USD 372.9 million
Enterprise Quantum Computing Market Size, Share, Growth Analysis, By Components(Hardware, software, and services), By Application(Cryptography, optimization, drug discovery, and supply chain management), By End user(Healthcare, finance, and aerospace), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45B2091 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
91
|Figures:
76
Enterprise Quantum Computing Market Insights
Enterprise Quantum Computing Market size was valued at USD 372.9 million in 2022 and is poised to grow from USD 423.99 million in 2023 to USD 1184.23 million by 2031, at a CAGR of 13.7 % during the forecast period (2024-2031).
The global enterprise quantum computing market is experiencing significant growth and innovation, with increasing adoption across various industries.
Key factors driving this expansion included the potential for solving complex problems beyond classical computing capabilities, advancements in quantum hardware and software technologies, and rising investments from major tech companies and governments.
The increasing investments from major technology players, governments, and research institutions are propelling advancements in quantum hardware, software, and algorithms, driving the market forward. However, challenges such as error correction, scalability, and the need for specialized expertise persisted.
Despite these obstacles, the market showed promise, and ongoing research and development efforts were expected to propel quantum computing into a transformative force for businesses worldwide. Overall, the outlook for the enterprise quantum computing market remains overwhelmingly positive, with the potential to reshape industries and drive groundbreaking innovations.
US Enterprise Quantum Computing Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
finance
Fastest Growth
finance
Growth Rate
13.7% CAGR
Global enterprise quantum computing by region
Country Share for North America (%)
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Enterprise Quantum Computing Market Segmental Analysis
The market can be classified by components, applications, end-users, and regions. In terms of components, hardware, software, and services are the major segments. Application-wise, sectors like cryptography, optimization, drug discovery, and supply chain management are gaining traction. The end-user segments encompass industries such as healthcare, finance, and aerospace. Regionally, the market is segmented into North America, Latin America, Asia Pacific, Europe, and MEA.
Enterprise Quantum Computing Market Analysis By Components
Among the components, the services sector stands out as the largest and fastest-growing segment in the enterprise quantum computing market. The increasing complexity and cost associated with developing and maintaining quantum hardware have led many companies to turn to cloud-based quantum computing services for their computational needs.
These services offer flexibility, scalability, and cost-effectiveness, allowing businesses to access quantum computing resources on-demand without having to invest in and manage their quantum hardware infrastructure.
Enterprise Quantum Computing Market Analysis By Application
One of the largest and fastest-growing sectors in the enterprise quantum computing market is likely to be optimization problems. Quantum computers have the unique ability to tackle complex optimization challenges more efficiently than classical computers. This capability is of immense significance across multiple industries, such as logistics, supply chain management, and transportation, where optimization plays a critical role in reducing costs and enhancing operational efficiency.
Global enterprise quantum computing by end-user
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Enterprise Quantum Computing Market Regional Insights
North America remained at the forefront due to the presence of key quantum technology players, substantial research investments, and strategic partnerships. Europe and Asia-Pacific followed suit, driven by growing quantum initiatives, increasing collaborations between academia and industries, and government support.
Meanwhile, Latin America and the Middle East & Africa showed nascent but potential growth, with various organizations exploring quantum computing's transformative possibilities. Overall, the market's trajectory remained dynamic, influenced by advancements in quantum hardware, software, and the race for quantum supremacy.
Global enterprise quantum computing by geography
- Largest
- Fastest
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Enterprise Quantum Computing Market Dynamics
Enterprise Quantum Computing Market Drivers
Demand from Numerous End User Industries
- The global enterprise quantum computing market market is being driven by rapid advancements in quantum technology. Quantum computing offers unparalleled processing power and has the potential to solve complex problems that are currently beyond the reach of classical computers. As researchers and companies make breakthroughs in quantum hardware, software, and algorithms, the practical applications of quantum computing become increasingly feasible. Industries such as finance, drug discovery, logistics, and cybersecurity are particularly interested in leveraging quantum computing to gain a competitive edge and optimize operations. The promise of exponential speedup in solving computational problems attracts significant investment and collaboration from both public and private sectors, propelling the growth of the quantum computing market.
Enterprise Quantum Computing Market Restraints
Limited Reach and Scalability
- Despite the exciting potential, the global enterprise quantum computing market faces challenges related to technical limitations and scalability. Quantum computers are extremely sensitive to external disturbances, requiring highly controlled environments and error-correcting mechanisms, which adds complexity and cost to their implementation. Building large-scale, error-resistant quantum systems is a formidable task. Additionally, quantum computing is still in its early stages, and there is a shortage of skilled experts in this field. As enterprises seek to integrate quantum solutions into their workflows, they may encounter compatibility issues with existing software and face the challenge of transitioning from classical to quantum computing paradigms. These technical hurdles slow down the widespread adoption of quantum computing in enterprise applications and restrain its rapid market expansion.
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Enterprise Quantum Computing Market Competitive Landscape
The global enterprise quantum computing market was witnessing intense competition among key players, including industry giants and innovative startups. Companies were vying for supremacy in areas such as quantum hardware, software development, and quantum cloud services. Major players were investing heavily in research and development, seeking to enhance quantum processing capabilities and address scalability challenges. Additionally, strategic partnerships and collaborations were prominent, aiming to leverage complementary strengths and expand market reach. With the rapid evolution of quantum technologies, the competitive landscape was expected to remain dynamic and fast-paced in the coming years.
Enterprise Quantum Computing Market Top Player’s Company Profiles
- Google (United States)
- IonQ (United States)
- Honeywell Quantum Solutions (United States)
- Microsoft (United States)
- Fujitsu (Japan)
- Alibaba Cloud (China)
- Toshiba Quantum Solutions (Japan)
- Intel (United States)
- Xanadu Quantum Technologies (Canada)
- Zapata Computing (United States)
- Q-CTRL (Australia)
- Quantum Circuits Inc. (United States)
- ColdQuanta (United States)
- PsiQuantum (United States)
- Quantum Machines (Israel)
- SeeQC (United States)
- River Lane Research (United Kingdom)
Enterprise Quantum Computing Market Recent Developments
- In November 2022, the Azure Quantum Resource Estimator, a tool that will help quantum algorithm developers create and improve algorithms that will run on future quantum computers, was released by Microsoft (US) in November 2022. The Intel Quantum SDK, released by Intel (US).
- In September 2022, enables programmers to create new quantum algorithms for executing qubits both in simulation and on actual quantum hardware in the future.
Enterprise Quantum Computing Key Market Trends
- There has been a growing emphasis on quantum computing research and development, leading to increased collaborations between technology companies, research institutions, and governments.
- Quantum computing has started to find practical applications in areas such as optimization, cryptography, and drug discovery, driving its adoption across industries.
- Cloud-based quantum computing services have gained traction, making quantum computing more accessible to enterprises.
- There has been an upsurge in investments and acquisitions within the quantum computing space, indicating the industry's potential for significant growth.
Enterprise Quantum Computing Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the global enterprise quantum computing market is poised for a highly promising future with vast growth prospects. As businesses continue to grapple with complex challenges in various industries, quantum computing offers unprecedented computational power that has the potential to revolutionize multiple sectors. From optimizing supply chain logistics and drug discovery in pharmaceuticals to enhancing financial modeling and encryption, the application possibilities are immense. Moreover, as quantum technologies mature and become more accessible, a broader range of enterprises can harness their capabilities, further fueling adoption.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 372.9 million |
| Market size value in 2031 | USD 1184.23 million |
| Growth Rate | 13.7% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Enterprise Quantum Computing Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Enterprise Quantum Computing Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Enterprise Quantum Computing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Enterprise Quantum Computing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Enterprise Quantum Computing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Enterprise Quantum Computing Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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