Key Players : Quantum Computing in Aerospace & Defense Industry
The key players in the global quantum computing in aerospace & defense market are Cambridge Quantum Computing Ltd (UK), 1qb Information Technologies Inc. (Canada), QC Ware Corp. (US), IBM Corporation (US), Magiq Technologies Inc. (US), and Rigetti Computing (US).
Market Highlights : Global Quantum Computing In Aerospace & Defense Market
The quantum computing in aerospace & defense market is estimated to register phenomenal growth during the forecast period. The demand for advanced computing and investments in the defense industry are expected to drive market growth. Moreover, the need to upgrade military digital infrastructure is estimated to propel market growth during the forecast period.
Quantum computing is currently in development with many countries investing in the technology to gain first-mover advantage. For instance, in April 2019, the Canadian government invested USD 30.4 million in quantum computing research. In April 2019, Zapata, a technology company, raised USD 21 million in funding from Prelude Ventures and Comcast Ventures to develop quantum computing software solutions for various hardware platforms. The company is expected to use the funding to develop quantum computing applications that would include a combination of machine learning and computational chemistry.
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The Global Quantum Computing In Aerospace & Defense Market Has Been Segmented On The Basis Of Component, Application, And Region.
Segmentation: Quantum Computing in Aerospace & Defense Market
The global quantum computing in aerospace and defense market is segmented on the basis of component, application, and region.
By component, the global quantum computing in aerospace and defense market is segmented into hardware, software, and services. The software segment is likely to dominate the global quantum computing in aerospace and defense market over the forecast period, exhibiting the largest growth rate.
By application, the global market is segmented into quantum key distribution, quantum cryptanalysis, and quantum sensing. Quantum key distribution, which is a key component of data security mechanisms, is likely to be the dominant segment of the global quantum computing in aerospace and defense market over the forecast period.
On the basis of component, the market has been divided into hardware, software, and services. The hardware segment is expected to be the largest while the software segment is projected to register the highest CAGR during the forecast period. Significant investments in the research and development of quantum computing are expected to drive the growth of the market.
By application, the global quantum computing in aerospace & defense market has been classified as quantum key distribution (QKD), quantum cryptanalysis, and quantum sensing. The quantum key distribution (QKD) segment is estimated to be the largest and fastest-growing during the forecast period. QKD solutions are currently at a nascent stage and are expected to be widely commercialized during the forecast period, which is projected to drive the growth of the segment.
Based on region, the global quantum computing in aerospace & defense market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America dominated the global market in 2018; the regional market is expected to register the highest CAGR during the forecast period. The presence of key players such as Bombardier Inc. and AAR Corp. in North America is expected to encourage market growth.
Regional Analysis: Quantum Computing in Aerospace & Defense industry
North America is likely to dominate the global quantum computing in aerospace and defense market over the forecast period due to the steady technological development in the region in the fields of both quantum computing and aerospace technology. The strong position of the region as a global tech leader and pioneer is likely to enable smooth growth of the quantum computing in aerospace and defense market over the forecast period.
Asia Pacific is also likely to emerge as a major player in the global quantum computing in aerospace and defense market, exhibiting growth at the highest rate over the forecast period. The growing government support for the development of quantum computing technology for aerospace and defense applications in China is likely to be a major driver for the market in the region. Increasing government support for military modernization in countries such as India, China, and Australia is also likely to be a major driver for the quantum computing in aerospace and defense market in Asia Pacific over the forecast period.
Europe is likely to hold a significant share in the global quantum computing in aerospace and defense market over the forecast period due to the presence of leading aerospace industry players such as Airbus.
The Middle East, Africa, and Latin America are not likely to feature prominently in the global quantum computing in aerospace and defense market over the forecast period due to the lack of technological development in the quantum computing field.
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