Quantum Computing Market To Observe Highest Growth Rate In Services Category
According to a statement by a market research institution, P&S Intelligence, the quantum computing market will propel at a 31.2% CAGR, to reach USD 5,274 million, by 2030.
The growth in the industry is credited to the deployment of such solutions which has resulted in strong improvement in numerous areas, for instance, logistics & support, cybersecurity, and financial services, as technology giants are investing heavily in this field.
In the past few years, the hardware category accounted for the largest share of the industry, at 62.5%. Players in the quantum computing industry are investing extensively in the advancement of strong hardware equipment, to assist such powerful software.
The services category is expected to advance at the highest growth rate in the industry, throughout this decade. This is credited to the enormous necessity for consulting and other related quantum computing support services in the years to come.
Based on application, the optimization category accounted for the largest quantum computing market share, 63.8%, in the past few years. This is because problems in most organizations revolve around streamlining business processes, and therefore, optimization solutions are of paramount importance.
In the past few years, the on-premises category, based on deployment type, accounted for the larger quantum computing industry share. This is attributed to the widespread research at the organizational or institutional level, for which this technology users prefer to store the information on their servers.
The BFSI industry generated the highest value in the industry of quantum computing, at approximately USD 145.4 million in 2021. This is because large banks are concentrating on investing in this technology to transform the processes of their business, as well as to gain stronger security.
The healthcare industry will propel at the highest growth rate throughout this decade. This is attributed to the growing demand for advanced diagnosis and treatment procedures for chronic illnesses.
In the past few years, the industry in North America accounted for the highest revenue, of USD 208.2 million in 2021. This is ascribed to the significant investments made by private and government organizations for the development of the technology.
Additionally, the government is the key driver behind the growing implementation of quantum computing, by investing in research and development. Moreover, the constant advancements in technology, early implementation of developing technologies, and high IT expenses drive the growth of the industry in this region.
It is because of the robust upswing in various areas, for example, logistics & support, cybersecurity, and financial services, and significant investment by technology giants, the industry of quantum computing will grow significantly in the years to come.
Read More: https://www.psmarketresearch.c....om/market-analysis/q
