Quantum Computing Market Size is valued at USD 640.26 Mn in 2022 and is predicted to reach USD 9,980.37 Mn by the year 2031 at a 35.9% CAGR during the forecast period for 2023-2031.
A cutting-edge form of computing known as quantum computing is based on quantum mechanics and quantum theory. Although it uses 0 and 1 bits, it uses every condition between 0 and 1, which results in exceptional performance. Quantum computing has the potential to transform fields such as encryption, optimisation, material science, drug development, and artificial intelligence. It may be able to solve issues that are almost difficult for traditional computers to solve owing to their enormous computing capacity.
Additionally, integrating AI and ML technologies is anticipated to increase demand. These elements could fuel market expansion in the ensuing years. As qubits must be kept at extremely low, subzero temperatures, the quantum computing industry needs help to maintain their stability. Organizations are motivated to overcome this difficulty and the challenging process of commercializing quantum computers. Moreover, sales of quantum computing components are projected to increase as governments invest more money in solutions for a wide range of applications.
However, these systems' real-time applications come with several technological challenges. These computers are weak because interacting with the environment can turn off the state function. These variables have divided the company environment, research institutions, and acquisition firms, which is expected to restrict global market expansion.
Competitive Landscape
Some Major Key Players In The Quantum Computing Market:
- IBM (US),
- D-Wave Quantum Inc. (Canada),
- Microsoft (US),
- Amazon Web Services (US),
- Rigetti Computing (US),
- Fujitsu (Japan),
- Hitachi (Japan),
- Toshiba (Japan),
- Google (US),
- Intel (US),
- Quantinuum (US),
- Huawei (China),
- NEC (Japan),
- Accenture (Ireland),
- Nippon Telegraph and Telephone (Japan),
- Bosch (Germany),
- Quantum Circuits (US),
- IonQ (US),
- QC Ware (US),
- PsiQuantum (US),
- Alpine Quantum Technologies GmbH (Tyrol),
- Xanadu (Canada),
- ABDProf (Spain),
- Zapata Computing (US),
- Northrop Grumman (US)
- Others
Market Segmentation:
The quantum computing market is segmented based on product and application. Based on offerings, the quantum computing market is segmented into systems and services. As per the deployment, the quantum computing market is classified into on-premises and cloud-based. The market is segmented by application into machine learning, optimization, simulations and others. The technology segment comprises trapped ions, quantum annealing & superconducting qubits. Based on end users, the quantum computing market is divided into space & defense, BFSI, healthcare & pharmaceuticals, chemical, banking & services, academia, government, transportation & logistics, and energy & power.
Based On Offerings, The Services Segment Is A Major Contributor To The Quantum Computing Market
The services category will hold a major share of the global quantum computing market 2022. The increasing expansion of the services industry can be attributed to the rising trend of companies making global investments in research and development (R&D) focused on quantum computing technologies. Numerous sectors have decreased operating costs and operational efficiencies because of the technology's use in optimization, simulation, and machine learning approaches. The development of NQIT (network quantum information technologies) will probably improve the incorporation of optimization solutions for resolving issues that occur during the practical applications of quantum computing.
Healthcare & Pharmaceuticals Segment Witnessed Growth At A Rapid Rate
The Healthcare & pharmaceuticals segment is projected to develop rapidly in the global Quantum computing market. The advantages of the healthcare solution are what are fueling industry expansion. This program enables researchers to design more precise and customized diagnostic and therapeutic devices. Magnetic resonance imaging (MRI) equipment can also use these sensors to make incredibly accurate measurements. The quality of healthcare services may rise as a result of these developments.
The Asia Pacific Quantum Computing Market Holds A Significant Regional Revenue Share
The Asia Pacific quantum computing market is projected to register the highest market share. The US has a high adoption rate for quantum computing technology because of numerous users and important players based here. The government is investing significantly in the research and development of quantum computing systems, which will likely accelerate market growth. Key players have chosen partnerships with other quantum computing providers and geographical expansion as some of their strategies to drive their sales growth.
In addition, Europe is estimated to grow at a rapid rate in the global quantum computing market. This region's sales of quantum computing devices are primarily driven by expanding research activities, increasing government interest in nanoscience and nanotechnology, and rising investments by significant enterprises in developing novel quantum computing devices.
Recent Developments:
- In June 2023, IBM recently made a significant announcement on a notable advancement in quantum computing. This achievement was published on the cover of the esteemed scientific journal Nature. The research showcased the unprecedented capability of quantum computers to generate precise outcomes on a scale exceeding 100 qubits, surpassing the capabilities of conventional classical computing methods.
- In Sept 2021, Accenture and IonQ collaborated to accelerate business experimentation with quantum computing in organisations worldwide and across industries. Accenture's expertise and experience in quantum, as well as its capacity to design and develop industry-specific solutions tailored to IonQ's quantum computing technology, aided more businesses in innovating and becoming quantum-ready.
Quantum Computing Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 640.26 Mn |
|
Revenue Forecast In 2031 |
USD 9,980.37 Mn |
|
Growth Rate CAGR |
CAGR of 35.9% from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Mn and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Offerings, By Deployment, By Technology, By Applications, By End Users |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; South East Asia |
|
Competitive Landscape |
IBM (US), D-Wave Quantum Inc. (Canada), Microsoft (US), Amazon Web Services (US), Rigetti Computing (US), Fujitsu (Japan), Hitachi (Japan), Toshiba (Japan), Google (US), Intel (US), Quantinuum (US), Huawei (China), NEC (Japan), Accenture (Ireland), Nippon Telegraph and Telephone (Japan), Bosch (Germany), Quantum Circuits (US), IonQ (US), QC Ware (US), PsiQuantum (US), Alpine Quantum Technologies GmbH (Tyrol), Xanadu (Canada), ABDProf (Spain), Zapata Computing (US), and Northrop Grumman (US) |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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