Global Quantum Computing Market to Reach $411.4 Million by 2026

SAN FRANCISCO, March 16, 2022 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Quantum Computing – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE
Edition: 9; Released: February 2022
Executive Pool: 43233
Companies: 111 – Players covered include 1QB Information Technologies Inc; Accenture plc; AnyonSystem, Inc; Atom Computing Inc; Cambridge Quantum Computing Ltd; D-Wave Systems Inc; Evolutionq Inc; Fraunhofer Institute for Applied Solid State Physics IAF; Fujitsu Limited; Google Inc; Hewlett Packard Enterprise (HP); Hitachi Ltd; Honeywell International, Inc; ID Quantique; Intel Corporation; International Business Machines Corporation (IBM); IonQ; Inc; Magiq Technologies Inc; Microsoft Corporation; Nippon Telegraph And Telephone Corporation (NTT); Northrop Grumman Corporation; QbitLogic Inc; QC Ware Corp; Quantica Computacao; Quantum Circuits; Inc; Qubitekk, Inc; Quintessence Labs; Rigetti Computing; River Lane Research; Toshiba Corporation; Xanadu; Zapata Computing, Inc and Others.
Coverage: All major geographies and key segments
Segments: Application (Material Simulation, Optimization, Other Applications); End-Use (Space & Defense, Transportation, Healthcare, Banking & Finance, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.

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ABSTRACT-

Global Quantum Computing Market to Reach $411.4 Million by 2026
Quantum computing presents a dynamic paradigm for solving complex optimization issues due to its ability to process information in a different manner than classical computers. The market is primarily steered by increasing government and private funding on research programs intended to leverage quantum computing for information processing and other applications. Factors such as increasing incidents of cybercrime coupled with growing adoption of emerging technologies such as machine learning, smart manufacturing, cloud computing and molecular structure research are anticipated to set a perfect stage for growth of the quantum computing market. While increasing application in sectors like defense, healthcare, chemicals and banking are favoring the market, availability of fault-tolerance systems and efforts to leverage quantum computing for realistic programs are expected to fuel the market growth. Quantum computing is anticipated to hold a critical role in supporting new applications and technologies such as artificial intelligence, edge computing, big data analytics, IoT and smart city projects. The technology is also used in cryptography for quantum-encrypted, secure communications, creating strong prospects for the market expansion.

Amid the COVID-19 crisis, the global market for Quantum Computing estimated at US$155.5 Million in the year 2022, is projected to reach a revised size of US$411.4 Million by 2026, growing at a CAGR of 24.2% over the analysis period. Material Simulation, one of the segments analyzed in the report, is projected to record a 25.2% CAGR and reach US$227.2 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Optimization segment is readjusted to a revised 24.5% CAGR for the next 7-year period.

The U.S. Market is Estimated at $75 Million in 2022, While China is Forecast to Reach $54.6 Million by 2026
The Quantum Computing market in the U.S. is estimated at US$75 Million in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$54.6 Million by the year 2026 trailing a CAGR of 27.2% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 18% and 22.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 22.4% CAGR. The US is the dominant market, due to increasing focus of government agencies and the defense and aerospace sectors on quantum computing to leverage machine learning. The region is witnessing massive investments and efforts to develop resources and infrastructure to support quantum computing. Europe is likely to emerge as a major force in the global quantum computing market due to increasing number of companies targeting the technology. The EU and the UK have announced various national programs to expedite R&D related to quantum computing. Among the developing regions, the Asia-Pacific market for quantum computing is estimated to witness a notable expansion owing to increasing adoption of the technology in the BFSI sector. These computers are finding increasing implementation in countries such as Japan and China for optimizing business tasks.

By End-Use, Space & Defense Segment to Reach $146.4 Million by 2026
Quantum technologies remain key research focus within the space & defense sector owing to their disruptive role in a diverse spectrum of areas and applications. The incorporation of quantum computing technologies is anticipated to considerably benefit the space and defense establishments. The concept is expected to enable exciting military applications and support national programs. In the global Space & Defense (End-Use) segment, USA, Canada, Japan, China and Europe will drive the 22.1% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$37.5 Million will reach a projected size of US$162.2 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$10.4 Million by the year 2026.

What’s Up With Quantum Cryptography?
The shortcomings of the public key cryptosystems have unleashed a search for alternate cryptography techniques that would prove foolproof in the face of increasing computational power of quantum computers. This had set the stage for the next breakthrough in the evolution of cryptographic technologies, namely Quantum Cryptography. Quantum cryptography presents a more practical and cost-effective approach for securing communications, with a virtually unbreakable mode of relaying information, as the technology is based on the principles of quantum mechanics, a time-tested universal scientific model, rather than complex mathematical algorithms. The data encoded in the quantum state is not possible to be replicated. Quantum cryptography ensures secured data transmission due to its ability to enable exchange of enciphering keys over private channels, resulting in complete communication security.

The technology relies on Quantum Key Distribution (QKD) that generates and distributes random secret keys to assist traditional communication channels in securely transmitting the data. QKD addresses issues pertaining to security of key exchange and creates a secure key for distant parties using single photons for transmitting bits of key. QKD works over optical fibers and exhibits non-compatibility with mobile or copper wire-based communication and is effective over up to 100km over the optical fiber due to scattering or absorption of a large number of photons beyond the range. Extending the range requires setting up of a quantum network that needs trusted nodes to facilitate automatic exchange of keys. The commercial viability of the technology also requires careful deployment of QKD systems such as initial authentication of both receiver and sender. Moreover, the displacement of traditional encryption with QKD doesn’t eliminate every vulnerability and weak link within the system. Considering practical challenges, including technological and logistical issues, QKD is yet to offer a compelling reason for replacement of proven conventional options. The researcher community is required to mitigate existing vulnerabilities and issues related to data security and error rates before implementing the quantum technology. The increasing dependence on computer networks for business communications and transactions involving sharing of business-critical information has created a pressing need for sophisticated encryption options to ensure security of sensitive data from third parties. The requirement to make data transmission secure and mitigate cyber security issues remains the primary driver for overall growth of the quantum cryptography market. In recent years, quantum cryptography has garnered notable interest from governments, commercial organizations and military operators on account of its matchless security levels. More

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Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

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Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

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SOURCE Global Industry Analysts, Inc.

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