Quantum Computing Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Quantum Computing Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Quantum Computing Market

The quantum computing market size was valued at USD 885.4 billion in 2023, and the market is now projected to grow from USD 1160.1 billion in 2024 to USD 12620.7 billion by 2032, exhibiting a CAGR of 34.8% during the forecast period of 2024-2032.

The COVID-19 pandemic had an enormous effect on the global spread of this particular product market. Second half quantum computing investments backed by venture capital and private equity rose dramatically. Future platforms are anticipated to be enabled by disruptive technologies such as artificial intelligence (AI), cloud computing, and others, given the aforementioned criteria. These factors affected the quantum computing market growth.

Governments all around the world are making significant investments in quantum technologies in an effort to motivate businesses and end users to fully utilize their potential. The amount invested shows how important technology is to scientific research, the security industry, and industry competitiveness. The increased adoption of cutting-edge quantum technology at home is facilitated by these grants. These factors affected the quantum computing market share.

New-age proliferating technological advancement is quantum computing. Lately, there has been a sharp rise in the number of patent applications related to quantum technology. Certain advancements have been attributing this particular market few of which are more and more patent applications, the quantum ecosystem performs better as a result of the growing expansion of patenting activities and computer technologies in a variety of technical and non-technical fields, including drug development, material engineering, and IT architectures.

Comprehensive Analysis of Quantum Computing Market

The software and hardware segments of the market are separated based on component. Cloud and on-premise deployment types are the two segments of the market. Market segments include biomedical simulations, financial services, machine learning, optimization, electronic material discovery, and others (traffic optimization, weather forecasting, and others) based on application. The market is split into manufacturing, healthcare, automotive, BFSI, energy and utilities, and others (transportation, logistics, and others) based on the end-user.

North America is expected to be the leading region of this particular product market and is anticipated to to grow over the forecasted period and also will continue to hold the largest market share. This particular region has attributed the furniture rental service market and has taken its revenue and share system number over the skies. The North American market has the greatest market share and has grown at a rapid rate over the projection period due to the early adoption of cutting-edge technology and a fiercely competitive industry. The willingness of end users to create cutting-edge services and the nations' preparedness to embrace cloud computing have both favorably impacted the growth of the North American market.

Moderate market fragmentation exists. A few market players have been attributing this particular product market growth and share systems overall. IBM Corporation (U.S.), D-Wave Systems Inc. (Canada). Microsoft Corporation (U.S.), Intel Corporation (U.S.), and Rigetti & Co, Inc. (U.S.) are some of the major competitors of this particular product market.

In November 2023,This particular company has attributed the market growth in terms of revenue and shares system. NVIDIA and Terra Quantum, a quantum service provider, worked together to create applications that are accelerated by quantum computing. By utilizing hybrid algorithms, the agreement would aid in closing the gap between classical and quantum computing. This development has proved that the company will continue to proliferate this particular product market growth.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019–2032

Base Year 2023

Forecast Period 2024–2032

Historical Period 2019–2022

Growth Rate CAGR of 34.8% from 2024 to 2032

Unit Value (USD Million)

Segmentation By Component

Hardware

Software

By Deployment

On-premise

Cloud

By Application

Machine Learning

Optimization

Biomedical Simulations

Financial Services

Electronic Material Discovery

Others (Traffic Optimization, Weather Forecasting, and Others)

By End-user

Healthcare

Banking, Financial Services and Insurance (BFSI)

Automotive

Energy and Utilities

Chemical

Manufacturing

Others (Transportation, Logistics, and Others)

By Region

North America (By Component, Deployment, Application, End-user, and Country)

- U.S. (By End-user)

- Canada (By End-user)

- Mexico (By End-user)

Europe (By Component, Deployment, Application, End-user, and Country)

- U.K. (By End-user)

- Germany (By End-user)

- France (By End-user)

- Italy (By End-user)

- Spain (By End-user)

- Russia (By End-user)

- Benelux (By End-user)

- Nordics (By End-user)

- Rest of Europe

Asia Pacific (By Component, Deployment, Application, End-user, and Country)

- China (By End-user)

- India (By End-user)

- Japan (By End-user)

- South Korea (By End-user)

- ASEAN (By End-user)

- Oceania (By End-user)

- Rest of Asia Pacific

Middle East & Africa (By Component, Deployment, Application, End-user, and Country)

- Turkey (By End-user)

- Israel (By End-user)

- GCC (By End-user)

- North Africa (By End-user)

- South Africa (By End-user)

- Rest of the Middle East & Africa

South America (By Component, Deployment, Application, End-user, and Country)

- Brazil (By End-user)

- Argentina (By End-user)

- Rest of South America