Quantum Computing Market; Augmented IT Industry Revenue to – GlobeNewswire

Pune, India, Jan. 26, 2022 (GLOBE NEWSWIRE) -- The global Quantum Computing Market size is projected to bolster on account of the growing demand for faster data operations, secure data transfer, and communications would be likely to drive the quantum computing market during the forecast period, states Fortune Business Insights, in its report, titled, Quantum Computing Market, 2021-2028.

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As per our researchers, quantum computing is the utilization of quantum physics characteristics such as superposition theorem to execute computation and preserve the data. Quantum computing can be incorporated with machine learning (ML) to advance its usage.

List of Key Players Covered in the Quantum Computing Market Report

COVID-19 Impact: Booming IT Industry Set to Enhance Product Demand

The spread of the COVID-19 pandemic has radically disturbed every fragment of human routine especially comprising of the Indian IT segment. It has generated an unparalleled assessment on the IT sector. In various IT companies around the globe, workplaces are shut, and instead, work from the home system is observed to be employed. Moreover, globalization has decelerated substantially.

Over the past couple of years, the IT industry has in India has been a dominating sector and contributor towards economic growth. It plays an authoritative role in satisfying several middle-class visions of the company as well as achievement and ambitious professions. Nevertheless, according to industry experts, owing to the COVID-19 outbreak, companies in the IT services in India are estimated to witness a considerable strike in growth during the financial year of 2020-2021.

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To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:

Report Coverage

The report delivers a detailed study of the market fragments and a comprehensive analysis of the market overview. A thoughtful assessment of the contemporary market trends as well as the impending opportunities are offered in the report. It further reveals an extensive analysis of the regional dynamics and how they shape the market growth. The COVID-19 impacts have been mentioned in the report in order to assist stakeholders and business professionals comprehend the risks better. The report emphasizes the chief players and their key strategies to stay in the dominating position.

Segmentation

Based on Component, the global quantum computing market is segregated into Hardware and Software Services.

On the basis of Application, the market is categorized into Optimization, Machine Learning, and Material Simulation.

By End-Use, the global market is bifurcated into Space and Defense, Automotive, Healthcare, Banking and Finance, Chemicals, and Energy & Power.

In terms of Geography, the market is categorized into North America, South America, Europe, the Middle East & Africa, and Asia Pacific.

Drivers and Restraints

Market Growth Set to Bolster Backed by Government Support

The support given by the government for the execution of quantum computing technology and its development is a prominent factor in the market. Abundant public businesses and private firms recognize the importance of a well synchronized finance approach that affirmatively affects market growth. For example, according to the National Quantum Initiative law, which was made legal in December 2018, the United States House of Representatives has encompassed USD 1.2 billion capital for the National Quantum Initiative Program. The funding is intended to enable quantum information science and technology applications for more than ten years by fixating its objectives and significance.

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Businesses involving banking, defence, space, public sectors, healthcare among others are estimated to make a significant contribution to the general quantum computing market. The growing necessity for protected data transfer and interactions, with the demand for quicker data tasks, is projected to augment the demand for quantum computing consulting solutions.

Regional Insights

North America is estimated to steer the market growth considerably owing to its remarkable investment collection in personal as well as public R&D activities. For example, the National Aeronautics and Space Administration (NASA), Los Alamos National Laboratory, and National Security Agency (NSA) are assured of quantum computing technology improvement.

Numerous communal, as well as private establishments across Europe, are participating actively for the development of quantum computing technology. The leading European countries including the United Kingdom, Russia, and Germany, and their substantial investments would probably drive the quantum computing market growth across Europe.

Asia Pacific is projected to grow exponentially during the forecast period. Large-scale expansions in computing, demonstrated by emerging Asian nations such as India, Japan, and South Korea, are estimated to thrust the market growth in the upcoming period.

Competitive Landscape

The global quantum computing market is displaying concentrated competition. Noteworthy market players emphasize on evolving presented technological developments and linked products that suffice most of the industry requirements. Most of the key retailers are committing their struggles towards research and development activities (R&D) to present an included product variety. The noticeable vendors in the global market concentrate on novel product unveilings and augmentations of their prevailing portfolio to elevate their market position.

Industry Development

November 2018:Rigetti & Co, Inc. introduction of a toolkit known as pyQuil 1.9 which is valid for forming and running quantum computing programs.

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