The APAC Quantum Computing in the Oil & Gas Industry Market is expected to grow at a strong CAGR of % during the forecast period (2023-2030). APAC, particularly China, has been at the forefront of technological advancements for decades. The region has a strong culture of innovation, with numerous world-renowned technology companies, research institutions, and startups driving technological breakthroughs.

Several APAC countries, including China, Japan, and South Korea, have been actively promoting research and development in quantum technologies through government initiatives and funding. These investments create a conducive environment for the adoption of quantum computing solutions in the oil and gas industry. In Japan, the advancement of quantum computing has involved collaborations between universities and technology companies to explore practical applications and progress in the field. Additionally, Mitsui & Co, a prominent company, has recently formed a partnership agreement with Quantinuum, a leading quantum computing firm, aiming to introduce and offer quantum computing services in both Japan and the broader Asia-Pacific region.

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·       Based on components, the market is bifurcated into services and software. Among these, the software segment is to account for the larger share of quantum computing in the oil & gas industry market as quantum technology is registering higher advancements in the forecast period. There is a rising requirement for programming software that can successfully bridle its power and abilities.

·       Based on the deployment, the market is bifurcated into cloud and on-premise. Among these, the cloud segment registers a higher CAGR during the forecast period owing to the increasing adoption of cloud technology across different industries.

·       Based on applications, the market is segmented into optimization, simulation, machine learning, sampling, and others. Among these, the machine learning segment is expected to hold a considerable share of the quantum computing market during the forecast period.

Global Quantum Computing in the Oil & Gas Industry Market Segmentation

Market Insight, by Component

o  Services

o  Software

Market Insight, by Deployment

o  Cloud

o  On-premise

Market Insight, by Applications

o  Optimization

o  Simulation

o  Machine Learning

o  Sampling

o  Others

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Market Insight, by Region

·       North America

o   U.S.

o   Canada

o   Rest of North America

·       Europe

o  Germany

o  UK

o  France

o  Italy

o  Spain

o  Rest of Europe

·       Asia-Pacific

o  China

o  Japan

o  India

o  Rest of APAC

·       Middle-East

o  UAE

o  Qatar

o  Kuwait

o  Bahrain

o  Oman

o  Rest of Middle-East

·       Rest of the World

Top Company Profiles

·       IBM

·       D-Wave Quantum Inc.

·       Intel Corporation

·       Rigetti & Co, LLC.

·       IonQ, Inc.

·       Honeywell International Inc.

·       Xanadu.

·       Quantinuum Ltd.

·       Amazon Web Services, Inc.

·       Toshiba India Pvt. Ltd.

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