Quantum Computing Market Forecasts to 2030 – Global Analysis By Component (Software and Hardware), Deployment (Cloud and On-premise), Application (Biomedical Simulations, Electronic Material Discovery, Financial Services, Traffic Optimization and Other Applications), End User and By Geography
According to Stratistics MRC, the Global Quantum Computing Market is accounted for $1.66 billion in 2024 and is expected to reach $11.07 billion by 2030 growing at a CAGR of 37.2% during the forecast period. Quantum computing leverages principles of quantum mechanics to process information in fundamentally different ways than classical computers. At its core, it uses quantum bits, or qubits, which can exist in states of 0, 1, or both simultaneously due to superposition and entanglement. This ability allows quantum computers to perform vast numbers of calculations simultaneously, making them potentially much more powerful for certain types of problems than classical computers. Quantum computing holds promise for tackling complex computations that are beyond the reach of classical computers, such as cryptography, optimization problems, and simulations of quantum systems themselves.
Market Dynamics:
Driver:
Potential for exponential speedup
Quantum computing holds the potential for exponential speedup primarily due to its harnessing of quantum mechanics' fundamental properties. This property allows quantum computers to perform vast numbers of calculations simultaneously, leading to exponentially faster processing for certain problems. Moreover, qubits can be entangled, meaning the state of one qubit instantaneously affects another, enabling complex computations to be handled in parallel. These elements are boosting the market growth.
Restraint:
Error rates
Error rates are a critical challenge in quantum computing, significantly impacting its reliability and effectiveness. Unlike classical computing where errors can often be easily corrected through redundancy and error-checking protocols, quantum bits (qubits) are fragile and susceptible to errors from various sources such as noise and decoherence. These errors can arise due to imperfect control over qubits, environmental interference, and limitations in current quantum hardware technology. However, high error rates hinder the ability to perform complex calculations accurately and reliably, limiting the potential applications of quantum computing.
Opportunity:
Increasing investments and funding
Investments and funding in quantum computing have accelerated its development significantly. With substantial financial backing from governments, private companies, and research institutions, the field has made remarkable strides in recent years. These investments are crucial as they support fundamental research into quantum algorithms, hardware development, and infrastructure. Additionally, funding allows for the recruitment of top talent and the establishment of dedicated quantum computing facilities worldwide.
Threat:
Ethical and social implications
The development of quantum computing is hindered by ethical and social implications primarily due to concerns over privacy, security, and the potential for misuse of advanced computational power. Quantum computers have the capability to solve complex problems exponentially faster than classical computers, which raises issues about data encryption methods becoming obsolete. This could compromise sensitive information, such as personal data or classified government intelligence. However, the unequal distribution of quantum technology could widen existing social and economic disparities, creating a ""quantum divide"" where only certain individuals or entities have access to powerful computing capabilities.
Covid-19 Impact:
The COVID-19 pandemic significantly affected the field of quantum computing. It disrupted research activities globally, causing lab closures, delays in experiments, and interruptions in collaborative efforts essential for advancing quantum computing technology. Many academic and industry conferences crucial for sharing advancements were either canceled or moved online, limiting networking and collaboration opportunities. Financial uncertainties due to the pandemic also impacted funding for quantum computing initiatives, slowing down progress in some sectors. However, the pandemic also highlighted the potential of quantum computing in areas such as drug discovery, epidemiology modeling, and optimization of supply chains—issues critical during a global health crisis.
The Software segment is expected to be the largest during the forecast period
Software segment is expected to be the largest during the forecast period. Quantum software development focuses on creating algorithms and applications that harness the unique properties of quantum systems, such as superposition and entanglement, to solve complex problems exponentially faster than classical computers. This field not only requires expertise in quantum mechanics and computer science but also demands innovative approaches to algorithm design and optimization. Key areas of progress include the development of quantum programming languages like Qiskit and Quipper, which enable developers to write quantum algorithms more efficiently.
The On-premise segment is expected to have the highest CAGR during the forecast period
On-premise segment is expected to have the highest CAGR during the forecast period. This segment provides organizations with greater control over their quantum computing resources, ensuring sensitive data remains secure within their own infrastructure. It can reduce latency and improve performance for applications that require real-time processing or strict data privacy compliance. Additionally, it enables organizations to integrate quantum computing seamlessly into their existing IT environments, facilitating easier experimentation and development of quantum algorithms tailored to specific needs.
Region with largest share:
By fostering alliances between research institutions, tech giants, and governmental bodies, this approach leverages diverse expertise and resources to accelerate innovation, North America region commanded the largest share of the market over the projected period. Academic-industry partnerships bring together theoretical insights with practical applications, driving the development of robust quantum algorithms and hardware solutions. Government initiatives supporting these partnerships ensure a conducive regulatory environment and provide funding for critical research initiatives. This collaborative ecosystem not only enhances the competitiveness of North American companies in the global quantum race but also positions the region as a leader in quantum computing research and development.
Region with highest CAGR:
Europe region is estimated to witness profitable growth during the extrapolated period. As more companies and research institutions in Europe file patents in quantum computing, it reflects a growing recognition of the region's expertise and innovation in this cutting-edge field. These patents not only protect intellectual property but also stimulate further research and development investments, fostering a robust ecosystem of innovation and commercialization. Moreover, the increase in patent filings indicates a strategic positioning of European entities in the global quantum computing landscape, aiming to capitalize on future economic opportunities and technological leadership.
Key players in the market
Some of the key players in Quantum Computing market include Accenture Plc, Amazon Web Services, Inc, D-WaveSystem Inc, Fujitsu Limited, Google LLC, IBM Corporation, Intel Corporation, Microsoft Corporation, Rigetti Computing, Inc and Zapata Computing.
Key Developments:
In November 2023, Terra Quantum, a quantum service provider, collaborated with NVIDIA to develop quantum-accelerated applications. The deal would help bridge the gap between classical and quantum computing, leveraging hybrid algorithms.
In April 2023, IBM Corporation in collaboration with Moderna, Inc., a biotechnology company developing messenger RNA (mRNA) vaccines under which Moderna invests in developing quantum computing skills and artificial intelligence technology to bring advancement in mRNA research and science.
In January 2023, Multiverse Computing and PINQ2 announced a partnership aimed at merging their expertise in quantum and classical computing. This collaboration is designed to advance industrial projects by combining knowledge from both academia and industry to promote innovation in the field.
In November 2022, IBM entered a collaboration with Vodafone on quantum-safe cybersecurity by joining the IBM Quantum Network. This collaboration would help validate and progress potential quantum use cases in telecommunications.
Components Covered:
• Software
• Hardware
Deployments Covered:
• Cloud
• On-premise
Applications Covered:
• Biomedical Simulations
• Electronic Material Discovery
• Financial Services
• Traffic Optimization
• Other Applications
End Users Covered:
• Automotive
• Chemical
• Healthcare
• Aerospace & Defense
• Energy & Power
• Other End Users
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
- 1 Executive Summary
- 2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
- 3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 End User Analysis
- 3.8 Emerging Markets
- 3.9 Impact of Covid-19
- 4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
- 5 Global Quantum Computing Market, By Component
- 5.1 Introduction
- 5.2 Software
- 5.3 Hardware
- 6 Global Quantum Computing Market, By Deployment
- 6.1 Introduction
- 6.2 Cloud
- 6.3 On-premise
- 7 Global Quantum Computing Market, By Application
- 7.1 Introduction
- 7.2 Biomedical Simulations
- 7.3 Electronic Material Discovery
- 7.4 Financial Services
- 7.5 Traffic Optimization
- 7.6 Other Applications
- 8 Global Quantum Computing Market, By End User
- 8.1 Introduction
- 8.2 Automotive
- 8.3 Chemical
- 8.4 Healthcare
- 8.5 Aerospace & Defense
- 8.6 Energy & Power
- 8.7 Other End Users
- 9 Global Quantum Computing Market, By Geography
- 9.1 Introduction
- 9.2 North America
- 9.2.1 US
- 9.2.2 Canada
- 9.2.3 Mexico
- 9.3 Europe
- 9.3.1 Germany
- 9.3.2 UK
- 9.3.3 Italy
- 9.3.4 France
- 9.3.5 Spain
- 9.3.6 Rest of Europe
- 9.4 Asia Pacific
- 9.4.1 Japan
- 9.4.2 China
- 9.4.3 India
- 9.4.4 Australia
- 9.4.5 New Zealand
- 9.4.6 South Korea
- 9.4.7 Rest of Asia Pacific
- 9.5 South America
- 9.5.1 Argentina
- 9.5.2 Brazil
- 9.5.3 Chile
- 9.5.4 Rest of South America
- 9.6 Middle East & Africa
- 9.6.1 Saudi Arabia
- 9.6.2 UAE
- 9.6.3 Qatar
- 9.6.4 South Africa
- 9.6.5 Rest of Middle East & Africa
- 10 Key Developments
- 10.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 10.2 Acquisitions & Mergers
- 10.3 New Product Launch
- 10.4 Expansions
- 10.5 Other Key Strategies
- 11 Company Profiling
- 11.1 Accenture Plc
- 11.2 Amazon Web Services, Inc
- 11.3 D-WaveSystem Inc
- 11.4 Fujitsu Limited
- 11.5 Google LLC
- 11.6 IBM Corporation
- 11.7 Intel Corporation
- 11.8 Microsoft Corporation
- 11.9 Rigetti Computing, Inc
- 11.10 Zapata Computing
- List of Tables
- Table 1 Global Quantum Computing Market Outlook, By Region (2022-2030) ($MN)
- Table 2 Global Quantum Computing Market Outlook, By Component (2022-2030) ($MN)
- Table 3 Global Quantum Computing Market Outlook, By Software (2022-2030) ($MN)
- Table 4 Global Quantum Computing Market Outlook, By Hardware (2022-2030) ($MN)
- Table 5 Global Quantum Computing Market Outlook, By Deployment (2022-2030) ($MN)
- Table 6 Global Quantum Computing Market Outlook, By Cloud (2022-2030) ($MN)
- Table 7 Global Quantum Computing Market Outlook, By On-premise (2022-2030) ($MN)
- Table 8 Global Quantum Computing Market Outlook, By Application (2022-2030) ($MN)
- Table 9 Global Quantum Computing Market Outlook, By Biomedical Simulations (2022-2030) ($MN)
- Table 10 Global Quantum Computing Market Outlook, By Electronic Material Discovery (2022-2030) ($MN)
- Table 11 Global Quantum Computing Market Outlook, By Financial Services (2022-2030) ($MN)
- Table 12 Global Quantum Computing Market Outlook, By Traffic Optimization (2022-2030) ($MN)
- Table 13 Global Quantum Computing Market Outlook, By Other Applications (2022-2030) ($MN)
- Table 14 Global Quantum Computing Market Outlook, By End User (2022-2030) ($MN)
- Table 15 Global Quantum Computing Market Outlook, By Automotive (2022-2030) ($MN)
- Table 16 Global Quantum Computing Market Outlook, By Chemical (2022-2030) ($MN)
- Table 17 Global Quantum Computing Market Outlook, By Healthcare (2022-2030) ($MN)
- Table 18 Global Quantum Computing Market Outlook, By Aerospace & Defense (2022-2030) ($MN)
- Table 19 Global Quantum Computing Market Outlook, By Energy & Power (2022-2030) ($MN)
- Table 20 Global Quantum Computing Market Outlook, By Other End Users (2022-2030) ($MN)
- Table 21 North America Quantum Computing Market Outlook, By Country (2022-2030) ($MN)
- Table 22 North America Quantum Computing Market Outlook, By Component (2022-2030) ($MN)
- Table 23 North America Quantum Computing Market Outlook, By Software (2022-2030) ($MN)
- Table 24 North America Quantum Computing Market Outlook, By Hardware (2022-2030) ($MN)
- Table 25 North America Quantum Computing Market Outlook, By Deployment (2022-2030) ($MN)
- Table 26 North America Quantum Computing Market Outlook, By Cloud (2022-2030) ($MN)
- Table 27 North America Quantum Computing Market Outlook, By On-premise (2022-2030) ($MN)
- Table 28 North America Quantum Computing Market Outlook, By Application (2022-2030) ($MN)
- Table 29 North America Quantum Computing Market Outlook, By Biomedical Simulations (2022-2030) ($MN)
- Table 30 North America Quantum Computing Market Outlook, By Electronic Material Discovery (2022-2030) ($MN)
- Table 31 North America Quantum Computing Market Outlook, By Financial Services (2022-2030) ($MN)
- Table 32 North America Quantum Computing Market Outlook, By Traffic Optimization (2022-2030) ($MN)
- Table 33 North America Quantum Computing Market Outlook, By Other Applications (2022-2030) ($MN)
- Table 34 North America Quantum Computing Market Outlook, By End User (2022-2030) ($MN)
- Table 35 North America Quantum Computing Market Outlook, By Automotive (2022-2030) ($MN)
- Table 36 North America Quantum Computing Market Outlook, By Chemical (2022-2030) ($MN)
- Table 37 North America Quantum Computing Market Outlook, By Healthcare (2022-2030) ($MN)
- Table 38 North America Quantum Computing Market Outlook, By Aerospace & Defense (2022-2030) ($MN)
- Table 39 North America Quantum Computing Market Outlook, By Energy & Power (2022-2030) ($MN)
- Table 40 North America Quantum Computing Market Outlook, By Other End Users (2022-2030) ($MN)
- Table 41 Europe Quantum Computing Market Outlook, By Country (2022-2030) ($MN)
- Table 42 Europe Quantum Computing Market Outlook, By Component (2022-2030) ($MN)
- Table 43 Europe Quantum Computing Market Outlook, By Software (2022-2030) ($MN)
- Table 44 Europe Quantum Computing Market Outlook, By Hardware (2022-2030) ($MN)
- Table 45 Europe Quantum Computing Market Outlook, By Deployment (2022-2030) ($MN)
- Table 46 Europe Quantum Computing Market Outlook, By Cloud (2022-2030) ($MN)
- Table 47 Europe Quantum Computing Market Outlook, By On-premise (2022-2030) ($MN)
- Table 48 Europe Quantum Computing Market Outlook, By Application (2022-2030) ($MN)
- Table 49 Europe Quantum Computing Market Outlook, By Biomedical Simulations (2022-2030) ($MN)
- Table 50 Europe Quantum Computing Market Outlook, By Electronic Material Discovery (2022-2030) ($MN)
- Table 51 Europe Quantum Computing Market Outlook, By Financial Services (2022-2030) ($MN)
- Table 52 Europe Quantum Computing Market Outlook, By Traffic Optimization (2022-2030) ($MN)
- Table 53 Europe Quantum Computing Market Outlook, By Other Applications (2022-2030) ($MN)
- Table 54 Europe Quantum Computing Market Outlook, By End User (2022-2030) ($MN)
- Table 55 Europe Quantum Computing Market Outlook, By Automotive (2022-2030) ($MN)
- Table 56 Europe Quantum Computing Market Outlook, By Chemical (2022-2030) ($MN)
- Table 57 Europe Quantum Computing Market Outlook, By Healthcare (2022-2030) ($MN)
- Table 58 Europe Quantum Computing Market Outlook, By Aerospace & Defense (2022-2030) ($MN)
- Table 59 Europe Quantum Computing Market Outlook, By Energy & Power (2022-2030) ($MN)
- Table 60 Europe Quantum Computing Market Outlook, By Other End Users (2022-2030) ($MN)
- Table 61 Asia Pacific Quantum Computing Market Outlook, By Country (2022-2030) ($MN)
- Table 62 Asia Pacific Quantum Computing Market Outlook, By Component (2022-2030) ($MN)
- Table 63 Asia Pacific Quantum Computing Market Outlook, By Software (2022-2030) ($MN)
- Table 64 Asia Pacific Quantum Computing Market Outlook, By Hardware (2022-2030) ($MN)
- Table 65 Asia Pacific Quantum Computing Market Outlook, By Deployment (2022-2030) ($MN)
- Table 66 Asia Pacific Quantum Computing Market Outlook, By Cloud (2022-2030) ($MN)
- Table 67 Asia Pacific Quantum Computing Market Outlook, By On-premise (2022-2030) ($MN)
- Table 68 Asia Pacific Quantum Computing Market Outlook, By Application (2022-2030) ($MN)
- Table 69 Asia Pacific Quantum Computing Market Outlook, By Biomedical Simulations (2022-2030) ($MN)
- Table 70 Asia Pacific Quantum Computing Market Outlook, By Electronic Material Discovery (2022-2030) ($MN)
- Table 71 Asia Pacific Quantum Computing Market Outlook, By Financial Services (2022-2030) ($MN)
- Table 72 Asia Pacific Quantum Computing Market Outlook, By Traffic Optimization (2022-2030) ($MN)
- Table 73 Asia Pacific Quantum Computing Market Outlook, By Other Applications (2022-2030) ($MN)
- Table 74 Asia Pacific Quantum Computing Market Outlook, By End User (2022-2030) ($MN)
- Table 75 Asia Pacific Quantum Computing Market Outlook, By Automotive (2022-2030) ($MN)
- Table 76 Asia Pacific Quantum Computing Market Outlook, By Chemical (2022-2030) ($MN)
- Table 77 Asia Pacific Quantum Computing Market Outlook, By Healthcare (2022-2030) ($MN)
- Table 78 Asia Pacific Quantum Computing Market Outlook, By Aerospace & Defense (2022-2030) ($MN)
- Table 79 Asia Pacific Quantum Computing Market Outlook, By Energy & Power (2022-2030) ($MN)
- Table 80 Asia Pacific Quantum Computing Market Outlook, By Other End Users (2022-2030) ($MN)
- Table 81 South America Quantum Computing Market Outlook, By Country (2022-2030) ($MN)
- Table 82 South America Quantum Computing Market Outlook, By Component (2022-2030) ($MN)
- Table 83 South America Quantum Computing Market Outlook, By Software (2022-2030) ($MN)
- Table 84 South America Quantum Computing Market Outlook, By Hardware (2022-2030) ($MN)
- Table 85 South America Quantum Computing Market Outlook, By Deployment (2022-2030) ($MN)
- Table 86 South America Quantum Computing Market Outlook, By Cloud (2022-2030) ($MN)
- Table 87 South America Quantum Computing Market Outlook, By On-premise (2022-2030) ($MN)
- Table 88 South America Quantum Computing Market Outlook, By Application (2022-2030) ($MN)
- Table 89 South America Quantum Computing Market Outlook, By Biomedical Simulations (2022-2030) ($MN)
- Table 90 South America Quantum Computing Market Outlook, By Electronic Material Discovery (2022-2030) ($MN)
- Table 91 South America Quantum Computing Market Outlook, By Financial Services (2022-2030) ($MN)
- Table 92 South America Quantum Computing Market Outlook, By Traffic Optimization (2022-2030) ($MN)
- Table 93 South America Quantum Computing Market Outlook, By Other Applications (2022-2030) ($MN)
- Table 94 South America Quantum Computing Market Outlook, By End User (2022-2030) ($MN)
- Table 95 South America Quantum Computing Market Outlook, By Automotive (2022-2030) ($MN)
- Table 96 South America Quantum Computing Market Outlook, By Chemical (2022-2030) ($MN)
- Table 97 South America Quantum Computing Market Outlook, By Healthcare (2022-2030) ($MN)
- Table 98 South America Quantum Computing Market Outlook, By Aerospace & Defense (2022-2030) ($MN)
- Table 99 South America Quantum Computing Market Outlook, By Energy & Power (2022-2030) ($MN)
- Table 100 South America Quantum Computing Market Outlook, By Other End Users (2022-2030) ($MN)
- Table 101 Middle East & Africa Quantum Computing Market Outlook, By Country (2022-2030) ($MN)
- Table 102 Middle East & Africa Quantum Computing Market Outlook, By Component (2022-2030) ($MN)
- Table 103 Middle East & Africa Quantum Computing Market Outlook, By Software (2022-2030) ($MN)
- Table 104 Middle East & Africa Quantum Computing Market Outlook, By Hardware (2022-2030) ($MN)
- Table 105 Middle East & Africa Quantum Computing Market Outlook, By Deployment (2022-2030) ($MN)
- Table 106 Middle East & Africa Quantum Computing Market Outlook, By Cloud (2022-2030) ($MN)
- Table 107 Middle East & Africa Quantum Computing Market Outlook, By On-premise (2022-2030) ($MN)
- Table 108 Middle East & Africa Quantum Computing Market Outlook, By Application (2022-2030) ($MN)
- Table 109 Middle East & Africa Quantum Computing Market Outlook, By Biomedical Simulations (2022-2030) ($MN)
- Table 110 Middle East & Africa Quantum Computing Market Outlook, By Electronic Material Discovery (2022-2030) ($MN)
- Table 111 Middle East & Africa Quantum Computing Market Outlook, By Financial Services (2022-2030) ($MN)
- Table 112 Middle East & Africa Quantum Computing Market Outlook, By Traffic Optimization (2022-2030) ($MN)
- Table 113 Middle East & Africa Quantum Computing Market Outlook, By Other Applications (2022-2030) ($MN)
- Table 114 Middle East & Africa Quantum Computing Market Outlook, By End User (2022-2030) ($MN)
- Table 115 Middle East & Africa Quantum Computing Market Outlook, By Automotive (2022-2030) ($MN)
- Table 116 Middle East & Africa Quantum Computing Market Outlook, By Chemical (2022-2030) ($MN)
- Table 117 Middle East & Africa Quantum Computing Market Outlook, By Healthcare (2022-2030) ($MN)
- Table 118 Middle East & Africa Quantum Computing Market Outlook, By Aerospace & Defense (2022-2030) ($MN)
- Table 119 Middle East & Africa Quantum Computing Market Outlook, By Energy & Power (2022-2030) ($MN)
- Table 120 Middle East & Africa Quantum Computing Market Outlook, By Other End Users (2022-2030) ($MN)
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