Global Quantum Computing Market to grow at 21.3% CAGR till 2026

Growing emphasis on reducing cybercrime is expected to drive the growth of the Quantum Computing market.The global quantum computing market was valued at USD 81.6 million in 2018 and is expected to reach USD 381.6 million in 2026, growing at a CAGR of 21.3% from 2019 to 2026.

Global players are investing substantially to develop more capable quantum computing that can cater to various requirements of industries such as automotive, aerospace & defense and healthcare, among others. It is anticipated that this investment will reflect in the growing demand for quantum computing technology over the forecast period.

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The rising focus on tackling cybercrimes is one of the main drivers for the growth of the global quantum computing market over the forecast period. Moreover, the massive change in the approach of various industrial sectors which involves emphasis on adopting new technologies is expected to enhance the market size. This also expected to open investment opportunities in the global market for the manufacturers in the coming years.

However, the lack of skilled professionals is one of the factors which is expected to hamper the growth of the global quantum computing market during the forecast period. Moreover, a limited number of platforms is the prime challenge in the global quantum computing market throughout the forecast period.

Key Findings:

• Based on offering, the quantum computing system segment is expected to dominate the market with nearly 57% share in the global quantum computing market in 2018
• Based on function, the optimization segment accounts of the largest share in the market and is expected to grow at a CAGR of around 22.56% during the forecast period.
• Based on end-use industry, the aerospace & defense segment accounts of the largest share in the market and held for more than 32% of the total market in 2018.
• Europe accounted for nearly 27.67% share of the global quantum computing market in 2018.

Recent News:

• In August 2019, Xanadu, a leader in photonic quantum computing, provided proof-of-concept technology which is developed in collaboration with the BMO Financial Group and Scotiabank.
• In November 2018, D-Wave partnered with Denso Corporation (Japan) to develop quantum computing solution for automotive sector.
• In April 2018, QxBranch Inc. partnered with IBM to develop quantum computing solutions for various industries.