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Quantum computing is nothing but the use of quantum physics properties such as superposition theorem to perform computation and store the data. The growing demand for faster data operations, secure data transfer, and communications would be likely to drive the quantam computing market during the forecast period. Quantum computing can be integrated with machine learning (ML) to improve the latter's use case.
The government's support for quantum computing technology's deployment and development is a protuberant trend in the market. Numerous public entities and private companies realize the significance of a coordinated funding strategy that positively impacts market growth. For instance, as per the National Quantum Initiative law, which was legalized in December 2018, the United States House of Representatives has included USD 1.2 billion funding for the National Quantum Initiative Program. The funding aimed to facilitate quantum information science and technology applications for over ten years by setting its goals and priorities.
Industries including banking, space, defense, healthcare, public sectors, and others are expected to contribute significantly to the overall quantum computing market. The increasing need for secure data transfer and communications, with the demand for faster data operations, is anticipated to enhance quantum computing consulting solutions' demand. The healthcare industry would likely propel significant adoption for quantum computing due to the ever-increasing demand for robust computing, which can overcome the problems involved in determining drugs to target specific cancers. In the coming years, the application areas of quantum computing are projected to expand further, which would result in positive market growth.
Key Market Driver -
• Significant investmemts and government’s support to drive the quantam computing market • Integration of quantum computing with advanced technologies like machine learning to accelerate the demand
Key Market Restraint -
• The presence of alternative technologies to hamper the market growth
The global quantum computing market is showcasing intense competition. Significant market players focus on developing featured technological advancements and associated products that meet the best of the industry's needs. Major vendors are dedicating their efforts to research and development activities (R&D) to introduce a featured product range. The prominent vendors in the global market focus on new product launches and enhancements of their existing portfolio to uplift their market position. Strategic partnerships and collaborations are the key players' ultimate business strategies for expanding their product and business portfolio. The comprehensive growth strategies adopted by the companies operating in the ecosystem are expected to fuel the quantum computing market's growth. Majorly, vendors are competing on quality, pricing, and aftermarket services.
Prominent companies in the global market include Atos SE, Intel Corporation, Cambridge Quantum Computing Ltd., Rigetti & Co, Inc., IBM Corporation, D-Wave Systems Inc., QxBranch, Inc., QRA Corp, Google and QC Ware Corp., D-Wave Systems Inc., QX Branch, International Business Machines Corporation, Cambridge Quantum Computing Limited, 1QB Information Technologies, QC Ware, Corp., StationQ- Microsoft, Rigetti Computing, Google Inc., River Lane Research., and among others.
North America is anticipated to drive market growth significantly due to its impressive investment portfolio in private and public R&D activities. For instance, the National Aeronautics and Space Administration (NASA), National Security Agency (NSA), and Los Alamos National Laboratory are promised in quantum computing technology development. The United States and Canada are technologically advanced countries globally, enabling faster adoption of quantum computing tools in North America. Additionally, technologically leading vendors such as IBM Corporation, Google LLC, Intel Corporation, and others give the United States market an edge.
Various public and private organizations across Europe are taking active measures to develop quantum computing technology. The leading European nations' significant investments, including the United Kingdom, Russia, and Germany, would likely propel the quanta computing market growth across Europe.
The quantum computing consulting solution market in the Asia Pacific is anticipated to grow significantly during the forecast period. Large-scale developments in computing, exhibited by developing Asian countries, including India, Japan, and South Korea, are likely to boost the market growth in the coming years.
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