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.

Global Quantum Computing Market Report Snapshots

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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 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'

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.

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.

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.

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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

Global Quantum Computing Market Insights

Global Quantum Computing Market Report Snapshots

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