The Quantum Computing Market was valued at USD 712.2 Million in 2022, registering a CAGR of 26.42% during the forecast period (2023-2030), and the market is projected to be worth USD 4646.34 Million by 2030.
Quantum computing is referred as an era of computer science focusing on advancement of technologies by the principles of quantum theory to create new ways of computing. Quantum computing has capability to solve complex problems by using unique behavior of quantum physics. Quantum theory interprets the behavior of energy on atomic and subatomic level. Additionally, quantum computing uses subatomic particles such as electron or photon which exist in more than one state (i.e., 0 to 1) at a time. Thus, quantum computing uses qubits that exist in multidimensional state.
Furthermore, quantum computing has potential applications in industries such as IT & telecommunication, cybersecurity, finance, healthcare, drug designing & manufacturing, military affairs & intelligence, artificial intelligence (AI), big data search, and digital manufacturing. The computing technology has capability to store more information and operate with more effective algorithm. Investments in quantum technology are rapidly increasing due to development in emerging technologies, resulting to rise in the demand of quantum computing market. Moreover, companies are forming strategic alliances to develop emerging technologies. For instance, in June 2022, Riverlane collaborated with Rigetti to tackle quantum error correction for quantum computers.
However, implementation of the quantum technology requires skilled professionals, and the errors and stability issue of qubit tends to be the major challenge for quantum computing market. To overcome this problem efficiency of algorithm has been improved with advancements in quantum technology.
Quantum Computing Report Coverage:
Report Attributes
Report Details
Study Timeline
2017-2030
Market Size in 2030 (USD Million)
4646.34 million
CAGR (2023-2030)
26.42 %
Base Year
2022
By Component
Hardware, Software, and Services
By Deployment
Cloud and On-Premises
By Application
Machine learning, Optimization, and Stimulation
By End-User
BFSI, IT & Telecom, Aerospace & Defense, Healthcare, Energy & Power, and Others
By Geography
Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey]
North America [United States, Canada, Mexico]
Middle East & Africa [GCC, North Africa, South Africa]
South America [Brazil, Argentina, Columbia, Chile, Peru]
Key Players
IBM Corporation, Cambridge Quantum Computing Ltd., Google LLC, D-Wave Systems Inc., Intel Corporation, Quantica Computacao, Accenture Plc., XANADU, Rigetti & Co, Inc., Zapata Computing
Rapidly increasing investments and strategic alliances in quantum technology are driving the growth of quantum computing market
Rapidly increasing investments and strategic alliances in quantum technology are driving the growth of quantum computing market
Quantum computing has ability to store more information and operate with more effective algorithm. Thus, investments in research institutes for the advancement of quantum technology is rapidly increasing to improve the efficiency of algorithm. Investments in quantum technology is rapidly increasing due to development in emerging technologies resulting to rise in the demand of quantum computing market.
Additionally, key players are adopting strategic alliances by merger and acquisition to develop emerging technologies for quantum computing. For instance, in 2021, IonQ merged with SPAC to develop network for quantum computers through cloud based solution.
Restraint:
Errors and stability issues with qubit and lack of skilled professionals are hindering the growth of quantum computing market
Errors and stability issues with qubit and lack of skilled professionals are hindering the growth of quantum computing market
Quantum computers are using physical qubits. It is difficult to maintain quantum mechanical state of qubit for longer time as it gets disrupted due to environmental changes. Additionally, implementation of the quantum technology requires skilled professionals. Thus, stability issues of qubit and lack of skilled professionals are hampering the growth of quantum computing market.
Quantum Computing Market Segmentation:
By Component
The component segment is divided into Hardware, Software, and Services.
Hardware segment is rapidly growing due to development in multiple quantum computing platforms such as superconducting circuits, photonic networks, spin qubits, and trapped ions. Quantum computing has wide applications in machine learning, optimization, and stimulation.
Services segment is projecting to showcase significant growth due to increasing demand of quantum computing technology for machine learning, optimization, and stimulation.
By Deployment
The deployment segment is bifurcated into Cloud and On-Premises.
Cloud segment holds major market share for quantum computing market owing to rapid adoption of emerging technologies for advancement of quantum computing technology.
Cloud segment is expected to grow during forecast period due to rising demand of cloud-based solution for development of robust system. Additionally, adoption of advanced technologies to implement quantum computers is driving the growth of cloud deployment segment in quantum computing market. For instance, in March 2022, Pasqal, neutral atom-based quantum technology developer, announced collaboration with Microsoft to provide cloud-based access to quantum computers.
By Application
The component segment is categorized into Machine learning, Optimization, and Stimulation.
Machine learning segment is projecting rapid growth in quantum computing market due to increasing popularity for computing technology. Machine learning enables quantum system features estimation and development of efficient quantum algorithm.
Optimization segment is showcasing steady growth owing to increasing need of quantum computing technology to solve optimization problems. For instance, Azure quantum solver is used to implement optimization problem for faster optimization techniques.
By End-User
The end-user segment is categorized into BFSI, IT & Telecom, Aerospace & Defense, Healthcare, Energy & Power, and Others.
BFSI segment accounted major market share in quantum computing technology due to rising adoption of quantum computing to streamline business processes along with higher security. Additionally, banks and financial institutes are focusing on investments to enhance the security and to improve operations.
Healthcare sector is expected to grow significantly due to wide application of computing technology for virtual analysis of various variables such as body fluids and electrolytes. Additionally, the quantum computing technology is used for diagnosis and treatment of chronic diseases coupled with DNA sequencing. Moreover, the computing technology is used for drug discovery and development. For instance, in November 2022, Algorithmiq, a quantum computing startup collaborated with IBM. The collaboration aims to reduce time and cost of drug discovery and development.
By Region
The regional segment includes North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
North America has accounted major share of quantum computing market due to development in emerging technologies and adoption of quantum computing system for various industry verticals such as aerospace, IT & telecommunication, and healthcare. For instance, in August 2022, IonQ collaborated with Airbus to expand the benefits and potential applications for aerospace. The collaboration aims to use quantum computing technology to improve aerodynamics, fuel consumption and optimized trajectories.
Asia Pacific region is expected to grow during forecast period due to rising demand of quantum computing technology in healthcare, pharmaceutical, finance, and IT sector. Developing countries including China and South Korea are leading manufacturers of electronic devices such as laptops, smartphones, and gaming applications, resulting to rise the growth of quantum computing market in Asia Pacific region. Additionally, increasing need to resolve complications in machine learning, optimization, and stimulation is propelling the adoption of quantum computing technology across Asia Pacific region. For instance, in December 2019, IBM collaborated with the University of Tokyo to introduce quantum computing initiatives for Japan. The partnership aims to develop technologies and hardware components for next generation quantum computers.
Quantum Computing Market Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Further, the surge in Research and Development (R&D), product innovation, various business strategies, and application launches have accelerated the growth of the Global Quantum Computing Market. Key players in the market include-
• IBM Corporation
• Google LLC
• D-Wave Systems Inc.
• Intel Corporation
• Quantica Computacao
• Accenture Plc.
• Cambridge Quantum Computing Ltd.
• XANADU
• Rigetti & Co, Inc.
• Zapata Computing
Recent Developments:
• In September 2022, QuiX Quantum got USD 13.7 million with German Aerospace Center to offer 64-qubit quantum computer, a photonic quantum computer.
• In September 2022, Alpine quantum Technologies (AQT) introduced Beech, laser drifted quantum application. The product comprises remote control and laser frequency stabilization for different wavelengths.
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