Quantum Computing In Automotive Market

According to Stratistics MRC, the Global Quantum Computing in Automotive Market is growing at a CAGR of 47.0% during the forecast period. Modern computer technology known as quantum computing is based on quantum theory and quantum mechanics. It is the use of the collective properties of quantum states, like superposition and entanglement, to carry out computation. High speeds are achieved by using 0 and 1 bits but utilising all possible conditions between 0 and 1. Several industries, including financial modelling, medical research, traffic optimisation, weather forecasting, and artificial intelligence, can benefit greatly from quantum computing. Hence, the strategic balance of power, military affairs, and commerce could change as a result of quantum computing.



Market Dynamics:

Driver:

Increase in government investment

To unleash the future potential of crucial applications and enable the use of various optimisation and simulation techniques with quantum computers, scalable quantum computer technology must be developed. Regional governments all over the world are funding the development of quantum computing technology to launch pilot programmes for a variety of applications. The advancement of quantum computing is being heavily financed by the research organisations of many countries. Canada, Australia, and Israel, three small nations are competing to develop quantum computer technologies. These nations are making investments in building specialised R&D infrastructure for quantum computing.

Restraint:

Stability and quantum error correction issues

Physical qubits, which are currently used in quantum computers, are prone to inaccurate. According to reports, 1,000 physical qubits are needed to achieve a single logical qubit that is error-free, a feat that has not yet been accomplished. Although devices up to 5,000 physical qubits have already been built, a commercially viable quantum computer is anticipated to be a 200-logical qubit machine with 200,000 physical qubits. This is one of the main obstacles to the widespread use of quantum computers commercially. Qubits cannot be maintained in their quantum mechanical state for an extended period of time due to their fragility and susceptibility to disruption by changes in their environment's temperature, noise, and frequency. The evolution of physical quantum mechanics is hampered by the constantly shifting mechanical state of quantum brought on by the challenges of creating a commercialised quantum computer.

Opportunity:

Rise in sales of electric and hybrid electric vehicle

Automobile manufacturers would be forced to enhance many EVs, such as vehicle architecture, driving range, fast charging capabilities, etc., due to the increasing use of BEVs and HEVs. Regarding quantum computing, it can be helpful to experiment with and construct various material compositions under various test scenarios. Research on battery material, battery optimisation & simulations, and battery temperature management systems can all be done using quantum computing for an electric vehicle. The rising popularity of electric vehicles will spur the need for better batteries and open up new markets for automotive and other hardware, software, and platform companies that specialise in quantum computing.

Threat:

Lack of skilled professionals and infrastructure

The field of quantum computing is intriguing and novel. To install this technology, a group of professionals with the requisite skill sets is needed. Finding employees with the necessary skill sets is a difficult for the businesses in this industry. To address the lack of skilled workers, many nations and quantum computer producers intend to start training programmes. The price of this training session, however, is one barrier for businesses looking to train their staff. Furthermore, it takes time and effort to understand these complex components. In order to lower their profit margins, quantum computer producers must spend more money on various post-sale activities.

Covid-19 Impact

The implementation of remote workstations has expanded the acceptance of digital computing platforms, which has had a positive effect on the worldwide quantum computing sector as a result of the COVID-19 pandemic. The product might acquire popularity with the application of cutting-edge software and rapid digitization. Also, it is anticipated that the widespread use of e-commerce will support industrial development throughout the epidemic. Also, there has been an increase in research projects looking at quantum machine learning to open up new COVID-19 drug development opportunities by quickly creating possible chemical compounds.

The cloud-based segment is expected to be the largest during the forecast period

The cloud-based segment is estimated to have a lucrative growth. The need for cloud-based access to quantum computing services will be driven by the development of extremely powerful computers. Due to ongoing efforts to make technology more effective and error-free, quantum computing is still in its infancy and is susceptible to rapid advancements in hardware and software. As a result, the cloud model offers access to the most recent upgrades for automotive firms.

The route planning and traffic management segment is expected to have the highest CAGR during the forecast period

The route planning and traffic management segment is anticipated to witness the highest CAGR growth during the forecast period, due to it is one of the initial application areas for quantum computing in the automotive industry. Quantum computing can provide efficient route and traffic management, including traffic pattern and flow, shortest way selection, tracking weather conditions, etc. using real-time data, intelligent simulation, and optimisation approaches. To create a practical roadmap for route optimisation and traffic flow management, a few vehicle OEMs have teamed up with quantum computing technology vendors.

Region with largest share:

North America is projected to hold the largest market share during the forecast period owing to the existence of significant technology businesses like IBM Corporation, Microsoft Corporation, Google Inc., D-Wave Systems Inc., Rigetti Computing, and Zapata Computing, among others, and the early deployment of quantum computing devices and supported software and services. These businesses are technologically superior and have a lot of money to spend in new technologies.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the majority of Asian countries are home to manufacturers of automotive OEMs and components. Major hubs for the production of vehicles in the area include China, India, Japan, and South Korea. These nations have quantified some potential investments in this field. Additionally, a small number of regional businesses, like Hyundai Motors and AISIN Group, have begun investigating the use of quantum computing in driverless vehicles, material research, and electric vehicle batteries.



Key players in the market

Some of the key players profiled in the Quantum Computing in Automotive Market include Accenture plc, Alphabet Inc., Amazon, Anyon Systems, Atom Computing Inc., Capgemini, D-Wave Systems Inc., IBM Corporation, Intel Corporation, Magiq Technologies Inc., Microsoft Corporation, Pasqal, Qc Ware Corp, Quantinuum Ltd. (Cambridge Quantum Computing Ltd.), Rigetti & Co, LLC, Terra Quantum, Xanadu Quantum Technologies Inc. and Zapata Computing.

Key Developments:

In September 2023, Rigetti & Co, LLC launched its QCS on Microsoft's Azure Quantum platform with a public preview. The Aspen-M-2 80-qubit and Aspen-11 40-qubit superconducting quantum processors from Rigetti are available to all Azure Quantum users for the development and execution of quantum applications.

In January 2023, PASQAL announced the launch of Pulser Studio, a no-code development platform for neutral atoms quantum computers. Pulser Studio enables users to graphically build quantum registers and design pulse sequences without coding knowledge.

In November 2022, IBM Corporation introduced Next-Generation IBM Quantum System Two and 400 Qubit-Plus Quantum Processors. This processor can perform quantum computations that are much more complex than what can be done on any classical computer.

In November 2022, IBM Corporation launched its most effective quantum computer, which has three times the number of qubits than its Eagle machine. This new quantum computer with 433 qubit capacity called Osprey is capable of previously insolvable problems.

In November 2022, Amazon launched its first natural-atom quantum processor for Amazon Bracket. This new processor has been developed with Qu Era technologies and is 256 qubits. This new device is designed to solve optimization problems.

In October 2022, D-wave Systems Inc. launched its quantum software & services on the AWS marketplace. It makes finding, testing, buying, and deploying software that runs on Amazon Web Services is simple. Customers of the AWS Marketplace will have simple access to a selection of quantum computing products from D-Wave, including the use of the Leap quantum cloud service.

Stakeholders Covered:
• Original Equipment Manufacturer (OEM)
• Warehousing and Distribution
• Other Stakeholders

Components Covered:
• Services
• Hardware
• Software

Deployments Covered:
• On Premises
• Cloud

Applications Covered:
• Route Planning and Traffic Management
• Material Research
• Battery Optimization
• Autonomous and Connected Vehicles
• Production Planning and Scheduling
• Other Applications

End Users Covered:
• Pharmaceutical and Healthcare
• Banking and Finance
• Aerospace & Defense
• Automotives
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

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• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
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