Consumption of data are constantly growing. In this tech-savvy times, 90% of the world’s data has been created in the last two years alone. During 2020, 1.7MB of data is created every second by every person; and on the basis of every day, ~2.5 quintillion bytes of data is produced by humans.
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Internet penetration rate is increasing, with world average at 63.2%, North America tops the list with 90.3%, followed by Europe at 87.2%, Latin America at 71.5%, Middle East at 70.8%, Oceania at 67.7%, Asia at 59.5% and Africa at 47.1% (2020, Q3).
With more than 4.6 billion internet users present around the world, people are creating data at rapid pace. But the data generated is unfiltered in nature and has to be refined to drive business insights. Unstructured data is saturating the market. The sheer size and complexity of data demands the process to extract and organize data in its true value. For this, quantum computing can be the key solution.
The global quantum computing market witnessed a growth at a CAGR of more than 25% during the forecast period 2020-2025.
The COVID-19 pandemic has significantly impacted the global quantum computing market. During the period, quantum computing played a key role in various application ranging from medical research activities to drug developments. The technology supports the advanced drug developments with accelerated speed by analysing various kinds of interactions between infectious viruses and biomolecules.
The quantum computing has applications in various end-users have BFSI, education, transportation and logistics, IT and telecommunication, healthcare, retail and consumer goods and manufacturing. Along with creating opportunities for businesses in development of quantum computers for drug discovery, quantum computing business is finding a way out in the global pandemic situation and is anticipated to garner major growth share in the upcoming years. Quantum computers can complete complex calculations in seconds, with Big Data, quantum computing can enable organizations to sample and optimize large volume of data and for types of portfolio analyses and use cases.
The global quantum computing has various applications including optimization, machine learning, material simulation and others. The market revenue calculation on the basis of deployment includes segments such as on-premise and cloud.
Quantum computing has massive potential and it is changing the way computer architecture, corporate architecture and IT architecture is shaping. Although companies like Intel and Google are involved into measurable strides with quantum computing. Furthermore, the market record presence of various key players such as 1QB Information Technologies Inc., Toshiba Research Europe Ltd., Tokyo Quantum Computing, Sparrow Quantum, Qubitekk, Inc., Rigetti & Co, Inc., QbitLogic, IBM Corporation, Hewlett Packard Enterprise Development LP, D-Wave Systems Inc., Cambridge Quantum Computing Ltd., Booz Allen Hamilton Inc., Anyon Systems Inc. and Alibaba Group Holding Limited among others.
As per the detailed study of the global quantum computing market by Astute Analytica, the North America region dominate the global marketplace in 2020 and is anticipated to maintain the dominance over the forecast period, dwarfing all the other markets such as Asia Pacific, Europe, Middle East and Africa and South America. Presence of key companies in the US and Canada and favourable government support in the form of business opportunities and funding support the dominance of regional marketplace over the forecast period.
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