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. Globally, the North American quantum computing market accounted for the largest share in 2019. This is mainly due to the surging investments from government and private organizations to develop quantum computing technology.
This leads to its increasing adoption in government, academic, and industrial facilities in the region. Whereas, the European market is projected to record the highest growth rate during the forecast period. This can be ascribed to the rapid economic development, robust RD activities, massive IT spending, expansion of the aerospace defense and manufacturing industries, and increase in inclination toward advanced technologies in the region.
Moreover, on the basis of industry, the quantum computing market is categorized into banking, financial services, and insurance (BFSI), information technology (IT) telecom, healthcare, aerospace defense, manufacturing, and energy utilities. Among these, the BFSI category held the largest share in the market in 2019. This is attributed to the escalating focus on investing in this potential technology by the industry players, as it can enable them to streamline their business processes and improve the level of security.
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.
