The industry segment of the quantum computing market is classified into banking, financial services, and insurance (BFSI), healthcare, information (IT) and telecom, manufacturing, aerospace and defense, energy and utilities, and others. Among these, the BFSI category accounted for the largest market share in 2019. This is attributed to the considerable growth in the BFSI sector across the world and the extensive focus of large banks on investing in this futuristic technology.
This technology enables banks and financial organizations to streamline their business processes and strengthen their security manifold. Geographically, North America held the largest share in the quantum computing market in 2019. This is primarily due to the hefty investments by private firms and governments for the development of this technology. For instance, the U.S. Congress passed the National Quantum Initiative, in January 2019, to authorize around $1.2 billion investment in quantum technology over the next 5–10 years.
Furthermore, D-Wave Systems Inc., a Canadian company, was the first to commercialize quantum computing computer, with the launch of D-Wave One system. Also, it has developed fourth generation quantum systems. Whereas, Europe is expected to register the fastest growth during the forecast period, owing to the rapid economic development, extensive research and development (RD) activities, and enormous IT spending.
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Moreover, the increasing inclination toward innovative technologies and growing aerospace and defense and manufacturing sectors are playing a vital role in the regional market growth. Furthermore, Europe and North America will collectively dominate the market in the forecast years, due the investments from the National Aeronautics and Space Administration (NASA), the Los Alamos National Laboratory, and the National Security Agency (NSA).
Therefore, the huge investments from private firms and governments in RD of quantum science and technology will boost the market growth in the coming years.
