DUBLIN--(BUSINESS WIRE)--Jul 23, 2021--
The "Global Quantum Computing Software Market by Component (Software, Services), Deployment Mode (Cloud, On-Premises), Organization Size, Technology, Application (Optimization, Simulation), Vertical (Bfsi, Government), and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global Quantum Computing Software market size is projected to grow from USD 0.11 billion in 2021 to USD 0.43 billion in 2026, at a Compound Annual Growth Rate (CAGR) of 30.5% during the forecast period.
Based on component, the service segment is expected to lead the quantum computing software market during the forecast period
Among component segment, the services segment is leading the quantum computing software market in 2021. The growth of the services segment can be attributed to the increasing investments by start-ups in research and development related to quantum computing technology. Quantum computing software and services are used in optimization, simulation, and machine learning applications, thereby leading to optimum utilization costs and highly efficient operations in various industries.
Based on deployment mode, the cloud segment is expected to lead the quantum computing software market during the forecast period
Among deployment mode, the cloud segment is projected to dominate the global quantum computing software market in terms of market share. The cloud-based approach is expected to become a significant revenue source for quantum computing software and service providers, with users paying for access to noisy intermediate-scale quantum (NISQ) systems that can solve real-world problems. High costs and complexity of the quantum computing system, software, and services are influencing enterprises to deploy cloud-based machines.
Based on vertical, the healthcare & life sciences vertical segment is expected to grow at a higher CAGR during the forecast period
The healthcare & life sciences vertical is expected to grow at the highest CAGR during the forecast period. Quantum computing technology enables scientists to develop medical and diagnostics tools that are ultra-precise and ultra-personalized. Moreover, quantum sensors can be used in magnetic resonance imaging (MRI) machines for ultra-precise measurements. These developments can enhance the quality of healthcare services. Various applications of quantum computing in the healthcare industry include optimization of radiotherapy treatments, creation of protein models, generation of targeted cancer drug therapies, and analysis of DNA.
APAC is expected to grow at a higher CAGR during the forecast period
APAC is projected to be the fastest-growing region in the quantum computing software market due to the increase in adoption of new technologies, rising investments for digital transformation, and growing GDP in APAC countries. A majority of the potential economies in the region include Australia, Singapore, China, and India, which are rapidly investing in technological transformations.
Market Dynamics
Drivers
- Growing Adoption of Quantum Computing Software in Banking, Financial Services, and Insurance Vertical
- Government Support for Development and Deployment of Quantum Computing Technology
- Increasing Number of Strategic Alliances for Research and Development
Restraints
- Technical and Implementation Challenges
Opportunities
- Growing Adoption of Quantum Computing Technology in Healthcare Vertical
- Growing Need for High-Level Computing Performance
Challenges
- Lack of Highly Skilled Professionals
Companies Mentioned
- 1Qbit
- Accenture
- Aliro Quantum
- Avanetix
- Aws
- Cambridge Quantum Computing
- D-Wave Systems
- Fujitsu
- Honeywell
- Huawei
- Ibm
- Ketita Labs
- Kuano
- Microsoft
- Other Players
- Qc Ware
- Quantastica
- Quantica Computacao
- Quantum Circuits
- Rahko
- Rigetti Computing
- Riverlane
- Veriqloud
- Xanadu
- Zapata Computing
For more information about this report visit https://www.researchandmarkets.com/r/ezcurz
View source version on businesswire.com:https://www.businesswire.com/news/home/20210723005389/en/
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KEYWORD:
INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE
SOURCE: Research and Markets
Copyright Business Wire 2021.
PUB: 07/23/2021 11:00 AM/DISC: 07/23/2021 11:02 AM
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