USD 641.1 million
Global Quantum Computing Market Size, Share, Growth Analysis, By Component(Hardware, Software), By Deployment(On-Premise, Cloud-Based), By Application(Machine learning, Data Optimization), By End-user(Health Care & Pharmaceuticals, BFSI) - Industry Forecast 2024-2031
Report ID:
SQMIG45E2231 |
Region:
Global |
Published Date: April, 2024
Pages:
165
|
Tables:
122 |
Figures:
77
Global Quantum Computing Market Insights
Global Quantum Computing Market was valued at USD 641.1 million in 2019 and is poised to grow from USD 837.91 million in 2023 to USD 7135.16 million by 2031, growing at a CAGR of 30.7% in the forecast period (2024-2031)
The global quantum computer market is currently taking place that is mainly based on the quantum computing technology advancements and on the increasing appetite for the quantum technologies across the industries. Quantum computing which is regarded as an unbeatable super-computer with the ability to solve complex issues at an impracticably fast rate has attracted firms’ interest in exploration of ways through which they can harness the quantum capabilities.
The growth of the market is largely attributed to the expanding sphere of quantum computing applications, comprising optimization, machine intelligence, encryption, drug finding, and financial modelling. Besides the increasing interest on data security matters and better computation performance solutions, the cross-sector raging applications are covering space and defence, healthcare, finance, and manufacturing.
The quantum computing initiatives and research collaborations are the next level addition that is culminating in the fast innovation in this field. The healthy relationship between startups, academia, and big players in the tech sector is being seen. As the quantum computing evolve from the theoretical to the real-life applications, entrepreneurs must deal with 3 main challenges namely when it comes to scalability, error correction and talent acquisition, but these should not stand as mere hurdles to the extraordinary opportunities of this sector.
US Quantum Computing Market is poised to grow at a sustainable CAGR for the next forcast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Platform/Software
Fastest Growth
Service
Growth Rate
30.7% CAGR
Global Quntum Computing Market ($ Mn)
Country Share for North America Region (%)
Global Quntum Computing Market Size by Component ($ Mn)
Global Quntum Computing Market Size by Component (%)
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Global Quantum Computing Market Segmental Analysis
The global quantum computing market is segmented based on component, deployment, application, end-user, and region. Based on the component, the market is segmented into platform/software, and services. Based on deployment, the market is segmented into on-premises and cloud-base. Based on application, the market is segmented into machine learning, data optimization, simulation, and others. Based on end-user, the market is segmented into health care & pharmaceuticals, BFSI, government and research institutes, IT & telecommunications, energy & utilities, logistics & transportation, manufacturing, and others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
Analysis by Component
The platform/software segment stands out as the largest segment within the global quantum computing market. This dominance is inherently facilitated by scaling up of quantum computing hardware, software abstraction, and dev-tools. Organizations require far more than just quantum computers in this integration phase. A strong foundational platform and Software applications are a must. Being a well-anticipated choice for major players in the field to invest heavily in constructing viable, comprehensive platforms is a sure sign of this segment being a steadily growing market leader which we expect to maintain its leading position.
The service segment of the market of quantum computing clearly represents the most rapid growth. These increased services are required as the demand for specialization consulting, training, and quantum computing implementation services, as they become more common, continues to grow. With people seeing the possibility of quantum computers but, at the same time, having problems in comprehending the way it works and integration into their systems, the competition for a specific service is increasing. The service providers who offer customized solutions aimed at solving different industries with their own unique problems have seen strong growth rates, hence, it is one of the factors contributing to fast development of a services section in a quantum computing market.
Analysis by Application
Machine learning has dominated the market with 37% of the total revenue generated in 2023 and is expected to grow at the fastest CAGR during the analysis period. Dominance of machine learning in finance, healthcare and security sectors has been considered as a critical factor towards quantum computers market demand. The advantage of quantum computers over classical computers regarding the ability to handle complex algorithms while processing at the unparalleled speed the data is the precondition for training machine learning models of various challenges and unlocking Novel discoveries from the data sets which have never been that big and complex before.
Within the quantum computing market, the fastest-growing segment is the data optimization. With the exponential growth of data in data era, organizations are confronted by very critical hidden threats of long-term data value intelligence. Quantum computing can be viewed as a disruptive technology which has the potential to revolutionize routine optimization problems, helping organizations to speed up the rates of processes and make better decisions, among others. The accelerating demand from industries for data optimization solutions, which may grant a competitive edge in terms of their productivity will result in a great need in customized solutions of quantum computing that will be made specifically for data optimization applications with skyrocketing revenue in this sector of the market.
Global Quntum Computing Market By Component (%), 2023 (%)
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Global Quantum Computing Market Regional Insights
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.
On the other hand, the Asia Pacific is characterized by the highest growth rate, and this is resultant from a collaboration of government initiatives, quantum computing research investments and presence of the top tech companies. While countries like China, Japan, and Australia are in the forefront, the quantum computing research and development with applications in the cybersecurity, healthcare and finance is the commitment of these nations. Consequently, global partnerships and private-public ventures among regional players and international organizations would accelerate the movement towards quantum computing technology in this region thereby making Asia Pacific a strategic growth engine in a world full of diversities.
Global Quntum Computing Market By Geography, 2024-2031
- Largest
- Fastest
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Global Quantum Computing Market Dynamics
Quantum Computing Market Driver
- Increasing Demand for Advanced Computing Solutions: 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.
Quantum Computing Market Restraint
- High Costs and Limited Accessibility: Quantum computing systems have yet to become readily accessible and useable by the public as they are still too expensive to construct, operate and maintain. Infrastructure that is needed for quantum computer performance including cryogenic cooling systems and specialized laboratory equipment requires a very large initial investment. Furthermore, frequentation professional quantum computer resources frequently require a joint effort with major technology companies or cloud-based services that may prove to be expensive. Therefore, the less significant players along with research fields with only finite resources could still lose on this competition and thus, to a certain extent, the democratization of this revolutionary tech would be hindered. Overcoming the cost issues in terms of the implementation of quantum computing as well as providing accessibility to all industry sectors are under pressure to improve access in different regions of the world.
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Global Quantum Computing Market Competitive Landscape
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.
Quantum Computing Market Top Player’s Company Profiles
- IBM Quantum
- Google Quantum AI
- Honeywell Quantum Solutions
- Rigetti Computing
- IonQ
- Alibaba Quantum Computing Laboratory
- Microsoft Quantum
- Xanadu
- PsiQuantum
- Zapata Computing
- Cambridge Quantum Computing
- D-Wave Systems
- Quantum Motion
- QuTech
- Atos Quantum
- Toshiba Quantum Information Group
- Accenture Quantum Computing
- Fujitsu Quantum-Inspired Computing
- Intel Quantum
- NEC Corporation Quantum Computing
Quantum Computing Market Recent Developments
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In March 2024, IQM Quantum Computers (IQM) announced the launch of IQM Resonance, a cloud service to advance quantum exploration and research. This will give algorithm developers and scientists seamless and easy access to IQM’s advanced quantum systems to plan, develop, test, and benchmark their quantum algorithms.
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In March 2024, NVIDIA launched a cloud service that allows researchers and developers to push the boundaries of quantum computing exploration in key scientific domains, including chemistry, biology and materials science. NVIDIA Quantum Cloud is based on the company’s open-source CUDA-Q quantum computing platform, which is used by three-quarters of the companies deploying quantum processing units, or QPUs.
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In December 2023, IBM unveiled IBM Quantum System Two, its first modular quantum computer. This scalable solution operates in a near-perfect vacuum at a temperature colder than deep space. It has begun operations with three IBM Heron processors and supporting control electronics. The company also introduced Heron, a quantum chip with a record-low error rate, five times lower than its previous processor.
Global Quantum Computing Key Market Trends
- One key market trend in the global 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.
Global Quantum Computing Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global quantum computing market represents a background with both of opportunities and threats. Enabling that optimizing machine learning and cryptography would all results in a market that can serve several market sectors with computational solutions for their advancement. Two basic factors the growing demand for specialised software and new project capitalisation are the main reasons for the fast market growth. These drivers are augmented by a key trend, the appearance of the market of the quantum cloud that can be used to democratize the access to the quantum computing resources by making it easy to for a wider range of people to join without having to meet that requirement. With big players such as IBM, Google and Microsoft investing and innovating technologically and domain-wise on quantum computing, the scope for transformational economic, industry and societal impacts is enormous. Nevertheless, technical limitations and expensive costs are critical challenges preventing the wide use of clothes made from recycled materials. Busting these nuances will be centripetal in switching on the quantum computer and blending it all with the collective desirable paradigm brought by the technology.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 641.1 million |
| Market size value in 2031 | USD 7135.16 million |
| Growth Rate | 30.7% |
| 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:-
|
| Historical Year | 2019 |
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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 Global 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 Global 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 Global 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 Global 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 Global Quantum Computing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global 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.
Global Quantum Computing Market Report Snapshots
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