USD 490.51 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, Banking) - Industry Forecast 2022-2028
Report ID: SQSG45I2008 | Region: Global | Published Date: December, 2022 | Pages: 165 | Tables: 125 | Figures: 69
Global Quantum Computing Market Insights
Quantum Computing Market was valued at USD 490.51 Million in 2021, and it is expected to reach a value of USD 2,930.67 Million by 2028, at a CAGR of 30.70% over the forecast period (2022 - 2028).
A rapidly evolving technology that links the laws of quantum mechanics, to solve very complex problems is known as quantum computing. Quantum computing machines are very fast processing as compared to commonly used computers in terms of data processing and collection. The superior handling comes from dividing the data into all values and compared to common computers that only break the data into 0 & 1 and no other value. Some of the quantum computing services include machine learning, cryptography, quantum simulation, and other algorithm development. These all allow quantum computing to be applied in various fields for generating better and more accurate results in a lower time frame which in turn is pushing the demand for the quantum computing market.
US Quantum Computing Market is poised to grow at a sustainable CAGR for the next forcast year.
Market snapshot
Global Market Size
Largest Segment
Hardware
Fastest Growth
Hardware
Growth Rate
30.70% CAGR
Global Quntum Computing Market 2021-2028 ($ Mn)
Country Share for North America Region- 2021 (%)
Global Quntum Computing Market Size by Component, 2021-2028 ($ Mn)
Global Quntum Computing Market Size by Component, 2021-2028 (%)
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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 Quantum Computing Market is segmented into Hardware, Software, and services. Based on Deployment, the Quantum Computing Market is segmented into On-Premise and Cloud-Base. Based on Application, the Quantum Computing Market is segmented into Machine learning, Data Optimization, Biomedical simulators, Financial Services, Electronic Material Discovery, and Others. Based on End-user, the Quantum Computing Market is segmented into Health Care, Banking Financial services & insurance (BFSI), Automotive Industry, Research, Energy & Utilities, Chemical Industry, Manufacturing, and other industries. Based on region, the Global Quantum Computing market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Quantum Computing Market Analysis by Component
The component hardware accounts for a major 53% of the worldwide quantum computing market in the year 2021. This is due to the growing demand from insurance (BFSI) and the research industry to run complex problems and get solutions to these critical problems in a short duration. Increasing trading transactions and data processing with discovering an efficient method for financial risk management also leads to increased demand for quantum computing hardware components.
Continuous increase in the number of new businesses and growing investment in the field of research & development activities in the field of quantum computing is also a reason for the rapid growth of the software and services segment during the analysis period. The use of ML technology in the various information technology fields to reduce the overall operational cost is fueling the demand for quantum computing during the forecast period.
Quantum Computing Market Analysis by Application
The quantum computing market is segmented into various applications such as Machine learning, Data Optimization, Biomedical simulators, Financial Services, Electronic Material Discovery, and Others. Machine learning has dominated the market with 37% of the total revenue generated in 2021 and is expected to grow at the fastest CAGR during the analysis period. ML with data optimization is used in various fields to use the storage space efficiently by storing optimized and usable data which in turn saves a huge cost for the companies.
Global Quntum Computing Market By Component, 2021 (%)
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Global Quantum Computing Market Regional Insights
In the year 2021, North America has dominated the quantum computing market with the largest share of market revenue. This is due to the early adoption of technology and innovation in quantum computing and machine learning which has enabled it to dominate the segment over the forecast period.
Europe and the Asia Pacific are expected to grow at a faster rate through the analysis period. As growing govt initiatives in innovation and digitalization of the financial system are pushing the use of quantum computing which will handle large transaction data and optimize it for further storage. With increasing involvement from large investment firms in the domain the quantum computing market will grow at a tremendous rate during the analysis period.
Global Quntum Computing Market By Geography, 2021 - 2028
- Largest
- Fastest
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Global Quantum Computing Market Dynamics
Quantum Computing Market Driver
- Increasing govt intervention in the field of quantum computing is one of the major factors for the segment’s tremendous growth. The use of this technology in the field of the military and space sector is unavoidable and it saves a lot of cost for the organizations this, in turn, propels the demand for the quantum computing market.
- Increasing cooperation between large financial firms globally and growing investment in research & development of machine learning and optimization for more accurate and fast results is also a major factor for the quantum market growth.
Quantum Computing Market Restraint
- The difficulty in the commercialization of quantum computing due to high computational power consumption and complicated state of data storage are major restraints for the quantum computing industry which could only be fixed with innovation in the technology and will take time.
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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 Corporation (US)
- D-Wave System Inc. (Canada)
- Cambridge Quantum Computing Ltd. (UK)
- Intel Corporation (US)
- Rigetti & Co, Inc. (US)
- Google LLC (US)
- Quantica Computacao (India)
- Dematic (US)
- Krones AG (Germany)
- Zapata Computing (US)
- Xanadu (Canada)
- Accenture Plc. (Ireland)
Quantum Computing Market Recent Developments
- In April 2022, IBM Corporation, a US-based technology company unveiled its next-generation hybrid cloud and quantum computing technology that has an integrated AI-enabled chip that helps the clients analyze real-time transactions in critical works like credit cards, healthcare, and financial transactions using this technology.
- In March 2022, Intel Corporation, a technology giant showcased its cryogenic water probe in the US. It is eligible for device characterization and enables rapid and statistically important data gathering of both regular transistor and quantum dot metrics.
Global Quantum Computing Key Market Trends
- The growing use of AI and machine learning in various fields is demanding the use of quantum computing for the faster execution of algorithms and data optimization. This allows financial institutes to solve more complex problems and also gives a computational boost to other processes and other algorithms too. Raising investment in quantum computing research & development purpose is driving the industrial growth throughout the given period.
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, North America has dominated the quantum computing market with the largest share of market revenue, and Europe and the Asia Pacific are expected to grow at a faster rate throughout the analysis period. As growing government initiatives in innovation and digitalization of the financial system are pushing the use of quantum computing which will handle large transaction data and optimize it for further storage. The hardware component market accounts for a major 53.4 % of the total revenue and machine learning has dominated the application segment with 37.6% of the total revenue generated in the year 2021.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 490.51 Million |
| Market size value in 2028 | USD 2,930.67 Million |
| Growth Rate | 30.70% |
| Base year | 2021 |
| Forecast period | 2022 - 2028 |
| 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 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.
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