Quantum Computing Market
Industry
- Automobile and Transportation
- Chemicals and Materials
- Consumer Goods
- Energy and Power
- Electronics and Semiconductor
- Food and Beverages
- Machinery and Equipment
- Pharma and Healthcare
- Service and Software
- Others
- Packaging
- ICT
- Technology
- Medical Devices and Consumables
- Agriculture
- Medical Care
- Aerospace and Defense
Quantum Computing Market Size, Share & Analysis By Type (Hardware, Software, Services), By Deployment (On-premise, Cloud), By Application (Cryptography, Optimization, Biomedical Simulations, Machine Learning, Others), By End-Use (Medical and Healthcare, Banking, Financial Services and Insurance, Aerospace and Defense, Energy and Utilities, Chemicals, Manufacturing, Others), By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa), and Growth Forecast To 2032
Report ID: RV34818 | Published: Nov 2023 | Historical Period: 2018-2021 | Pages: 220 | Price: $3260| Industry: Service and Software
Quantum Computing Market Overview 2023:
The global Quantum Computing market size was valued at USD 802.5 Million in 2022 and is expected to register a robust CAGR of 20% over the forecast period. Key factors such as rapid advancements in quantum technologies, growing demand for computational power, and rising investments in quantum computing technology are expected to drive global market growth during the forecast period.
Quantum computing is a rapidly emerging technology that uses the law of quantum mechanics to solve highly complex problems that classic computers cannot understand. Unlike classic computers which bits to represent either a 0 or 1, quantum computers use quantum bits or qubits. These qubits can exist in multiple states at the same time and can interfere with each other, either reinforcing or canceling each other.
Superposition, entanglement, and decoherence are key principles of quantum computing. These principles allow quantum computers to perform several calculations and tasks much faster than classical computers. Quantum computing has the potential to revolutionize several sectors such as medical and healthcare, BFSI, aerospace and defense, energy and utilities, chemicals and manufacturing by solving complex problems which are currently beyond the reach of classical computers.
However, developing and maintaining quantum computers is costly, and the cost of specialized equipment and cooling systems adds to the overall expenses. In addition, building and maintaining stable qubits is a significant challenge due to decoherence or error correction.
Graphical Overview:
Key Takeaways:
Increasing Investments by Public and Private Sectors:
Increasing investments by public & private sectors and venture capital funding firms to explore quantum computing and develop more advanced solutions and technologies is expected to boost global market growth during the forecast period. In addition, many tech companies, governments, and research institutes are partnering and collaborating to launch new products and technologies.
Limited Qubit Scalability and Technical Challenges:
Though quantum computing is rapidly gaining traction, few factors such as limited qubit scalability, technical challenges in terms of error rates, qubit instability, and security, and reluctance to deploy quantum computing over classical one are expected to hamper overall market growth during the forecast period.
Market Opportunities:
Growing need for advanced quantum computers to solve highly complex problems faster than classical computers can open new avenues for existing market players and new entrants to focus on cryptography and security, quantum cloud services, and industry-specific applications. In addition, collaboration among established companies and startups can drive innovation in the quantum computing ecosystem.
Deployment Outlook:
Based on the deployment, the cloud segment is expected to account for a significantly larger revenue share during the forecast period. This growth can be significantly driven by factors like rising applications of quantum computing, rapid advancements in cloud technology and services, and high preference for cloud deployment over on-premise in terms of cost-efficiency, greater scalability, enhanced security, remote accessibility at any given time and integration with classic computing.
End Use Outlook:
The global market is segmented into medical and healthcare, banking, financial services and insurance, aerospace and defense, energy and utilities, chemicals, manufacturing, and others based on end users. Among these, the BFSI segment is expected to register rapid revenue CAGR over the forecast period. This growth can be significantly driven by factors such as high generation of data in the finance sector, growing need for advanced solutions to cater to rising data thefts, and rising adoption of quantum computing services in finance companies for optimization, cryptography, Mote Carlo simulations, credit scoring, fraud detection, and improving pricing.
Regional Outlook:
North America market is expected to dominate other markets across the globe over the forecast period owing to increasing investments in quantum computing technology, rapid technological advancements, robust research and development centers, and presence of major technology players involved in advanced quantum computing technologies. In addition, governments of the United States and Canada have launched initiatives and funding programs to support quantum research and development.
Asia Pacific is expected to register a rapid revenue growth rate between 2023 and 2032 owing high usage of quantum computing across various sectors, growing interest in quantum computers and overall technology, and rising investments in R&D activities. India, China, Japan, and South Korea are some of the biggest revenue-generating countries in this region.
Report Coverage:
| Report Details | Outcome |
| Base Year for Estimation | 2022 |
| Historical Data | 2018-2021 |
| Forecast Period | 2023-2032 |
| Segments Covered: | Type, Deployment, Application, End-use and Region |
| By Type | Hardware, Software, Services |
| By Deployment | On-premise, Cloud |
| By Application | Cryptography, Optimization, Biomedical Simulations, Machine Learning, Others |
| By End Use | Medical and Healthcare, Banking, Financial Services and Insurance, Aerospace and Defense, Energy and Utilities, Chemicals, Manufacturing, Others |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Country Scope | United States, Canada, Germany, France, UK, Italy, Russia, China, Japan, South Korea, Southeast Asia, India, Mexico, Brazil, Saudi Arabia, UAE, Turkey |
| Qualitative Info | •Value Chain Analysis •Pricing Analysis •Regional Outlook •Market Trends •Market Share Analysis •Competition Analysis •Technological Advancements |
| Key Players | D-Wave Solutions, IBM, Google, Microsoft, Rigetti Computing, Intel, Origin Quantum Computing Technology, Anyon Systems Inc., Cambridge Quantum Computing Limited, ColdQuanta, 1Qbit, Xanadu Quantum Technologies, Honeywell, Zapata Computing, Fujitsu, QC Ware, Ion Q, Dihuni |
| Customization Scope | 10 Hours of Free Customization and Expert Consultation |
Competitive Landscape:
The global Quantum Computing market is extremely competitive, comprising several key regional and global players. Leading key players are focused on adopting various strategic alliances like mergers and acquisitions, partnerships, joint ventures, collaborations, and product launches to maintain their global position and enhance their product offerings. They are also focused on innovation, and scalability, and are adapting to evolving technology trends and consumer needs.
Some Leading Market Companies Listed in the Report:
- D-Wave Solutions
- IBM
- Microsoft
- Rigetti Computing
- Intel
- Origin Quantum Computing Technology
- Anyon Systems Inc.
- Cambridge Quantum Computing Limited
- ColdQuanta
- 1Qbit
- Xanadu Quantum Technologies
- Honeywell
- Zapata Computing
- Fujitsu
- QC Ware
- Ion Q
- Dihuni
Quantum Computing Industry Recent Developments:
- In August 2023, QuEra Computing announced its new program for accessing world’s largest publicly accessible quantum computers.
- In June 2023, Dihuni, a leading player in quantum computing, AI, data center, and IoT solutions announced the launch of new R&D programs in hybrid classical quantum computing and AI for solving highly complex real-world problems.
- In March 2023, NVIDIA partners with Quantum Machines to launch a new system for accelerated quantum classic computing.
The global Quantum Computing Market has been segmented based on Type, Deployment, Deployment, Application, End-use, and Region:
By Type:
- Hardware
- Software
- Services
By Deployment:
- On-premise
- Cloud
By Application:
- Cryptography
- Optimization
- Biomedical Simulations
- Machine Learning
- Others
By End Use:
- Medical and Healthcare
- Banking, Financial Services and Insurance
- Aerospace and Defense
- Energy and Utilities
- Chemicals
- Manufacturing
- Others
By Region:
- North America
- United States
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Russia
- Nordic Countries
- Asia Pacific
- China
- Japan
- South Korea
- Southeast Asia
- India
- Australia
- Rest of Asia
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- Turkey
- Saudi Arabia
- UAE
- Rest of MEA
Frequently Asked Questions!
- D-Wave Solutions
- IBM
- Microsoft
- Rigetti Computing
- Intel
- Origin Quantum Computing Technology
- Anyon Systems Inc.
- Cambridge Quantum Computing Limited
- ColdQuanta
- 1Qbit
- Xanadu Quantum Technologies
- Honeywell
- Zapata Computing
- Fujitsu
- QC Ware
- Ion Q
- Dihuni
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