Quantum computing is a new computing concept that differs from conventional digital computers based on bits. Quantum communication market report examines the development of quantum information and communication technologies. This article reviews the latest quantum communication software, quantum computer vision technology and many more.
Quantum software offers compatibility with many types of quantum computers, as well as all standard computers. To learn more about the quantum computing market research addressing how quantum software is used in each field from manufacturers to telecommunications companies.
Quantum computing is gaining traction in the banking, financial services, and insurance (BFSI) vertical, where companies are highly focusing on increasing the speed of trade activities, transactions, and data processing manifolds. One of the potential applications of quantum computing is simulation. Quantum computing helps to identify effective and efficient ways to manage financial risks. The processing time and costs of high-quality solutions can increase exponentially if conventional computers are used in financial institutions, while quantum computers can carry out operations faster at optimized costs, resulting in cost savings and the creation of new opportunities for revenue generation.
Financial institutions that can harness quantum computing software are likely to observe significant benefits. They will be able to more effectively analyze large or unstructured data sets, which could help banks and other related domains to make better decisions and improve customer service. The potential benefit of quantum computing in the financial services segment includes providing relevant and required solutions for cybersecurity to safeguard the financial data of consumers using next-generation cryptography. Moreover, the detection of fraudulent activities by recognizing the behavior patterns of consumers is increasing with the help of quantum computing technology, which leads to proactive fraud risk management. The optimization of portfolio management of assets with interdependencies and predictive analytics in customer behavior can be done by combining quantum computing with artificial intelligence (AI). In addition, a combination of quantum computing and blockchain technology is expected to lead to the development of the most hack-proof technology in this era of IoT. The combination is also expected to significantly increase the transaction speed and reduce processing costs in the BFSI vertical, thereby reducing infrastructure downtime.
Restraint: Technical and implementation challenges
The engineering of quantum computing is still in the research stage. Besides, the implementation of quantum computing solutions in real-time applications has various technical challenges. Quantum computers are susceptible to interaction with the environment since any interaction can collapse the state function. The development of universal computers, which can be used for real-time applications, is only theoretically proved, and the exact contribution of quantum computing solutions to the existing computing methods is not yet clear. These factors have developed a gap between research labs, investment companies, and the enterprise ecosystem, which consequently is expected to hamper the growth of the global quantum computing market.
Opportunity: Growing adoption of quantum computing technology in healthcare vertical
The research and development related to biopharmaceuticals, right from the drug discovery to its production, is expensive, lengthy, and risky. A new drug typically takes 10–15 years to progress from the discovery to the launching stage, and the capital related to it exceeds USD 2.0 billion. The success rate of developing new drugs is less than 10% from their entry into the clinical development stage to their launch. Biopharmaceutical companies count on a few blockbuster drugs to realize the payback of more than USD 180.0 billion that the industry spends annually on research and development activities related to new drugs.
Quantum computers provide powerful tools for studying complex systems such as human physiology and the impact of drugs on biological systems and living organisms. These computers are expected to be used in a number of applications in pharmaceutical research and development, especially during the early phases of drug discovery and development. Computational tools are the key components in drug discovery and development. In a number of instances, they have significantly shortened the time consumed by companies on drug optimization. Researchers rely on high-performance computing of powerful supercomputers or massive, parallel processing systems for carrying out in silico modeling of molecular structures, mapping the interactions between a drug and its target, and developing a simulation of the metabolism, distribution, and interaction of a drug in a human body.
Challenge: Lack of highly skilled professionals
Quantum computing is a new and promising technology. The implementation of this technology requires a pool of technically skilled professionals. Hence, finding professionals with the required skillset is a major challenge for the industry players. Governments of different countries and manufacturers of quantum computers are planning to start training sessions related to the technology to tackle this challenge. For instance, D-Wave Systems is providing training modules to its customers to make them aware of the functioning of quantum computers. However, the high cost associated with these modules is a challenge for businesses aiming to train their employees. Moreover, as these modules are complex, understanding them is a time-consuming and difficult process. As a result, manufacturers of quantum computers have to reduce their profit margins by additionally investing in different post-sales activities.
Services, by component segment to account for a larger market size during the forecast period
Services segment is leading the quantum computing software market in 2021. The growth of the services segment can be attributed to the increasing investments by start-ups in research and development related to quantum computing technology. Quantum computing software and services are used in optimization, simulation, and machine learning applications, thereby leading to optimum utilization costs and highly efficient operations in various industries.
SME’s, by organization size segment to grow at a higher CAGR during the forecast period
Among the organization size, the large enterprises is projected to dominate the market, while the SME’s segment is projected to record a higher growth rate during the forecast period. . Large enterprises are the major adopters of quantum computing software and services. Although quantum computing technology is still in the nascent stage, SMEs and large enterprises are realizing and learning the importance of the technology to solve complex optimization problems. These enterprises are focusing on delivering enhanced customer experiences and gaining a leading edge in the market.
Machine learning by application segment to grow at a higher CAGR during the forecast period
The machine learning segment is estimated to grow with the highest CAGR during the forecast period. The potential use of quantum computing and machine learning is expected to lead to advancements in clinical research and the transformation of medical practices. Machine learning applications are capable of eliminating most diagnostic errors related to image reading.
The Global Quantum Software Market is growing at a faster pace with substantial growth rates over the last few years and is estimated that the market will grow significantly in the forecasted period i.e. 2019 to 2026.
The Global Quantum Software Market report provides a holistic evaluation of the market for the forecast period (2017–2026). The report comprises of various segments as well an analysis of the trends and factors that are playing a substantial role in the market. These factors; the market dynamics, involves the drivers, restraints, opportunities and challenges through which the impact of these factors in the market are outlined. The drivers and restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market. The Global Quantum Software Market study provides an outlook on the development of market in terms of revenue throughout the prognosis period.
Scope of the Report
This report provides an all-inclusive environment of the analysis for the Global Quantum Software Market. The market estimates provided in the report are the result of in-depth secondary research, primary interviews and in-house expert reviews. These market estimates have been considered by studying the impact of various social, political and economic factors along with the current market dynamics affecting the Global Quantum Software Market growth
Competitive Landscape
The market analysis entails a section solely dedicated for major players in the Global Quantum Software Market wherein our analysts provide an insight to the financial statements of all the major players along with its key developments product benchmarking and SWOT analysis. The company profile section also includes a business overview and financial information. The companies that are provided in this section can be customized according to the client’s requirements.
Conclusion:
Quantum Software market research report is lead by a number of major firms which have been tracked by us for years. The Quantum Software Market Research Report study is a scientific and in-depth study on the present situation of the Quantum Software industry. The report also includes a detailed analysis of Quantum Software marketing channels, development trends, and Quantum Software growth opportunities.