Increase in adoption of quantum computing technologies by numerous industrial sectors are also expected to drive the market growth.
PORTLAND, PORTLAND, OR , UNITED STATES , August 12, 2022 /EINPresswire.com/ — Increase in demand for enhanced computing performance for data analysis and rise in usage of simulation & modeling in healthcare, BFSI, and energy sector drive the market growth. The global enterprise quantum computing market size was valued at $ 1,370.82 Million in 2020, and is projected to reach $ 18,336.45 Million by 2030, growing at a CAGR of 29.7% from 2021 to 2030.
Major market players such as – Alibaba Group, D-Wave Systems Inc., Google, Huawei Technologies Co., Ltd., International Business Management Corporation (IBM), ID Quantique, Intel Corporation, Microsoft, Rigetti & Co, Inc., and Toshiba Research Europe Ltd.
Depending on deployment mode, the cloud segment garnered the largest share in 2020, and is expected to continue this trend during the forecast period. This is attributed to numerous benefits provided by this cloud deployment such as high level of data security and safety. However, the cloud segment is expected to witness highest growth in the upcoming years. As cloud deployment does not need any investment in IT infrastructure as all data is stored on cloud server, which increases the demand for of geospatial analytics software in small and medium scale organizations.
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Depending on deployment mode, the on-premise segment garnered the largest share in 2020, and is expected to continue this trend during the forecast period. This is attributed to numerous benefits provided by this on-premise deployment such as high level of data security and safety. However, the cloud segment is expected to witness highest growth in the upcoming years. As cloud deployment does not need any investment in IT infrastructure as all data is stored on cloud server, which increases the demand for of Enterprise quantum computing software in small and medium scale organizations.
As per Enterprise quantum computing market forecast post COVID-19, the global Enterprise quantum computing market size is estimated to grow from $ 1,761.50 Million in 2021, and reach $ 18,336.45 Million by 2030, at a CAGR of 29.7%.
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The COVID-19 outbreak has a positive impact on the growth of the Enterprise quantum computing market as Enterprise quantum computing technologies are helping enterprises to address the extensive capacity demand of data volume. The outbreak of COVID-19 has affected communities globally while governments and companies are trying their best to respond faster to the challenges posed by this pandemic.
However, from the last quarter of 2019, COVID-19 pandemic created an unbalanced health situation, with stringent restriction to maintain social distancing and lockdown implemented across world. Thus, with a major aim to contain this pandemic, majority of the economies have enforced completed shutdown, thereby leading to decline in business operations. Sectors such as manufacturing and transportation have been severely impacted, worsening the business scenario and resulting colossal monetary and employment losses. However, this pandemic has elevated the growth for the enterprise quantum computing market, and is expected to exhibit two fold increase during the forecast period.
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On the basis of component, the hardwear segment dominated the overall enterprise quantum computing industry in 2020, and is expected to continue this enterprise quantum computing market trends during the forecast period. This is attributed to increase in adoption of enterprise quantum computing solution among enterprises to gain strategic as well as competitive advantage and strong customer retention over their competitors. In addition, these solutions save both time as well as money, leverage existing data investments, and improve image analysis capabilities, with just a single software application. Moreover, quantum computing service providers are upgrading their software solutions to expand the range of enterprise quantum computing applications to reach more customers, which provides lucrative opportunities for the market growth.
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