Quantum Computing Market Size

Quantum Computing Market size was over USD 1.21 Billion in 2023 and is projected to exceed USD 39.7 Billion by the end of 2036, growing at over 33.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of quantum computing is evaluated at USD 1.65 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.

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of quantum computing is evaluated at USD 1.65 Billion.

The quantum computing market size was over USD 1.21 Billion in 2023 and is projected to exceed USD 39.7 Billion by the end of 2036, growing at over 33.3% CAGR during the forecast period i.e., between 2024-2036. 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.

North America industry share is projected to be the largest by 2036, at around 38%, attributed to 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.

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.

Quantum Computing Market Size