Major players in the automotive quantum computing market include Amazon Web Services, Inc., D-Wave Systems Inc., Fujitsu Limited, Google LLC, Huawei Technologies Co., Ltd., IonQ, ISARA Corporation, Microsoft Corporation, PASQAL, PsiQuantum, Q-CTRL, QC Ware Forge, QpiAI Tech, Rigetti Computing, Inc. among others.
Selbyville, Delaware, June 4, 2023 (GLOBE NEWSWIRE) —
Automotive Quantum Computing market is expected to surpass a $3.5 billion valuation by 2032, according to latest research report by Global Market Insights Inc.
The increasing diffusion of advanced battery management in electric and hybrid vehicles to improve battery performance and life will influence the market growth. Recently, industry demand has gained traction as it helps develop more advanced battery management systems to improve battery performance monitoring and control while extending battery life in all-electric and hybrid applications. However, the higher development and integration costs of new automotive solutions can limit market growth.
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Growing preference for on-premises processing
The automotive quantum computing market from the on-premise segment is poised to witness a CAGR of more than 30% from 2023 to 2032. The growth can be attributed to the increased availability of customized solutions and the increasing affordability of quantum computing in the automotive sector. Ongoing developments in quantum computing technology have boosted the profitability of local solutions in automotive companies. Also adding to the growth of the segment is the growing popularity of on-premise computing in large organizations that require more manpower and resources to invest in internal areas.
Solid adoption in autonomous driving
The size of the self-driving applications industry is estimated to grow by more than 40% from 2023 to 2032 due to the growing need for better safety around the world. Automotive computing can be touted as an integral part of autonomous driving as it offers the processing power and algorithms needed to interpret sensor data to make realistic driving decisions. The growing importance of this technology to improve road safety and limit accidents caused by human errors will also drive business development.
Europe to emerge as an important market
The size of the automotive quantum computing industry in Europe could exceed $1 billion by 2032. The growth can be attributed to the strong presence of more automakers and government officials to support the development of quantum computing in the region. For example, the European Union introduced the Quantum Flagship program in an effort to introduce quantum technologies. The growing number of investments to help companies develop new automotive development and cybersecurity solutions will further accelerate market trends.
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Competitive Landscape of the Automotive Quantum Computing Industry
Some of the major players in the automotive quantum computing market include QC Ware Forge, Amazon Web Services, Inc., D-Wave Systems Inc., PASQAL, PsiQuantum, Fujitsu Limited, Huawei Technologies Co., Ltd., Google LLC, IonQ, ISARA Corporation , Microsoft Corporation, Q-CTRL , QpiAI Tech, Rigetti Computing, Inc. and Strangeworks, Inc. These companies are devising innovative strategies to expand their global presence. For example, Zapata Computing, in August 2021, launched Orquestra, its new quantum computing software platform to assist researchers and developers in developing and testing quantum computing algorithms for different applications, including automobiles.
Partial Summary (ToC) of the report:
Chapter 2 Executive Summary
2.1 Automotive Quantum Computing Market Synopsis 360, 2018 – 2032
2.2 Business Trends
2.2.1 Total Addressable (TAM) Market
2.3 Regional trends
2.4 Performance of the components
2.5 Distribution trends
2.6 Application trends
2.7 Stakeholder Type Trends
Chapter 3 Automotive Quantum Computing Market insights
3.1 Impact on COVID-19
3.2 Impact of the Russia-Ukraine war
3.3 Analysis of the industrial ecosystem
3.4 Supplier matrix
3.5 Profit margin analysis
3.6 Landscape of technology and innovation
3.7 Patent analysis
3.8 Main news and initiatives
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 Increase government investment in quantum research
3.10.1.2 Advances in autonomous vehicle technology
3.10.1.3 Growing demand for electric and hybrid vehicles
3.10.1.4 Increasing complexity of automotive systems
3.10.2 Industry pitfalls and challenges
3.10.2.1 High cost of quantum computing hardware and software
3.10.2.2 Technical complexity
3.11 Analysis of growth potential
3.12 Porter’s analysis
3.13 PESTEL analysis
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