Quantum Computing Market to grow by USD 9,013.68 million from 2022 to 2027

• 14 Aug 2023
• TM Team
• 0 Comments

The quantum computing market is projected to progress at a CAGR of 18.84% between 2022 and 2027, the size of the market is forecast to increase by USD 9,013.68 million during the forecast period. The growing utilization of quantum cryptography, which is a technique for secure code-writing and solving has been a key driver for the growth of the quantum computing market. Quantum cryptography offers the highest-level security during the transmission of even the most sensitive data. The introduction of quantum computing has made it possible to process large amounts of encrypted data incredibly fast. Moreover, quantum computing can decode encrypted data to plaintext in seconds, whereas a conventional computer could take years to do so. This decoding process is achieved by increasing the number of bits and increasing the length of the key. But concerns that hackers could use quantum computers to decipher sensitive information have led many governments to invest in developing quantum computers with high-security features. Hence, the growing utilization of quantum cryptography is expected to drive market growth during the forecast period.

The growth of AI and machine learning is a major trend in the market. AI deals with computers, machines, software, and computer-controlled robots. They are able to find solutions to complex problems by thinking intelligently. Similarly, machine learning is a form of AI that allows computers to learn on their own. Furthermore, computers can analyze, make decisions, grow, and learn when provided with new data. AI and machine learning are some of the biggest applications of quantum computing.

Additionally, AI operates at high speeds to compute data efficiently, which will require fast processors, and the development of quantum computer processor chips will be used in AI applications. Quantum computing is expected to grow steadily in the areas of AI and machine learning. This is mainly because AI problems are made difficult by optimization and sampling problems. This can be solved in minutes with a quantum computer. Thus, these factors are expected to drive market growth during the forecast period.