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Quantum Computing Market Size, Share is Projected to Reach

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Chicago, Oct. 26, 2022 (GLOBE NEWSWIRE) — Quantum Computing Markeyou Size by Offering (Systems and Services), Deployment (On Premises and Cloud Based), Application, Technology, End-use Industry and Region – Global Forecast to 2026″, is expected to grow from USD 472 million in 2021 to USD 1,765 million by 2026, at a CAGR of 30.2%. The early adoption of quantum computing in the banking and finance sector is expected to fuel the growth of the market globally. Other key factors contributing to the growth of the quantum computing market include rising investments by governments of different countries to carry out research and development activities related to quantum computing technology. Several companies are focusing on the adoption of QCaaS post-COVID-19. This, in turn, is expected to contribute to the growth of the quantum computing market. However, stability and error correction issues are expected to restrain the growth of the market.

The adoption of quantum computing systems and services in the banking and finance end-use industry is driving the growth of the quantum computing market across the world. Various industries worldwide are witnessing digital disruptions. They are leveraging advanced technologies, such as cloud computing, industrial IoT (IIoT), and smart logistics, to modify their business models and enhance their operational efficiency. This has also led to the development of smart supply chains, improved manufacturing processes, and an efficient end-to-end ecosystem.

Technological advancement in quantum computing

Quantum computing industry transforms the way information is stored and processed. It significantly improves the efficiency of algorithms. The ecosystem of quantum computing is evolving fast, thereby contributing to the development of fifth-generation computers. Research related to quantum computing is evolving owing to ongoing innovations in traditional computing. This, in turn, has led to the transition of the classical computing industry to simulating quantum techniques. Quantum computers can potentially decipher obstacles that limit the power of classical computers, thereby solving complex problems related to the encryption and optimization of data in seconds that classical computers take a significantly long time to attempt. The use of qubits in quantum computers enables them to have superposition and entanglement properties. Superimposing multiple qubits on each other raises the processing power of quantum computers significantly. With this processing power, quantum computers can solve complex problems that classical computers fail to resolve.

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Services segment is projected to lead the quantum computing market from 2021 to 2026.

The growth of this services segment can be attributed to the increasing number of startups across the world that are investing in research and development activities related to quantum computing technology. This technology is used in optimization, simulation, and machine learning applications, thereby leading to optimum utilization costs and highly efficient operations in various end-use industries.

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Machine learning is expected to witness highest CAGR in coming years

Quantum machine learning involves the integration of quantum algorithms within machine learning programs. In the case of complex models, it becomes very difficult to sort many variables systematically. Thus, users can opt for quantum computing technology to resolve this complexity with accuracy and speed. For instance, in the Monte Carlo method, the sampling technique is used to estimate numerical quantities from a large dataset. Quantum algorithms can be used to increase the execution speed of a solution, while algorithms can expedite the implementation of the Monte Carlo method and reduce the computational time.

The superconducting qubits segment is projected to account for the largest size of the quantum computing market Trend from 2021 to 2026.

The growth of this segment can be attributed to faster operations of quantum computers based on superconducting qubits technology than the computers equipped with other technologies. The technology companies such as IBM, Google, and Intel are expected to launch their quantum computing services with superconducting qubits in the coming years.

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