Enterprise quantum computing refers to using the properties and principles of quantum mechanics to perform calculations and solve problems. The growth momentum of the global quantum computing market is due to the desire to improve the ability to model and simulate complex data, enhance and optimize the efficiency of systems or processes, and solve problems more accurately.
Quantum computers, when compared with a conventional computer, are faster in solving problems and enhance the safety and security of data. Quantum computing is based on high computational power required for advanced applications such as AI, machine learning, drug discovery, and cryptocurrency. Therefore, with the advancement of technology, the rising importance of big data and machine learning are expected to boost the enterprise quantum computing market.
Global enterprise quantum computing market estimated to grow with a significant CAGR during the forecast period, 2020-2027. The rise in demand for enhanced computing performance for data analysis and the surge in usage of simulation & modeling in BFSI, healthcare, and energy sector expected to fuel the global enterprise quantum computing market in the future timeline. A quantum computer cannot replace a classical computer, its outstanding performance in specific storage and computing tasks makes its great potential in banking, finance, security systems, and even the research of new drugs and new materials. Additionally, the growing use of enterprise quantum computing in healthcare for effective medicines and financial sectors for better financial portfolio optimization will accelerate the global enterprise quantum computing market in the upcoming periods.
However, Quantum computers are not yet destined to replace processors in personal computers or smartphones anytime soon. Before companies can adopt quantum computing in large numbers, they need to significantly expand processing capabilities, improve error correction capabilities, write and improve quantum algorithms. Moreover, the growing adoption of enterprise quantum computing in various industries for securing computing platforms and vast amounts of data will boost the global enterprise quantum computing market.
Classic computers run sequentially and make problems such as factorization of large numbers (cracking the most common cryptosystems) difficult, large and complex. In contrast, a quantum computer is equivalent to providing a natural parallel operation that can test multiple possible solutions at the same time.
The advantages of this accelerated operation can also use for R & D and chemical development. At present, the computational complexity of the simulation of intermolecular interactions increases exponentially with the increase in the number of molecules, similar to the factorization of large numbers.
The digital transformation is driving the new economy, and the key to achieving digital transformation is business and technology. Improving computing speed and shortening application delivery time is one of the keys to digital transformation. The IT infrastructure based on the classic computing model is continuously improving to meet demand, such as heterogeneous computing, acceleration cards, IoT convergence technology, and modular infrastructure.
Based on Component, the global enterprise quantum computing market classified into Hardware, Software, Services, and others. The hardware segment likely to maintain substantial growth in the forecast period. It is owing to the adoption of quantum computing in large companies, and even startups are investing in the same for higher productivity and faster results. Although the services segment is also growing at an increasing rate due to cloud services such as Saas, Paas, are extensively increasing and will be adopted by many companies in the forecast period.
Based on deployment, the global enterprise quantum computing market bifurcated into Cloud and On-premise. The cloud segment projected to boost the market due to increasing demand for virtualization businesses where users can run, develop, and test the program on cloud without installing physical quantum computers. Moreover, the on-premise segment will also grow at a significant rate as the government organization has started investing in quantum computers to attain advanced technology, safety, and security of their data.
Based on technology, the global enterprise quantum computing market classified into Quantum Annealing, Superconducting, Trapped Ion, and Quantum Dot. Quantum dot will dominate the market in the forecast period. As conventional computing is done based on representing bits whereas quantum dot represents qubits which can take value 0 and 1 simultaneously and encode result with faster results.
Based on Application, the global enterprise quantum computing market classified into Machine Learning/Deep Learning/AI, Optimization, Simulation & Data Modelling, and Cyber Security. Machine learning/ deep learning/AI expected to dominate the market of quantum computing in the forecast period. As it not only enhances the speed of the work but also makes interaction easier with customers as quantum computing have the potential to solve a large number of problems in a fraction of time and can also process different combination at once.
Based on industry, the global enterprise quantum computing market classified into Healthcare & Life Sciences, IT & Telecom, Manufacturing, BFSI, Energy & Utilities, and Aerospace & Defense.
The healthcare sector is continuing to dominate the industry in the forecast period. Due to a rise in the demand for effective medicines as it takes about 8-10 years to develop any medicine which involves lots of time and cost in R&D. Additionally, quantum computing can determine the cure of several diseases by mapping the DNA of patients. Therefore, this creates lots of opportunities for developing various medicines in a short period and cost-effective manner.
Based on geography, the global enterprise quantum computing market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific is going to capture a significant share in the global enterprise quantum computing market. Owing to the growing healthcare sector, and various development occurring for the adoption of quantum computing in different regions like India and China will increase in the forecast period.
Companies such as Alibaba Group Holding Limited, D-Wave Systems Inc., Google LLC, Huawei Technologies Co. Ltd., ID Quantique, International Business Management Corporation (IBM), Intel Corporation, Microsoft Corporation, Rigetti & Co, Inc., Toshiba Research Europe Ltd., and other prominent players in the global enterprise quantum computing market.