Quantum Computing Software Market Size Projected to Reach USD 1,105.0 Million By 2030
The global quantum computing software market size is expected to reach USD 1,105.0 million by 2030, according to a new study by Polaris Market Research. The report “Quantum Computing Software Market Share, Size, Trends, Industry Analysis Report, By Component (Solutions, and Services); By Technology (Superconducting Qubits, Trapped Ions, Quantum Annealing, and Other Technologies); By Application; By End-Use, By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The key factor responsible for the market growth includes the rising adoption of quantum technology for the healthcare segment across the globe. For instance, these computers are useful for analyzing complex systems, including human physiology and medication effects on biological systems and living creatures. These computers are expected to be employed in a variety of pharmaceutical R&D applications, particularly during the early stages of drug development.
From drug discovery to manufacturing, biopharmaceutical R&D is costly, time-consuming, and dangerous. With high capital investment, a new medication typically takes 10–15 years to develop from discovery to launch. In drug discovery and development, computational tools are essential. They have greatly reduced the time spent by firms on drug optimization in several instances. For in-silico modeling of the molecular and conjugate structures and constructing a model of the metabolism, diffusion, and interaction of a drug in a nervous system, research depends on powerful supercomputers or vast parallel processing systems.
Based on the component, the services segment accounted for the leading share in the market. The services segment is classified into quantum as a service and consulting service. The increased investments by start-ups in R&D activities connected to this technology can be credited to the segment’s market growth. In numerous industries, this computing software and services are employed in optimization, modeling, and machine learning applications, resulting in optimal usage costs and efficient processes.
With the major player’s strategies for the healthcare segment, such as collaborations and launches of solutions, is the factor boosting the market growth during the forecast period. For instance, in May 2021, Cleveland Clinic and IBM are collaborated to create the Discovery Accelerator, which will employ IBM’s hybrid cloud, which includes AI and quantum computing software, to fundamentally accelerate the pace of discovery in healthcare and life sciences. Thus, the collaboration will assist the companies in developing highly advanced computing software for the healthcare segment, which is the driving factor for market growth.
Top Market Players
Market players such as 1QBIT, Accenture, AWS, Fujitsu, Google, D-Wave Systems, Huawei, IBM, Microsoft, Honeywell, QC Ware, Rigetti Computing, Riverlane, Zapata Computing are some key players operating in the global market.
In February 2021, the Leap quantum cloud service was launched in Singapore by D-Wave Devices Inc., a leader in quantum computing systems, software, and services. Leap provides free professional plans, teaching and learning facilities, code samples, an integrated programming environment, demos, and a growing quantum community to assist customers in building and delivering these applications.
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Polaris Market Research has segmented the quantum computing software market report based on component, technology, application, end-use, and region:
Quantum Computing Software, Component Outlook (Revenue – USD Million, 2018 – 2030)
- Quantum as a Service
- Consulting Service
Quantum Computing Software, Technology Outlook (Revenue – USD Million, 2018 – 2030)
- Superconducting Qubits
- Trapped Ions
- Quantum Annealing
Quantum Computing Software, Application Outlook (Revenue – USD Million, 2018 – 2030)
- Machine Learning
Quantum Computing Software, End-Use Outlook (Revenue – USD Million, 2018 – 2030)
- Aerospace & Defense
- Healthcare & Life Sciences
- Energy & Utility
- Transportation & Logistics