Middle East & Africa Quantum Computing Market Growth Drivers Challenges, Trends and Industry Dynamics, Forecast by 2028

Middle East and Africa Quantum Computing Market – Industry Trends and Forecast to 2028

Middle East and Africa Quantum Computing Market
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Market Analysis and Insights of Quantum Computing Market

Quantum computing market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses the quantum computing market to exhibit a CAGR of 25.20% for the forecast period of 2021-2028. The rising workload on datacenters and the increasing complexity in processor designs of classical binary computing systems are the major factors attributable to the growth of quantum computing market. Therefore, the market value, which will be USD 894.71 million by 2028 from USD 148.2 million in 2020

Quantum computing is an area of advanced developing computer technology study that harnesses the phenomena of quantum mechanics that helps facilitate new discoveries in various sectors. Quantum computing technology processes information at atomic and sub atomic level through quantum computers and focuses on the development of technologies centered on the principles of quantum theory and quantum mechanics.

Growing awareness about the advantages of quantum computing technology such as its exponential speed for amplified optimization and vital calculations and rise in investments in quantum computing technology will emerge as the major factor driving market growth. Rising demand and application of this technology by the healthcare and pharmaceuticals industry will further aggravate the market growth rate. Surge in number of strategic partnerships and collaborations to carry out advancements, rising research and development proficiencies and early adoption of quantum computing in the banking and finance sector are other important market growth determinants.

However, lack of awareness of quantum technology and dearth of trained expertise or skilled employees will act as major market growth restraints. The issues such as shortage of desired skillsets for quantum computing and stability and error correction issues will dampen the growth rate that further result as a challenge for the market.

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