Security News > 2021 > July > Quantum computing market is anticipated to surge over the next decade

As per the findings of a revised market research by Persistence Market Research, the worldwide quantum computing market insight reached a valuation of around $5.6 billion in 2020, and is anticipated to surge at a CAGR of 33.7% over the next ten years.

Major companies are developing quantum computers focused on delivering free access to their quantum systems through cloud platforms, with the objective of creating awareness and a community for developers working on quantum computing technology.

Through this new way of offering access, companies are targeting universities, research groups, and organizations focused on quantum computing to practice, test, and develop applications of quantum computing.

The market in the U.S. is projected to expand at a CAGR of 26.4% through 2031, while that in Germany at around 28%. Major quantum computing providers are investing more in their research & development and resources with the objective to tap commercial opportunities of quantum computing in private and government sectors.

Demand for quantum computing software, machine learning, cloud-based quantum computing, artificial intelligence, and quantum computer-as-a-services has been increasing during lockdowns.

During the outbreak, manufacturing as well as design and development of quantum computing devices declined by nearly 5%-7% in Q3-Q4 2020, due to falling production across East Asian and North America factories, as both regions are the world's major quantum computing device manufacturers and suppliers.

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