Quantum Computing Market

Market Definition

The global Quantum Computing Market size was valued at USD 0.85 billion in 2022 and is predicted to reach USD 6.68 billion by 2030 with a CAGR of 29.9% from 2023-2030. Quantum computing is a form of computing that utilizes the principles of quantum mechanics to solve complex problems. It is a form of computing that uses quantum bits (qubits) instead of classical bits to store and process data. It has the potential to completely transform the way computers work and process information, enabling faster and more powerful computations than ever before.

Quantum computing has the potential to revolutionize various fields, including cryptography, optimization, drug discovery, material science, and simulation. It offers the promise of solving complex problems that are currently intractable for classical computers, such as large-scale optimization, factorization of large numbers, and simulating quantum systems.

Market Dynamics and Trends

The demand for quantum computing is increasing due to the growing need for high-speed computing as organizations look for faster and more efficient ways to process data. The potential applications of quantum computing span various industries, including healthcare, finance, logistics, and cryptography, where the need for high-speed computing is paramount. As organizations strive to accelerate their data processing capabilities and gain a competitive edge, the demand for quantum computing continues to grow.

Moreover, governments around the world are investing in quantum computing research to support their research institutes in the expansion of quantum computing technology, which is further boosting the quantum computing market growth. For instance, in November 2022, Germany's Ministry of Economic Affairs and Climate Action (BMWK) collaborated with software company QMWare and cloud specialist IONOS, together with the University of Stuttgart and the Fraunhofer FOKUS research institute, to build a platform for quantum computing applications for German industry.

Also, in January 2020, the Russian Government announced an investment of USD 790 million for the development of practical quantum computing technologies to set up a new National Quantum Laboratory to incorporate international best practices and resources. Furthermore, the increasing complexity of the financial sector along with the rise in the number of large datasets and to improve their risk analysis and forecasting capabilities, is fuelling the growth of quantum computing market.

However, the lack of skilled professionals along with complexity of quantum mechanics and high investment cost in infrastructure may restrain the quantum computing market growth. On the other hand, the rising digitalization followed by the developments in cryptocurrency and blockchain are the factors expected to create ample growth opportunities for global market in the future.  

Market Segmentation and Scope of Study

The global quantum computing market report is segmented on the basis of component, deployment, application, technology, end-user, and region. Based on component, the market is classified into hardware, software, and service Based on the deployment, the market is segmented into on-premises and cloud-based. On the basis of application, the market is categorized into optimization, simulation and data problems, sampling, and machine learning. On the basis of technology, the market is divided into quantum dots, trapped ions, and quantum annealing. Based on end-user, the market is divided into BFSI, aerospace & defense, manufacturing, healthcare, IT & telecom, and energy & utilities. Geographical breakdown and analysis of each of the aforesaid classifications include regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America dominates the global quantum computing market and is potently expected to remain dominant in the market throughout the forecast period. This is attributed to the growing investment and support for the development of quantum computing by regional governments. For instance, in December 2022, the U.S. Senate approved a bipartisan legislative bill to strengthen national security by preparing the federal government’s defenses against quantum computing-based data breaches.

Also, in May 2022, the United States announced two presidential directives advancing quantum technologies to promote breakthroughs in cutting-edge science and technology. Moreover, the presence of major market players such as Google LLC, IBM Corporation and IonQ Inc. that are adopting strategies including collaboration is further accelerating the growth of quantum computing in the region.

For instance, in January 2021, Google Quantum AI (Google) collaborated with Boehringer Ingelheim, for researching and developing cutting-edge applications for quantum computing in pharmaceutical research and development (R&D), specifically molecular dynamics simulations. Also, in January 2020, IBM Corporation partnered with Daimler AG, to develop lithium-sulfur (Li-S) batteries, which are more powerful, long-lasting, and cost-effective than lithium-ion batteries by using a quantum computer.

On the other hand, Europe shows substantial growth in the quantum computing market owing to the growing adoption of cloud computing in various enterprises. According to Eurostat report, in 2021, 42% of EU enterprises used cloud computing, which is a 6 % increase since 2020. Also, the ongoing research and development on quantum computing in the region is further expected to accelerate the growth of the market. For instance, in January 2021, University of Glasgow partnered with Oxford Instruments NanoScience on Quantum Computing. Under the partnership, the Glasgow University used Oxford Instruments' next-generation Cryofree refrigerator, Proteox, as part of its research to accelerate quantum computing commercialization in the UK.  

Competitive Landscape

The quantum computing industry includes several market players such as Google LLC, IBM Corporation, Telstra Corporation Limited, IonQ Inc., Silicon Quantum Computing, Huawei Technologies Co. Ltd., Alphabet Inc., Rigetti & Co Inc., Microsoft Corporation, and D-Wave Systems Inc. These market players are adopting various strategies such as product launches and collaboration to maintain their dominance in the global market. 

For instance, in December 2022, IonQ Inc. expand their partnership with Hyundai Motor Company to develop IonQ’s quantum computers machine vision algorithms which is capable of conducting object detection on three-dimensional data from autonomous vehicles.  Also, in September 2022, Rigetti & Co Inc. partnered with Bluefors to develop new modular dilution fridges to support 336Q, 1,000+ qubit, and 4,000+ qubit quantum processing units. 

Moreover, in August 2022, IonQ Inc. launched the world’s most powerful quantum computing system on Azure to provide access to a range of third-party quantum computing tools and services. Furthermore, in June 2021, Rigetti, launched the world's first multi-chip quantum processor with a proprietary modular architecture that accelerates the path to commercialization and solves key scaling challenges toward fault-tolerant quantum computers. Also, in February 2021, IBM declared the joining of BP with the IBM Quantum Network to advance the use of quantum computing in the energy industry.

Key Benefits

• The report provides quantitative analysis and estimations of the quantum computing market from 2023 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep-dive analysis of the quantum computing market including the current and future trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the quantum computing market is provided in the report. 

• Competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders.

Quantum Computing Market Key Segments

By Component

• Hardware

• Software

• Service

By Deployment 

• On-Premises

• Cloud-Based

By Application

• Optimization

• Simulation & Data Problems

• Sampling

• Machine Learning

By Technology 

• Quantum Dots

• Trapped Ions

• Quantum Annealing

By End-User 

• BFSI

• Aerospace & Defense

• Manufacturing

• Healthcare

• IT & Telecom

• Energy & Utilities

By Region

• North America

  • U.S

  • Canada

  • Mexico

• Europe

  • UK

  • Germany        

  • France        

  • Italy

  • Spain

  • Denmark                 

  • Netherlands    

  • Finland                 

  • Sweden                 

  • Norway                 

  • Russia                 

  • Rest of Europe             

• Asia-Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific

• RoW

  • Latin America

  • Middle East

  • Africa

Report Scope and Segmentation:

Parameters	Details
Market Size in 2022	USD 0.85 Billion
Revenue Forecast in 2030	USD 6.68 Billion
Growth Rate	CAGR of 29.9% from 2023 to 2030
Analysis Period	2022–2030
Base Year Considered	2022
Forecast Period	2023–2030
Market Size Estimation	Billion (USD)
Growth Factors	Growing need for high-speed computing as organizations look for faster and more efficient ways to process data. Governments around the world are investing in quantum computing research. Increasing complexity of the financial sector along with the rise in the number of large datasets.
Countries Covered	28
Companies Profiled	10
Market Share	Available for 10 companies
Customization Scope	Free customization (equivalent to up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.

Key Players

• Google LLC

• IBM Corporation

• Telstra Corporation Limited

• IonQ Inc.

• Silicon Quantum Computing

• Huawei Technologies Co. Ltd.

• Alphabet Inc.

• Rigetti & Co Inc.

• Microsoft Corporation

• D-Wave Systems Inc.