Market Research Future (MRFR) estimates the value of enterprise quantum computing market 2020 to be USD 2-3 billion by 2023. MRFR also presumes that the market could progress at a stellar rate of 34% from 2018 to 2023 (evaluation period). We will provide COVID-19 impact analysis with the report, offering an extensive market evaluation post the coronavirus disease outbreak.
Key Drivers and Top Barriers
In May 2020, a team of researchers from Penn State devised new ways that quantum computing can help in the treatment of COVID-19. They have come up with quantum machine learning, which is a combination of quantum physics and machine learning. This technique is believed to be faster and cheaper compared to the existing methods being deployed for drug discovery. Quantum computing promises a lot of favorable prospects when it comes to dealing with the SARS-CoV-2 outbreak and the challenges posed by the pandemic.
While the quantum computing field is already characterized by various research and development activities, the COVID-19 outbreak and the consequent lockdown that has led to major revenue and lives loss, have boosted the initiatives that can help respond to the critical situation. Prominent initiatives with respect to quantum-computing are being taken in Europe, the United States, Canada, Australia, China, Russia and Singapore, with massive spending on qubit research and more and more researchers able to now access advanced cloud services.
While the COVID-19 impact on the market has been drastic, the escalating awareness with regard to quantum computing among defense, automotive and BFSI could mean incredible business growth in the near future. Also, the surge in the cybercrime rate, and the rising number of stringent government policies pertaining to development of the quantum computing technology could induce substantial growth in the enterprise quantum computing market.
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The Quantum Computing for Enterprise Market can be segregated with respect to component, deployment, technology, application and vertical.
The components specified in the study include software, services and hardware.
The deployment-wise market sections can be on-cloud, hybrid as well as on-premise.
The techniques covered by MRFR experts are superconducting, quantum annealing and simulation and more.
The primary applications of enterprise quantum computing are medical research, data analytics, optimization, automation, pattern recognition, and advanced cryptography.
The main end-users in the global industry are energy and power, BFSI, transportation, aerospace & defense, IT and telecommunication, medical, chemical, automotive, and more.
Quantum Computing for Business Market has been regionally considered for Europe, North America, Asia Pacific/APAC, as well as rest of the world/RoW.
North America is the worldwide leader in the enterprise quantum computing industry, trialed by Europe, APAC and then the RoW market. Considerable spending by companies on quantum computing and strong back up of the government, particularly in the US, fuels market expansion in the region. With the biggest share in the regional market, the US benefits significantly from the existence of a huge number of technology giants like IBM Corporation, Intel and Google, to name a few. In addition, the soaring demand for secure and advanced computing platforms along with the rise in the consumption of modeling as well as simulation in quantum computing has also boosted the market attractiveness in North America.
Europe is the second biggest gainer in the global market, as of 2018, with the UK emerging as the top performing country in the region. The country is home to a number of renowned companies like Cambridge Quantum Computing Ltd. that are frequently developing more innovative quantum computing technology. The financial and healthcare sectors in the region have emerged as the top end-users in the quantum computing market, given the high demand for efficient medicines as well as the rising need for enhanced financial optimization.
APAC’s growth in the global market is expected to be at the fastest rate, with massive adoption of the quantum computing technology across enterprises in South Korea and China. With the on-premises quantum computers being increasingly adopted by businesses along with the surge in technological innovations in the technology, the APAC market is anticipated to be presented with a host of attractive opportunities in the following years.
Atos SE, Quantum Circuits, Inc., Google LLC, Cambridge Quantum, Computing Ltd, Rigetti & Co, Inc., QRA Corp, IBM Corporation, QxBranch, Inc., D-Wave Systems Inc, Intel Corporation, Cisco Systems, Microsoft Corporation, QC Ware Corp., are some of the most renowned market companies mentioned in the report.
In June 2020, Honeywell developed a high performing quantum computer for partner enterprises. The Honeywell quantum computer is expected to be offered to those vendors that have already been using the company’s solutions to calculate computational issues that cannot be solved using traditional computers.
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