Quantum computing leverages the phenomenon of quantum mechanics to create new ways of computing, which can tackle huge volumes of data in the fields of artificial intelligence (AI) and big data search, finance, digital manufacturing, utilities, aerospace designing, polymer designing, drug design and discovery, intelligence, and military. Quantum computing is used in these domains for big data analysis or simulations, to solve complex problems, which cannot be simplified with the help of classical computing technologies.
The speed and data managing capabilities of quantum computing technology have resulted in the commercialization of this technology worldwide. Thus, the increasing support from government bodies and other experts for the commercialization of this technology will drive the quantum computing market at a CAGR of 33.1% during the forecast period (2020â€“2030). The market revenue stood at $89.6 million in 2019 and it is projected to rise to $1,866.8 million by 2030. For instance, in December 2018, the U.S. House of Representatives passed the National Quantum Initiative Act to boost the development of quantum information science (QIS) and technology applications.
According to P&S Intelligence, North America dominated the quantum computing market in the recent past, due to the hefty investments made by private companies and governments in the development of this technology in the region. For example, in January 2019, the U.S. Congress authorized an investment of over $1.2 billion in quantum science and technology, under the National Quantum Initiative. This investment will be made over the next 5â€“10 years. Initiatives such as these are encouraging the adoption of this technology in academic institutions, government organizations, and manufacturing facilities of the region.
Whereas, the European quantum computing market is expected to register the fastest growth during the forecast period. This will be due to the mounting IT expenditure, rising number of research and development (R&D) initiatives in the domain of quantum science and technology, flourishing manufacturing and aerospace & defense sectors, and surging inclination toward advanced technologies in the region. Moreover, the rapid economic development in the European nations will also propel the market growth in the region in the upcoming years.
Thus, the increasing volume of data generation and surging requirement for smooth management of data in various end-use industries will boost the demand for quantum computing technology in the foreseeable future.