Quantum Computing Market : Paving the Way for Innovation Across Industries
The quantum computing market size is valued at USD 866 Million in 2023 and is anticipated to be USD 4,375 Million by 2028; growing at a CAGR of 38.3% from 2023 to 2028. The key factors contributing to the growth of the quantum computing market include the rising adoption of quantum computing technology in various industries and sectors, increasing investments in quantum computing technology, and a surge in the number of strategic partnerships and collaborations for advancements in quantum computing technology are among the factors driving the growth of the quantum computing market.
Unveiling the Potential:
Quantum computing harnesses the principles of quantum mechanics to process and store information in quantum bits or qubits, which can exist in multiple states simultaneously. Unlike classical computing, which uses bits that represent either 0 or 1, quantum computing leverages the concept of superposition and entanglement to perform calculations at an extraordinary scale. This capability has the potential to revolutionize fields such as cryptography, drug discovery, optimization, materials science, and much more.
Download PDF Brochure @
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=144888301
Current Market Trends:
The market for quantum computing has grown significantly in recent years thanks to improvements in research, greater investment, and partnerships between academia and business. Major IT firms like IBM, Google, Microsoft, and upstarts like Rigetti Computing and IonQ are vying for the right to build quantum computers and provide quantum services to businesses throughout the world. Scalability of qubits, error-correction methods, and the development of quantum algorithms are all advancing quickly on the market.
Applications Across Industries:
The potential uses for quantum computing are numerous and diverse. Quantum computers have the potential to crack conventional encryption methods in the field of cybersecurity, necessitating the development of quantum-resistant cryptographic techniques. By simulating chemical interactions and improving drug designs, quantum computing can speed up the drug development process in the pharmaceutical sector. Quantum computing can also make a big difference in the optimisation of supply chains, financial modelling, climate modelling, and logistics planning, among other fields.
Challenges and Future Outlook:
Despite its enormous potential, quantum computing has a number of difficulties. The main technical challenges include creating and maintaining stable and error-free qubits, controlling quantum noise, and reducing decoherence. In addition, the scalability and processing capacity of the available quantum computers are restricted and they are still in the early stages of research. We may anticipate exponential growth and adoption in the upcoming years as the technology improves and the industry makes great efforts in overcoming these challenges.
The key players in this market are IBM (US), D-Wave Quantum Inc. (Canada), Microsoft (US), Amazon Web Services (US), Rigetti Computing (US), Fujitsu (Japan), Hitachi (Japan), Toshiba (Japan), Google (US), Intel (US), Quantinuum (US), Huawei (China), NEC (Japan), Accenture (Ireland), Nippon Telegraph and Telephone (Japan), Bosch (Germany), Quantum Circuits (US), IonQ (US), QC Ware (US), PsiQuantum (US), Alpine Quantum Technologies GmbH (Tyrol), Xanadu (Canada), ABDProf (Spain), Zapata Computing (US), and Northrop Grumman (US). The players in this market have adopted various strategies to expand their global presence and increase their market shares.
About MarketsandMarkets™
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ’GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
No comments: