Increasing investments in research and development, government initiatives, and collaborations between academia and industry has Propelled the Growth of the Quantum Computing Market in the APAC Region!

The Asia-Pacific (APAC) region has been at the forefront of the development of quantum computing, with several countries investing heavily in research and development. In this blog, we will take a closer look at the APAC quantum computing market and its growth potential. The growth is primarily driven by increasing investments in research and development, government initiatives, and collaborations between academia and industry. Moreover, governments in the APAC region are actively promoting the development of quantum computing through funding and other initiatives. For example, in 2018, the Japanese government launched a Quantum Innovation Initiative Consortium (QIIC) to promote quantum computing research and development.

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Further, the APAC Quantum Computing Market is expected to grow at a strong CAGR of 32% during the forecast period (2022-2028). Due to the rapidly increasing presence of many consumers with an Asia Pacific base and exceptional enterprises in this industry, quantum computing technology is being actively adopted in this region. Since governments have started to commit to and pay for the development of the technology, China has become the region’s top investor in quantum computing. For instance, China created national plans in 2016 to achieve quantum computing technology self-sufficiency. The Chinese government invested more than US$ 13 billion in the construction of a quantum computing research facility, which is slated to open in 2021. The local market will also profit from the investment portfolio in R&D and strategic collaborations. For instance, in December 2019, D-Wave Systems joined up with Japan’s NEC to create quantum applications and hybrid HPC to explore the potential of both D-quantum Wave’s systems and NEC’s high-performance computers. Such alliances could accelerate market expansion during the study period.

FIG. 1 APAC Quantum Computing Market Revenue (2020-2028)- USD Mn

Based on component, the market is segmented into hardware, software, and services. The hardware segment of the quantum computing market is expected to dominate the market in the coming years, as it is the most important component of a quantum computer. Moreover, the rapid investment in this segment is also proliferating its growth. For instance, in 2021, PsiQuantum raised USD 450 million in Series D funding to build the world’s first commercially viable quantum computer. The funding round was led by funds and accounts managed by BlackRock, along with participation from insiders including Baillie Gifford and M12 Microsoft’s venture fund, and new investors including Blackbird Ventures and Temasek.

By end user, the market is segmented into healthcare, BFSI, automotive, energy and utilities, chemical, manufacturing, and others. The BFSI held a dominant share of the market in 2021. This surge can be attributed to the banking and financial sector’s early adoption of quantum computing technologies and their potential processing power. In the banking industry, quantum computing is crucial for tackling urgent problems like cybersecurity to safeguard customers’ financial information. Compared to the current state of digital security, quantum cryptography provides substantially greater levels of protection for client financial information. This component is expected to aid the market’s expansion throughout the course of the forecast year.

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Global Quantum Computing Market Segmentation

Market Insight, by Component

· Hardware

· Software

· Services

Market Insights, by Deployment

· On-Premise

· Cloud

Market Insights, by Application

· Machine Learning

· Optimization

· Biomedical Simulations

· Financial Services

· Electronic Material Discovery

· Others

Market Insights, by End User

· Healthcare

· BFSI

· Automotive

· Energy and Utilities

· Chemical

· Manufacturing

· Others

Market Insight, by Region

· North America

o U.S.

o Canada

o Rest of APAC

· Europe

o Germany

o U.K.

o France

o Spain

o Italy

o Rest of Europe

· APAC

o China

o Japan

o India

o South Korea

o Rest of APAC

· Rest of the World

Top Company Profiles

· IBM Corporation

· D-Wave Systems Inc.

· Cambridge Quantum Computing Ltd.

· Intel Corporation

· Rigetti & Co, Inc.

· Google LLC

· Quantica Computacao

· Zapata Computing

· XANADU

· Accenture Plc.