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With 30.8% CAGR, Quantum Computing Market Worth USD 3,180.9 Million in 2028

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Pune, India, June 20, 2022 (GLOBE NEWSWIRE) — The global quantum computing market size was USD 392.5 million in 2020. The market is expected to grow from USD 486.1 million in 2021 to USD 3,180.9 million in 2028, exhibiting a CAGR of 30.8% during the forecast period. Increasing product applications and incorporating artificial intelligence (AI) and machine learning (ML). Fortune Business Insights™ presents this information in its report titled “Quantum Computing Market, 2021-2028.”

Quantum computing is an advanced computer technology based on quantum theory and quantum mechanics. It deploys 0 and 1 bits but utilizes every state between 0 and 1, thereby providing excellent speeds. Its increasing applications in algorithms, cryptography, quantum parallelism, quantum simulation, and machine learning are expected to boost its sales. Furthermore, incorporating AI and ML technologies is expected to boost demand. These factors may propel the market growth during the upcoming years.

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KEY INDUSTRY PLAYERS

Emphasis of on Partnerships and Acquisition by Key Players to Strengthen Competition

In December 2021, Classic partnered with NTT DATA to Implement Algorithms for Credit Risk Analysis. Further, Classic software will enable end users to specify algorithms targeting various quantum hardware platforms that will give a potential lender a more accurate or faster response in the future.

In November 2021, Q-CTRL, a provider of quantum control solutions, announced Series B funding of USD 25 mn led by Airbus Ventures. This development will allow Q-CTRL to develop new data as a service marketplace using quantum sensors for acceleration, gravity, and magnetic fields. COVID-19 Impact

Report Scope & Segmentation

Report Coverage Details
Forecast Period 2021 to 2028
Forecast Period 2021 to 2028 CAGR 30.8%
2028 Value Projection USD 3,180.9 million
Base Year 2020
Quantum Computing Market Size in 2020 USD 392.5 million
Historical Data for 2017 to 2019
No. of Pages 160
Segments covered Component, Application, End-user and Geography
Quantum Computing Market Growth Drivers Rising Investments in Quantum Computing Technology by Governments to Aid Growth
Increasing Number of Strategic Alliances to Fuel the Quantum Computing Market Growth
Problems with Stability and Error Correction to Hinder Growth

Rising Digitization Amid Pandemic to Propel Growth

The COVID-19 pandemic has positively impacted the Quantum Computing Market growth due to rising digitization in several industries. Also, leading companies from various sectors have adopted recent technologies to simplify their business operations and ease the work process. Furthermore, the companies implemented recent technologies to adopt work from home/remote work culture. These factors bolstered the market growth and expansion during the pandemic.

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Drivers and Restraints

Rising Government Investments and Strategic Alliances to Drive Industry Growth

Governments make extensive investments in quantum computing technologies to boost its adoption. For example, the German Federal Ministry of Education and Research provided USD 50.3 million to fund the Ion Trap Computer development in December 2021. This factor may boost the adoption of the computing solution. Furthermore, increasing strategic alliances may fuel the development of better-quality computing solutions. Moreover, rapid digitization and reliance on the Internet of Things (IoT) may boost its sales. These factors may drive the quantum computing market growth.

Report Coverage

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.

Segmentation

By component, the market is segmented into services, software, and hardware. By deployment, it is bifurcated into cloud-based and on premise. Based on application, it is classified into electronic material discovery, financial services, biomedical simulations, optimization, machine learning, and others. As per end-users, it is categorized into manufacturing, chemical, energy and utilities, researchers, automotive, banking, financial services, and insurance (BFSI), healthcare, and others. Regionally, it is grouped into North America, South America, Europe, Middle East & Africa, and Asia Pacific.

Regional Insights

Early Adoption of Advanced Technologies to Fuel Market Growth in North America

North America is projected to dominate the quantum computing market share because of the early adoption of advanced technologies. The market in North America stood at USD 171.4 million in 2020 and is expected to gain a huge portion of the global market share. Further, the presence of a competitive market and adoption of latest technologies by end-users may augment market growth.

In Europe, the emergence of several startups, regulatory environments, and the rising adoption of cloud technologies is expected to boost sales. Furthermore, the expansion of businesses by key players is expected to boost market development.

In Asia Pacific, the rising demand for quantum computing solutions for machine learning, optimization, and simulation is expected to foster market development. Also, extensive adoption of novel technologies from the industrial sector is expected to surge industry development.

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Quantum Computing Market Segments By Component

  • Software
  • Services
By Application 

  • Machine Learning
  • Optimization
  • Biomedical Simulations
  • Financial Services
  • Electronic Material Discovery

              Other

 By Deployment

  • On-Premise
  • Cloud
By End-Use Industry

  • Healthcare
  • Banking, Financial Services and Insurance (BFSI)
  • Automotive
  • Researchers
  • Energy and Utilities
  • Chemical
  • Manufacturing
  • Others Retail
  • Healthcare
  • Education
  • Manufacturing

Machine learning is expected to witness highest CAGR in coming years

Quantum machine learning involves the integration of quantum algorithms within machine learning programs. In the case of complex models, it becomes very difficult to sort many variables systematically. Thus, users can opt for quantum computing technology to resolve this complexity with accuracy and speed. For instance, in the Monte Carlo method, the sampling technique is used to estimate numerical quantities from a large dataset. Quantum algorithms can be used to increase the execution speed of a solution, while algorithms can expedite the implementation of the Monte Carlo method and reduce the computational time.

Competitive Landscape

Companies Launch Novel Products to Boost Brand Image

Prominent companies operating in the market launch novel products to boost their brand image. For example, Zurich Instruments announced its novel Superconducting Qubit Controller in November 2021. It integrates the qubit control and readouts to achieve 6 qubits in a device. SHFSG Signal Generator produces microwave pulses, and SHFQA Quantum Analyzer is fused together in a single box. It may enable companies to entice consumers and boost their brand image globally. Furthermore, adopting partnerships, mergers, research and development, expansions, and acquisition strategies may enable companies to achieve a remarkable market position.

Players Profiled in the Quantum Computing Market Report

  • IBM Corporation (New York, U.S.)
  • D-Wave Systems Inc. (Burnaby, Canada)
  • Cambridge Quantum Computing Ltd. (Cambridge, U.K.)
  • Intel Corporation (California, U.S.)
  • Rigetti & Co, Inc. (California, U.S.)
  • Google LLC (California, U.S.)
  • Quantica Computacao (Tamil Nadu, India)
  • Zapata Computing (Massachusetts, U.S.)
  • XANADU (Toronto, Canada)
  • Accenture Plc. (Dublin, Ireland)

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Table of Content

  • Global Quantum Computing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
    • By Component (USD)
      • Hardware
      • Software
      • Services
    • By Deployment (USD)
      • On-Premise
      • Cloud-Based
    • By Application (USD)
      • Machine Learning
      • Optimization
      • Biomedical Simulations
      • Financial Services
      • Electronic Material Discovery
      • Other (Traffic Optimization, Weather Forecasting, and others.)
    • By End-user (USD)
      • Healthcare
      • Banking, Financial Services and Insurance (BFSI)
      • Automotive
      • Researchers
      • Energy and Utilities
      • Chemical
      • Manufacturing
      • Others (Transportation, Logistics, and others.)
    • By Region (USD)
      • North America
      • South America
      • Europe
      • Middle East & Africa
      • Asia Pacific
  • North America Quantum Computing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
    • By Component (USD)
      • Hardware
      • Software
      • Services
    • By Deployment (USD)
      • On-Premise
      • Cloud-Based
    • By Application (USD)
      • Machine Learning
      • Optimization
      • Biomedical Simulations
      • Financial Services
      • Electronic Material Discovery
      • Other (Traffic Optimization, Weather Forecasting, and others.)
    • By End-user (USD)
      • Healthcare
      • Banking, Financial Services and Insurance (BFSI)
      • Automotive
      • Researchers
      • Energy and Utilities
      • Chemical
      • Manufacturing
      • Others (Transportation, Logistics, and others.)
    • By Country (USD)
      • United States
        • By Component
      • Canada
        • By Component
      • Mexico
        • By Component
  • South America Quantum Computing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
    • By Component (USD)
      • Hardware
      • Software
      • Services
    • By Deployment (USD)
      • On-Premise
      • Cloud-Based
    • By Application (USD)
      • Machine Learning
      • Optimization
      • Biomedical Simulations
      • Financial Services
      • Electronic Material Discovery
      • Other (Traffic Optimization, Weather Forecasting, and others.)
    • By End-user (USD)
      • Healthcare
      • Banking, Financial Services and Insurance (BFSI)
      • Automotive
      • Researchers
      • Energy and Utilities
      • Chemical
      • Manufacturing
      • Others (Transportation, Logistics, and others.)
    • By Country (USD)
      • Brazil
        • By Component
      • Argentina
        • By Component
      • Rest of South America

TOC Continued.

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About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

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Email: [email protected]

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Artificial Intelligence

LG STRENGTHENS EUROPEAN PRESENCE WITH ITS KITCHEN SOLUTIONS SHOWCASE AT MDW 2024

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Featuring Advanced AI Technologies and Sleek Design, Company’s Expanded Lineup of Built-in Appliances Brings Outstanding Convenience and Style to the Kitchen
SEOUL, South Korea, April 18, 2024 /PRNewswire/ — LG Electronics (LG) is unveiling its latest built-in kitchen appliances at Milan Design Week (MDW) 2024, taking place in Milan, Italy, from April 16-21. At the center of LG’s Milan showcase are the brand-new Signature Kitchen Suite built-in oven, free zone induction hob, and downdraft hood. Boasting innovative, premium design and highly-convenient features, the company’s refined built-in solutions bring exceptional ease-of-use and effortless elegance to the kitchen.

Signature Kitchen Suite Built-in Oven with Advanced Cooking Technologies
Debuting at MDW 2024 and designed with European consumers in mind, the Signature Kitchen Suite 60-centimeter (24-inch) built-in oven offers a variety of cutting-edge features and AI technologies to elevate the culinary experience. Equipped with Gourmet AI™️, the oven can identify what the user is cooking and automatically select the appropriate cooking mode from 130 recipes. Gourmet AI also enables ‘browning’ control for foods such as pizza and steak, actively keeping tabs on the cooking process and notifying users via the ThinQ™️ app as soon as their food is done. Thanks to video-recognition, LG’s intelligent oven can suggest the optimal settings for the dish being prepared, while real-time video monitoring and time-lapse recording make it easy to check on the progress of one’s meal using the ThinQ app.
Employing enhanced ProBake powered by inverter technology, the new oven delivers uniform heat and fast, efficient cooking with an A++ energy rating. LG’s innovative technology rotates the convection fan back and forth to ensure shorter preheating times, even heating, and crispier results when using the oven’s Air Fry mode. The company’s unique InstaView™️ technology further enhances user convenience, making it possible to see inside simply by knocking twice on the oven door.
Free Zone Induction Hob for Convenient and Flexible Cooking
The Signature Kitchen Suite’s 90-centimeter (36-inch) free zone induction hob presents next-level flexibility and ease-of-use, allowing users to place any size and type of cookware – such as Paella pans and moka pots – anywhere on its cooking surface.* The new appliance can detect and track the position of cookware, eliminating the need to manually cancel and reapply settings when moving a saucepan or skillet from one part of the cooking surface to another. What’s more, the AI technology embedded in the hob can detect the temperature of cookware and automatically lower the heat when necessary, helping to minimize spills and splatter when boiling water or preparing soups and sauces.
Expanded Built-in Lineups for Diverse Kitchen Lifestyles
LG is further bolstering its built-in product lineup with the introduction of the new Signature Kitchen Suite downdraft hood. Made to integrate seamlessly into islands and countertops, the 90-centimeter (36-inch) hood offers a sleek, sophisticated look with its chic black glass and modern frame design. It also provides powerful ventilation, effectively extracting steam and odors for a more pleasant cooking experience.
Additionally, LG has expanded its portfolio of built-in appliances for the European market. Along with new products, such as an 80-centimeter (30-inch) induction hob and built-in combi refrigerators and microwave ovens, the company now provides a wider range of options within its oven lineups – from more product variation to a greater choice of colors and sizes. Among the new models are the Signature Kitchen Suite 122 centimeter (48 inch)-wide French-door refrigerator and stunning appliances from the Transitional lineup, featuring slim handles and satin stainless steel exteriors with a velvety matte finish. To help customers create a curated kitchen aesthetic, the company offers an array of new finishes for its premium built-in products, with black stainless steel and stainless steel joining the previously-introduced black glass finish.
“We are thrilled to showcase our latest built-in innovations at this year’s Milan Design Week, demonstrating our commitment to leading new design trends and meeting the diverse needs of European customers,” said Lyu Jae-cheol, president of LG Electronics Home Appliance & Air Solution Company. “LG will continue to strengthen its presence in Europe through an expanded range of built-in appliances delivering style, performance and convenience in the kitchen.”
Visitors to MDW 2024 in Milan from April 16-21 can experience LG’s latest built-in lineups at the LG booth at Milan Fairgrounds.
* Cookware recognition may vary depending on the size or number of items placed on the surface.
About LG Electronics Home Appliance & Air Solution Company 
The LG Home Appliance & Air Solution Company is a global leader in home appliances, air solutions as well as smart home solutions featuring LG ThinQ. The company is creating various solutions with its industry leading core technologies and is committed to making life better and sustainable for consumers and the planet by developing thoughtfully designed kitchen appliances, living appliances, HVAC and air purification solutions. Together, these products deliver enhanced convenience, superb performance, efficient operation and sustainable lifestyle solutions. For more news on LG, visit www.LGnewsroom.com.
 
 
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DataTracks Celebrates Completion of 19 Years

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SINGAPORE, April 18, 2024 /PRNewswire/ — DataTracks, a provider of cloud-based software to automate/generate compliance reports for filing with financial/security regulators to more than 28,000 business enterprises in 26 countries, celebrates the completion of 19 years of service and innovation.  Founded with a vision to make regulatory compliance “accurate, reliable, timely, and easy”, DataTracks has grown into a leading name in the industry, worldwide with cutting edge software that incorporates “artificial intelligence” aided features to reduce “time to prepare” and improve “accuracy”.

Decades of Dedication and Expertise
Over nearly two decades, DataTracks has achieved significant growth, with its software delivering more than 400,000 reports, showcasing its pivotal role in regulatory reporting. The software and service address regulations across diverse jurisdictions, including SEC in the USA, HMRC and FCA in the UK, Revenue in Ireland, CIPC in South Africa, ACRA in Singapore, MCA in India, SSM in Malaysia and ESMA, EBA, and EIOPA in Europe. 
DataTracks distinguishes itself in the industry
(a) with its global footprint (preferred by business enterprises whose regulatory obligations are spread across multiple jurisdictions)
(b) with its state-of-the art software that incorporates “AI/ML” features and
(c) with its credentials for information security (including ISO 9001:2015 and ISO 27001:2013 certifications)
Addressing the employees and spouses in a town hall meeting to celebrate the event, Vinod P John, President of DataTracks said: “We are happy to start our 20th year in the industry. I have to thank the 28,000 clients who trust us and the several hundred employees who developed our software and who helped customers (and our internal team) prepare compliance reports for reaching this milestone.  We’ve always believed in leveraging technology to make regulatory compliance as easy, quick, timely, and accurate as possible for our clients.  Our continuous investment in AI and machine learning is a testament to this belief, and it’s what keeps us at the forefront of the industry.”
Looking ahead, DataTracks is ready to address upcoming mandates such as the DATA Act and FTA in the US as well as the MBRS/XBRL mandate by SSM in Malaysia.
About DataTracks
DataTracks is a Singapore-based globally renowned leader in providing cloud-based regulatory compliance software for self-use and “black box services” using the same software, catering to 28,000 clients across 26 countries. In 19 years DataTracks has helped its client enterprises prepare more than 400,000 compliance reports for filing with financial/security regulators in several jurisdictions. Financial analysts have rated the quality of reports generated using DataTracks as top of industry for quality; significantly above that of several of its competitors.  For further information, visit www.datatracks.com.
For Business Enquiries: Email: [email protected]; Phone: Singapore: +6531582850, US: +1(646)9048324, UK: +44(0)2036088035
Media Contact: [email protected] 
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SAS advances industry solutions with packaged AI models

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Tailored, lightweight AI models facilitate rapid deployment with low overhead
LAS VEGAS, April 17, 2024 /PRNewswire/ — SAS INNOVATE — Today at SAS Innovate, SAS – a pioneer in data and AI solutions – unveiled a game-changing approach for organizations to tackle business challenges head-on. Introducing lightweight, industry-specific AI models for individual license, SAS is equipping organizations with readily deployable AI technology to productionize real-world use cases with unparalleled efficiency.

AI software provider SAS is uniquely positioned to flex its decades of expertise in applying scalable and trustworthy AI models for prominent global financial, health care, and manufacturing brands, as well as government institutions.
“SAS is evolving its portfolio to meet wider user needs and capture market share with innovative new offerings,” said Chandana Gopal, Research Director, Future of Intelligence, IDC. “An area that is ripe for SAS is productizing models built on SAS’ core assets, talent and IP from its wealth of experience working with customers to solve industry problems.”
In today’s market, the consumption of models is primarily focused on large language models (LLMs) for generative AI. In reality, LLMs are a very small part of the modeling needs of real-world production deployments of AI and decision making for businesses.  With the new offering, SAS is moving beyond LLMs and delivering industry-proven deterministic AI models for industries that span use cases such as fraud detection, supply chain optimization, entity management, document conversation and health care payment integrity and more.
Unlike traditional AI implementations that can be cumbersome and time-consuming, SAS’ industry-specific models are engineered for quick integration, enabling organizations to operationalize trustworthy AI technology and accelerate the realization of tangible benefits and trusted results.
Expanding market footprintOrganizations are facing pressure to compete effectively and are looking to AI to gain an edge. At the same time, staffing data science teams has never been more challenging due to AI skills shortages. Consequently, businesses are demanding agility in using AI to solve problems and require flexible AI solutions to quickly drive business outcomes. SAS’ easy-to-use, yet powerful models tuned for the enterprise enable organizations to benefit from a half-century of SAS’ leadership across industries.
Delivering industry models as packaged offerings is one outcome of SAS’ commitment of $1 billion to AI-powered industry solutions. As outlined in the May 2023 announcement, the investment in AI builds on SAS’ decades long focus on providing packaged solutions to address industry challenges in banking, government, health care and more.
“Models are the perfect complement to our existing solutions and SAS Viya platform offerings and cater to diverse business needs across various audiences, ensuring that innovation reaches every corner of our ecosystem,” said Udo Sglavo, Vice President for AI and Analytics, SAS. “By tailoring our approach to understanding specific industry needs, our frameworks empower businesses to flourish in their distinctive environments.”
Bringing AI to the massesSAS is democratizing AI by offering out-of-the-box, lightweight AI models – making AI accessible regardless of skill set – starting with an AI assistant for warehouse space optimization. Leveraging technology like large language models, these assistants cater to nontechnical users, translating interactions into optimized workflows seamlessly and aiding in faster planning decisions.
“SAS Models provide organizations with flexible, timely and accessible AI that aligns with industry challenges,” said Sglavo. “Whether you’re embarking on your AI journey or seeking to accelerate the expansion of AI across your enterprise, SAS offers unparalleled depth and breadth in addressing your business’s unique needs.”
The first SAS Models are expected to be generally available later this year. Learn more about SAS Applied AI and Modeling here: https://blogs.sas.com/content/tag/applied-ai-modeling/.
Today’s announcement was made at SAS Innovate, the data and AI experience for business leaders, technical users and SAS Partners. Keep up with the latest news from SAS by following @SASsoftwareNews on X/Twitter.
About SASSAS is a global leader in data and AI. With SAS software and industry-specific solutions, organizations transform data into trusted decisions. SAS gives you THE POWER TO KNOW®.
SAS and all other SAS Institute Inc. product or service names are registered trademarks or trademarks of SAS Institute Inc. in the USA and other countries. ® indicates USA registration. Other brand and product names are trademarks of their respective companies. Copyright © 2024 SAS Institute Inc. All rights reserved. 
Editorial Contact:Jennifer [email protected] 202-210-4180 sas.com/news
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