The quantum computing market is estimated to showcase robust growth through 2028 driven by burgeoning computation requirements in varied applications.
Quantum computers can process larger data sets at a much faster speed than classical computers. With soaring amounts of data being generated across the globe, quantum computing has gained massive prominence as an efficient computing solution across different sectors. Recently, industry players have been adopting profitable strategies to establish a footing in the rapidly evolving field, thereby enhancing market dynamics.
For instance, in October 2021, Amazon Web Services (AWS), a cloud computing behemoth, opened its new Center for Quantum Computing in California, expanding its presence in the quantum industry. The Center, which was built by AWS in collaboration with the California Institute of Technology (Caltech), aims to develop quantum computers and associated technologies that could potentially revolutionize machine learning, data security, sustainability practices, drug development, and other fields.
For comprehensive assessment, the quantum computing market has been segmented in terms of deployment model, component, application, end-user, and region. On the basis of application, the market has further been segregated into simulation, optimization, sampling, machine learning, and others.
The sampling sub-segment is likely to grow at a CAGR of over 25% through the assessment timeframe to reach a sizable valuation by 2028. Widespread adoption of services in sampling applications is expected to drive the growth of the segment in the coming years.
From the end-user perspective, the market has been categorized into automotive, BFSI, energy, aerospace & defense, government, chemical, healthcare, and others (IT & telecom, manufacturing, etc.). In 2020, the government sub-segment held a market share of approximately 5% and is anticipated to expand at a notable CAGR over the analysis period. The advent of quantum computing solutions in the industry is set to fuel segmental demand over the following years.
The quantum computing market from the energy sub-segment is calculated to progress at around 25% CAGR through the study timeline to witness substantial revenue growth by 2028. Rising usage of quantum computers for oil & gas production is foreseen to support segmental expansion in the upcoming years.
In the regional landscape, the Latin America quantum computing industry contributes to a considerable portion of the global market revenue and is projected to grow at a CAGR of more than 30% over the review period. Prevalent expansion of infrastructure across LATAM is slated to facilitate regional market expansion through 2028.
Meanwhile, the Middle East & Africa quantum computing market is speculated to garner a significant share in the overall industry by 2028, registering about 30% CAGR over the forecast period. Surging investments by regional governments are likely to foster product outlook in MEA in the future.