In 2021, the quantum computing market size stood at USD 458 million, which is projected to witness a 31.2% CAGR during 2021–2030, reaching USD 5,274 million by 2030 as per P&S Intelligence. The deployment of these solutions has witnessed a robust upswing in numerous industries, including BFSI, logistics, support, and cybersecurity, as market players are heavily spending in this field.
In 2021, the hardware category had the largest revenue share, of 62.5%. Key players are heavily investing in the growth of robust hardware equipment, to help this powerful software.
in 2021, the optimization category had the highest share revenue of 63.8% in the market, based on application. This can be ascribed to the fact that a maximum number of organizational issues revolve over streamlining business processes, for which optimization services are most vital. thus, market players are concentrating more on creating a solution that can be functional for optimization purposes.
portfolio risk optimization, Inflation detection, risk modelling, trade trajectory optimization, trading techniques, instability detection, and asset cost optimization are just a few of the complex issues that quantum computers can solve with unmatched speed.
In 2021, the industry for quantum computing solutions in the BFSI market held the highest revenue share of approximately USD 145.4 million, On the basis of industry. this can be credited to the banks which are concentrating more on spending on this potential technology to modernize their business methods, to enhance their security.
The industry in the healthcare sector is projected to grow at the highest pace in the coming years. This will mainly be because of the snowballing demand for enhanced diagnosis and treatment measures for chronic illnesses. Furthermore, such computing technologies play a vital role in drug development and discovery.
In 2021, North America held the highest revenue share by generating $208.2 million, because of the heavy expenditure made by government and private companies for the growth of this technology. For example, in January 2019, the U.S. Congress accepted the National Quantum Initiative, approving above USD 1.2 billion expenditure in quantum science and technology in the coming 5–10 years. these initiatives will result in the snowballing acceptance of this technology in academic, industrial, and government facilities.
Thus, the government is the main reason behind the growing use of quantum computing, by spending on research and development. Additionally, the high investment in IT, early acceptance of emerging technologies, and constant technological improvements help in the enlargement of the market in this continent.
Hence, because of the robust upswing in numerous areas, including financial services, logistics and support, and cybersecurity, as market players are heavily spending in this field the demand for the quantum computing market will surge in the future as well.
