Factors such as the increasing funding by various governments and private companies in the field of quantum computing and the surging focus on establishing standards for quantum technology are expected to drive the growth of the quantum computing market at a CAGR of 33.1% during the foreseeable period (2020–2030). According to PS Intelligence, the market size is projected to reach $1,866.8 million by 2030 from $89.6 million in 2019.
Moreover, government organizations and other bodies are offering several initiatives to support and promote the commercialization of quantum computing. The surging funding by various governments and private companies in the field of quantum computing is one of the main factors boosting the quantum computing market growth. In recent years, there has been a significant increase in government initiatives helping quantum information processing, such as funding from governments in research and development (RD) activities in this field.
For instance, the National Quantum Initiative Act was passed into law in December 2018. Under this, the U.S. House of Representatives allocated $1.2 billion to the National Quantum Initiative Program for establishing goals and priorities for a 10-year plan to develop related technologies. Based on application, the quantum computing market is classified into optimization, simulation and data problems, sampling, and machine learning. Out of these, the optimization category accounted for the largest market share in 2019.
This is attributed to the increasing adoption of optimization solutions to resolve several organizational complications revolving around the streamlining of business operations. Thus, market players are increasing the development of these solutions that can be adopted for optimization purposes. Whereas, the machine learning category is projected to witness the fastest growth in the coming years, owing to its huge potential to enhance quantum computing systems.
Thus, the increase in funding by various governments and private companies in the field of quantum computing and the robust RD activities are projected to propel the market growth in the coming years.
