Enterprise Quantum Computing Market 2021: Global Market Research report covers a detailed study of the Market size, growth, and share and Forecast 2023 with Top Countries Data

In a recent published report, Kenneth Research has updated the market report for Enterprise Quantum Computing Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Enterprise Quantum Computing Market products.

Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.

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Market Synopsis

Quantum computers are based on the principle of superposition which allows them to achieve high computational power necessary for advanced applications such as cryptography, drug discovery, and machine learning. Presently, cryptography is based on public key algorithms such as AES-256, RSA, and ECDSA. These algorithms are secure as per the existing computing needs but are expected to be rendered useless as quantum computing advances. Quantum computing application developers have started testing encryption algorithms with quantum keys which is expected to offer secure encryption for the protection of data against the computational power of future systems. Quantum cryptography is expected to transform the way we carry out transactions and data communication in the years to come and with continuous innovation in this technology, the adoption of quantum computing among enterprises may increase during the forecast period.

The Final Report will cover the impact analysis of COVID-19 on this industry:

Global enterprise quantum computing market is estimated to reach market value of USD 2-3 billion by 2023 growing at a 34% CAGR during forecast period 2018–2023. Rising awareness about quantum computing among BFSI, defense and automotive, increasing rate of cyber crimes, and stringency of government initiatives in developing quantum computing technology are some of the prime driving factors for the growth of the market. However, complexity in implementation is one of the major factors expected to hamper the market growth in coming years. Whereas, developments in artificial intelligence and  big data analytics is expected to offer various opportunities in the market. Additionally, compatibility issues within low temperature requirements, and the use of quantum entanglement during network communication are some of the challenges faced by the market.

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Segmentation

The global enterprise quantum computing market is segmented into component, deployment, technology, application, vertical and region.

By component, the market has been segmented into hardware, software, and services.

By deployment, the market has been segmented into on-premise, on-cloud and hybrid.

By technique, the market has been sub-segmented into simulation, superconducting, and quantum annealing among others

By application, the market has been segmented into advanced cryptography, data analytics, pattern recognition, medical research, automation, and optimization among others

By end-user, the market has been classified into aerospace & defense, automotive, IT and telecommunication, BFSI, medical, chemical, transportation, energy and power, among others.

By region, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.

Regional analysis

Market Research Future (MRFR) study has covered the following countries in regional analysis of enterprise quantum computing market—the US, Canada and Mexico in North America. Germany, the UK, France, Russia, Spain, and Italy in Europe. China, Japan, India, Singapore, Australia, and South Korea in Asia-Pacific. The Middle East & Africa and South America in the rest of the world.

At present, North America is dominating the global enterprise quantum computing market, followed by Europe, Asia-Pacific, and RoW. Heavy investments by companies as well as governments in the region, especially the US, for research and development of quantum computing technology is expected to drive the market growth in North America. The US currently holds the highest market share in the North American enterprise quantum computing market. The presence of technology leaders such as Google, IBM Corporation and Intel in the country is also expected to contribute to the growth of the market in coming years.

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Europe was the second highest revenue generating market for enterprise quantum computing in 2018. Multiple initiatives by governments of different countries in this region is positively impacting the growth of the enterprise quantum computing market. For instance, the European Union launched a USD 1.2 billion quantum flagship project with the aim to place Europe in the forefront of the quantum computing. Among countries, the UK market accounted for the highest share of the European enterprise quantum computing market in 2018. The presence of key players such as Cambridge Quantum Computing Ltd in the country has facilitated the development of quantum technology in the region.

Asia-Pacific is projected to grow with the fastest CAGR during the forecast period. The development of quantum computing technology is largely carried out in countries such as China and South Korea. However, lack of skilled employees is hampering the growth of the enterprise quantum computing market in the region.

Key players

Market Research Future has identified following key players in the market—QRA Corp, Intel Corporation, D-Wave Systems Inc, Cambridge Quantum, Computing Ltd, QC Ware Corp., Rigetti & Co, Inc., QxBranch, Inc., IBM Corporation, Google LLC, Quantum Circuits, Inc., Microsoft Corporation, Cisco Systems, and Atos SE among others.

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Intended Audience

Technology investors

Quantum computer manufacturers

Quantum dots manufacturers

Government agencies

Aerospace equipment manufacturers

Original equipment manufacturers (OEMs)

Educational Institutes

Developers and platform providers

Research/Consultancy firms

About Kenneth Research

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Darlene Dooley is a research expert and freelance writer. She is very dedicated towards her work and writing. She enjoys to write on current news on any industry and conclude the news with highly professional report. She has almost 8 years of experience in the same field. She has strong professional skill in Market research, Business Strategies, online marketing, Industry analysis interested in innovative and trending technologies.

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