Quantum computing market to see growth from many drivers
New analysis from market research firm Douglas Insights finds that the global market for quantum computing is experiencing an upward trend with significant growth. According to the report, the market is expected to see a 30.2% growth in CAGR by the year 2026.
While there are various drivers to the market, along with some relevant restraints, the overall demand for and interest in quantum computing means that the next forecast period will see much growth. The Covid-19 pandemic, says the firm, actually resulted in further growth of the quantum computing market as opposed to stunting the market’s growth as it did with many other global markets.
After the pandemic, there was increased spending on healthcare and pharmaceuticals to develop medical and diagnostic tools, not just for Covid-19 but for other diseases and conditions, too. These medical and diagnostic tools are enabled by quantum computing technologies, thereby driving the demand for quantum computing. Quantum sensors are also used in MRI technology.
The report finds that one of the most significant drivers of the quantum computing market is the early adoption of the technology by the banking and finance industries, where quantum computing is used to speed up the time it takes to carry out transactions and process large quantities of data. Quantum computing also reduces the costs of these transactions, leading to more revenue generation.
Another driver of the market is the increased investment in quantum computing by various governments across the world. For example, the governments of China, the U.S., and Australia have all been supporting the research and development of quantum computing technology. There are also some very helpful partnerships between large companies like Google and Intel to carry out R&D.
Despite the strong levels of growth in the market and all of the drivers to the market, says the firm, there are still some restraints to consider. Quantum computing technology is still in the very early stages of its life, despite so much research being done – the technology has a long way to go before it is entirely stable, efficient, and free from errors.
At present, quantum computers use physical qubits, which can lead to errors in computing. Much work still remains to be done to develop quantum computing and eliminate all errors. It is also very difficult to commercialize quantum computers as the qubits require very specific conditions to work in and can be easily disrupted.
As for market segmentation, the Asia Pacific region is expected to hold the largest market share in the next forecast period. China, South Korea, and Japan are leading the region in manufacturing electronic devices like laptops and smartphones. As a result, there is an increased demand for Quantum Computing in the region.
Some key market players in the quantum computing market include Google (US), Amazon (US), Microsoft (US), and International Business Machines (US). For more, see “Quantum Computing: Technologies and Global Markets to 2026 Industry Trends and Forecast to 2029.”
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