Quantum Computing Market Set to Grow by £9.01B by 2027

The global quantum computing market is predicted to grow by $9 billion from 2022 to 2027, according to market research company Technavio.

The report estimates the market will grow at a compound annual growth rate of 18.84% during the forecast period. The report estimates North America will account for 38% of the market's growth.

Quantum computing projects can access services via the cloud or in-house. The report found that cloud access, which offers quantum computing at a significantly lower outlay, will account for a significant share of the market's growth during the forecast period.

North America is predicted to account for 38% of the growth of the global market share during the forecast period. The report puts this down to the high number of customers for quantum computing solutions and access to faster access to new quantum computers. American companies also tend to have high economies of scale and have the finances and resources to adopt these technologies.

A significant driver of market growth is the growing use of quantum cryptography, which enables critical to be transmitted securely. Quantum computers have high processing speeds and efficiently process vast amounts of encrypted data. Many national governments have invested large amounts in the development and acquisition of highly secure quantum computers.

According to the report, AI and machine learning are also expected to be among the biggest applications of quantum computers. AI applications related to optimization and sampling will use quantum computing to efficiently process large volumes of data at high speeds.