Global Quantum Computing Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Quantum Computing Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Quantum computing is an area of computing focused on developing computer technology based on the principles of quantum theory (which explains the behavior of energy and material on the atomic and subatomic levels). Computers used today can only encode information in bits that take the value of 1 or 0—restricting their ability. Quantum computing, on the other hand, uses quantum bits or qubits. It harnesses the unique ability of subatomic particles that allows them to exist in more than one state (i.e., a 1 and a 0 at the same time).

Market Overview:

The latest research study on the global Quantum Computing market finds that the global Quantum Computing market reached a value of USD 907.16 million in 2022. It’s expected that the market will achieve USD 6082.38 million by 2028, exhibiting a CAGR of 37.32% during the forecast period.

Early adoption of quantum computing in BFSI sector

Fully scaled quantum technology is still a way off, but as quantum computing matures and becomes more readily available, we will see a rapid increase in the number of companies applying it to various industries. Some of the impacts is already being felt in different sectors. Many financial industry players rely on computing power to improve decision-making and better serve customers. Quantum computing is likely to drive these activities in the next few years. From a business line perspective, the most promising use cases are likely to be those that require highly complex and/or particularly fast models. For example, in valuation, the ability to quickly determine the best risk-adjusted portfolio may create a significant competitive advantage. For loan and bond portfolios, more accurate estimates of credit risk should lead to better optimization decisions. More broadly, capital allocation across a range of corporate finance activities could be improved through insight into the scale and importance of risk, while payments and transfers could be protected through better encryption.

Complexities in Implementation and Operation

The quantum computing industry is growing rapidly. Despite this momentum, the space still faces many obstacles. Significant technical hurdles around key issues such as error correction and stability must be overcome, tools to help more companies develop software for quantum computers need to be created, and companies evaluating quantum computing may need to start small to recruit a whole new pool of skill sets. Currently, the quantum computing market is largely focused on the R&D segment. If breakthroughs in core challenges such as quantum bit quality, quantum error correction algorithms, and quantum bit control are achieved, the market size will achieve rapid growth in the future.

Region Overview:

In global comparison, a significant portion of the revenue was generated in North America (49.98% in 2022).

Company Overview:

Google is one of the major players operating in the Quantum Computing market, holding a share of 19.48% in 2021.

Google

Google is an American multinational technology company that specializes in Internet-related services and products, which include online advertising technologies, a search engine, cloud computing, software, and hardware. Its Google Services products and platforms include Android, Chrome, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube. Its Google Cloud provides enterprise-ready cloud services, including Google Cloud Platform and Google Workspace. Its Google Cloud Platform enables developers to build, test, and deploy applications on its infrastructure. Its Google Workspace collaboration tools include applications like Gmail, Docs, Drive, Calendar, Meet. The Google segment is engaged in advertising, sales of digital content, applications and cloud offerings. Its hardware products include Pixel phones, Chromecast with Google TV and the Google Nest Hub smart display. The Other Bets segment is engaged in the sales of Internet and television services, licensing and research and development (R&D) services.

IBM Corporation

IBM Corporation is a technology company. The Company operates through five segments: Cloud & Cognitive Software, Global Business Services, Global Technology Services, Systems and Global Financing. The Cloud & Cognitive Software Solutions segment delivers integrated and secure cloud, data and artificial intelligence (AI) solutions to its clients. It comprises three business areas: cognitive applications, cloud & data platforms, and transaction processing platforms. Global Business Services segment provides consulting, business process and application management services. Its Global Technology Services segment provides information technology (IT) infrastructure and platform services. The Systems segment provides infrastructure platforms to help meet the requirements of multi-cloud and enterprise AI workloads. Its Global Financing segment is engaged in financing, which is primarily conducted through IBM Credit LLC, and remanufacturing and remarketing.

Segmentation Overview:

Among different product types, Services segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Machine Learning segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Quantum Computing market covered in Chapter 3:

IBM Corporation
Google
Rigetti Computing
QRA Corp
Atos SE
Cambridge Quantum Computing Ltd.
QC Ware Corp
Intel Corporation
D-Wave Systems Inc.

In Chapter 4 and Chapter 14.2, on the basis of types, the Quantum Computing market from 2018 to 2029 is primarily split into:

Hardware
Software
Services

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Quantum Computing market from 2018 to 2029 covers:

Optimization
Machine Learning
Simulation
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)