Quantum Computing Market Size, Share, Opportunities, And Trends By Component (Hardware, Software And Service), By Deployment (On-Premises, Cloud-Based), By Industry Vertical (BFSI, Automotive, Manufacturing, Healthcare, IT & Telecom, Energy & Utilities, Others), By Application (Artificial Intelligence & Machine Learning, Computational Chemistry, Drug Design & Development, Cybersecurity & Cryptography, Financial Modelling, Logistics Optimisation, Others), And By Geography - Forecasts From 2024 To 2029

  • Published : Sep 2024
  • Report Code : KSI061615329
  • Pages : 144

The quantum computing market was valued at US$1,428.076 million in 2024 and is expected to grow at a CAGR of 34.52% to reach the value of US$6,291.361 million by 2029.

The application of Quantum theory in computer science is known as quantum computing. It is related to the idea of using subatomic particles, such as electrons or photons. It all falls under quantum computing. Armed with these quantum bits, or qubits, the particles could vary in two states at once. Conventional computers use a binary operation of electric signals to represent information in terms of bits (1 and 0). This limits the amount of information that can be processed by them as compared to quantum computing.

Moreover, quantum computing can separate the potential solutions from the challenging problems, and reduce everything to a manageable power. Additionally, they have a major role in diverse industries from security to banking, military intelligence, drug discovery, aircraft designs, utilities (nuclear fusion), polymer design, and machine learning processes; merging artificial intelligence responding triggers big data search & digital manufacturing. They could be used to enhance encrypted information transfer or for better missile/airplane recognition by radars.

Moreover, the quantum computing market will experience expansion during the forecasted period due to various variables including the government investing in quantum technologies by providing subsidies as well as collaborating with private organizations and corporations. Additionally. The advanced quantum technologies used in large-scale optimization are also rising for multiple sectors for faster quantum algorithm performance results. However, the challenges in quantum computing stability and maintenance could lead to less acceptance and impact the market expansion.

QUANTUM COMPUTING MARKET DRIVERS:

  • The quantum computing market is expected to be driven by the surge in government investments and partnerships with private companies aimed at digitization support.

Governments around the world recognize the vital significance of quantum innovation, which has the potential to revolutionize different businesses. Major ventures are being made in quantum research and advancement, supporting the improvement of new equipment, programs, and algorithms. Government initiatives have been set up to cultivate advancement and maintain innovative administration. Collaborations between governments and private companies can quicken the improvement and commercialization of quantum computing applications. Governments are given subsidizing, infrastructure, and expertise, whereas private companies contribute their innovative capabilities and market information.

Governments are spending majorly on quantum computing innovation, which reflects the growing demand for the technology. For instance, in November 2022, The German Aerospace Center (DLR) called for proposals for the improvement of quantum computing with solid-state spins. The initiative focuses on constructing models of quantum computers over four years. The primary sub-project aimed at a transportable demonstrator for preparation, anticipated within a year. The second sub-project was to create and construct a model of a quantum processor based on solid-state spins. The framework is extended to 50 qubits or more over several phases. The venture, which ran for three and a half years, focused on progressing quantum innovation and digitalization.

Additionally, the Union Cabinet announced the approval of the National Quantum Mission (NQM) on 19th April 2023, costing Rs. 6003.65 crore from 2023-24 to 2030-31. The mission objective is to propel scientific and mechanical R&D, make a dynamic QT environment, and quicken QT-led economic development. The mission focuses on creating intermediate-scale quantum computers with 50-1000 physical qubits in 8 years utilizing stages like superconducting and photonic innovation.

Additionally, this could also lead to better quality computing solutions getting developed due to more strategic collaborations happening by major players and organizations. As an example of this, a high-level team from Finland visited the Centre for Development of Advanced Computing (C-DAC), Pune in December 2022 to explore potential areas and opportunities for bilateral cooperation in the following thematic segments on quantum technologies, HPC-quantum integration, and applications. C-DAC has designed its motherboard, the server, and interconnection in HPC.

  • Increased computational power with advancements in quantum hardware is anticipated to propel the market of quantum computing.

Quantum computers provide expanded computational control, empowering them to handle complex issues like large-scale optimization and medicate discovery. They perform calculations exponentially quicker than classical calculations, giving substantial benefits in different areas. Progressions in quantum equipment, such as progressed qubit quality and coherence times, empower more dependable operations. Researchers are working on versatile quantum designs to extend qubits and improve computational control. Quantum computers have the potential to revolutionize different businesses by providing quicker handling speeds for complex calculations. Various global companies are progressively working towards these advancements in quantum computing power.

For instance, in June 2024 Fujitsu reported receiving an order for a gate-based superconducting quantum computer from the National Institute of Advanced Industrial Science and Technology (AIST) on May 15, 2024. The Japanese seller, which set up the RIKEN RQC-Fujitsu partnership in 2021, has been doing joint research with RIKEN to scale up superconducting quantum computers. The modern superconducting quantum computer created utilizing innovation from the RIKEN RQC-Fujitsu Collaboration Center, will be worked by AIST's Global Research and Development Center for Business by Quantum-AI technology (G-QuAT) at the start of 2025.

QUANTUM COMPUTING MARKET RESTRAINT:

  • The stability and maintenance challenges could hinder the quantum computing market expansion.

Quantum computers use qubits which can make errors in practice. There was also a key obstacle that could challenge the market which is turning quantum computing into something with commercial applications. Qubits are highly delicate functions and tend to quickly lose their quantum mechanical state to the fluctuation resulting from temperature, sound, or light which surrounds them making it hard for the qubit to maintain its quantum state for a longer period. Moreover, some blockchain systems deployed use ECDSA as their digital signature algorithm which is known to be quantum vulnerable.

Geographic Outlook of Quantum Computing Market

  • North America is expected to account for a significant share of the quantum computing market.

North America has a significant share in the global technology players, globally this is attributable due to the existence of key players such as Google, Intel, and IBM Corporation which positively drive the growing adoption of big data platforms. Also, the industry is mostly led by some major technological development centers throughout this region which work in the regional market to grow and attract large investments by the market companies leading to growth in the quantum computing demand.

Additionally, the IT industry is booming in many sectors like medicine, transportation, finance, and chemicals are growing & countries like Canada and the United States are in the quantum computing market. Moreover, the early adoption of quantum computing as well as growing innovation in Quantum computing to utilize in the research process of drug discovery by detecting the potential drug candidates can quicker the process in the region, leading to the growth of the market.

Quantum Computing Market Key Developments:

  • July 2024- The Australian National University (ANU) and Fujitsu Australia Limited announced signing a memorandum of understanding to set up a world-class quantum research office in Australia. The agreement focused on giving access to a center for quantum research and constructing an onsite quantum computer for industry and government experts, analysts, academics, and students.
  • June 2024- IBM and Pasqal collaborated to create a common approach to quantum-centric supercomputing. They worked with leading educators in high-performance computing to set up the establishments for quantum-centric supercomputing, coordinating quantum computing with progressed classical computing to make the next generation of supercomputers. 

Quantum Computing Market Scope:

Report Metric Details
Quantum Computing Market Size in 2024 US$1,428.076 million
Quantum Computing Market Size in 2029 US$6,291.361 million
Growth Rate CAGR of 34.52%
Study Period 2019 to 2029
Historical Data 2019 to 2022
Base Year 2024
Forecast Period 2024 – 2029
Forecast Unit (Value) USD Million
Segmentation
  • Component
  • Deployment
  • Industry Vertical
  • Applications
  • Geography
Geographical Segmentation North America, South America, Europe, Middle East and Africa, Asia Pacific
List of Major Companies in Quantum Computing Market
Customization Scope Free report customization with purchase

 

Market Segmentation:

The Quantum Computing Market is segmented and analyzed as below:

  • By Component
    • Hardware
    • Software and Service
  • By Deployment
    • On-Premises
    • Cloud-Based
  • By Industry Vertical
    • BFSI
    • Automotive
    • Manufacturing
    • Healthcare
    • IT & Telecom
    • Energy & Power
    • Others
  • By Applications
    • Artificial Intelligence & Machine Learning
    • Computational Chemistry
    • Drug Design & Development
    • Cybersecurity & Cryptography
    • Financial Modelling
    • Logistics Optimisation
    • Others
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • France
      • United Kingdom
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Others
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Indonesia
      • Taiwan
      • Others

Frequently Asked Questions (FAQs)

The global quantum computing market is projected to grow at a CAGR of 34.52% during the forecast period.
The quantum computing market is projected to reach a market size of US$6,291.361 million by 2029.
Quantum Computing Market was valued at US$1,428.076 million in 2024.
North America is expected to account for a significant share of the quantum computing market.
The quantum computing market is expected to be driven by the surge in government investments and partnerships with private companies aimed at digitization support.

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

1.8. Key Benefits for the Stakeholder

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Processes

3. EXECUTIVE SUMMARY

3.1. Key Findings

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

4.5. Analyst View

5. QUANTUM COMPUTING MARKET, BY COMPONENT

5.1. Introduction

5.2. Hardware

5.3. Software and Service

6. QUANTUM COMPUTING MARKET, BY DEPLOYMENT

6.1. Introduction

6.2. On-Premises

6.3. Cloud-Based

7. QUANTUM COMPUTING MARKET, BY INDUSTRY VERTICAL

7.1. Introduction

7.2. BFSI

7.3. Automotive

7.4. Manufacturing

7.5. Healthcare

7.6. IT & Telecom

7.7. Energy & Power

7.8. Others

8. QUANTUM COMPUTING MARKET, BY APPLICATIONS

8.1. Introduction

8.2. Artificial Intelligence & Machine Learning

8.3. Computational Chemistry

8.4. Drug Design & Development

8.5. Cybersecurity & Cryptography

8.6. Financial Modelling

8.7. Logistics Optimisation

8.8. Others

9. QUANTUM COMPUTING MARKET, BY GEOGRAPHY

9.1. Introduction

9.2. North America

9.2.1. By Component

9.2.2. By Deployment

9.2.3. By Industry Vertical

9.2.4. By Applications

9.2.5. By Country

9.2.5.1. USA

9.2.5.2. Canada

9.2.5.3. Mexico

9.3. South America

9.3.1. By Component

9.3.2. By Deployment

9.3.3. By Industry Vertical

9.3.4. By Applications

9.3.5. By Country 

9.3.5.1. Brazil

9.3.5.2. Argentina

9.3.5.3. Others

9.4. Europe

9.4.1. By Component

9.4.2. By Deployment

9.4.3. By Industry Vertical

9.4.4. By Applications

9.4.5. By Country

9.4.5.1. Germany

9.4.5.2. France

9.4.5.3. United Kingdom

9.4.5.4. Spain

9.4.5.5. Others

9.5. Middle East and Africa

9.5.1. By Component

9.5.2. By Deployment

9.5.3. By Industry Vertical

9.5.4. By Applications

9.5.5. By Country

9.5.5.1. Saudi Arabia

9.5.5.2. UAE

9.5.5.3. Others

9.6. Asia Pacific

9.6.1. By Component

9.6.2. By Deployment

9.6.3. By Industry Vertical

9.6.4. By Applications

9.6.5. By Country

9.6.5.1. China

9.6.5.2. Japan

9.6.5.3. India

9.6.5.4. South Korea

9.6.5.5. Indonesia

9.6.5.6. Taiwan

9.6.5.7. Others

10. COMPETITIVE ENVIRONMENT AND ANALYSIS

10.1. Major Players and Strategy Analysis

10.2. Market Share Analysis

10.3. Mergers, Acquisitions, Agreements, and Collaborations

10.4. Competitive Dashboard

11. COMPANY PROFILES

11.1. IBM

11.2. Microsoft

11.3. Quantum Computing Inc.

11.4. Intel Corporation

11.5. D-Wave Quantum Inc.

11.6. Quix Quantum BV

11.7.  Alpine Quantum Technologies GmbH

11.8. ORCA Computing

11.9. Rigetti & Co, LLC.

11.10. Google LLC


IBM

Microsoft

Quantum Computing Inc.

Intel Corporation

D-Wave Quantum Inc

Quix Quantum BV

Alpine Quantum Technologies GmbH

ORCA Computing

Rigetti & Co, LLC.

Google LLC


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