Quantum Computing Market Size, Share & Trends Analysis Report By Deployment (Cloud, On-premises), By Offering (System, Services), By End-user (BFSI, Chemical), By Application (ML, Simulation), By Region, And Segment Forecast, 2023 - 2030

Quantum Computing Market Size, Share & Trends Analysis Report By Deployment (Cloud, On-premises), By Offering (System, Services), By End-user (BFSI, Chemical), By Application (ML, Simulation), By Region, And Segment Forecast, 2023 - 2030

Quantum Computing Market Growth & Trends

The global quantum computing market size is anticipated to reach USD 4,243.3 million by 2030, registering a CAGR of 19.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. Quantum computing is an emerging field with the potential to revolutionize various industries and computing paradigms. While the market is dynamic and subject to rapid changes, several global growth trends have been shaping this market. Investments from governments, tech giants, and venture capitalists in quantum R&D are crucial for the advancement of quantum technology. These investments support research efforts, enable the development of cutting-edge hardware & software, and drive innovation across various industries.

Quantum technology is highly complex and requires significant resources for R&D. These investments help accelerate progress by providing funding for experimental work, the recruitment of top talent, and access to advanced research facilities. For instance, in 2020, the U.S. Congress passed the National Quantum Initiative Act, providing USD 1.2 billion over five years for quantum research. This funding supports the development of quantum hardware, software, and workforce training programs. Quantum hardware, including quantum processors and qubit architectures, has been continuously improving. Researchers are working to increase the number of qubits and improve qubit quality, making quantum computers more powerful and reliable.

Moreover, the hybrid approach, combining quantum and classical computing, has gained traction. This approach allows for practical problem-solving by harnessing the strengths of both quantum and classical computers. Quantum cloud services have become more prevalent, making quantum computing resources accessible to a wider audience. These services offer scalability, convenience, and affordability for researchers and businesses. Quantum cloud services allow users to pay for quantum computing resources on a usage-based model, similar to traditional cloud computing services. This pay-as-you-go approach can be more cost-effective than purchasing and maintaining quantum hardware, especially for organizations that have sporadic or variable quantum computing needs.

North American tech giants, including IBM, Google, Microsoft, and startups like Rigetti and IonQ, were actively involved in quantum computing R&D. These companies were competing to develop more powerful quantum hardware and software solutions. Quantum software development was a growing trend in the region. Developers and software companies in the region were actively engaged in creating quantum algorithms, programming tools, and applications for various industries. Europe led the global market with a revenue share of 34.6% in 2022. The region witnessed the emergence of several startup and spinoff companies focused on quantum computing.

Quantum Computing Market Report Highlights

• By offering, the system segment dominated the market with a share of over 64.5% in 2022. The service segment is expected to register the highest CAGR from 2023 to 2030 due to an increasing number of startups investing in R&D related to quantum computing technology
• The cloud deployment segment is projected to account for a significant growth rate from 2023 to 2030
• The optimization application segment held the largest share of 31.6% in 2022. By leveraging the power & speed of quantum computing, an organization can optimize its operation, improve decision-making, and reduce costs

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