Global Quantum Computing Market 2023-2030

Global Quantum Computing Market 2023-2030

Global Quantum Computing Market Size, Share & Trends Analysis Report Market by Technology (Superconducting Qubits, Trapped Ion Qubits, Photonic Qubits and Other (Neutral Atoms and Quantum Dots)), by Application (Artificial Intelligence (AI), Cybersecurity, Climate Change and Weather Forecasting, Cryptography, Drug Discovery, Materials Science, Financial Modeling, and Other) Forecast Period (2023-2030)

Global quantum computing market is anticipated to grow at a considerable CAGR of 30.6% during the forecast period. Quantum computing is a multidisciplinary field that uses quantum mechanics to solve problems that are too complex for traditional computers. Quantum computing is a rapidly emerging technology that includes hardware research and application development. Quantum computers are expected to be much faster than traditional computers for certain types of tasks which is creating demand for quantum computers from industries such as finance, healthcare, and materials science. Quantum computers could be used to develop new financial models that are more accurate and efficient than existing models. This could help banks and other financial institutions to make better decisions about risk and investment. For example, JPMorgan Chase is using quantum computing to develop new models for predicting stock prices and market volatility.

Quantum computers could be used to simulate the behavior of molecules and proteins. This could help scientists to develop new drugs and treatments for diseases. For example, Pfizer is using quantum computing to develop new drugs to treat cancer and Alzheimer's disease. Quantum computers could be used to design new materials with improved properties, such as strength, lightness, and conductivity. This could have a major impact on industries such as aerospace and automotive. For example, Airbus is using quantum computing to design new materials for aircraft that are lighter and stronger, which could improve fuel efficiency.

Segmental Outlook

The global quantum computing market is segmented based on technology and application. Based on technology, the market is sub-segmented into superconducting qubits, trapped ion qubits, photonic qubits and other. Based on application, the market is sub-segmented into artificial intelligence, cybersecurity, climate change and weather forecasting, cryptography, drug discovery, materials science, financial modeling, and other.

Hardware is a major component of quantum computers and is also the most expensive component. The hardware segment is also the most technologically complex segment of the quantum computing market. The hardware segment of the quantum computing market is dominated by a few large companies, such as IBM, Google, and Intel. These companies are developing a variety of quantum computing hardware technologies, including superconducting qubits, trapped ion qubits, and photonic qubits.

Regional Outlook

The global quantum computing market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among these, North America contributes a major share of the whole market. This is due to several factors, including the presence of leading quantum computing companies such as IBM, Google, and Microsoft in the region, the high demand for high-performance computing from industries such as finance, healthcare, and materials science, and the strong government support for quantum computing research and development.

Asia-Pacific is Expected to Grow at a Significant CAGR in the Global Quantum Computing Market

Asia-Pacific has the second-largest market for quantum computing. This region is continuing to grow at a consistent pace. This is due to several factors, including rapid economic growth, the presence of large technology companies, and growing investment in quantum computing research and development.The Asia-Pacific region is home to several large technology companies such as Alibaba, Baidu, and Tencent. These companies are investing heavily in quantum computing research and development, and they are also developing quantum computing applications for their businesses. Last year, in August 2022, Baidu, Inc. announced its first superconducting quantum computer that fully integrates hardware, software, and applications. In addition, Baidu also introduced the world's first all-platform quantum hardware-software integration solution that provides access to various quantum chips via mobile app, PC, and cloud. This continuous research and development is helping to drive the growth of the quantum computing market in the region.

Market Players Outlook

The major companies serving the global quantum computing market include Rigetti & Co, Inc., Google LLC, IBM, Intel Corp., Microsoft Corp., Alibaba Group Holding Ltd., AWS, Baidu, Inc., Fujitsu Ltd., Honeywell International Inc., IonQ, Inc., and Quantinuum, Ltd., among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in June 2023, Quandela inaugurated its first factory for manufacturing quantum computers in Massy (France). The opening represents a remarkable achievement for Quandela and positions the company at the forefront of the quantum computing industry. In 2022, Quandela released its photonic computer programming and simulation software, Perceval, and signed a hosting partnership with OVHcloud to strengthen the user community. The company offers a cybersecurity enhancement solution with a 2-qubit processor and made its first 6-qubit NISQ quantum computer available in the cloud in the fall of 2022. In March 2023, OVHcloud purchased the first on-premises Quandela quantum computer that will be delivered this fall. Quandela also supports and advises companies and organizations, such as EDF, MBDA and ONERA, in the exploration and development of the first use cases.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global quantum computing market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.