Quantum Computing Market

With the ever-increasing demand for high-level computing, the Quantum Computing Market has been gaining traction. The critical factors for driving the growth of the global Quantum Computing Market are augmenting data center workloads, more preference for Software-as-a-Service (SaaS) business models, and the classical binary computing systems design complexity.

This article will highlight how quantum computing is becoming significant and catching up with the next decade's pace.

What is Quantum Computing?

A classical computing system stores data in transistors, each of which holds a single bit of information such as 0 or 1. Quantum computing works on the concept of 'superposition' that processes both 1 and 0 concurrently, making it more potent than classical-quantum computing systems.

A quantum computer processes data in qubits and can search the entire database, evaluating each line.

What does Quantum Computing Market Research Say?

The quantum computing market is expected to reach $1.3 billion by 2027 at an annual growth rate (CAGR) of 52.9% and $161 million by 2022 from $33.0 million in 2017 at a CAGR of 37.3% globally.

We cannot deny the fact that investing early in these technologies can reap significant returns for investors. Along with this, quantum breakthroughs will also create new opportunities for professionals with expected salaries ranging from $51000 to $136000.

How does Quantum Computing Mitigate Cyber-attacks?

With the rising cyber-attack cases, the global quantum computing market is expected to witness progressive growth as the technology enables security in software systems and applications and protects vital organizational data from ransomware, phishing, and worms. Core companies are planning strategic frameworks with quantum personal computers and are expected to surge the market growth.

How will Machine Learning Segment Benefit from Quantum Computing?

Quantum computing is used in various applications such as machine learning, cryptography, quantum simulation, and more. It will enhance solutions for diverse, challenging fields and improve the accuracy of the atmospheric models to explain climate change.

The machine learning segment is expected to achieve maximum revenue crossing $236.9 million by the end of 2027.

Which Industries Will Quantum Computing Benefit?

Quantum computing processes data in a few seconds using Quantum Processing Units (QPU) and provides infinite storage. The demand for high-performance computing is required in data modeling, optimization, simulation, & analysis, and others that deal with vast volumes of complex data. All these factors are making industries adopt quantum computing.

Quantum computing offers an edge to automotive, aerospace, and electronic industries on aspects like the material's strength to weight ratio, higher energy density batteries, and effective catalytic and synthetic processes.

Quantum computing helps in the following ways:

• planning, production, scheduling, and routing for the automotive industries,
• enzyme and chemical design for chemical industry;
• Strategizing trading, portfolio optimization, pricing assets, fraud detection, and market simulation for BFSI.

How will Finance & Banking Sectors Grow with Quantum Computing?

The finance & banking sector is speculated to evolve rapidly and achieve a revenue of $159.2 million by 2027. This is because quantum technology in banking is capable of supporting large-frequency trading aspects.

In a Nutshell

This article highlights quantum computing and how it is capturing the market to tackle humongous data and much more. We have also shared some phenomenal statistics that are anticipated to be achieved in the coming decade with the growth of this powerful technology.

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