According to a new market research report published by Acute Market Reports, “Quantum Computing Market (By Type (Quantum Annealing, Quantum Simulation, and Universal Quantum), By Application (Machine Learning, Optimization, Material Simulation, Financial Services, and Others), By Industry Verticals (Telecom & IT, Healthcare & Life Sciences, BFSI, Manufacturing, Aerospace & Defense, Energy & Utilities, and Others), By Geography (North America, Europe, Asia Pacific, and Rest of the World)) - Growth, Future Prospects, and Competitive Landscape, 2021 -2029”, the global quantum computing market is expected to reach US$ 11,598 Mn by 2029, expanding at a CAGR of 34.3% during the forecast from 2023 to 2030.

Market Insights

Quantum computing has introduced new paradigm of computing with potential to solve complex problems much faster than the traditional computing methodologies. With the inbuilt property of superposition and entanglement, quantum computers can provide results exponentially faster than the traditional computers. Besides this, the new technology can spur the development rate of new breakthrough technologies in the field of medication, science, material analysis, machine learning, planning financial strategies, and many other applications. Some researchers are actively collaborating with the industry leaders to discover new best-suited applications of the quantum computing.

The global quantum computing market is bifurcated on the basis of type, application, industry verticals, and regions. Optimization and material simulation are the most lucrative application areas and expected to spur the market growth significantly in the coming years. Increasing demand for the development of new materials and molecules in the chemical, healthcare, and agriculture sector to discover new horizons of advancement is the prime factor behind the prominent growth of the segment. Similarly, exponential growth in the logistics and traffic has forced software vendors to implement advanced computing methodology for route optimization. For instance, in March 2019, Volkswagen in partnership with D-Wave Systems Inc. has successfully experimented the quantum computing for traffic reduction in Beijing, China.

By geography, the global quantum computing market is analyzed for North America, Europe, Asia Pacific, and Rest of the World. North America dominated the global quantum computing market with an impressive outlook in the near future. Technology advancement in the region favors the growth prominently. Moreover, significant investment portfolio in the R&D sector by both public and private investors is impacting positively on the regional market. 

Some of the prominent players entitled in the Global Quantum Computing Market report include D-Wave Systems Inc., International Business Machines Corporation, Google Inc., 1QB Information Technologies, Microsoft Corporation, QX Branch, Cambridge Quantum Computing Limited, QC Ware Corp., Rigetti Computing, and River Lane Research among others.

The global quantum computing market is highly competitive. The quantum pioneers are developing new business strategies to sustain their position as leaders in the market. Apart from the significant strategic alliance in the market technology leaders are investing prominently in the startup players. 

Browse the full report at https://www.acutemarketreports.com/report/quantum-computing-market

The Global Quantum Computing Market is Segmented into:

*Complete segmentation list is on report page