The quantum computing market was valued at USD 712.2 million in 2021 and it is anticipated to grow further to USD 10737.9 million by 2031, at a CAGR of 31.2% during the forecast period.
Quantum computing is a type of computing where information is processed using quantum bits instead of classical bits. This makes quantum computers much faster and more powerful than traditional computers. Quantum computers can solve problems that classical computers cannot, such as factorizing large numbers or searching unsorted databases.
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Market Trends and Drivers
The key drivers of the Quantum Computing market are the need for faster and more powerful computing, the development of new quantum algorithms, and the increasing investment in quantum computing research and development. Faster and more powerful computing is needed for tasks such as big data analysis, machine learning, and AI. Quantum computers can perform these tasks much faster than classical computers. The development of new quantum algorithms is another key driver of the Quantum Computing market. These algorithms can solve problems that are difficult or impossible for classical computers to solve. The increasing investment in quantum computing research and development is another key driver of the Quantum Computing market. This investment is needed to develop more powerful quantum computers and to find new applications for quantum computing.
Market Restraints and Challenges
The key restraints and challenges in Quantum Computing market are:
1. Lack of commercial viability: Quantum computers are not yet commercially viable, which is a key challenge for the market growth.
2. Limited scalability: Another challenge for quantum computing is scalability. The number of qubits that can be reliably manipulated is still quite limited, which limits the potential applications of quantum computers.
3. High costs: Quantum computers are very expensive, which is another key challenge for the market growth.
4. Lack of skilled personnel: There is a lack of skilled personnel who are trained in quantum computing, which is another key challenge for the market growth.
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Global Quantum Computing Market Segmentation
By Component
- Hardware
- Software
- Services
Major Players in the Global Quantum Computing Market
The key players studied in the report are IBM Corporation (U.S.), D-Wave Systems Inc. (Canada), Microsoft Corporation (U.S.), Intel Corporation (U.S.), Rigetti & Co, Inc.(U.S.), Google LLC (U.S.), QC Ware(U.S.), Quantinuum Ltd. (U.S.), Riverlane (U.K.), and IonQ (U.S.) among others.
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