Global Quantum Computing Market Overview
Quantum Computing Market was estimated at USD 134.72 million in 2021, and is projected to reach USD 496.98 million by 2028, growing at a CAGR of 20.5%.
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The study of computational technology that is based on the concepts of quantum theory is known as quantum computing. The behaviour of matter and energy at the quantum level is described by quantum theory (atoms and subatomic). To carry out a particular computation, quantum computing combines bits. And all of this is significantly more effective than its conventional alternatives. The performance of some applications has considerably increased thanks to the development of quantum computers, which represents a breakthrough in computing power. For instance, comparable simulations define quantum computing. The market for quantum computers will develop as technology obtains a quantum edge during the following four years, moving from research-based use cases to commercial use cases. Once that occurs, the development will go quickly, and businesses that can use quantum computing will soon see a return on their initial investment. The IT environment is impacted by quantum computing in a number of ways, including power usage, data creation, and traditional computing integration. Who will succeed and fail in this technological transition will depend in large part on the quick consequences of quantum computing. Early quantum computing is cloud-centric, but many providers stand to gain financially, fueling the expansion of the quantum computing sector internationally.
COVID-19 Impact on Quantum Computing Market
Applications for quantum computing have a lot of potential given the COVID19 epidemic and the current crisis. In complex conditions like epidemics and pandemics of the B. zoonoses, these applications are helpful. Due to its tremendous performance and speed, quantum computing is predicted to transform quantum chemistry. Important calculations can be completed at exponential speeds to enhance optimization. Future drug discovery and development timelines may be greatly accelerated by quantum computing. As a result, the market is expanding significantly.
Players Covered in Quantum Computing Market are:
- International Business Machines (US)
- D-Wave Systems (Canada)
- Microsoft (US)
- Amazon (US)
- Rigetti Computing (US)
- Google (US) and other major players.
Key Industry Developments In Quantum Computing Market
- In January 2020, IBM entered into a partnership with Mercedes-Benz’s parent company, Daimler AG, to improve the battery capacity and charging speed of electric vehicles. These companies have used quantum computers to model the dipole moments of three lithium-containing molecules, paving the way for the development of next-generation lithium-sulfur (LiS) batteries that are stronger, last longer, and are cheaper than lithium.-Ion batteries.
- In November 2019, IBM partnered with the Unitary Fund to provide grants and priority access to specific IBM Q systems. Similar to IBM’s quantum computing mission, the Unitary Fund aims to create a quantum technology industry that benefits most people.
|Global Quantum Computing Market|
|Base Year:||2021||Forecast Period:||2022-2028|
|Historical Data:||2016 to 2020||Market Size in 2021:||USD 134.72 Mn.|
|Forecast Period 2022-28 CAGR:||20.5 %||Market Size in 2028:||USD 496.98 Mn.|
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