Research Drive, a leading provider of general data storage services for researchers and other users, has predicted that the global quantum computing market will garner a significant revenue of $667.3 million between 2020-2027 with CAGR of 30.0% in forecast timeframe.
The market’s market size stood at $88.2 million in 2019.
A further analysis of the research work on regional basis, indicated that the European quantum computing market was estimated to rise from $28.2 million in 2019 and surpass $221.2 million by 2027.
According to the online data storage services company, sectors in Europe such as healthcare, utilities, chemicals, and pharmaceuticals are opting for quantum computing.
This is just as applications of quantum computing in the fields of cryptography, development and discovery of new drugs, cyber security, and defense are expected to augment the market in the forecast period, 2020-2027.
According to the research findings, the COVID-19 pandemic is expected to impact the quantum computing market in a positive way, stimulating quantum computing’s ability to offer enhanced optimization and carry out vital calculations is projected to increase its importance.
Similarly, it is projected that quantum computing can enable material science and pharmaceutical companies to generate techniques for examining large molecules even as drugs can be developed and researched with the aid of quantum computing. These factors are driving the market forward during the Covid-19 pandemic.
A further analysis of the researcher’s key segment findings of the market based on offering type, application, end-user, and regional analysis showed that the consulting solutions sub-segment is predicted to garner revenue of $354 million by 2027, from notable market share of $37.1 million in the year 2019.
The research firm believes the growth is associated with applications in material science, drug discovery, and formulation of new chemicals and also bound to be affected by several determinants during the forecast period, including fields such as automotive, chemicals, space & defense, energy & power, and healthcare are also making use of consulting solutions.
The researchers stated: “Machine learning application segment is expected to augment from market size of $29.7 million in 2019 and reach $236.9 million by 2027. Role of quantum computing in refining capacity, learning efficiency, and runtime is projected to enhance the market.
“Furthermore, quantum machine learning is capable of speeding several machine learning processes like deep learning, linear algebra, optimization, and kernel evaluation. All these factors are escalating the market growth in forecast period.
“Amongst the end-user segment, the banking and finance sub-segment is estimated to generate revenue of $159.2 million by 2027 in forecast period. Application of quantum computing in banking and finance that aids in high-frequency trading, asset appraisal and portfolio analysis is expected to augment the market growth during forecast period”, Research Drive added.
On the market dynamics during the 8-year forecast period, the data service providing firm noted that
the quantum computing market is increasing rapidly due to rise in cyber-attacks such as phishing, ransomware and others as quantum computing is advanced enough to provide security to software systems, a factor that is expected to enhance the market growth in the forecast period.
The firm, however, stated that lack of awareness about quantum computing and shortage of skilled employees is projected to hinder the market growth, adding that even then, government and company initiatives may create several opportunities for the market growth in 2020-2027.
It listed the top 10 key market players focusing on advanced product developments and merger & acquisition that are expected to drive the market’s growth during the forecast period as Google Inc.; Anyon; D-Wave Systems Inc.; International Business Machines Corporation; and 1QB Information Technologies.
Others are, Cambridge Quantum Computing Limited; QC Ware; Rigetti Computing, Corp.; StationQ – Microsoft and River Lane Research.
