Quantum Computing Market by Technology (Quantum Annealing, Superconducting Qubits, Topological and Photonic), Deployment (Cloud-Based, On Premise), Offering, End-Use, Application - Global Forecast 2024-2030

Quantum Computing Market by Technology (Quantum Annealing, Superconducting Qubits, Topological and Photonic), Deployment (Cloud-Based, On Premise), Offering, End-Use, Application - Global Forecast 2024-2030

The Quantum Computing Market size was estimated at USD 1.23 billion in 2023 and expected to reach USD 1.51 billion in 2024, at a CAGR 23.91% to reach USD 5.55 billion by 2030.

Quantum computing is an advanced area of computation that leverages the principles of quantum theory and quantum mechanics, which explains the behavior of energy and material on the quantum level. Unlike classical computers, which use bits as the basic unit of information, quantum computers use quantum bits or qubits. These qubits can simultaneously represent and store information in a quantum state, encompassing the dual '0' and '1' states through a superposition phenomenon. Additionally, qubits can be interconnected through quantum entanglement, which permits instantaneous correlation of states between qubits, regardless of physical distance. The increasing adoption of quantum mechanics and computing in the finance and banking sector and a rise in investments in quantum technology are expected to create lucrative market growth. Significant advancements in quantum hardware have been made, including developing more stable and reliable qubits, improving error correction techniques, and scaling up quantum processors that contributed to the market adoption. These advancements have led to the creation of more powerful and practical quantum computers, driving interest and investments in the technology. However, the limited availability of skilled professionals and the high cost associated with implementing and maintaining quantum computers may be significant challenges key companies face. International competition and collaboration in quantum research are anticipated to accelerate the growth of the quantum computing market in the forecasted period.

Regional Insights

The Americas is at the forefront of quantum computing technology, with significant public and private investments. The United States government has allocated substantial funding for quantum research through initiatives that have seen the rise of startups and established corporations investing in quantum computing, reflecting a robust market demand for the quantum advantage in industries ranging from finance to pharmaceuticals. Consumers in this region have shown high interest in emerging technologies, indicating a promising market for quantum computing applications. At the same time, the European Union (EU) is actively endorsing quantum computing through research programs and initiatives aimed to facilitate the development of quantum technologies and stimulate consumer awareness. The EU's emphasis on privacy and security, coupled with investments in quantum research, underscores potential consumer demand for quantum cryptography and computing services within the region. Moreover, the Asia-Pacific region is rapidly emerging as a significant player in quantum computing, driven by substantial public and private investments. Governments across the region are launching initiatives and funding research programs to gain a competitive edge in this cutting-edge technology, recognizing its potential to revolutionize cybersecurity, finance, and pharmaceuticals. Key economies such as China, Japan, and South Korea are spearheading developments, with China making notable advancements in quantum communication and encryption. Corporate investments and partnerships fuel innovation, with tech giants and startups striving to build practical quantum computers and develop quantum applications.

Market Insights

• Market Dynamics
  
  The market dynamics represent an ever-changing landscape of the Quantum Computing Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
  • Market Drivers
    • Growing Demand for Faster Data Operations, Secure Data Transfer, and Communications
    • Early Adoption of Quantum Computing in Banking And Finance Industry
    • Rise in Investments in Quantum Computing Technology
    • Market Restraints
      • Dearth of Skilled Professional Coupled With Need For High Accuracy
      • Market Opportunities
        • Market Instabilities Detected by Identifying Stock Market Risks and Optimize The Trading Trajectories, Portfolios, and Asset Pricing And Hedging
        • Surge in Number of Strategic Partnerships and Collaborations to Carry out Advancements in Quantum Computing Technology
        • Market Challenges
          • Highly Investment Intensive Process
          • Market Segmentation Analysis
            • Technology: Integration of advanced technology in quantum computing to tackle complex algorithms while providing optimal solution
            • End-Use: Adoption of quantum computing in varied industries offering accurate predictions and faster decision-making
            • Market Disruption Analysis
            • Porter’s Five Forces Analysis
            • Value Chain & Critical Path Analysis
            • Pricing Analysis
            • Technology Analysis
            • Patent Analysis
            • Trade Analysis
            • Regulatory Framework Analysis
            FPNV Positioning Matrix
            
            The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Quantum Computing Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
            
            Market Share Analysis
            
            The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Quantum Computing Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
            
            Recent Developments
            • Rescale and IonQ Launch Partnership to Accelerate Innovation through Hybrid Quantum Computing
              
              Rescale, a provider of high-performance computing (HPC) solutions in the cloud, strategically partnered with IonQ, innovators in quantum computing technology. This partnership signifies a convergence between the cloud's formidable computational capabilities and quantum mechanics' advanced problem-solving prowess. By uniting these technological frontiers, the partnership is poised to revolutionize various sectors, including product development, healthcare, life sciences, finance, materials science, logistics, and national research endeavors.
              
              Quantinuum gets USD 300 Million from JPMorgan, Amgen, Mitsui, Honeywell
              
              Quantinuum, an enterprise in the quantum computing sector, successfully bolstered its financial standing through a significant equity investment of USD 300 million. This impressive capital investment marks a substantial vote of confidence in the firm's future, spearheaded by the formidable financial institution, JPMorgan Chase. In a strong demonstration of the broad-based interest in quantum technology's potential, diverse industry players such as Mitsui & Co., Amgen, and Honeywell have also participated in this funding round.
              
              IBM Unveils Next-Gen 133-Qubit Heron Quantum Processor and its First Modular Quantum Computer
              
              IBM launched a quantum processor, dubbed Heron, at the Quantum Summit 2023. The Heron processor, boasting an impressive 133 qubits, marks a significant leap forward in computing capability, poised to enhance scientific research and practical applications in quantum computing. In tandem with the processor's launch, IBM introduced the Quantum System Two, an innovative, first-of-its-kind modular quantum computer leveraging the power of Heron. This launch underscores IBM's commitment to advancing quantum computing technology and paves the way for new frontiers in complex problem-solving and innovation.
            Strategy Analysis & Recommendation
            
            The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Quantum Computing Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
            
            Key Company Profiles
            
            The report delves into recent significant developments in the Quantum Computing Market, highlighting leading vendors and their innovative profiles. These include 1QB Information Technologies Inc., Accenture PLC, Alibaba Group Holding Limited, Amazon Web Services, Inc., Anyon Systems, Inc., Arqit Limited, Atom Computing, Inc., Atos SE, Baidu, Inc., Cisco Systems, Inc., ColdQuanta, Inc., D-Wave Systems Inc., Fujitsu Limited, Google LLC by Alphabet Inc., Honeywell International Inc., Intel Corporation, International Business Machines Corporation, IonQ Inc., ISARA Corporation, Microsoft Corporation, Nvidia Corporation, PsiQuantum, Corp., QC Ware, Quantinuum Ltd., Quantum Circuits, Inc., Quantum Corporation, Quantum Simulation Technologies, Inc., Rigetti & Co, Inc., Riverlane Ltd, Salesforce, Inc., Silicon Quantum Computing, Strangeworks Inc., Toshiba Corporation, Xanadu Quantum Technologies Inc., and Zapata Computing, Inc..
            
            Market Segmentation & Coverage
            
            This research report categorizes the Quantum Computing Market to forecast the revenues and analyze trends in each of the following sub-markets:
            • Technology
              • Quantum Annealing
              • Superconducting Qubits
              • Topological and Photonic
              • Trapped Ions
              • Deployment
                • Cloud-Based
                • On Premise
                • Offering
                  • Consulting
                  • Quantum Computing as a Service (QCaaS)
                  • Services
                  • Systems
                  • End-Use
                    • Banking & Finance
                    • Chemicals
                    • Energy & Power
                    • Healthcare & Pharmaceuticals
                    • Space & Defense
                    • Application
                      • Machine Learning
                      • Optimization
                      • Quantum Chemistry
                      • Quantum Finance
                      • Simulation
                      • Region
                        • Americas
                          • Argentina
                          • Brazil
                          • Canada
                          • Mexico
                          • United States
                            • California
                            • Florida
                            • Illinois
                            • New York
                            • Ohio
                            • Pennsylvania
                            • Texas
                            • Asia-Pacific
                              • Australia
                              • China
                              • India
                              • Indonesia
                              • Japan
                              • Malaysia
                              • Philippines
                              • Singapore
                              • South Korea
                              • Taiwan
                              • Thailand
                              • Vietnam
                              • Europe, Middle East & Africa
                                • Denmark
                                • Egypt
                                • Finland
                                • France
                                • Germany
                                • Israel
                                • Italy
                                • Netherlands
                                • Nigeria
                                • Norway
                                • Poland
                                • Qatar
                                • Russia
                                • Saudi Arabia
                                • South Africa
                                • Spain
                                • Sweden
                                • Switzerland
                                • Turkey
                                • United Arab Emirates
                                • United Kingdom
                                
                                
                                Please Note: PDF & Excel + Online Access - 1 Year