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)

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 Trends