Quantum Computing Market size worth US$6,291.361 million by 2029

The quantum computing market is 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.

Quantum computing is an emerging computer technology, which comprises elements of computer science, physics, and mathematics, to utilize quantum mechanics for solving complex problems. Quantum computing uses various types of sub-atomic particles, like photons and electrons. Quantum computing offers a wide range of applications and benefits over traditional or conventional computing technology it has the capability to solve complex computer tasks in a fraction of the time used by classic computers. Quantum computing also offers high speed, which can help in faster decision-making. Quantum computing technology is forecasted to act as a major factor in the development of new technologies like artificial intelligence (AI) and machine learning (ML).

The globe witnessed massive technological development in the quantum computing market, majorly with the increasing investment in research and development of the technologies. Several technological-based companies introduced new solutions and services in the global quantum computing market. In March 2024, Nvidia, a multinational technological leader, announced the launch of its cloud quantum-computer simulation microservice. The company aims to push the boundaries of quantum computing exploration, through the availability of this service. This microservice includes generative quantum eigensolver and QC wave promethium. Similarly, in December 2023, IBM, one of the biggest computer technology providers, announced the launch of its next-generation quantum processor and IBM Quantum System Two.

The company stated that the IBM Quantum System Two begins its operations with three IBM Heron processors, the latest quantum processor by the company, which is mainly designed to enhance the operationalization of quantum-centric supercomputing.

The component segment of the quantum computing market is categorized into hardware and software & service. The hardware category, under the component segment of the global quantum computing market, is forecasted to attain greater market share. A few of the major hardware of quantum computing include quantum processors and electronic components. The quantum processors are among the most important components of any quantum computer, which enable the operation of these types of computers.

The quantum computing market, under the deployment segment, is categorized into on-premises and cloud-based. Under the deployment segment of the quantum computing market, the cloud-based category is estimated to attain a greater market share. Under the cloud-based deployment of quantum computers, the actual components of the computer are stored at a remote location and are connected to institutions or enterprises through high-speed servers. The cloud-based deployment of quantum computers offers a cost-efficient method of quantum computing operation, and it also reduces the maintenance cost for enterprises.

By industry vertical, the quantum computing market is categorized into BFSI, automotive, manufacturing, healthcare, IT & telecom, energy & power, and others. The healthcare category of the global quantum computing market, under the industry vertical segment, is forecasted to grow at a greater rate. In the healthcare sector, quantum computing can offer a wide range of applications, from disease prevention to drug development. Through the use of quantum computing, the formulation and synthesizing process of new drugs can happen at a much faster rate, with minimum risk of failure.

The quantum computing market, by applications, is categorized into artificial intelligence & machine learning, computational chemistry, drug design & development, cybersecurity & cryptography, financial modeling, logistics optimization, and others. The artificial intelligence & machine learning category of the global quantum computing market, under the application segment, is anticipated to gain a greater share. With the use of quantum computing, much better and more effective AI algorithms can be generated, and it can enhance the ability of the AI technology.

Based on geography, the North America region is anticipated to attain significant growth in the global quantum computing market. The North American region is among the leading technological developers across the globe. Countries like the USA and Canada are also among the fastest adopters of new technologies, like quantum computers into their ecosystems. Furthermore, the increasing investment by governmental and private organizations to boost the capability of quantum computing, and its integration across multiple key industries, like healthcare, and cybersecurity.

As a part of the report, the major players operating in the quantum computing market that have been covered are 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.

View a sample of the report or purchase the complete study at: https://www.knowledge-sourcing.com/report/quantum-computing-market

This analytics report segments the quantum computing market as follows:

• 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
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