Growing demand for enhanced computing performance for data analysis and increase in usage of modeling and simulation in healthcare, BFSI, and the energy sector drive the market growth.
An increase in investments in quantum computing technology, implementation of high-performance computing, and demand for finance and medical research applications drive the market growth. However, operational challenges and error & stability correction issues hinder the growth in the market. On the other hand, technological innovations in quantum computing and the advent of on-premise quantum computing create new opportunities in the industry.
The global enterprise quantum computing market contributed $650 million in 2017 and is projected to garner $5.85 billion by 2025, growing at a CAGR of 31.7% from 2018 to 2025.
In 2017, the aerospace & defense segment accounted for the highest share of the global enterprise quantum computing market and is projected to remain dominant during the forecast period due to the rise in investment by government organizations. However, the energy & utility sector has grown significantly in the last few years and is expected to attain the highest CAGR during the forecast period.
Based on component, the hardware segment dominated the overall enterprise quantum computing market share in 2017 and is expected to remain dominant during the forecast period, due to increase in investment into startups working on quantum computing hardware.
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Based on regions, North America held the major market share in 2017, accounting for more than two-fifths of the total share in 2017, and is expected to maintain its lead position during the forecast period. This is due to the surge of funding given by the U.S. government for speeding up research and development of quantum computing. However, Asia-Pacific is expected to register the highest CAGR of 35.9% from 2018 to 2025, owing to an increase in research and development activities taking place in enterprise quantum computing in Asian countries.
Among deployments, the on-premise segment contributed more than three-fourths of the total share in 2017 and is expected to maintain its dominating position by 2025. This is due to the rise in technological advancements and surge in investments by different governments and organizations for the development of on-premise quantum computers. However, the cloud deployment segment is expected to grow at the fastest rate, with a CAGR of 34.1% from 2018 to 2025. This is owing to the low cost of operation and maintenance and the ability to test, develop, and run programs without a physical quantum computer.
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Profiling Key Players: 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.
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