Demand for quantum computing software, cloud-based quantum computing solution, quantum computer-as-a-services, machine learning, and artificial intelligence has been amid the pandemic.
Given the current market scenario, prominent organizations are developing quantum computers focused on delivering free access to their quantum systems with the help of cloud platforms. This is primarily intended to create awareness and a community for developers working on quantum computing and advanced technology.
According to the recent study conducted by Persistence Market Research, the global quantum computing market valuation has reached a valuation of around $5.6 billion in 2020. As we advance, the market size is forecasted to surge at a CAGR of nearly 33.7% over the next ten years.
Throughout this new way of offering access, companies are aiming to target research groups, universities, and organizations focused on quantum computing to test, practice, and develop quantum computing solutions.
Some of the principle highlights from the study –
- South Asia and the Pacific region are expected to create lucrative growth opportunities for players in the marketplace due to the increased use of advanced technologies in the manufacturing sector.
- The major players in the market are focusing on acquisitions to complement their product portfolios to cater to the evolving needs of a variety of customers. Besides, the market participants are focused on providing products directly to end-users to improve direct customer relations.
- The market in the US is most likely to expand at a CAGR of around 26.4% through 2031, while this aspect in Germany is at approximately 28%.
- Major quantum computing companies are investing more in their research and development along with resources. It is being done with the objective to tap commercial opportunities of quantum computing within the government and private sectors.
- Market growth in China, India, and Japan is assumed to be much higher, with CAGRs of almost 36.9%, 41.8%, and 50.2%, respectively.
Analysis – The impact of COVID-19
The sudden outbreak of the global pandemic has disrupted various industries, including the quantum computing space. Demand for quantum computing software, cloud-based quantum computing, quantum computer-as-a-services, machine learning, and artificial intelligence has been increased over this time.
This is driving demand for quantum computing software and services. During the outbreak, manufacturing and the design and development of quantum computing devices sunk by nearly 5%-7% in Q3-Q4 2020 because of the falling production – spanning East Asian and North American factories.
These regions are considered to be the world’s significant quantum computing tool manufacturers and suppliers. However, according to the study, production has become stable in the first half of 2021, with the overall demand gaining traction again.
Furthermore, large quantum-computing enterprises around North America, Canada, China, Europe, Australia, Russia, and India are investing in qubit research while giving researchers access to cloud-based as well as commercial cloud services. In fact, the market for quantum computing is predicted to grow faster from Q3-Q4 2021 onwards.