- Quantum Processing Units (QPU) is a rapidly emerging technology that is gearing the laws of quantum mechanics to solve issues too complex for classical computers. These processors are in the early phase of development and are still an emerging technology.
- Quantum Processing Units (QPU) performs the calculations based on the probability of an object’s phase/ situation before it is measured. This feature is most significant to solve complex issues based on mathematical models, which in turn is expected to contribute to market growth.
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Rise in Adoption from IT & Telecommunication Industry
- Based on the end-use industry, the global Quantum Processing Units (QPU) market can be segmented into IT and telecommunication, chemicals, automotive, and others ((oil & gas, power & utility, energy). The IT and telecommunication segment is expected to expand at a rapid pace during the forecast period due to the increasing use of Quantum Processing Units (QPU) to manipulate the quantum algorithm.
- Quantum Processing Units (QPU) are emerging devices and expected to solve valuable issues that today’s most compelling classical supercomputers cannot solve and would never be able to solve them. This factor is significantly driving the demand for Quantum Processing Units (QPU) in the IT and telecommunication industry.
- Rising adoption of Quantum Processing Units (QPU) to speed up production workloads and hybrid quantum-classical algorithms that interleave quantum computers with classical hardware, such as variational quantum eigensolver, quantum adiabatic optimization, and quantum machine learning algorithms, is further propelling the market
North America to Lead the Quantum Processing Units (QPU) Market
- In terms of region, the global Quantum Processing Units (QPU) market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America is expected to hold the largest share of the Quantum Processing Units (QPU) market during the forecast period due to increasing demand from automotive, IT & telecommunication and energy industries
- Quantum Processing Units (QPU) are expected to be utilized widely in battery management of electric vehicles in order to understand the complex electron influence inside the battery and to reduce carbon neutrality by approximating the chemical reaction inside the battery using classical algorithm
- Quantum Processing Units (QPU) are also expected to be utilized to ship cleaner fuels by modeling maritime to route the inventory
- Rising digitalization & industrialization, the proliferation of the internet of things (IoT), running investment in advanced factory automation solution, innovations in portable electronic devices such as e-readers, smartphones, tablets, and flash drives, electric vehicles, and urge to reduce carbon footprint and sustainable development goals are other factors propelling the Quantum Processing Units (QPU)s market in North America.
- The Quantum Processing Units (QPU) market in Asia Pacific and Europe is expected to expand at a significant pace during the forecast period due to rising demand for Quantum Processing Units (QPU) from diverse industries such as automotive, chemicals, semiconductor, and IT and telecommunication. Moreover, the growth is anticipated to be driven by leading countries such as India, China, Japan, Germany, France, and South Korea. The Quantum Processing Units (QPU) market in Middle East & Africa and South America is anticipated to grow at a steady pace during the forecast period.
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Key Players Operating in Global Quantum Processing Units (QPU) Market
Leading players operating in the global Quantum Processing Units (QPU) market include:
- IonQ
- Quantum Machines
- Quantum Computing Inc.
- International Business Machines Corporation
- QPiAI & QuantrolOx
- Intel Corporation
- Microsoft Corporation
- Amazon Braket
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