Quantum Computing Market Trends

  • Report ID: 4910
  • Published Date: Jun 17, 2024
  • Report Format: PDF, PPT

Quantum Computing Market Trends

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

2023

Forecast Year

2024-2036

CAGR

33.3%

Base Year Market Size (2023)

USD 1.21 Billion

Forecast Year Market Size (2036)

USD 39.7 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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Author Credits:  Abhishek Verma


  • Report ID: 4910
  • Published Date: Jun 17, 2024
  • 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.
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