during the forecast period. The presence of research facilities of companies such as IBM in Brazil is expected to significantly impact the development of quantum computing technology in the region. However, lack of skilled workforce is projected to hamper the growth of regional enterprise quantum computing market.
LIST OF TABLES
Table 1 Enterprise Quantum Computing Market, By Region, 2019–2023
Table 2 North America: Enterprise Quantum Computing Market, By Country, 2019–2023
Table 3 Europe: Enterprise Quantum Computing Market, By Country, 2019–2023
Table 4 Asia-Pacific: Enterprise Quantum Computing Market, By Country, 2019–2023
Table 5 Rest Of The World: Enterprise Quantum Computing Market, By Region, 2019–2023
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LIST OF FIGURES
FIGURE 1 The Global Enterprise Quantum Computing Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of The Global Enterprise Quantum Computing Market
FIGURE 4 Value Chain/Supply Chain Of The Global Enterprise Quantum Computing Market
FIGURE 5 Share Of The Global Enterprise Quantum Computing Market In 2017, By Country (In %)
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