| Status : Published | Published On : May, 2023 | Report Code : VRSME9121 | Industry : Semiconductor & Electronics | Available Format :
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Page : 275 |
Global Quantum Computing Market – Analysis and Forecast (2025-2030)
Industry Insight by Technology (Trapped Ions Qubits, Superconducting Qubits, Quantum Annealing, and Others), by Component (Hardware, Software, and Service), by Deployment Model (Cloud and On-Premise), by Application (Optimization, Simulation, Machine Learning, Sampling, and Others), by End-User (BFSI, Aerospace & Defense, Automotive, Healthcare, Government, Energy & Power, IT& Telecommunication, Chemical, and Others), and Geography (U.S., Canada, Germany, U.K., France, China, Japan, India, and Rest of the World)
Industry Overview
The global quantum computing market is projected to grow at a CAGR of 30.5% between 2023 and 2030, the currently the market is USD 1.1 billion in 2022 with its global value expected to reach USD 4.5 billion by the end of the forecast period. Quantum computing is an advanced computer technology that leverages the principles of quantum mechanics and quantum theory. By utilizing the collective features of quantum states, including superposition and entanglement, quantum computing offers unprecedented computational power and potential for various applications. As of 2023, the global quantum computing market is valued at USD 8.8 billion. It uses 0 and 1 bits but makes use of every condition between 0 and 1, resulting in high speeds. Quantum computing holds enormous opportunities in several fields, including financial modeling, medical research, traffic optimization, weather forecasting, and artificial intelligence. It has the potential to be a game-changing solution for combating climate change and helping businesses enhance their cybersecurity tactics. Thus, quantum computing has the potential to transform the strategic balance of power, military affairs, and commerce.
The COVID-19 pandemic has had a favorable impact on the global quantum computing industry owing to the increased adoption of digital computing platforms as a result of implementing remote workstations. Rapid digitalization and the use of advanced software may help the product gain traction. Furthermore, the extensive deployment of e-commerce is projected to aid industrial progress during the epidemic. Also, in the quantum computing business, there has been a rise in research programs examining quantum machine learning to unleash new possibilities in COVID-19 drug development by rapidly producing potential chemical compounds.
Market Segmentation
Insight by Technology
Based on technology, the global quantum computing market is classified into trapped ions qubits, superconducting qubits, quantum annealing, and others. The superconducting qubits segment contributes to the largest share in the quantum computing market owing to the increased adoption of quantum computing by organizations to have a strong foothold among competitors. Quantum dots are anticipated to grow at a faster pace during the forecast period as it is used to reduce the electron tunneling block when two qubits come together.
Insight by Component
Based on components, the global quantum computing market is bifurcated into hardware, software, and service. The service segment is anticipated to contribute to the highest share in the quantum computing market owing to the rising number of start-ups globally that invests in R&D activities. Quantum computing technology is utilized in optimization, simulation, and machine learning applications, resulting in lower operating costs and offering more efficient operations in many industries. Furthermore, the increased adoption of quantum computing as a service (QCaaS) in chemicals, defense, banking, healthcare, and pharmaceuticals will further accelerate the growth of the service segment.
Insight by Deployment Model
Based on the deployment model, the global quantum computing market is bifurcated into cloud and on-premise. The cloud-based deployment model contributes to the largest share in the market owing to its reduced cost of ownership among several industries. Organizations can employ cloud-based deployment to give users access to different devices and simulations from their computers.
Insight by Application
Based on application, the global quantum computing market is segmented into optimization, simulation, machine learning, sampling, and others. The machine learning category is anticipated to have a high CAGR during the forecast period 2023 - 2030 as it requires quantum algorithms and high computational power and can crack complex models. The technology can also be used to treat untreatable diseases and eliminates diagnostic errors concerning image reading.
Insight by End-User
Based on end-user, the global quantum computing market is segregated into BFSI, aerospace & defense, automotive, healthcare, government, energy & power, IT& telecommunication, chemical, and others. The increased adoption of quantum computing software in the BFSI sector owing to the rising number of trade activities, transactions, and data processing solutions. It also helps financial institutions and banks to identify and verify customers’ identity ad track business transactions along with managing financial risks.
The aerospace & defense segment is anticipated to have significant traction owing to its extensive adoption in diverse applications like space exploration verification, critical modeling, and aerodynamic performance simulation. The increased acceptance of ML and quantum computers in detecting recurring patterns will propel market development significantly.
Quantum Computing Market Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018–2022 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2023-2030 |
|
Market Size in 2022 |
$1.1 Billion |
|
Revenue Forecast in 2030 |
$4.5 Billion |
|
Growth Rate |
CAGR 30.5% |
|
Segments Covered in the Report |
By Technology, By Component, By Deployment Model, By Application, and By End-User |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Industry Trends
The increased adoption of machine learning (ML) and artificial intelligence (AI) and mounting product applications will proliferate the growth market growth. The importance of modern technology such as quantum computing in numerous industries to solve issues such as handling chemical processes, improving logistics, and sorting through vast databases is predicted to drive up adoption. These are the trends prevalent in the global quantum computing industry.
Growth Drivers
Quantum computing is a rapidly emerging technology that has the potential to revolutionize numerous industries by solving complex problems at an exponential rate. To understand the factors driving the growth of the quantum computing market, it's essential to recognize the increasing demand for advanced computing solutions. The global quantum computing market is growing rapidly due to several factors, including rising adoption in the banking and finance sector, government initiatives promoting R&D activities, the growing threat of cybercrime, and the increasing prominence of Software as a Service (SaaS) business models. Additionally, increased deployment of quantum computing at data center workloads and real-time applications will propel the market's growth.
Moreover, quantum computing is extensively used in applications such as algorithms, cryptography, quantum parallelism, quantum simulation, and machine learning, leading to increased sales and market growth. Besides, quantum computing can evaluate water quality using chemical sensors, which is becoming increasingly crucial as the demand to reduce environmental degradation grows.
Furthermore, post-COVID-19, the increased emphasis on QCaaS (Quantum Computing as a Service) may significantly contribute to the market growth of the quantum computing industry. Understanding these factors is crucial to capitalize on the opportunities presented by this rapidly evolving technology.
Challenges
Issues related to stability, error correction, and complexity in quantum computing implementation may pose a challenge to the growth of the market. Also, concerns related to compatibility and quantum entanglement during network communication may further restrain the market growth of quantum computing technology.
Opportunities
The increased adoption of quantum computing applications in aerospace & defense, life sciences for CAD design, and silico modeling will create promising opportunities for the market development of quantum computing technology. Moreover, the increased emphasis on research and integrating cutting-edge use cases for quantum computing in pharmaceutical research and development, particularly molecular dynamics simulations, would significantly drive market growth.
Geographic Overview
North America is anticipated to contribute to the largest share in the quantum computing market owing to early adopters of advanced technology and increased investment in R&D across end-use industry verticals. The industry players in the region are emphasizing the need to develop innovative solutions to promote the development in the medical research field.
Europe is expected to significant traction owing to the presence of many start-ups, favorable regulatory environments, increased adoption of cloud technologies, and expansion of businesses by the industry players will boost the market demand for quantum computing solutions.
Competitive Insight
Quantum computing is still in its inception stage. Committed partners who promote quantum computing, generate a quantum workforce, and develop future practical applications to develop scalable quantum computers. Thus, the industry players are entering into partnerships, collaborations, M&A, and joint ventures to enhance their offering and expand market reach, thus propelling the market growth of quantum computing technology.
IBM Quantum is one of the prominent leaders in quantum computing. This emerging technology is intended to tackle important problems that even today's most powerful conventional supercomputers are not able to solve. IBM recently released detailed quantum computing roadmaps, including a method for scaling quantum hardware to enable sophisticated quantum circuits to achieve Quantum Advantage, the point at which quantum systems outperform their classical counterparts appreciably. Eagle is the most recent step on the ladder of success.
D-Wave is one of the industry leaders in quantum computing systems, software, and services development and delivery. They are the only quantum computing firm that develops and offers quantum systems, cloud services, application development tools, and professional services to enable the quantum journey from beginning to end. D-Wave has concentrated on providing products and services that give the fastest path to practical, real-world applications with customer value. Their diverse portfolio of enterprise customers, including Volkswagen, Save-on-Foods, DENSO, Toyota, BBVA, NEC, Accenture, and Lockheed Martin, have developed several quantum applications like resource scheduling, mobility, logistics, drug discovery, portfolio optimization, manufacturing processes, etc.
In February 2022, Rigetti Holdings, Inc., a forerunner in hybrid quantum-classical computing, announced that its 80-qubit quantum system, Aspen-M, is now commercially available. Aspen-M will be supported by a variety of Rigetti collaborations with both commercial and public sector customers, including Nasdaq, Deloitte, DARPA, and the US Department of Energy.
In October 2021, to construct a "fault-tolerant" quantum computer, the Amazon Web Services (AWS) Center for Quantum Computing launches a new facility at the California Institute of Technology. Teams will concentrate on creating more powerful quantum computing hardware and identifying novel quantum applications.
Some of the prominent players in the global quantum computing market include IBM, D-Wave Systems Inc., Microsoft, Amazon.com, Inc., Rigetti & Co, Inc., Google, Honeywell International Inc., Atos SE, Cambridge Quantum, and QC Ware.
The quantum computing market research includes a comprehensive market segmentation analysis as well as projections for the analysis period 2023-2030.
Segments Covered in the Report
- By Technology
- Trapped Ions Qubits
- Superconducting Qubits
- Quantum Annealing
- Others
- By Component
- Hardware
- Software
- Service
- By Deployment Model
- Cloud
- On-Premise
Region Covered in the Report
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
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Quantum Computing Market