USD 641.1 million
Quantum Computing Market Size, Share, Growth Analysis, By Product Type(Hardware, Software and Services), By Application(Optimization, Simulation, Machine Learning and Others), By End Users(Healthcare & Pharmaceuticals, Chemicals, Defense, Banking & Finance), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45E2231 |
Region:
Global |
Published Date: August, 2024
Pages:
165
|Tables:
122
|Figures:
77
Quantum Computing Market Insights
Global Quantum Computing Market size was valued at USD 641 Million in 2022 poised to grow from USD 837 Million in 2023 to USD 7135 Million by 2031, growing at a CAGR of 30.7% in the forecast period (2024-2031).
Quantum computing is a discipline of computer science based on the principles of quantum mechanics. By making use of quantum mechanics, this state-of-the-art technology solves problems that are considerably more complex than standard computers. Quantum computers have made it possible to bring ideas from quantum physics into the computers. As opposed to standard computing, quantum computing is restricted by speed, bits or data size. This system mainly compares and chooses among different options when there is too much uncertainty. For instance, quantum computers are applied in machine learning that is more accurate and effective especially in simile of images or sounds for speech recognition.
Generative artificial intelligence along with quantum computers has the potential to dramatically change business strategies and economic frameworks. In turn, this has enabled businesses to analyze consumer behavior and trends within a market at unheard-of speed with amazing accuracy. On one hand, such effective resolution of complex problems is made possible by use of machine learning algorithms those work on big datasets while on other hand they allow for large-scale processing of data through the quantum computers owing to their superior data-processing power. Accurate computations may be completed far more quickly than with traditional computers, due to integrated quantum computers and generative AI. They also aid in managing sizable datasets and enhancing optimization techniques to find fresh insights. Similarly, increasing expenditures on generative AI implementation on quantum computers speed up enterprise application performance.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Platform/Software
Fastest Growth
Service
Growth Rate
30.7% CAGR
Global Quantum Computing Market ($ Mn)
Country Share by North America (%)
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Quantum Computing Market Segmental Analysis
The Global Quantum Computing Market is segmented based on Product Type, Application, End Users and Region. Based on Product Type, the market is segmented into Hardware, Software and Services. Based on the Application, the market is segmented into Optimization, Simulation, Machine Learning and Others. Based on End Users, the market is segmented into Healthcare & Pharmaceuticals, Chemicals, Defense, Banking & Finance, Energy & Power and Others. Based on Region, the market is segmented into North America, Europe, Asia-Pacific, Central & South America and Middle East & Africa.
Analysis by Product Type
As per categorization by product type, the market is classified as hardware, software and services. Among these, hardware earned the largest share and continues to dominate the market. Novelties in Quantum Computing with developments in error correction, quantum computing, and qubit design, hardware is driving the market. It being key for obtaining quantum supremacy along with lifting computing capacity, hardware is in control. Thus, it is the foundation for future quantum algorithms and their use across a range of industries.
The global quantum computing market is expected to grow quickest in the software sector due to the rising demand for development platforms, simulation tools, and quantum algorithms. Rapid expansion in this segment is being driven by the demand for specialized software to exploit quantum capabilities and tackle complicated issues, as hardware matures.
Analysis by Application
Algorithms that address challenging issues in finance, materials science, logistics, and optimization are developing quantum computing. The reason it's sweeping the industry is that quantum optimization solves problems that classical systems find computationally demanding, providing unmatched efficiency. This makes it essential for sectors looking to optimize resource allocation and operational efficiency.
With quantum algorithms offering to greatly improve data processing speeds and predictive accuracy, machine learning is expected to grow at a very quick pace in the quantum computing sector. As industries become more equipped with quantum machines, they will continue to foster the growth of quantum machine learning that is increasingly identified with complicated functions such as recognizing patterns and making decisions.
Global Quantum Computing Market By Product Type (%)
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Quantum Computing Market Regional Insights
Among all sectors due to its technological base, huge investments from companies or governments’ sectors as well as important information technology (IT) multimillionaires such as IBM, Google considered to be the best in the world within quantum computing context. Research which are funded highly in terms of costs have also contributed many aspects towards technology growth in this region by enabling cooperation between private business and academia while at other times enabling government interventions through policies such as National Quantum Initiative Act (NQIA). Additionally, North America is a pioneer in the commercialization of quantum solutions that bolsters its supremacy in the global arena due to early introduction of quantum technology into such sectors as finance, military and medicine.
Due to the immense financial input from a number of governments and industry leaders in countries like China, Japan, and South Korea the largest region for growth in quantum computing globally is Asia Pacific. In order to promote quantum technology, these nations are making use of a variety of strategies such as fostering green technology research, building technology parks or clusters and establishing partnerships based on mutual interest. Though China's vigorous drive in quantum computing and communications as well as Japanese emphasis on quantum hardware make it possible for the region to be positioned as a major player, it is also important to note that The need for advanced computing solutions in manufacturing, healthcare, finance etc., fuels its growth toward becoming a key player in the global quantum race.
Global Quantum Computing Market By Geography
- Largest
- Fastest
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Quantum Computing Market Dynamics
Drivers
Technological Advancements in Quantum Hardware:
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As they employ improved qubit coherence, error-correction techniques, and quantum processors, ongoing developments in quantum hardware have made quantum computers much more powerful and reliable. These improvements are important if we want to see the use of quantum systems in fields such as material science, encryption or medicine grown with larger complexities.
Rising Demand for High-Performance Computing:
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The market for quantum computers is being driven by the necessity of high performance computing solutions that is suitable to solve problems which are not possible to solve classically. Quantum computing has a potential for generating unbreakable encryption methods especially in such areas as cryptography, where secure communication and data protection is very important. One of the main drivers of growth in the market is the increasing demand for quantum-enhanced solutions across various sectors.
Restraints
Technical Limitations and Error Rates
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High error rates and short qubit coherence times are the current issues facing quantum computers which affect their performance and reliability. Due to its complexity and resource requirements, error correction significantly increases computational overhead and lowers the effective processing capability of quantum systems. These technological restrictions limit the practical applications of quantum computing, slowing down its commercial viability and making it difficult to realise the benefits that have been promised in real-world situations.
Regulatory and Security Concerns
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The fast evolution of technology is raising concerns about how quantum computing would impact encryption and data security. The ability of quantum computers to render existing cryptographic systems useless could compromise sensitive information as well as online security. Thus, there is a need for increased vigilance from governments and non-governmental organizations that value confidentiality and data protection, as well as repressive measures.
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Quantum Computing Market Competitive Landscape
The global quantum computing market is quite competitive worldwide, with major organisations spearheading innovation and breakthroughs. Leading global corporations encompass IBM, well-known for its Quantum Hummingbird processor; Google, possessing the Sycamore chip that allowed it to attain quantum dominance; and Microsoft, emphasising its Azure Quantum platform. Other noteworthy companies that make contributions are D-Wave Systems and Rigetti Computing, who do so with their unique quantum software and hardware. Rapid technical breakthroughs and innovative partnerships define the competitive scene.
Top Player’s Company Profiles
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IBM (US)
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D-Wave Quantum Inc. (Canada)
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Microsoft (US)
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Amazon Web Services (US)
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Rigetti Computing (US)
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Fujitsu (Japan)
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Hitachi (Japan)
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Toshiba (Japan)
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Google (US)
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Intel (US)
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Quantinuum (US)
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Huawei (China)
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NEC (Japan)
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Accenture (Ireland)
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Nippon Telegraph and Telephone (Japan)
Recent Developments
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In February 2024, the prototype, Advantage, which D-Wave has made available through its Leap real-time quantum cloud service is now made possible to this end. New users can now open an account in Leap and be granted a complimentary period of one minute on the use of Advantage2 among other quantum processing units (QPUs) and solvers provided by the platform. Current Leap customers can now utilize the new hardware immediately.
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In November 2023, DARPA (Defence Advanced Research Projects Agency) awarded Phase 2 money to Rigetti Computing. With the help of these USD 1.5 million (possible) funds, Rigetti will be able to create benchmarks that will assess the effectiveness of large-scale quantum computers for practical uses.
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In August 2024, Microsoft introduced the "Quantum Network," a worldwide initiative meant to create safe quantum transmission connections among quantum processors. This advancement is an important advance in building an extensible quantum web, allowing for cooperative studying, and expediting the global utilization of quantum answers by corporate and learning centers.
Quantum Computing Key Market Trends
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- Transforming Computational Paradigms and Driving Major IT Investments: Some of the leading IT companies have significantly increased their investments in research and innovation. The experimental progress in that field appears to have a huge promise for revolutionizing our knowledge about computers. For example, due to its capability for solving complex problems at incredible speeds, actors from both the scientific community and business sectors worldwide have been showing immense interest in quantum computing.
- Major Tech Giants and Startups Revolutionizing Quantum Computing's Potential: The aim of IBM, Google, Microsoft and other companies competing for "quantum supremacy" is to show that quantum computers can perform practical tasks better than traditional ones. In addition to encouraging innovation, this financing aids in the commercialization of quantum technology. Another important trend in the quantum computing business is the emergence of startups that specialize in quantum hardware, software, and applications.
Quantum Computing Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, in conclusion, quantum computing is redefining our methods of handling complex problems through the application of quantum mechanical principles to beat traditional computing limits. Several areas such as health and finance can be tremendously modified by quantum technologies that comprise advances in applications, software and hardware.
Never have the speeds and accuracies of data processing and optimization reached such heights as those that result from using generative AIs with quantum computers. Yet, challenges remain including high costs, technological limitations, and concerns over regulations. But amidst these challenges are the emerging types of business, grassroots innovations driven by local players and competitive rivalries; thus, reinforcing the disruptive potential and rapid advancement associated with quantum computing.
| Report Metric | Details | ||
|---|---|---|---|
| Market size value in 2022 | USD Market size value in 2031 | USD Growth Rate | 30.7% |
| Base year | 2023 | ||
| Forecast period | 2024-2031 | ||
| Forecast Unit (Value) | USD Class="NormalTextRun | ||
| Segments covered |
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| 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 | ’s Company Profiles
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| 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 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 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 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 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 Quantum Computing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the 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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