Quantum Computing Market by Offering, Deployment (On-Premises And Cloud), Application (Optimization, Simulation, Machine Learning), Technology (Trapped Ions, Quantum Annealing, Superconducting Qubits), End User and Region - Global Forecast to 2029

Quantum Computing Market by Offering, Deployment (On-Premises And Cloud), Application (Optimization, Simulation, Machine Learning), Technology (Trapped Ions, Quantum Annealing, Superconducting Qubits), End User and Region - Global Forecast to 2029

The quantum computing market is expected to grow from USD 1.3 billion in 2024 to USD 5.3 billion by 2029, at a CAGR of 32.7% during the forecast period. The demand for quantum computing is increasing due to baking & finance applications, government initiatives, and technological advancements.

“System offering is expected to grow at higher CAGR from 2024 to 2029”.

The system segment includes quantum computers, quantum processors, and quantum hardware components such as qubits and gates. Over the past few years, there have been significant breakthroughs in quantum technologies, such as improvements in qubit coherence times, error correction techniques, and quantum gate operations. These advancements have made it possible to build more reliable and scalable quantum computing hardware.

“Simulation application is expected to have second largest market share during the forecast period.”

Simulation can help scientists better understand molecule and sub-molecule level interactions that can lead to breakthroughs in chemistry, biology, healthcare, and nanotechnology. Molecular biology and healthcare use processes that are like chemical research. They can replace laboratory experiments with quantum computing simulations.

“Energy & power end-user industry is expected to grow with second highest growth during the forecast period.”

The energy & power industry is one of the prominent end users of quantum computing systems and services. A highly attractive global outlook of the nuclear and renewable sector is a key factor in growing the quantum computing technology for energy and power. Clean energy and nuclear fusion are significant contributors to the growth of the quantum computing market for the energy & power segment.

“South Korea is the fastest-growing country in the quantum computing market.”

South Korea has several world-class universities and research institutions with expertise in quantum computing and related fields. Institutions like KAIST (Korea Advanced Institute of Science and Technology) and POSTECH (Pohang University of Science and Technology) have been at the forefront of quantum research, attracting talented researchers and students.

Breakdown of primaries

To determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the quantum computing market space. The break-up of primary participants for the quantum computing market has been shown below:

By Company Type: Tier 1 – 18 %, Tier 2 – 22%, and Tier 3 –60%

By Designation: C-Level Executives – 21%, Directors – 35%, and Others – 44%

By Region: North America– 45%, Europe – 38%, Asia Pacific – 12%, Rest of world– 5%

Key players in the quantum computing market are IBM (US), D-Wave Quantum Inc. (Canada), Microsoft (US), Amazon Web Services (US), Rigetti Computing (US), Fujitsu (Japan), Hitachi (Japan), Toshiba (Japan), Google (US), Intel (US), Quantinuum (US), Huawei (China), NEC (Japan), Accenture (Ireland), Nippon Telegraph and Telephone (Japan), Bosch (Germany), Quantum Computing Inc (US), IonQ (US), QC Ware (US), PsiQuantum (US), Alpine Quantum Technologies GmbH (Tyrol), Xanadu (Canada), Zapata Computing (US), and Northrop Grumman (US).

Research Coverage:

The report describes detailed information regarding the key factors such as drivers, restraints, challenges, and opportunities driving the growth of the market. The report also provide detail technology trends, trade data, and patent analysis. This research report categorizes the quantum computing market based on offering, technology, application, end-user, deployment, and region. A detailed analysis of the major players includes insights into their business overviews, products offered, and significant strategies adopted that include new product launches, deals (acquisitions, partnerships, agreements, and contracts), and others (expansions), and recession impact on the quantum computing market.

Reasons to Buy This Report

The report will help the stakeholders with information on the closest approximations of the revenue for the overall quantum computing market and the subsegments. The report will help stakeholders understand the competitive landscape and gain more insight to position their business better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market's pulse and provides information on key drivers, restraints, opportunities, and challenges.

The report will provide insights into the following pointers:

Analysis of major drivers (Increasing investment in quantum computing ), restraints (Stability and error correction issue), opportunities (Favorable government initiatives and increasing adoption in drug discovery application), and challenges (Shortage of highly skilled labor)

Product development /Innovation: Detailed insights on growing technologies, research and development activities, and new product and service launches in the quantum computing market.

Market Development: Comprehensive information about adjacent markets; the report analyses the quantum computing market across various region.

Market Diversification: Detailed information about major offerings, regions, recent developments, and investments in the market.

Competitive Assessment: Exhaustive assessment of market share, growth strategies, and services, offering of leading players IBM (US), D-Wave Quantum Inc. (Canada), Microsoft (US), Amazon Web Services (US), Rigetti Computing (US), among others in the quantum computing market.