Global Quantum Computing Software market has grown rapidly in recent years and expected to reach USD 456 Million by 2028. The Quantum Computing Software market is forecast to witness 30.5% CAGR over the forecast period (2021-2028), owing to the increasing inclination towards Software as a Service business model and complications in processing design.

Introduction of the Quantum Computing Software Market Report

Quantum Computing is a type of advanced computer technology which is based on quantum mechanics and quantum theory. It is highly different from traditional computing in terms of bits, speed, and data. It is widely used in research for the comparison of numerous solutions and to find an optimum solution for a complex problem.

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Market Dynamic

Key Drivers and Emerging Trends

Increasing adoption of quantum computing software across the BFSI, defense, and healthcare end-use industry verticals stands to be a driving factor for the market growth. Strategic initiatives by the government to encourage the deployment of software and increasing investment in research and development by leading players will further contribute to the market growth. For example, in July 2021, QuantWare, launched its commercial superconductivity processor for quantum computers which can significantly increase the quantity of data that can be managed by computers. In addition, growing use of quantum computing software in optimization applications for effective operations will strengthen the market size. However, the availability of alternative products and high costs are expected to hamper the market growth over the upcoming years.

Restraint in the Quantum Computing Software Market

However, the presence of alternative technology such as ions trapped in electric fields has hampered the growth of this market. Moreover, the price of software is high which also acts a restraining factor.

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Organization Size – Segment Analysis

Small and Medium Enterprises are projected to witness a faster CAGR during the forecast period, primarily because of the increasing application of the software to solve complicated optimization problems and reduce operational costs.

Application – Segment Analysis

Machine learning is predicted to witness a faster CAGR over the forecast period, owing to the ability of machine learning to avoid diagnostic errors. Also, quantum-enriched machine learning helps in analyzing classical data with ML algorithms that run on quantum computer. Increasing deployment of cloud computing and machine learning will result in changing medical practices and innovations in clinical research, propelling the Quantum Computing Software market size.

End-Use Segment Analysis

Healthcare & life sciences vertical is predicted to hold the largest share during the forecast period, owing to the growing use of quantum computing technology to design ultra-precise medical and diagnostics tools. Moreover, increasing incorporation of quantum sensors in magnetic resonance imaging (MRI) machines for ultra-precise measurements have improved the quality of healthcare services boosting the segment’s growth.

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Regional – Segment Analysis:

North America is estimated to grow at a higher CAGR over the forecast period, owing to the strong presence of leading players including QB Information Technologies, Amazon, and D-Wave Systems and strategic government support. Growing adoption of quantum computing across the region’s defense, chemical, and BFSI industries has driven the regional growth. Asia Pacific is predicted to grow at a faster CAGR over the coming years, due to growing adoption of advanced technologies, increasing investments and strategic initiatives by private and public players in the developing economies.

Top Market Players

Various notable players operating in the market, include, IBM, Microsoft, Huawei Technologies Co., Ltd., Accenture plc, Cambridge Quantum, Fujitsu, Riverlane, VeriQloud , Quantastica, Rahko, among others.

Key Developments:

• • In 2021, Honeywell decided to incorporate Honeywell Quantum Solutions (HQS) and Cambridge Quantum Computing (CQC) in order to develop most advanced standalone quantum computing company in the world.
• • In Feb 2021, D-Wave Systems launched the Leap quantum cloud service in Singapore. This will help researchers, developers, researchers, and businesses in Singapore to access D-Wave’s Advantage quantum computer.
• • In 2020, QC Ware collaborated with IonQ to conduct an experiment illustrating that machine learning on near-term quantum computers can attain the same or better level of accuracy as classical computers and in less time.
• • In August 2020, Amazon Web Services introduced Amazon Braket, which can be operated via classically powered circuit simulators and quantum computers of D-Wave Systems, IonQ, and Rigetti Computing.

Segments covered in the Report:

The global Quantum Computing Software Market has been segmented on the basis of Organization Size, Application, Component, and regions. Based on Organization Size, the market is segmented into Large Enterprises and SMEs. Based on Application, the market is segmented into Machine Learning, Simulation, Optimization and Others. Based on Component, the market is segmented into Services, Consulting Services, Solutions and Quantum as a Service. Based on End Use, the market is segmented into Healthcare & Life Sciences, BFSI, Chemical, Transportation & Logistics, Government, Education, Aerospace & Defense and Others.

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Key questions answered in this research report:

• • At what pace is global Quantum Computing Software Market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Quantum Computing Software Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Quantum Computing Software Market?
  • Which Organization Size generated maximum revenues in 2020 and identify the most promising Organization Size during the forecast period?
  • What are the various Application areas of global Quantum Computing Software Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2020
Market Forecast Period	2021-2028
Market Revenues (2028)	USD 456 Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Organization Size, By Application, By Component, By End Use, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	IBM, Microsoft, Huawei Technologies Co., Ltd., Accenture plc, Cambridge Quantum, Fujitsu, Riverlane, VeriQloud, Quantastica, Rahko, among others; a total of 10 companies covered
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Quantum Computing Software Market by Organization Size

• • Large Enterprises
  • SMEs

Global Quantum Computing Software Market by Application

• • Machine Learning
  • Simulation
  • Optimization
  • Others

Global Quantum Computing Software Market by Component

• • Services
  • Consulting Services
  • Solutions
  • Quantum as a Service

Global Quantum Computing Software Market by End Use

• • Healthcare & Life Sciences
  • BFSI
  • Chemical
  • Transportation & Logistics, Government
  • Education
  • Aerospace & Defense
  • Others

Global Quantum Computing Software Market by Region

• • North America Quantum Computing Software Market (Option 1: As a part of the free 25% customization)
    • North America Quantum Computing Software Market by Organization Size
    • North America Quantum Computing Software Market by Application
    • North America Quantum Computing Software Market by Component
    • North America Quantum Computing Software Market by End Use
    • US Quantum Computing Software Market All-Up
    • Canada Quantum Computing Software Market All-Up
  • Europe Quantum Computing Software Market (Option 2: As a part of the free 25% customization)
    • Europe Quantum Computing Software Market by Organization Size
    • Europe Quantum Computing Software Market by Application
    • Europe Quantum Computing Software Market by Component
    • Europe Quantum Computing Software Market by End Use
    • UK Quantum Computing Software Market All-Up
    • Germany Quantum Computing Software Market All-Up
    • France Quantum Computing Software Market All-Up
    • Spain Quantum Computing Software Market All-Up
    • Rest of Europe Quantum Computing Software Market All-Up
  • Asia-Pacific Quantum Computing Software Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Quantum Computing Software Market by Organization Size
    • Asia-Pacific Quantum Computing Software Market by Application
    • Asia-Pacific Quantum Computing Software Market by Component
    • Asia-Pacific Quantum Computing Software Market by End Use
    • China Quantum Computing Software Market All-Up
    • India Quantum Computing Software Market All-Up
    • Japan Quantum Computing Software Market All-Up
    • Rest of APAC Quantum Computing Software Market All-Up
  • RoW Quantum Computing Software Market (Option 4: As a part of the free 25% customization)
    • RoW Quantum Computing Software Market by Organization Size
    • RoW Quantum Computing Software Market by Application
    • RoW Quantum Computing Software Market by Component
    • RoW Quantum Computing Software Market by End Use
    • Brazil Quantum Computing Software Market All-Up
    • South Africa Quantum Computing Software Market All-Up
    • Saudi Arabia Quantum Computing Software Market All-Up
    • UAE Quantum Computing Software Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Quantum Computing Software Market All-Up

Major Players Operating in the Market Name (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • IBM
  • Microsoft
  • Huawei Technologies Co., Ltd.
  • Accenture plc
  • Cambridge Quantum
  • Fujitsu
  • Riverlane
  • VeriQloud
  • Quantastica
  • Rahko