According to the business analysis report titled ‘Quantum Computing Market Size By Component (Software, Service), By Deployment Model (Cloud, On-premise), By Application (Optimization, Simulation, Machine Learning, Sampling, Others), By End-user (BFSI, Aerospace & Defense, Automotive, Healthcare, Government, Energy, Chemical, Others), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2028’, available with MarketStudyReport, quantum computing market is anticipated to grow substantially during 2021-2028.
 

Quantum computing is said to have gained prominence owing to its high-speed data processing advantage, as opposed to traditional computer systems. Further, an increase in the volume of data globally drives quantum computing market growth.
 

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Growing necessity to solve complex problems, government investments in this field, and rising demand for advanced tools across various end-user industries are also considerable traction to the industry growth. However, lack of technical expertise to produce quantum bits, and high energy consumption associated with the technology are the major challenges in this business sphere.
 

Moving on to application segmentation, sampling sub-segment is expected to grow substantially at a CAGR of more than 25% during the stipulated time period. Meanwhile, the energy sub-segment is also set to record a CAGR of 25% during the forecast years as a result of increased usage of quantum computers for oil and gas production.
 

From a regional frame of reference, Latin America quantum computing market is slated to record a CAGR of 30% over the assessment timeframe owing to a rise in infrastructure activities.
 

Meanwhile, the market in Middle East and Africa is projected to experience a substantial growth, with a CAGR of approximately 30% over the forecast period, as a result of an increase in government investments within the area.
 

Speaking of the competitive landscape, industry players are engaging in collaborations & partnerships, R&D investments, and mergers & acquisitions to improve their standing in the marketplace. For instance, cloud computing giant Amazon Web Services, Inc. collaborated with California Institute of Technology (Caltech) for developing quantum computers and related technology so as to transform machine learning, sustainable practices, and data security, thereby expanding its reach within the quantum computing industry.
 

Apart from Amazon Web Services, Inc., major companies influencing the global quantum computing industry trends are Accenture plc, Zapata Computing, Inc., VeriQloud, Xanadu Quantum Technologies, Quantum Circuits, Inc., Riverlane, Quantica Computacao, Rigetti Computing, QC Ware Corp., Microsoft Corporation, International Business Machines Corporation (IBM), Fujitsu Limited, Honeywell International, Inc., Google LLC, Cambridge Quantum Computing, and D-Wave Systems.