Quantum Computing Market Size, Share, Trends and Industry Analysis To 2028
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.
The Banking & Finance sector is anticipated to secure the predominant share in the quantum computing market throughout the forecast period.
In this industry, quantum computing finds application in various areas, including risk modeling, trading strategies, detection of market instabilities, and optimization of trading trajectories, portfolios, as well as asset pricing and hedging. Given the inherent complexities of the financial sector, the quantum computing approach is poised to assist users in comprehending and navigating its intricate intricacies.
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Furthermore, quantum computing proves invaluable to traders by offering solutions to surmount financial challenges effectively. Key players in the banking and financial domain, including banks and financial institutions, especially hedge fund managers, are at the forefront of adopting quantum computing systems and services. These advanced technologies aid them in minimizing risks and maximizing returns from dynamic investment portfolios. The potential applications of quantum computing in this sector encompass portfolio analysis, fraud detection, optimization, asset valuation, quantum-proofing cybersecurity systems, and high-frequency trading.
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The machine learning application is poised for rapid growth in the forecast period, driven by emerging trends in quantum computing integration.
Quantum computing and machine learning stand as interconnected realms of research, each holding the promise of transformative advancements. Quantum computing, with its potential to revolutionize data processing, converges seamlessly with machine learning—a robust tool for extracting insights from vast datasets. The convergence of these two domains prompts researchers to forge innovative algorithms, leveraging the distinctive properties of quantum computing to solve intricate problems with heightened speed and efficiency.
The landscape has witnessed successful demonstrations of quantum-enhanced machine learning algorithms, marking a pivotal stride in this burgeoning field. As the synergy between quantum computing and machine learning gains momentum, new trends shape their collective trajectory. Anticipated applications span a spectrum of industries and challenges, including optimizing complex control systems, developing more efficient search algorithms, automating financial data analysis, crafting precise artificial intelligence systems, refining quantum cryptography algorithms, advancing machine translation capabilities, elevating medical image analysis, and enhancing quantum computing simulations.
In this evolving landscape, the symbiotic relationship between quantum computing and machine learning unveils a realm of possibilities, paving the way for innovative solutions across diverse domains.
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.
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