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Quantum Computing Market: COVID-19 Impact and Global Analysis Forecast to 2028

Published Date: May 2021

No. of Pages: 205

Status: Upcoming

Report Code: EMR100039

Conventional computers are falling short to serve the businesses owing to their increased uses and application. This, has given rise to technological advancement which has led to invention of Quantum computing. Quantum computing, a product of quantum theory, which is a branch of physics which deals with atoms, subatomic particles, and their behavior. Conventional computers stored and processed the data in binary coding in the form of bits of 1 and 0 which were accomplished by switches and transistors. Quantum computers, store information in the form of quantum bits or qubits in atoms, ions, photons, and electrons. The quantum bits or qubits as they are termed works on the principle of entanglement and superposition. Superposition means each qubit represents both a 1 and a 0 simultaneously, while entanglement means that the qubits in superposition can be interlinked with each other; that is, the first state (whether it can be 1 or a 0) shall depend on the state of another or next qubit. The quantum bits or qubits and their control devices can store and process a very large amount of complex data million times faster compared to today’s supercomputers much more efficiently. In February 2007, D-Wave Systems Inc. developed the first quantum computing.

Quantum computers can model complicated chemical reactions which the present computers can’t. In July 2016, Google LLC, a player in quantum computing market simulated a hydrogen molecule for the first time. Similarly, IBM a player in the quantum computing market, has managed to model the behavior of even more complex molecules. Modeling chemical reactions and materials is an important application of quantum computing. Owing to its application which assists in research and development, many companies will look to invest in quantum computing driving the growth of the market.
With the ever-increasing demand for Internet of Things (IoT) and artificial intelligence owing to its application, is creating big data which needs large-scale secured storage. Quantum computers can provide a better quantum encryption option. Thus, features of quantum computers such as large-scale data storage and secured data storage will drive the growth for the quantum computing market.
Supply chain operations have become more complex in past decade and demand extreme cost efficiency. Entanglement, a property of quantum computing can help solve complex routing problems in the supply chain which helps in route optimization thus reducing the logistics cost of each product. Owing to its application in supply chain and logistics, the surge in demand for quantum computing may be seen in the forecasted years driving the growth of the quantum computer market in logistics and supply chain. For instance, in March 2017, Volkswagen a car manufacturer in collaboration with D-Wave Systems Inc. a player in quantum computing market to fight Beijing traffic problem with quantum computing. This collaboration is successful in reducing traffic by choosing an ideal path for each vehicle reducing traffic roadblocks.

The oil and gas industry is full of tough problems such as complex production processes and transportation arrays. Oil and gas industry has thousands of sensors which generated a large amount of data which is left unprocessed. Quantum computers having the ability to solve complex and numerous data points at a time may help to improve the production efficiency by optimizing the daily operations and thus assisting companies by proving alternative processes. This will help improve the manufacturing standards in oil & gas and benefits companies by improving profit margins. Owing to the benefits they offer to oil and gas industry, many industry players will look to adapt to quantum computers driving the growth of the market.
The high price of the quantum computers is a concern for the growth of the market. To answer this concern in May 2017, IBM a players in quantum computing market is offering cloud platform called IBM Q. IBM Q will allow its users to have access and allow utilization of quantum computers through cloud platform without actually owning one.

The main brain of the computer is the chipset, which needs a cryogenic refrigeration and shielding. This is to create an environment for its proper functioning without outside interference thus increasing the size of the machine. This can increase the cost of operation and maintenance for the quantum computers concerning the owners. Thus increased cost of operation and maintenance can be a restraint for the growth of the quantum computing market.

The global market of quantum computing can be segmented into the type of computer, application, industry verticals, and region. Based on the type the worldwide market can be further bifurcated into quantum annealer, analog quantum, and universal quantum. Based on the type of application the market for quantum computing is further divided into secure network application, network quantum sensors, quantum-enabled discovery, quantum emulation, quantum optimization & machine learning. Based on industrial verticals the market for quantum computing can be further bifurcated into oil & gas, medicine & material, supply chain & logistics, financial services, artificial intelligence, security & solution, aerospace and defense, IT & telecommunication, government, and others. On the basis of the region, the industrial robotics market is further bifurcated into North America, Asia Pacific Europe, Central & South America, Middle East and Africa.
Major players associated with quantum computing market are the International Business Machines Corporation (IBM) , Google Inc., Microsoft , Accenture , D-Wave Systems Inc., Intel Corporation, Hitachi Ltd, Hewlett Packard Enterprise (HP), Cambridge Quantum Computing Ltd, QxBranch, LLC, 1QB Information Technologies Inc., Rigetti Computing, Toshiba Corporation , Quantum Circuits, Inc , Fujitsu and others .

The global market of quantum computing can be segmented

By Type:
• Quantum annealer
• Analog quantum
• Universal quantum

By Application:
• Network application
• Network quantum sensors
• Quantum-enabled discovery
• Quantum emulation
• Quantum optimization
• Machine learning

By Industry Vertical:
• Oil & gas
• Medicine & material
• Supply chain & logistics
• Financial services
• Artificial intelligence
• Security & solution
• Aerospace and defense
• It & telecommunication
• Government
• Others

By Region:
• North America
• Asia Pacific Europe
• Central & South America
• Middle East and Africa

The Leading Key Players in Quantum Computing Market

Google Inc.
D-Wave Systems Inc.
Intel Corporation
Hitachi Ltd
Hewlett Packard Enterprise (HP)
Cambridge Quantum Computing Ltd
1QB Information Technologies Inc.
Rigetti Computing
Toshiba Corporation
Quantum Circuits