India is among the top five markets that will drive the demand for quantum computing solutions in the next decade. Valued at US $308.3 million in 2020, the Indian market is expected to grow at an annual compounded growth rate of 50.2 percent through to 2031, according to latest market research.
“The global quantum computing market was valued at US $5.6 billion in 2020,” according to a revised report by Persistence Market Research. The market is expected to jump to US $127.4 billion by 2031. In the last 5 years from 2016 to 2020 the market has expanded at a compounded annual growth rate of 22.1 percent. This pace is expected to pick up to over 33 percent in the coming decade.
While the US, China, Germany and France will continue to remain attractive markets for quantum computing applications, India is expected to come into its own by accounting for more than half (52.5 percent) of the market in South Asia and Pacific, a region which promises to show robust growth (43.8 percent) in the coming decade.
“India, a rapidly growing economy is expected to offer a favourable market for quantum computing vendors,” the report notes. North America, and therefore the US, will continue to dominate even as the Chinese market valued at over half a billion dollars (US$ 590.1 million) in 2020 is also expected to rapidly expand by 40% over the coming ten years.
It is, however, to be noted that a lot of quantum computing developments are taking place in the non-commercial arena. The Persistence Market Research focuses on the broader trend of increasing investments in the commercialisation of quantum computing.
The top 15 companies in this space account for over 55% of current market share. These names include the likes of Huawei Technologies, IBM Corporation, Google Inc, Microsoft Corporation and Intel Corporation.