Quantum Computing Software Market

GMI Research analysis indicates that the Quantum Computing Software Market is slated to register a double digit CAGR 29.6% over the period, 2022-2029

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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.

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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?

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