Quantum computing offers higher computing speed as compared to traditional ones. It is gaining popularity owing to the rapid advancements in technology and its high rate of adoption. The observation presented by Market Research Future (MRFR) reveals that the global quantum computing market is expected to register 31.3% CAGR over the assessment period. Also, the valuation of the revenues earned is expected to reach USD 2.82 Bn by the close of the prognosis period.

Quantum computing is an advance upon classical computing that utilizes quantum bits, which can manipulate the data so that multiple programs can be run simultaneously, leading to the overall computing power of the system improving tremendously. Classical computing utilizes data encoded in binary bits, each representing a state of either 1 or 0.

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Market Segmentation:

Based on application, the segments of the quantum computing market are optimization, simulation, machine learning, and others. Among these, the optimization segment resonates growth potential and is assessed to mark 31.7% CAGR over the forecast period.

Based on product type, the quantum computing market has been segmented into Hardware, Software, and Services. The hardware segment held 44.9% share of the market in 2017. It is presumed to expand at 32% CAGR across the evaluation period.

Regional Analysis:

Many of the leading players in [FURL=https://www.marketresearchfuture.com/reports/quantum-computing-market-2583]Quantum Computing Market[/FURL] are situated in North America, which has driven rapid growth of the regional market. The government sector and aerospace and defense contractors in the region have also focused on making use of the full potential of machine learning in recent years, which has resulted in growing demand from the quantum computing market. North America is likely to remain the leading regional segment of the global quantum computing market over the forecast period due to the steady technological advancement in the region and significant commercial scope for quantum computing products.

Europe holds the second position in the global quantum computing market and is likely to remain a key contributor over the forecast period due to the increasing acceptance of machine learning and simulation procedures in the region’s industrial and government sectors.

Asia Pacific could witness rapid growth of the quantum computing market over the forecast period, mainly due to the growing use of quantum computing in the BFSI sector.

Competitive Analysis:

Leading players in the global quantum computing market include D-Wave Systems Inc., Lockheed Martin Corporation, Anyon Systems Inc., QC Ware Corp., QxBranch, Rigetti Computing, Cambridge Quantum Computing Limited, Intel Corporation, and IBM.

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