Quantum Computing Market size is expected to cross USD 50 Billion by the end of 2035, growing at a CAGR of 33% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of quantum computing was USD 1.61 Billion. The market growth can be credited to the increasing demand for advanced computing capabilities along with rising need for improved analytics and programming skills.
The quantum computing technology is also gaining traction owing to its ability to solve complex problems quickly and accurately. Additionally, the rising need for secure data processing and quantum computing's potential to offer a secure quantum network will fuel the market demand.
In addition to these, potential for increased computing power, enhanced security, and improved data analytics capabilities will boost the market expansion. Quantum computing offers the potential to revolutionize certain tasks that traditional computing cannot easily handle, such as complex optimization problems and machine learning. Moreover, the ever-rising number of quantum computers worldwide is projected to impel the market growth.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~33.20% |
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Base Year Market Size (2022) |
~ USD 1.61 Billion |
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Forecast Year Market Size (2035) |
~ USD 50.22 Billion |
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Regional Scope |
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By Deployment Model (On-Premise, Cloud)
The cloud segment is poised to dominate 53% market share by 2035, owing to its ability to provide cost-effective and user-friendly access to quantum computing technology.
Additionally, the increasing demand for high-performance computing solutions, along with the increasing implementation of cloud server, is accelerating the segment growth. Cloud solutions also offer flexibility in terms of scalability, as well as access to the latest tools and technologies.
Application (Machine Learning, Optimization, Biomedical Simulations, Financial Services, Electronic Material Discovery)
The optimization segment is predicted to gain a significant market share of about 34% by the year 2035, due to increasing demand for quantum computing-based optimization solutions in the areas of logistics, energy, healthcare, finance, and government. Moreover, the growing need for efficient and cost-effective solutions to solve complex problems, as well as increasing investments in quantum computing projects will fuel the segment growth.
Our in-depth analysis of the global market includes the following segments:
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Deployment Model |
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Technology |
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Offering |
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Application |
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End Use |
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North American Market Forecast
North America quantum computing market share is projected to be the largest by 2035, at around 38%. The market share domination can be attributed majorly to the increasing demand for faster computing capabilities that can help organizations and industries solve complex problems. Quantum computing can solve certain tasks much faster than traditional computing methods and is being increasingly adopted by organizations across North America.
Additionally, the launch of advanced computers by major quantum computing companies such as IBM and Microsoft, as well as government initiatives like the National Quantum Initiative in the US, are projected to fuel regional market growth.
APAC Market Statistics
By the end of 2035, Asia Pacific market will register ~27% revenue share, as the region has seen a rise in investments in quantum computing projects and research, as well as partnerships between government and private organizations. As a result, there has been a rise in the number of quantum computing startups.
Furthermore, the region has access to a large and growing pool of tech talent, which is driving the development of the industry. As more people become educated in the field of quantum computing, they are creating an ever-increasing pool of potential talent that can be used to develop quantum computing applications and products.
Europe Market Forecast
Europe quantum computing market is anticipated to grow substantially through 2035, led by the development of advanced quantum devices such as qubits and entanglement, as well as the increasing number of collaborations between industry and academia. The presence of numerous startups and venture capitalists in the region will further propel the market revenue.
Moreover, government initiatives such as Quantum Technologies Flagship of the European Commission also supports the industry expansion. The Quantum Technologies Flagship is a multi-year research and innovation project that aims at positioning Europe at the forefront of the second quantum revolution through long-term research and innovation.
Author Credits: Abhishek Verma, Hetal Singh
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