Quantum Computing Market: Global Industry Analysis and Forecast 2024-2030, Size, Share, Growth, Trend

Quantum Computing Market Overview:

Quantum computing is a sophisticated computer technology based on quantum theory and quantum mechanics. Quantum computing based on quantum physics principles has been implemented using the quantum computer. In terms of speed, bits, and data, it differs from traditional computing. Quantum computing uses all states between 0 and 1, resulting in improved outcomes and faster processing. The most typical application of quantum computing in research is to analyze various solutions and find the optimal solution to a difficult problem. Chemicals, energy, healthcare, and pharmaceuticals are among the industries that have used them. Quantum Computing Market report segment analysis is provided on the basis of component, technology, deployment, application, end-user and region.

 

Quantum computing uses quantum mechanics to provide a massive leap forward in computation to solve specific issues. Quantum computing is used in a wide range of difficult-to-understand applications and jobs. It has been shown to be useful in the discovery of new pharmaceuticals and materials, along with in the simulation of complex systems, cryptography, the defense sector, and cyber-security. In addition, quantum computing's use will have a profound impact on the development of artificial intelligence and machine learning.

 

 

To get more Insights: Request Free Sample Report

 

Quantum Computing Market Dynamics:

Growing Adoption of Quantum Computing in several Industry:

 

Quantum computing market is growing with the demand growth from the banking and finance services industry, which is looking for ways to speed up trading activities, transactions, and data processing in a variety of ways. Simulation is one of quantum computing's most promising applications. Quantum computing helps in the detection of a more effective and economical method of managing financial risks. When classical computers are employed in financial institutions, processing time and costs for high-quality solutions can increase exponentially, but quantum computers can perform faster processes at lower costs, resulting in cost savings and new income potential.

 

Growing Investment in Quantum Computing Technology:

 

According to SMR, investment in quantum computing market is expected to grow at a CAGR of 12.4% during the forecast period, reaching almost US$ 26.1 billion by 2027. This includes public and private institution investments, global government expenditure, internal allocation (R&D spend) from technology and services suppliers, and external funding from venture capitalists and private equity companies. For instance, the Netherlands unveiled its national agenda in October 2019 in order to become a major leader in quantum computing research. The nation will have a budget of roughly US$ 113 million for existing programs and new expenditures for new action lines under the Quantum Delta NL program.

 

Private funding, on the other hand, is also fast growing. Investments in quantum computing start-ups have topped $1.67 billion in 2021 alone, more than doubling the amount raised in 2020. As quantum computer commercialization gains steam, SMR expects private funding to increase dramatically.

 

The growing number of Strategic Partnerships and Collaborations to Promote Quantum Computing Technologies:

 

Quantum computing market is still in its early stages. To carry out quantum computing developments, develop practical applications, and build a quantum workforce of the future, the creation of scalable quantum computers necessitates dedicated partners. Several corporations, including Intel, Google, and IBM, are working together with universities across the globe to conduct quantum computing research and development. IBM has also launched a series of collaborations with businesses and academic organizations to investigate the practical applications of this technology. Quantum computer prototypes are also being developed in collaboration with the Massachusetts Institute of Technology, Princeton University, and the University of Waterloo. In addition, NatWest, a British retail bank, collaborated with Fujitsu on a proof-of-concept initiative to improve its mix of high-quality liquid assets, such as bonds, cash, and government securities.

 

Future Insights of Quantum Computing Technologies:

 

SMR believes that quantum-computing use cases will have a hybrid operating model that is a mix of quantum and traditional high-performance computing until around 2030. For example, a Quantum-inspired algorithm is expected to improve traditional high-performance computers.

 

In order to develop quantum hardware and enable greater—and more complex—use cases beyond 2030, intensive continuous research by private enterprises and public organizations will be required. The path to commercialization of the technology will be determined by six important factors: finance, accessibility, standards, industry consortia, talent, and digital infrastructure.

 

Problems with Stability and Error Correction in Quantum Computing Technologies:

 

Physical qubits, which are error-prone, are now used in quantum computers. To create a single logical qubit error-free, 1,000 physical qubits are expected to be required, a goal that has yet to be achieved. Devices with up to 5,000 physical qubits have been developed up until 2020. A commercially practical quantum computer, on the other hand, is expected to have 200 logical qubits and 200,000 physical qubits.

 

Quantum computer commercialization is a difficult task. Because qubits are sensitive and readily disrupted by changes in environmental temperature, noise, and frequency, it has been impossible to retain their quantum mechanical state for a long time. In addition, the elliptic curve digital signature algorithm (ECDSA), which is currently not quantum-safe, is used in a variety of Blockchain-based applications.

 

Quantum Computing Market Segment Analysis:

By Deployment, the Quantum Computing Market is segmented into Cloud and On-Premise. The Cloud segment dominated the market with 74% in 2023. The need for cloud-based deployment of quantum computing systems and services is expected to rise as more powerful systems are developed. Cloud service companies also benefit from the short lifespan of rapidly evolving quantum computing equipment. Another element driving the popularity of cloud-based quantum computing systems and services is the freedom of access provided to users. Quantum computers are unlikely to be portable for the foreseeable future. From their laptops, customers can access a variety of devices and simulations over the cloud.

 

A growth in utilization to lower the total cost of ownership across various industries is expected to boost the market growth. Organizations can employ cloud-based deployment to give users access to different devices and simulations from their computers. Another important aspect driving market growth is the freedom with which users can access their devices.

 

 

By End User, the Quantum Computing Market is segmented into Defense, Banking & Finance, Energy & Power, Chemicals, and Healthcare & Pharmaceuticals. The Healthcare & pharmaceuticals segment is expected to grow at a CAGR of 29.1% during the forecast period. The segment growth is attributed to increased demand for medication development, genome sequencing, clinical trials, and analytics. Quantum computing aids scientists in the development of ultra-personalized and ultra-precise diagnostic tools. The technology also aids the industry is speeding up and broadening the breadth of life science and medication development research.

 

Quantum Computing Market Regional Insights:

The Asia Pacific region dominated the market with a 41% share in 2023. Healthcare and pharmaceuticals, banking and finance, and chemicals are all major businesses in the Asia Pacific region. APAC's leading makers of consumer electronics, such as smartphones, laptops, and gaming consoles, are China, Japan, and South Korea. Across these industries, there is a need to tackle issues in optimization, simulation, and machine learning applications. The rapid growth of APAC's emerging economies, as well as the greater usage of innovative technology in the manufacturing sector, are helping to propel the region's large and medium-sized businesses forward. As a result, the demand for quantum computing services and systems in APAC is increasing.

 

The North American Quantum Computing Market is expected to witness significant growth at a CAGR of 33.7% during the forecast period. Growing research investments across multiple industrial sectors are expected to boost regional industry growth. The creation of novel methods to speed medical research is a priority for leading companies. For example, Cleveland Clinic and IBM inked a partnership deal in March 2021 to use quantum computing technology to advance medical research. The companies formed cooperation to develop a discovery accelerator to broaden the scope and speed of medical research.

 

The objective of the report is to present a comprehensive analysis of the Global Quantum Computing Market to the stakeholders in the industry. The report provides trends that are most dominant in the Global Quantum Computing Market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the global market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the Global Quantum Computing Market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Global Quantum Computing Market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the global market.

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals are existing, who they are, and how their product quality is in the Global Quantum Computing Market. The report also analyses if the Global Quantum Computing Market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Global Quantum Computing Market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Global Quantum Computing Market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the global market is aided by legal factors.

 

Quantum Computing Market Scope:

Quantum Computing Market
Market Size in 2023	USD 2.96 Bn.
Market Size in 2030	USD 21.57 Bn.
CAGR (2024-2030)	32.8%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	by Component Hardware Software Services
	by Technology Superconducting qubits Trapped ion qubits Quantum Annealing
	by Deployment Cloud On-Premise
	by End User • Defense • Banking & Finance • Energy & Power • Chemicals • Healthcare & Pharmaceuticals
	by Application Simulation Optimization Sampling
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

Quantum Computing Market Key Players:  

• International Business Machines (US)
• D-Wave Systems (Canada)
• Microsoft (US)
• Amazon (US)
• Rigetti Computing (US)
• Google (US)
• 1QB Information Technologies Inc. (Canada)
• Lockheed Martin Corporation (US)
• Intel Corporation (US)
• Cambridge Quantum Computing Limited (UK)
• Rigetti Computing (US)
• IonQ (US)
• Alibaba (China)
• Atos (France)
• Q-Ctrl (Australia)
• SAP (Germany)