The Quantum Computing Market Size accounted for USD 1.9 Billion in 2022 and is projected to achieve a market size of USD 42.1 Billion by 2032 growing at a CAGR of 36.4% from 2023 to 2032.
Quantum Computing Market Highlights
- Global Quantum Computing Market revenue is expected to increase by USD 42.1 Billion by 2032, with a 36.4% CAGR from 2023 to 2032
- North America region led with more than 47% of quantum computing market share in 2022
- Asia-Pacific quantum computing market growth will record a CAGR of more than 37.8% from 2023 to 2032
- By application, the machine learning segment held the highest revenue share of 38% in 2022.
- By end use, the BFSI segment is expected to grow at a remarkable CAGR of 37.2% over the predicted period
- Growing demand for enhanced computing capabilities in various industries, drives the Quantum Computing Market value
Quantum computing is a cutting-edge field that leverages the principles of quantum mechanics to process information in ways that traditional computers cannot. Unlike classical computers, which use bits as the basic unit of information represented by 0s and 1s, quantum computers use quantum bits or qubits. Qubits can exist in multiple states simultaneously, thanks to a quantum property called superposition. This allows quantum computers to perform complex calculations at an exponentially faster rate than classical computers, making them particularly promising for solving problems that are computationally intensive, such as cryptography, optimization, drug discovery, and simulating quantum systems.
In recent years, the quantum computing market has experienced significant growth, driven by increased investments from governments, research institutions, and technology companies. This growth is attributed to the potential of quantum computing to revolutionize various industries and solve problems that were previously considered intractable. Major technology companies like IBM, Google, Microsoft, and startups like Rigetti Computing and IonQ have been actively working on developing quantum hardware and software. Additionally, there has been a surge in research collaborations and partnerships between academia and industry to advance the field.
Global Quantum Computing Market Trends
Market Drivers
- Growing demand for enhanced computing capabilities
- Rise in quantum algorithms and software development
- Government support and funding for quantum technology
- Potential to solve complex problems in various industries
Market Restraints
- Technical challenges in quantum error correction and stability
- Limited scalability of quantum systems
Market Opportunities
- Advancements in quantum hardware and software technologies
- Expansion of cognitive computing market
Quantum Computing Market Report Coverage
Market |
Quantum Computing Market
|
Quantum Computing Market Size 2022 |
USD 1.9 Billion |
Quantum Computing Market Forecast 2032 |
USD 42.1 Billion |
Quantum Computing Market CAGR During 2023 - 2032 |
36.4% |
Quantum Computing Market Analysis Period |
2020 - 2032 |
Quantum Computing Market Base Year
|
2022 |
Quantum Computing Market Forecast Data |
2023 - 2032 |
Segments Covered |
By Offering Type, By Application, By End Use, And By Geography
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
Key Companies Profiled |
IBM Corporation, XANADU, D-Wave Systems Inc., QuanticaComputacao, Intel Corporation, Google LLC, Rigetti& Co, Inc., Zapata Computing, Cambridge Quantum Computing Ltd., and Accenture Plc.
|
Report Coverage
|
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Covid-19 Analysis, Regulation Analysis |
Quantum Computing Market Dynamics
Quantum computing is a revolutionary field in computer science that harnesses the principles of quantum mechanics to perform computations at speeds and scales that were previously thought impossible. Quantum computing finds applications in various fields, transforming industries and solving challenges that were previously insurmountable. One of its key applications is in cryptography, where quantum algorithms can break existing encryption methods while also enabling the development of quantum-safe cryptography. In optimization problems, such as route planning and resource allocation, quantum computing can explore numerous possibilities simultaneously, leading to more efficient solutions. Additionally, quantum computing plays a crucial role in drug discovery and material science, simulating complex molecular interactions accurately and speeding up the process of finding new drugs and materials.
The quantum computing market has been experiencing significant growth in recent years, driven by a combination of technological advancements, increased investments, and a growing awareness of its potential applications. The market is expanding at a rapid pace, with notable contributions from key players in the technology sector. Advancements in quantum hardware, such as improvements in qubit stability, coherence times, and error rates, have played a pivotal role in boosting the market. Furthermore, the cloud computing market is also boosting the quantum computing industry due to developments in cloud computing security and cost-effectiveness, which have promoted widespread usage.Companies and research institutions have been investing heavily in the development of quantum processors and algorithms, leading to breakthroughs in quantum computing capabilities. Additionally, the quantum computing industry growth is being propelled by the rising demand for faster and more efficient computing solutions across various industries.
Quantum Computing Market Segmentation
The global Quantum Computing Market segmentation is based on offering type, application, end use, and geography.
Quantum Computing Market By Offering Type
- Systems
- Consulting Solutions
According to the quantum computing industry analysis, the consulting solutions segment accounted for the largest market share in 2022. This growth is due to the complexities and specialized knowledge required in harnessing the power of quantum technologies. As businesses across various sectors recognize the transformative potential of quantum computing, they are seeking expert guidance to navigate this intricate landscape. Consulting firms specializing in quantum computing offer valuable services such as assessing organizational readiness for quantum adoption, providing insights on quantum algorithms, and developing tailored strategies for integrating quantum solutions into existing infrastructures. One of the key drivers of growth in the consulting solutions segment is the need for customized quantum strategies. Each industry and business vertical faces unique challenges, and quantum consultants play a vital role in developing personalized roadmaps for integration.
Quantum Computing Market By Application
- Machine Learning
- Electronic Material Discovery
- Optimization
- Financial Services
- Biomedical Simulations
- Other
In terms of applications, the machine learning segment is expected to witness significant growth in the coming years. Machine learning algorithms, particularly those involving deep learning and complex data analyses, often encounter computational bottlenecks when run on classical computers. Quantum computing has the potential to revolutionize this landscape by significantly enhancing the processing power and speed, enabling the development of more sophisticated machine learning models. One of the key drivers of growth in the machine learning segment is the ability of quantum computers to handle vast datasets and complex algorithms.
Quantum Computing Market By End Use
- BFSI
- Healthcare and Pharmaceuticals
- Defence
- Energy and Power
- Chemicals
- Others
According to the quantum computing market forecast, the BFSI segment is expected to witness significant growth in the coming years. Quantum computing's unparalleled computational power holds the promise of revolutionizing various aspects of the BFSI industry, from risk assessment and fraud detection to optimizing trading strategies and portfolio management. The BFSI sector, which deals with vast and intricate datasets, stands to benefit significantly from quantum computing's ability to process complex calculations at speeds previously deemed unattainable. Quantum algorithms can analyze large financial datasets in real-time, providing valuable insights and enabling more accurate predictions. This capability is particularly crucial in financial markets, where split-second decisions can have substantial consequences. As a result, the BFSI segment is witnessing substantial growth within the quantum computing industry, with financial institutions actively exploring quantum solutions to gain a competitive edge, enhance security measures, and improve customer experiences.
Quantum Computing Market Regional Outlook
North America
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- India
- Japan
- China
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
The Middle East & Africa
- South Africa
- GCC Countries
- Rest of the Middle East & Africa (ME&A)
Quantum Computing Market Regional Analysis
North America has emerged as the dominating region in the quantum computing market due to a combination of factors that have positioned the United States and Canada at the forefront of quantum research, development, and commercialization. North America is home to some of the world's leading technology companies and research institutions, including IBM, Google, Microsoft, and various prestigious universities. These institutions have made substantial investments in quantum research and development, leading to breakthroughs in quantum hardware, algorithms, and software. The presence of these tech giants and academic institutions has created a rich ecosystem of talent, expertise, and innovation, propelling North America to the forefront of the global quantum computing industry. Moreover, the region benefits from strong government support and funding for quantum research. Government agencies in the United States and Canada, such as the National Quantum Initiative Act and the Canadian Quantum Computing Initiative, have allocated significant resources to accelerate quantum technology research and development. This support has encouraged public-private partnerships and collaborations, fostering a conducive environment for the growth of quantum startups and attracting venture capital investments.
Quantum Computing Market Player
Some of the top quantum computing market companies offered in the professional report include IBM Corporation, XANADU, D-Wave Systems Inc., QuanticaComputacao, Intel Corporation, Google LLC, Rigetti& Co, Inc., Zapata Computing, Cambridge Quantum Computing Ltd., and Accenture Plc.
CHAPTER 1. Industry Overview of Quantum Computing Market
1.1. Definition and Scope
1.1.1. Definition of Quantum Computing
1.1.2. Market Segmentation
1.1.3. Years Considered for the Study
1.1.4. Assumptions and Acronyms Used
1.1.4.1. Market Assumptions and Market Forecast
1.1.4.2. Acronyms Used in Global Quantum Computing Market
1.2. Summary
1.2.1. Executive Summary
1.2.2. Quantum Computing Market By Offering Type
1.2.3. Quantum Computing Market By Application
1.2.4. Quantum Computing Market By End Use
1.2.5. Quantum Computing Market By Region
CHAPTER 2. Research Approach
2.1. Methodology
2.1.1. Research Programs
2.1.2. Market Size Estimation
2.1.3. Market Breakdown and Data Triangulation
2.2. Data Source
2.2.1. Secondary Source
2.2.2. Primary Source
CHAPTER 3. Market Dynamics And Competition Analysis
3.1. Market Drivers
3.1.1. Driver 1
3.1.2. Driver 2
3.2. Restraints and Challenges
3.2.1. Restraint 1
3.2.2. Restraint 2
3.3. Growth Opportunities
3.3.1. Opportunity 1
3.3.2. Opportunity 2
3.4. Porter’s Five Forces Analysis
3.4.1. Bargaining Power of Suppliers
3.4.2. Bargaining Power of Buyers
3.4.3. Threat of Substitute
3.4.4. Threat of New Entrants
3.4.5. Degree of Competition
3.5. Market Concentration Ratio and Market Maturity Analysis of Quantum Computing Market
3.5.1. Go To Market Strategy
3.5.1.1. Introduction
3.5.1.2. Growth
3.5.1.3. Maturity
3.5.1.4. Saturation
3.5.1.5. Possible Development
3.6. Technological Roadmap for Quantum Computing Market
3.7. Value Chain Analysis
3.7.1. List of Key Manufacturers
3.7.2. List of Customers
3.7.3. Level of Integration
3.8. Price Trend of Key Raw Material
3.8.1. Raw Material Suppliers
3.8.2. Proportion of Manufacturing Cost Structure
3.8.2.1. Raw Material
3.8.2.2. Labor Cost
3.8.2.3. Manufacturing Expense
3.9. Regulatory Compliance
3.10. Competitive Landscape, 2022
3.10.1. Player Positioning Analysis
3.10.2. Key Strategies Adopted By Leading Players
CHAPTER 4. Manufacturing Plant Analysis
4.1. Manufacturing Plant Location and Establish Date of Major Manufacturers in 2022
4.2. R&D Status of Major Manufacturers in 2022
CHAPTER 5. Quantum Computing Market By Offering Type
5.1. Introduction
5.2. Quantum Computing Revenue By Offering Type
5.2.1. Quantum Computing Revenue (USD Billion) and Forecast, By Offering Type, 2020-2032
5.2.2. Systems
5.2.2.1. Systems Market Revenue (USD Billion) and Growth Rate (%), 2020-2032
5.2.3. Consulting Solutions
5.2.3.1. Consulting Solutions Market Revenue (USD Billion) and Growth Rate (%), 2020-2032
CHAPTER 6. Quantum Computing Market By Application
6.1. Introduction
6.2. Quantum Computing Revenue By Application
6.2.1. Quantum Computing Revenue (USD Billion) and Forecast, By Application, 2020-2032
6.2.2. Machine Learning
6.2.2.1. Machine Learning Market Revenue (USD Billion) and Growth Rate (%), 2020-2032
6.2.3. Electronic Material Discovery
6.2.3.1. Electronic Material Discovery Market Revenue (USD Billion) and Growth Rate (%), 2020-2032
6.2.4. Optimization
6.2.4.1. Optimization Market Revenue (USD Billion) and Growth Rate (%), 2020-2032
6.2.5. Financial Services
6.2.5.1. Financial Services Market Revenue (USD Billion) and Growth Rate (%), 2020-2032
6.2.6. Biomedical Simulations
6.2.6.1. Biomedical Simulations Market Revenue (USD Billion) and Growth Rate (%), 2020-2032
6.2.7. Others
6.2.7.1. Others Market Revenue (USD Billion) and Growth Rate (%), 2020-2032
CHAPTER 7. Quantum Computing Market By End Use
7.1. Introduction
7.2. Quantum Computing Revenue By End Use
7.2.1. Quantum Computing Revenue (USD Billion) and Forecast, By End Use, 2020-2032
7.2.2. BFSI
7.2.2.1. BFSI Market Revenue (USD Billion) and Growth Rate (%), 2020-2032
7.2.3. Healthcare and Pharmaceuticals
7.2.3.1. Healthcare and Pharmaceuticals Market Revenue (USD Billion) and Growth Rate (%), 2020-2032
7.2.4. Defence
7.2.4.1. Defence Market Revenue (USD Billion) and Growth Rate (%), 2020-2032
7.2.5. Energy and Power
7.2.5.1. Energy and Power Market Revenue (USD Billion) and Growth Rate (%), 2020-2032
7.2.6. Chemicals
7.2.6.1. Chemicals Market Revenue (USD Billion) and Growth Rate (%), 2020-2032
7.2.7. Others
7.2.7.1. Others Market Revenue (USD Billion) and Growth Rate (%), 2020-2032
CHAPTER 8. North America Quantum Computing Market By Country
8.1. North America Quantum Computing Market Overview
8.2. U.S.
8.2.1. U.S. Quantum Computing Revenue (USD Billion) and Forecast By Offering Type, 2020-2032
8.2.2. U.S. Quantum Computing Revenue (USD Billion) and Forecast By Application, 2020-2032
8.2.3. U.S. Quantum Computing Revenue (USD Billion) and Forecast By End Use, 2020-2032
8.3. Canada
8.3.1. Canada Quantum Computing Revenue (USD Billion) and Forecast By Offering Type, 2020-2032
8.3.2. Canada Quantum Computing Revenue (USD Billion) and Forecast By Application, 2020-2032
8.3.3. Canada Quantum Computing Revenue (USD Billion) and Forecast By End Use, 2020-2032
8.4. North America PEST Analysis
CHAPTER 9. Europe Quantum Computing Market By Country
9.1. Europe Quantum Computing Market Overview
9.2. U.K.
9.2.1. U.K. Quantum Computing Revenue (USD Billion) and Forecast By Offering Type, 2020-2032
9.2.2. U.K. Quantum Computing Revenue (USD Billion) and Forecast By Application, 2020-2032
9.2.3. U.K. Quantum Computing Revenue (USD Billion) and Forecast By End Use, 2020-2032
9.3. Germany
9.3.1. Germany Quantum Computing Revenue (USD Billion) and Forecast By Offering Type, 2020-2032
9.3.2. Germany Quantum Computing Revenue (USD Billion) and Forecast By Application, 2020-2032
9.3.3. Germany Quantum Computing Revenue (USD Billion) and Forecast By End Use, 2020-2032
9.4. France
9.4.1. France Quantum Computing Revenue (USD Billion) and Forecast By Offering Type, 2020-2032
9.4.2. France Quantum Computing Revenue (USD Billion) and Forecast By Application, 2020-2032
9.4.3. France Quantum Computing Revenue (USD Billion) and Forecast By End Use, 2020-2032
9.5. Spain
9.5.1. Spain Quantum Computing Revenue (USD Billion) and Forecast By Offering Type, 2020-2032
9.5.2. Spain Quantum Computing Revenue (USD Billion) and Forecast By Application, 2020-2032
9.5.3. Spain Quantum Computing Revenue (USD Billion) and Forecast By End Use, 2020-2032
9.6. Rest of Europe
9.6.1. Rest of Europe Quantum Computing Revenue (USD Billion) and Forecast By Offering Type, 2020-2032
9.6.2. Rest of Europe Quantum Computing Revenue (USD Billion) and Forecast By Application, 2020-2032
9.6.3. Rest of Europe Quantum Computing Revenue (USD Billion) and Forecast By End Use, 2020-2032
9.7. Europe PEST Analysis
CHAPTER 10. Asia Pacific Quantum Computing Market By Country
10.1. Asia Pacific Quantum Computing Market Overview
10.2. China
10.2.1. China Quantum Computing Revenue (USD Billion) and Forecast By Offering Type, 2020-2032
10.2.2. China Quantum Computing Revenue (USD Billion) and Forecast By Application, 2020-2032
10.2.3. China Quantum Computing Revenue (USD Billion) and Forecast By End Use, 2020-2032
10.3. Japan
10.3.1. Japan Quantum Computing Revenue (USD Billion) and Forecast By Offering Type, 2020-2032
10.3.2. Japan Quantum Computing Revenue (USD Billion) and Forecast By Application, 2020-2032
10.3.3. Japan Quantum Computing Revenue (USD Billion) and Forecast By End Use, 2020-2032
10.4. India
10.4.1. India Quantum Computing Revenue (USD Billion) and Forecast By Offering Type, 2020-2032
10.4.2. India Quantum Computing Revenue (USD Billion) and Forecast By Application, 2020-2032
10.4.3. India Quantum Computing Revenue (USD Billion) and Forecast By End Use, 2020-2032
10.5. Australia
10.5.1. Australia Quantum Computing Revenue (USD Billion) and Forecast By Offering Type, 2020-2032
10.5.2. Australia Quantum Computing Revenue (USD Billion) and Forecast By Application, 2020-2032
10.5.3. Australia Quantum Computing Revenue (USD Billion) and Forecast By End Use, 2020-2032
10.6. South Korea
10.6.1. South Korea Quantum Computing Revenue (USD Billion) and Forecast By Offering Type, 2020-2032
10.6.2. South Korea Quantum Computing Revenue (USD Billion) and Forecast By Application, 2020-2032
10.6.3. South Korea Quantum Computing Revenue (USD Billion) and Forecast By End Use, 2020-2032
10.7. Rest of Asia-Pacific
10.7.1. Rest of Asia-Pacific Quantum Computing Revenue (USD Billion) and Forecast By Offering Type, 2020-2032
10.7.2. Rest of Asia-Pacific Quantum Computing Revenue (USD Billion) and Forecast By Application, 2020-2032
10.7.3. Rest of Asia-Pacific Quantum Computing Revenue (USD Billion) and Forecast By End Use, 2020-2032
10.8. Asia Pacific PEST Analysis
CHAPTER 11. Latin America Quantum Computing Market By Country
11.1. Latin America Quantum Computing Market Overview
11.2. Brazil
11.2.1. Brazil Quantum Computing Revenue (USD Billion) and Forecast By Offering Type, 2020-2032
11.2.2. Brazil Quantum Computing Revenue (USD Billion) and Forecast By Application, 2020-2032
11.2.3. Brazil Quantum Computing Revenue (USD Billion) and Forecast By End Use, 2020-2032
11.3. Mexico
11.3.1. Mexico Quantum Computing Revenue (USD Billion) and Forecast By Offering Type, 2020-2032
11.3.2. Mexico Quantum Computing Revenue (USD Billion) and Forecast By Application, 2020-2032
11.3.3. Mexico Quantum Computing Revenue (USD Billion) and Forecast By End Use, 2020-2032
11.4. Rest of Latin America
11.4.1. Rest of Latin America Quantum Computing Revenue (USD Billion) and Forecast By Offering Type, 2020-2032
11.4.2. Rest of Latin America Quantum Computing Revenue (USD Billion) and Forecast By Application, 2020-2032
11.4.3. Rest of Latin America Quantum Computing Revenue (USD Billion) and Forecast By End Use, 2020-2032
11.5. Latin America PEST Analysis
CHAPTER 12. Middle East & Africa Quantum Computing Market By Country
12.1. Middle East & Africa Quantum Computing Market Overview
12.2. GCC
12.2.1. GCC Quantum Computing Revenue (USD Billion) and Forecast By Offering Type, 2020-2032
12.2.2. GCC Quantum Computing Revenue (USD Billion) and Forecast By Application, 2020-2032
12.2.3. GCC Quantum Computing Revenue (USD Billion) and Forecast By End Use, 2020-2032
12.3. South Africa
12.3.1. South Africa Quantum Computing Revenue (USD Billion) and Forecast By Offering Type, 2020-2032
12.3.2. South Africa Quantum Computing Revenue (USD Billion) and Forecast By Application, 2020-2032
12.3.3. South Africa Quantum Computing Revenue (USD Billion) and Forecast By End Use, 2020-2032
12.4. Rest of Middle East & Africa
12.4.1. Rest of Middle East & Africa Quantum Computing Revenue (USD Billion) and Forecast By Offering Type, 2020-2032
12.4.2. Rest of Middle East & Africa Quantum Computing Revenue (USD Billion) and Forecast By Application, 2020-2032
12.4.3. Rest of Middle East & Africa Quantum Computing Revenue (USD Billion) and Forecast By End Use, 2020-2032
12.5. Middle East & Africa PEST Analysis
CHAPTER 13. Player Analysis Of Quantum Computing Market
13.1. Quantum Computing Market Company Share Analysis
13.2. Competition Matrix
13.2.1. Competitive Benchmarking Of Key Players By Price, Presence, Market Share, And R&D Investment
13.2.2. New Product Launches and Product Enhancements
13.2.3. Mergers And Acquisition In Global Quantum Computing Market
13.2.4. Partnership, Joint Ventures and Strategic Alliances/ Sales Agreements
CHAPTER 14. Company Profile
14.1. IBM Corporation
14.1.1. Company Snapshot
14.1.2. Business Overview
14.1.3. Financial Overview
14.1.3.1. Revenue (USD Billion), 2022
14.1.3.2. IBM Corporation 2022 Quantum Computing Business Regional Distribution
14.1.4. Product /Service and Specification
14.1.5. Recent Developments & Business Strategy
14.2. XANADU
14.3. D-Wave Systems Inc.
14.4. QuanticaComputacao
14.5. Intel Corporation
14.6. Google LLC
14.7. Rigetti& Co, Inc.
14.8. Zapata Computing
14.9. Cambridge Quantum Computing Ltd.
14.10. Accenture Plc.