Quantum computing and cryptography technologies have attractive attributes such as assisting in extensive research, assessment of complex data, estimation of future numbers, and various industrial applications in the area such as medicine and revolutionizing transportation which helps its industry to attract various opportunities for investment. Thus, resulting in the expansion of quantum computing and cryptography solutions in the market.
COVID-19 Impact & Market Status
The global growth of computing services was greatly hindered by the COVID-19 pandemic. This increase accounted for more than 70% of investments, showing increased business confidence that the technology will produce beneficial results.
In addition, several market players completed Initial Public Offerings (IPOs) via special purpose acquisition businesses. These enterprises enable market players to bypass the IPO procedure, saving time and money and reducing regulatory scrutiny. The market is anticipated to have a bright future in the years to come thanks to the strategy that several pure-play quantum companies adopted during the pandemic years.
Type of Offerings: Consulting Services the Sub segment That Will Grow the Fastest
The consulting solutions sub-segment of the quantum computing market is predicted to encounter an incredible growth rate among offer types and generate $354.0 million in sales by 2029. Numerous applications in industries like automotive, space & military, chemicals, healthcare, and energy & power are expected to boost this sub-growth segment’s rate.
By Application: Machine Learning to remain Atop
By application, it is anticipated that the machine learning sub-segment would be the most dominating and fastest expanding, surpassing $236.9 million by 2029. Wide-ranging applications of quantum machine learning in deep learning, optimization, linear algebra, and kernel assessment are projected to contribute to the sub-anticipated segment’s positive growth throughout the course of the projection period.
Financial and Banking Services Sub segment to Experience Fast Growth
The quantum computing market is anticipated to be dominated by the banking and finance end-user sector and reach $159.2 million during the projected period. The use of quantum computing in banking and finance to assist high-frequency trading and asset valuation is expected to accelerate this subsegment’s growth rate.
Region: European market The Most Lucrative Region
According to regional analysis, the European quantum computing market is anticipated to be the most lucrative and generate revenues of $221.2 million throughout the study period. The primary driver of this growth is anticipated to be the expanding use of quantum computing and cryptography technology across a range of industries, including healthcare, chemicals, utilities, and defense.
Global market growth is predicted to be fueled by early quantum computing use in the banking and finance sector. Another significant factor influencing the growth of the worldwide market for quantum computing is rising government funding on research and development related to quantum computing technologies.
A number of businesses are concentrating on the deployment of QCaaS following COVID-19. This is then anticipated to help the market for quantum computing expand. However, stability and error-correction difficulties are anticipated to limit market expansion. The global quantum computing market is expanding as a result of the application of quantum computing equipment and services in the banking and finance end-use industry. These factors collectively influence the growth of the quantum computing and cryptography market, guaranteeing an overall market size of $ 4758.0 million in 2022 at a CAGR of 31.2 % through the forecast period.
During the projected period, strategic partnerships between major industry players are anticipated to be the leading growth driver of the quantum computing market. In addition, the introduction of cutting-edge quantum computing software and services is anticipated to spur market expansion. The number of cyberattacks worldwide is expected to significantly increase over the course of the projected period. In addition, it is projected that the rising implementation of quantum computing technologies in agriculture will accelerate market growth.
However, Due to the high processing power requirements and complex state of data storage, commercializing quantum computing is challenging. These issues can only be resolved via technological innovation, which will take some time. A considerable number of governments plan to inflate experimental research on novel technologies in order to create and develop quantum computing systems. As governments capitalize more money in quantum computing solutions for a variety of applications, it is anticipated that sales of quantum computing components will rise.
IBM Corporation, LLC, Intel Corporation, Microsoft Corporation, D-Wave Systems Inc., Rigetti & Co, Inc., IonQ, XANADU, Pasqal, and Google are some of the top revenue-generating companies, that are mentioned in this report. The study report depicts the potential boost in the upcoming estimated period by keeping a close eye on crucial and tiny details that can have a prominent effect while determining the demand of the global quantum computing and cryptography industry.
Latest Innovations in Global Quantum Computing and Cryptography Market: A Snapshot
- A strategic collaboration agreement was struck between Quantinuum and Mitsui & Co., Ltd (“Mitsui”) to work together to provide quantum computing in Japan and the Asia-Pacific area.
In order to create quantum computing use cases that will eventually significantly impact business transformation and innovation, Mitsui, a company committed to digital transformation, and Quantinuum, one of the top quantum computing businesses in the world with hardware and software integration, have joined forces.
Environment influencing the growth of the quantum computing and cryptography industry is not certain and there can be drastic up or down in the demand with the slightest change in the factors, so it is necessary to keep eye on the ever-changing environmental factors on economic, political, social, and geographical aspects. In addition, the report presents the findings on the classifications based on the type of product followed by the applicability of the product, which specifies the most in-demand segment that is profitable for the clients and along with dominating segment in categories such as market size and share. The study also divides the information based on geographical segmentation and delves into the most lucrative region that can bring revenue.
Quantum Computing and Cryptography Market Scope
|Revenue forecast in 2029
|$ 2587.70 million.
|CAGR of 31.2% during 2021-2029
|Type, Application, Deployment, Organization, End- User, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|IBM Corporation, LLC, Intel Corporation, Microsoft Corporation, D-Wave Systems Inc., Rigetti & Co, Inc., IonQ, XANADU, Pasqal, Google
Key Segment Analysis of Global Quantum Computing and Cryptography Market
Type Overview, 2019 – 2029( USD Billion)
Application Overview, 2019 – 2029( USD Billion)
- Network Security
- Data Mining
- Application Security
- Machine Learning
Deployment Overview, 2019 – 2029( USD Billion)
- On – Premises
- Cloud Based System
Organization Size Overview, 2019 – 2029( USD Billion)
- Large Enterprise
- Small & Medium Enterprises
End- User Overview, 2019 – 2029( USD Billion)
- Financial and Banking Service
- Government & Defense Service
- Information technology Sector,
- Retail & E- Commerce
- Energy sector
Region Overview, 2019-2029[ USD Billion]
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa