Quantum Computing Market Size & Share, by Deployment Model (On-Premise, Cloud); Technology (Trapped Ions, Quantum Dots, Quantum Annealing); Offering (Service, Software, Hardware); Application (Machine Learning, Optimization, Biomedical Simulations, Financial Services, Electronic Material Discovery); End-user (Healthcare, Pharmaceuticals, Chemicals, Defense, BFSI, Energy, Power) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4910
  • Published Date: May 02, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2025

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.


Quantum Computing Market
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Quantum Computing Sector: Growth Drivers and Challenges

Growth Drivers

  • Rising Investment in Quantum Computing Technology - Quantum computing technology is becoming increasingly important for industries, such as finance and healthcare, as it offers enhanced speed, accuracy, and reliability for computing tasks. As a result, more and more companies are investing in this technology, which is driving the market expansion.
  • Continual Development of Quantum Computers and Processors - For instance, a 53-qubit quantum computer was developed by IBM in 2019 for broad commercial use, and a quantum computer with 128 qubits has been announced by Rigetti Computing. Also, Bristlecone, a 72-qubit processor, was released by the Quantum Artificial Intelligence Laboratory, which is supported by NASA, Google, and the Universities Space Research Association. Quantum computers and processors are essential for quantum computing, which is expected to offer much higher levels of speed and accuracy than the current technology.
  • New Opportunities for Developing New Medicines with Quantum Technology - For instance, the National Science Foundation has awarded a USD 1.2 million grant to research the use of quantum artificial intelligence to speed and reduce the cost of developing effective pharmaceuticals.
  • Rapid Growth in the Machine Learning Industry - The increasing number of Machine Learning applications such as speech recognition and natural language processing, and the need for better accuracy and faster processing is driving the demand for quantum computing.

Challenges

  • Inadequacy of quantum computing standards - Without proper standards and protocols in place, quantum computing systems cannot be properly developed, tested, and deployed. Without them, businesses and other organizations are hesitant to invest in quantum computing technology, as they are uncertain of its reliability and security.
  • Shortage of skilled professionals and high quantum computing hardware costs
  • Challenges associated with quantum algorithms development

Quantum Computing Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~33.20%

Base Year Market Size (2022)

~ USD 1.61 Billion

Forecast Year Market Size (2035)

~ USD 50.22 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Quantum Computing Segmentation

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:

    Deployment Model

  • On-Premise

  • Cloud

    Technology

  • Trapped Ions

  • Quantum Dots

  • Quantum Annealing

    Offering

  • Service

  • Software

  • Hardware

    Application

  • Machine Learning

  • Optimization

  • Biomedical Simulations

  • Financial Services

  • Electronic Material Discovery

  • Others

    End Use

  • Healthcare & Pharmaceuticals

  • Chemicals

  • Defense

  • BFSI

  • Energy & Power

  • Others

 


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Quantum Computing Industry - Regional Synopsis

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.

Research Nester
Quantum Computing Market Share
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Companies dominating the Quantum Computing Landscape

top-features-companies
    • Rigetti Computing, Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • T-Systems International GmbH
    • Huawei Technologies Co. Ltd.
    • IBM Corporation
    • D-Wave Systems Inc.
    • Telstra Corporation Limited
    • Zapata Computing Inc.
    • Microsoft Corporation
    • IonQ Inc.
    • Silicon Quantum Computing.

In the News

  • An entity within Rigetti UK Limited, a wholly owned subsidiary of Rigetti Computing, Inc., announced in the UK the launch of a 32-qubit quantum computer as part of the Aspen series.
     
  • T-Systems intends to offer quantum computing expertise as well as access to IBM quantum computing resources. This announcement marks a significant milestone in the company's quantum strategy, as it will be the first company to offer expertise and access to IBM's quantum computing resources.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 4910
  • Published Date: May 02, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing investments in the development of quantum computing systems, the growing number of applications of quantum computing, and the need for efficient data processing are the major factors driving the market growth.

The market size of quantum computing is anticipated to attain a CAGR of ~33.20% over the forecast period, i.e., 2023-2035.

Challenges associated with the development of quantum algorithms, as well as the lack of quantum computing standards are estimated to be the growth hindering factors for the market expansion.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are Rigetti Computing, Inc., T-Systems International GmbH, Huawei Technologies Co. Ltd., IBM Corporation, D-Wave Systems Inc., Telstra Corporation Limited, Zapata Computing Inc., Microsoft Corporation, IonQ Inc., Silicon Quantum Computing, and others.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by deployment model, technology, offering, application, end-user, and by region.

The cloud segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Quantum Computing Market Report Scope
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