Machine Learning Segment Occupies the Largest Share of the Global Quantum Computing Market
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In 2023, the size of the Global Quantum Computing Market size was valued at USD 1.1 billion, and is projected to reach?USD 5.2?Billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 38.98% during the forecast period, i.e., 2024-30. The factors that are driving the market are increasing requirements for high-performance computers and technologies in numerous sectors and industries. As not all businesses can develop their quantum computers, they can access in both online or via an interface, leading to several implementations of the technology.
In addition, the machine learning segment riles the Global Quantum Computing Market with the maximum share. The technology helps to create different novel quantum algorithms, estimations of quantum system features, and enables quantum error-correcting codes. Thus, the combination of quantum computing technology, and machine learning rise the demand for better computing resources to create innovation in the market.
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Increasing Need for Quantum Computing Technology in Various Industries
There is a rising possibility to implicit methods of quantum mechanics in different industries to proceed further, such as – quantum technologies have a wide scope of technology to implementation across numerous sectors including, agriculture, BFSI, transport, defense, healthcare etc.
Besides, quick technical breakthroughs & reliance on technology to sort out complex issues provide a profitable opportunity for the market participants. Additionally, the steady efforts to come up with budget and time-saving solutions by tech experts are anticipated to provide extraordinary market growth in the upcoming years.
Cloud-based Deployment is Expected to Lead Notable Value Source in the Future
Based on deployment, the Global Quantum Computing Market is categorized into three segments including – Cloud- based, hybrid, and on-premises deployment. Among these, the cloud-based deployment is estimated to lead to a remarkable value source during the forthcoming years. The requirement for cloud-based computing solutions, and services will expand with the development of more vigorous, and meteoric systems. Primarily, the flexibility, and freedom of access offered to users via cloud-based deployment, combined with access to noisy intermediate scale quantum (NISQ) systems, is encouraging its demand further.
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Main Market Participants of the Global Quantum Computing Market
There are numerous crucial players of the Quantum Computing Industry. Some of these are: - ?Wave System Inc., IBM Corporation, Lockheed Martin, Google Research, Intel Corporation, Hewlett Packard Enterprise, QC Ware Corporation, Cambridge Quantum Computing Ltd., Fujitsu Ltd., and Accenture.
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Major Development in the Global Quantum Computing Industry
North America is Expected to Rule the Global Quantum Computing Market in the Forecast Period
Geographically, the Global Quantum Computing Market extends to different regions such as South America, North America, Asia Pacific, Europe, and the Middle East & Africa. However, out of all these North America is anticipated to hold the largest share of the industry in the future. It is attributed to the early adoption of advanced technologies and the highly competitive landscape. Moreover, the huge investments by private companies and initiatives taken by the government in order to develop the technology have led in the rising adoption of quantum computing in academics, government, healthcare, and industrial facilities, further fueling market growth.
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