Quantum computing basically refers to the use of principles of quantum mechanics such as superimposition and entanglement, for performing computation or calculations. The computer that is used for this purpose is known as the quantum computer and it is different from conventional and super computers.
Compared to conventional computers, quantum computers are more proficient in performing complex calculations. This is one of the major reasons behind the growing adoption of quantum computing in sectors like aerospace & defense, healthcare & lifescience, BFSI, IT & Telecom, energy & utilities, and several other sectors.
Quantum computing is being increasingly used for applications like machine learning or deep learning, financial analysis, simulation & data modelling, cyber security, and others. The global Quantum computing market is projected to reach USD 2.82 billion by 2023, growing at a CAGR of 34% during the period 2018 to 2023.
The growth of the quantum computing market will be fuelled by factors like rising awareness about it and its increasing adoption is sectors like BFSI, automotive, and aerospace & defense. The demand for high performance computing has been increasing in various industries for machine & deep learning, optimization, simulation, and data modelling. This is also promoting the growth of the global quantum computing market.
Growing investments in quantum computing technology will be another major factor that will fuel the growth of the market in the coming days. Major companies and organizations like NASA, Lockheed Martin, and Goldman Sachs Group, along with various government organizations, are undertaking huge investments for R&D in this technology. Governments of many countries such as the US and China are also investing heavily in this technology. All such investment programs will give a major boost to the global quantum computing market.
Further, the increasing adoption of quantum computing in medical research and in financial markets will also drive the growth of the market. Yet another factor that will positively impact the global quantum computing market is the introduction of quantum cryptography to transfer important information. Quantum computing is being increasingly used in the encryption of information.
North America is likely to retain its dominant position in the global quantum computing market, although the Asia-Pacific region will display impressive growth in the coming years. The dominance of the North American region can be mainly attributed to the presence of technology leaders like IBM, Google, etc., and the initiatives taken by the US government to accelerate R&D in quantum computing. In fact, the US is the main contributor to the growth of the North American quantum computing market.
The key global players in the quantum computing market are IBM corporation, Google Inc., D-Wave systems Inc., Intel Corporation, QC Ware Corp., Microsoft corporation, Cambridge Quantum Computing Limited, QX Branch, Rigetti & Co, Inc., Quantum Circuits, Inc., Cisco Systems, QRA Corp, 1QB Information Technologies, Atos SE, and River Lane Research.