Quantum Computing Market Worth $495.3 Million by 2023

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According to the new market research report on the "Quantum Computing Market by Revenue Source, Application (Simulation, Optimization, and Sampling), Industry (Defense, Banking & Finance, Energy & Power, Chemicals, and Healthcare & Pharmaceuticals), and Geography - Global Forecast to 2023", published by MarketsandMarkets  this market is expected to be valued at USD 495.3 Million by 2023, at a CAGR of 29.04% between 2017 and 2023. The major factors driving the growth of the quantum computing market include increasing incidences of cybercrimes, early adoption of quantum computing in the automotive and defense industry, and increasing investment by government entities in the quantum computing market.  

Revenue realization from software would led quantum computing market during the forecast period

The software acts as an interface between the user and the quantum computer. The quantum computer offered by the key players is coupled with the appropriate software. The software are offered by a range of market players, such as D-Wave Systems Inc. (Canada), 1QB Information Technologies Inc. (Canada), QxBranch LLC (US), and QC Ware Corp. (US), to improve the operational efficiencies of the quantum computer. In the quantum computing market, the software segment is expected to earn maximum revenue during the forecast period. Need for compatible software in upcoming quantum hardware and services would act as strong drivers for the growth of quantum computing market for the software segment during the forecast period.

The energy & power industry would grow at the highest rate during the forecast period

The quantum computing market in the energy & power industry is expected to witness a CAGR of 39.11% from 2017 to 2023. This growth is mainly attributed to the lucrative opportunities present in the nuclear and renewable sector. Applications such as energy exploration, seismic survey optimization, and reservoir optimization are expected to lead this industry in the quantum computing market.

Simulation expected to hold the largest share of the overall quantum computing market in 2017

Simulation is used in various industries such as healthcare, automotive, entertainment, banking & finance, and defense. The companies, such as D-Wave Systems Inc. (Canada), 1QB Information Technologies Inc. (Canada), and QxBranch, LLC (US), would be providing a platform to enhance the availability, usability, and accessibility of simulation in the quantum computing market in the next 4 years. Moreover, developments in this area such as the launch of quantum computing simulator by QxBranch LLC (US) for the Commonwealth Bank of Australia would drive the growth of the quantum computing market for the simulation application.

Asia Pacific is likely to grow at the highest rate due to the growth of developing and developed economies in this region

The quantum computing market in Asia Pacific (APAC) is expected to be commercialized by 2019. The growth of quantum computing in APAC would be mainly driven by China, Japan, and South Korea in various industries such as defense, healthcare & pharmaceuticals, chemicals, banking & finance, and energy & power.

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