Global Quantum Computing Market Growth at a CAGR of 35.12%, 2017-2021

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The global quantum computing market to grow at a CAGR of 35.12% during the period 2017-2021.

The latest trend gaining momentum in the market is growth of AI and machine learning. AI is a branch of science that deals with computers, machines, software, and computer-operated robots to think intelligently to find solutions for complex problems in a manner that is like how a human brain thinks. AI is applied to the projects that require a human's intellectual processes such as the ability to reason, derive conclusions from the past, and generalize certain learnings. Machine learning is a type of AI that allows computers to self-learn. When a computer is exposed to new data, it can analyze it, make decisions, grow, and learn from this data.

According to the report, one of the major drivers for this market is increasing expenditure by stakeholders. There are different stakeholders in the market, namely governments and private enterprises, that have shown an increasing interest in quantum computing. Quantum computing will have potential applications in a variety of sectors such as aerospace and defense, civil aviation, cybersecurity, finance, healthcare, and logistics. The potential applications have compelled governments and companies to focus on developing quantum computers and related technologies. The investments by these stakeholders drive the global quantum computing market.

Further, the report states that one of the major factors hindering the growth of this market is quantum decoherence. Quantum decoherence is one of the major challenges that is faced by quantum computing firms. This is a process wherein a quantum state tends to become a classical computing bit. Any outside interference can lead to the destruction of the quantum state, which will make the bit transition into either a 0 or a 1 state. Outside interferences include heat, internal defects, and vibrations.