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

Global Quantum Computing Market was valued at USD 641 million in 2022 and is expected to rise from USD 837 million in 2023 to reach a value of USD 7135 million by 2031, at a CAGR of 30.7% during the forecast period (2024–2031). 

The quantum computing market is relatively fragmented, with a high level of competition. Few large players, like IBM Corporation, Cambridge Quantum Computing Ltd., and Intel Corporation, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability. 'IBM Corporation (US) ', 'Google LLC (US) ', 'Microsoft Corporation (US) ', 'Intel Corporation (US) ', 'D-Wave Systems Inc. (Canada) ', 'Rigetti Computing (US) ', 'Honeywell Quantum Solutions (US) ', 'IonQ Inc. (US) ', 'Alibaba Group Holding Limited (China) ', 'Huawei Technologies Co., Ltd. (China) ', 'Amazon Web Services, Inc. (AWS) (US) ', 'Quantum Circuits, Inc. (QCI) (Canada) ', 'Zapata Computing (US) ', 'Toshiba Corporation (Japan) ', 'Fujitsu Limited (Japan) ', 'Xanadu Quantum Technologies Inc. (Canada) ', 'QC Ware Corp. (Finland) ', 'Anyon Systems Inc. (US) ', 'Q-CTRL (Australia) ', 'EVOLUTIONQ (Canada)'

With the traditional computation scaling needs reaching the limit of solving the complex problems, the need for more powerful computing solutions for efficient computing are growing. Quantum computing offers the kind of range for tackling problems that far exceeds that of even the most optimized algorithms like machine learning, transportation, and cryptography, at a speed and scale that had never been touched on before. Industries like finance, healthcare, logistics as well as cybersecurity hone their efforts directing their best investors to develop and (or) implement quantum computing solutions for competitive edge, innovation, and response to imminent challenges. 

The Emergence of Quantum Cloud Services: Unlocking Quantum Potential: One key market trend in the quantum computing industry is the emergence of quantum cloud services. The Quantum cloud services concern providing quantum cloud-based platforms, which offer using quantum computing resources, algorithms and utilities as a service with a pay-per-use model. The development of this trend is mostly related to the growing need of speedy and scalable quantum computing solutions. It is obvious that different sectors are heavily dependent on this type of solutions. Key participants of quantum computing, including IBM, Google, Microsoft and Amazon Web Services (AWS) are dedicating their projects on cloud service to enable quantum computing services to be widely available. The offering easy-to-use services of digital quantum computing over the cloud by the developers, researchers, and companies together means to lower the step to quantum computing and to speed up the innovations in industry. Partnership with quantum cloud providers is expected to act as a catalyser for entry of innovations related to quantum computing, thereby promoting cooperation in the quantum environment.

In the year 2023, North America has dominated the quantum computing market with the largest share of market revenue. Area is supported by the better environment with adoption of the Quantum computing research and management, favourable regulations and strong partnerships with academia and private sector. With the key players in quantum computing like Google, IBM, and Microsoft working to move the cutting-edge research and innovation in quantum computing, North America dominates both in terms of market size and technological advancement in this rapidly rising field.