Quantum Computing

Quantum Computing

Global Quantum Computing Market to Reach US$5.9 Billion by 2030

The global market for Quantum Computing estimated at US$900.7 Million in the year 2023, is expected to reach US$5.9 Billion by 2030, growing at a CAGR of 30.7% over the analysis period 2023-2030. Quantum Computing System, one of the segments analyzed in the report, is expected to record a 27.7% CAGR and reach US$3.2 Billion by the end of the analysis period. Growth in the Quantum Computing Services segment is estimated at 35.2% CAGR over the analysis period.

The U.S. Market is Estimated at US$263.5 Million While China is Forecast to Grow at 36.7% CAGR

The Quantum Computing market in the U.S. is estimated at US$263.5 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.1 Billion by the year 2030 trailing a CAGR of 36.7% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 27.0% and 23.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 28.4% CAGR.

Global Quantum Computing Market - Key Trends & Drivers Summarized

Quantum computing represents a paradigm shift in computational technology, leveraging the principles of quantum mechanics to process information in fundamentally different ways from classical computers. Unlike classical bits, which represent data as either 0 or 1, quantum bits or qubits can exist simultaneously in multiple states thanks to superposition. This ability, combined with entanglement—where qubits become interconnected and the state of one instantaneously influences the state of another—allows quantum computers to perform complex calculations at unprecedented speeds. Quantum computing has the potential to revolutionize fields such as cryptography, material science, drug discovery, and complex system optimization by solving problems that are currently intractable for classical computers.

The quantum computing landscape is undergoing a transformative shift, moving away from the erstwhile competition over qubit records to focus more on practical applications and the realization of long-term objectives. Significant advancements in quantum hardware and algorithms have accelerated the development and deployment of quantum computing technologies. Companies like IBM, Google, and Rigetti are at the forefront, developing increasingly sophisticated quantum processors and exploring new quantum algorithms. Beyond hardware, advancements in quantum software and error correction techniques are critical, as quantum systems are highly susceptible to noise and decoherence. Efforts are also being made to develop quantum cloud computing platforms, enabling broader access to quantum computing resources for research and commercial applications.

The growth in the quantum computing market is driven by several factors. Advances in quantum hardware, such as the development of more stable and scalable qubits, are making quantum computers more practical and powerful. The increasing investment from both private and public sectors is fueling research and development efforts, with significant funding flowing into startups and established tech companies alike. The growing need for enhanced computational power in industries such as pharmaceuticals, finance, and logistics is pushing demand for quantum solutions that can address complex optimization and simulation problems. Additionally, the rise of quantum cloud services is making quantum computing more accessible to businesses and researchers who lack the resources to develop their own quantum systems. Collaboration between academia, industry, and government agencies is also playing a crucial role in advancing the technology and its applications. Finally, the anticipation of breakthroughs in quantum cryptography and the potential for unbreakable encryption are spurring interest and investment in the quantum computing sector.

Select Competitors (Total 118 Featured) -

• 1QB Information Technologies Inc.
• Accenture
• Anyon Systems Inc.
• Atom Computing, Inc.
• D-Wave Systems Inc.
• evolutionQ Inc.
• Fraunhofer Institute for Applied Solid State Physics IAF
• Fujitsu Limited
• Google Inc.
• Hewlett Packard Enterprise Company
• Hitachi Ltd
• ID Quantique SA
• Intel Corporation
• International Business Machines Corporation
• IonQ, Inc.
• Magiq Technologies, Inc.
• Microsoft Corporation
• Nippon Telegraph and Telephone Corporation
• Northrop Grumman Systems Corporation
• QC Ware Corp.
• Quantum Circuits, Inc.
• Qubitekk, Inc.
• QuintessenceLabs Pty Ltd
• Rigetti Computing, Inc.
• Riverlane Ltd.
• Toshiba Corporation
• Xanadu Quantum Technologies Inc.

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