Quantum computing has come a long way in the last few years, and it is now becoming a reality. This is an exciting time in the history of technology – researchers have made tremendous strides towards developing quantum computing, a technology that will revolutionize how we live and work.
The latest report from Technology research analyst, International Data Corporation (IDC), forecasts that the worldwide quantum computing market will grow to $8.6 billion in 2027, up from an estimated $412 million this year, with a compound annual growth rate (CAGR) of 50.9 percent from 2021 to 2027.
The tremendous growth within the six years will be driven by new innovations and scientific breakthroughs in quantum computing, and the discovery of newer applications of quantum computing as a service.
The market for quantum computing is expected to blow up in the next six years, and it’s important that businesses and governments recognize this trend. IDC forecasts that future market growth and investment in quantum computing will approach $16.4 billion by the end of 2027.
The total investment amount will be the additional sum of all investments made by public and privately funded institutions, government spending worldwide, internal allocation (R&D spend) from technology and services vendors, and external funding from venture capitalists and private equity firms. The market is estimated to grow at a 6-year CAGR of 11.3%.
New quantum solutions, applications, and use cases of quantum computers are expected to evolve due to large investments that are expected to be poured into the quantum computing sector. These new quantum solutions will provide a quantum advantage over classical supercomputers and even currently existing quantum computers.
The emerging use cases will help solve industry problems and accelerate the market demand and adoption of quantum computing to gain a competitive advantage, thereby increasing the number of quantum users towards 2027 and fostering collaborations in the quantum community.
Following strategies adopted by different vendors via outlining quantum computing roadmaps, sourcing for funding opportunities from investors, and collaborating with research institutions and laboratories for quantum R&D, IDC believes that 2021 is a pivotal year for the industry as it brought about significant growth in the quantum community, and is expected to grow and expand even more by 2022.
In the report titled: Worldwide Quantum Computing Forecast, 2020-2027: An Imminent Disruption for the Next Decade (IDC #US48372921), IDC provides well-analyzed data of estimated customer spend on quantum computing – including hardware, software, cloud, etc. between 2021 and 2027. The report also provides a clear market forecast, trends, and analysis for the six years while highlighting the expected challenges and drivers of quantum computing within the period.
As part of IDC’s quantum computing research program, the report provides an insight into future trends in quantum computing, expected strategies for implementation and adoption by vendors and the overall quantum computing market, and new cases that are likely to emerge.