Quantum Computing Market - Forecasts from 2024 to 2029

Quantum Computing Market - Forecasts from 2024 to 2029

The quantum computing market was valued at US$1,428.076 million in 2024 and is expected to grow at a CAGR of 34.52% to reach the value of US$6,291.361 million by 2029.

The application of Quantum theory in computer science is known as quantum computing. It is related to the idea of using subatomic particles, such as electrons or photons. It all falls under quantum computing. Armed with these quantum bits, or qubits, the particles could vary in two states at once. Conventional computers use a binary operation of electric signals to represent information in terms of bits (1 and 0). This limits the amount of information that can be processed by them as compared to quantum computing.

Moreover, quantum computing can separate the potential solutions from the challenging problems, and reduce everything to a manageable power. Additionally, they have a major role in diverse industries from security to banking, military intelligence, drug discovery, aircraft designs, utilities (nuclear fusion), polymer design, and machine learning processes; merging artificial intelligence responding triggers big data search & digital manufacturing. They could be used to enhance encrypted information transfer or for better missile/airplane recognition by radars.

Moreover, the quantum computing market will experience expansion during the forecasted period due to various variables including the government investing in quantum technologies by providing subsidies as well as collaborating with private organizations and corporations. Additionally. The advanced quantum technologies used in large-scale optimization are also rising for multiple sectors for faster quantum algorithm performance results. However, the challenges in quantum computing stability and maintenance could lead to less acceptance and impact the market expansion.

QUANTUM COMPUTING MARKET DRIVERS:

Increased computational power with advancements in quantum hardware is anticipated to propel the market of quantum computing.

Quantum computers provide expanded computational control, empowering them to handle complex issues like large-scale optimization and medicate discovery. They perform calculations exponentially quicker than classical calculations, giving substantial benefits in different areas. Progressions in quantum equipment, such as progressed qubit quality and coherence times, empower more dependable operations. Researchers are working on versatile quantum designs to extend qubits and improve computational control. Quantum computers have the potential to revolutionize different businesses by providing quicker handling speeds for complex calculations. Various global companies are progressively working towards these advancements in quantum computing power.

For instance, in June 2024 Fujitsu reported receiving an order for a gate-based superconducting quantum computer from the National Institute of Advanced Industrial Science and Technology (AIST) on May 15, 2024. The Japanese seller, which set up the RIKEN RQC-Fujitsu partnership in 2021, has been doing joint research with RIKEN to scale up superconducting quantum computers. The modern superconducting quantum computer created utilizing innovation from the RIKEN RQC-Fujitsu Collaboration Center, will be worked by AIST's Global Research and Development Center for Business by Quantum-AI technology (G-QuAT) at the start of 2025.

Geographic Outlook of Quantum Computing Market
North America is expected to account for a significant share of the quantum computing market.

North America has a significant share in the global technology players, globally this is attributable due to the existence of key players such as Google, Intel, and IBM Corporation which positively drive the growing adoption of big data platforms. Also, the industry is mostly led by some major technological development centers throughout this region which work in the regional market to grow and attract large investments by the market companies leading to growth in the quantum computing demand.

Additionally, the IT industry is booming in many sectors like medicine, transportation, finance, and chemicals are growing & countries like Canada and the United States are in the quantum computing market. Moreover, the early adoption of quantum computing as well as growing innovation in Quantum computing to utilize in the research process of drug discovery by detecting the potential drug candidates can quicker the process in the region, leading to the growth of the market.

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Report Coverage:

Historical data & forecasts from 2022 to 2029
Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
Competitive Positioning, Strategies, and Market Share Analysis
Revenue Growth and Forecast Assessment of segments and regions including countries
Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)

Market Segmentation:

The Quantum Computing Market is segmented and analyzed as below:

By Component

Hardware
Software and Service

By Deployment

On-Premises
Cloud-Based

By Industry Vertical

BFSI
Automotive
Manufacturing
Healthcare
IT & Telecom
Energy & Power
Others

By Applications

Artificial Intelligence & Machine Learning
Computational Chemistry
Drug Design & Development
Cybersecurity & Cryptography
Financial Modelling
Logistics Optimisation
Others

By Geography

North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
Germany
France
United Kingdom
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Others
Asia Pacific
China
Japan
India
South Korea
Indonesia
Taiwan
Others