Asia Pacific to witness surge in demand for Quantum Computing Market and solutions in next 5 years

[109 Pages Report] Driven by rising incidences of cybercrime and growing adoption of quantum computing technology in the defense, banking & finance, healthcare & pharmaceuticals, and chemicals, the quantum computing market is likely to witness a high growth in the coming years. The market was valued at USD 88.4 Million in 2016 and is expected to grow at a CAGR of 29.04% between 2017 and 2023. The base year considered for the study is 2016, and the forecast period is between 2017 and 2023. The objective of the report is to provide a detailed analysis of the market based on revenue source, application, industry, and region. The report provides detailed information regarding the major factors influencing the growth of the market.

The players involved in the quantum computing market are D-Wave Systems Inc. (Canada), 1QB Information Technologies Inc. (Canada), IBM Corporation (US), QxBranch LLC (US), Research at Google - Google Inc. (US), MagiQ Technologies (US), Rigetti Computing (US), and Station Q- Microsoft Corporation (US).

This report segments the market on the basis of revenue source, application, industry, and geography. The sampling application of quantum computing accounted for the largest share in 2016. This growth is mainly attributed to the growing demand for the sampling application in the banking & finance, defense, healthcare & pharmaceuticals, and chemicals industries.

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North America accounted for the largest share of the overall quantum computing market in 2016. On the other hand, Asia Pacific (APAC) would be the fastest growing region for quantum computing during the forecast period. This growth can be attributed to the increasing demand for quantum technology to solve the most tedious and complex problems in the defense and banking & finance industry.

On the basis of industry, the quantum computing market is segmented into defense, healthcare & pharmaceuticals, chemicals, banking & finance, and energy & power. The market for energy & power is expected to witness a significant growth during the forecast period. The significant growth of this industry can be attributed to the highly attractive outlook for nuclear and renewable sectors. Applications from energy & power industry such as energy exploration, seismic survey optimization, and reservoir optimization would drive the growth of the  market in the energy & power industry.

Quantum computing is a new and promising technology and to implement it, a pool of technically skilled employees is required. Hence, to find an employee with the required skill set is the biggest challenge for industry players. To overcome this challenge, governments and quantum computer manufacturers are planning to start training sessions related to this technology. For example, D Wave Systems Inc. (Canada) provides “Training Modules” to its customers to make them aware of the workings of quantum computers.

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