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Quantum Computing Market

Global Market Study on Quantum Computing: Disruption Due to Emerging Digital Technologies To Spur Market Growth

Quantum Computing Market Segmented By Enterprise Quantum Computing with Hardware, Software Component by On-premise, Cloud Deployment

Quantum Computing Market Outlook (2023-2033)

The quantum computing market for the year 2022 was around US$ 372.9 Mn. As of 2023, the quantum computing market will be around US$ 418.0 Mn and is forecasted to reach the valuation of US$ 1,505.7 Mn by the end of 2033. Over the course of the forecast period (2023-2033), the quantum computing market is anticipated to grow at a CAGR of 13.7%.

Quantum computing is a new field of computing technology, that is based upon the principles of quantum physics and superposition. Unlike normal computers, quantum computers make use of qubits, instead of bits. These qubits are in a state of superposition between “0” and “1” instead of “0” or “1”, allowing the computational ability of a quantum computer to be far more than a mainframe computer or a supercomputer.

The ability and prospects that a quantum computer can bring to the table for various purposes such as research, space exploration, finance, medicine, cyber security and defence is driving the demand for research and investment in this technology.

The market for wireless chargers in North America held a dominant market share of 31.3% in the global landscape in 2022 and is estimated to remain the global leader throughout the forecast period. The demand for quantum computing market in the South Asia and Pacific region is estimated to increase at a CAGR of 84.5% over the forecast period.

Attribute

Details

Quantum Computing Market Size (2023)

US$ 418.0 Mn

Projected Market Value (2033)

US$ 1,505.7 Mn

Global Market Growth Rate (2023-2033)

13.7%

Quantum Computing Software Market Share (2022)

39.9%

U.S. Market Share (2022)

20.5%

Simulation and Testing Market Share (2022)

25.8%

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What Factors Are Restraining and Driving the Growth of Quantum Computers?

“Challenges in Development of Quantum Computers, But Competition is Rising”

Quantum computing require high investments in infrastructure and super-cooled environments to function. Thus implying that not every enterprise will have the necessary infrastructure to construct their own quantum computers or even maintain one. However, the quantum computers could be accessed via the internet or a quantum computer interface by numerous people despite their geographical position or expertise and run modules and program on these devices.

Companies and governments are in a race to successfully develop the first quantum computer that could solve real-time problems and be used for wider applications. While it is difficult to predict what will be the actual use of quantum computing because there is debate regarding the practical efficiency of this product, the tests that have been carried out successfully have displayed results that have displayed efficiency greater than the computers in current use.

  • In December 2022, VTT a Finish technology company connected the countries first quantum computer HELMI to LUNI, Europe’s fastest supercomputer. The intention of this connection was to leverage the technologies of both the computers to obtain desirable results.
  • In December 2022, US senators gave approval to an act allowing for the development of cyber security infrastructure that could defend against quantum computing-based cyber-attacks. The signature of the president is still awaited. However, this development could lead to the establishment of new cyber security mandates and technologies.
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Why US is Estimated to Dominate the Quantum Computing Market?

“Technological Advancement Boosting Quantum Computing in US”

US technology companies and universities are heavily investing in the development of quantum computing and the development of both quantum computer hardware and software. Google and IBM that are one of the first companies to develop a quantum computer. These companies have a large global presence as well as financial resources, necessary for research.

The companies and universities are regularly making developments and discoveries that are helping in the development of quantum computing. Due to the mentioned reasons, US held the highest market share for quantum computing of 20.4% for the year 2022.

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What Developments Are Occurring for Quantum Computing Market in India?

“Development of Quantum Computing based Start-ups in India”

There have been government initiatives to boost the development of quantum computing technologies. Several hackathons and competitions have been organised by institution and government in this country, creating the waves for quantum computing in this country, an encouraging the development of businesses based on quantum computing technology.

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Why China is a Promising Market for Quantum Computing Market?

“Development of Quantum Computing Technology is Occurring in China at a Rapid Rate and Can Compete With US”

Apart from US, the other country that is making striding efforts to obtain quantum supremacy is China. Being a country that is a large manufacturer of electronic devices and semiconductor chips, the country has a large repository of hardware necessary for the development of quantum computers.

Development in Quantum computing in this country for industrial and research purposes is growing at a rapid rate, enough to raise concerns among rival countries such as US. For these reasons, China is estimated to be the fastest growing country for quantum computing market with a CAGR of 14.4%.

Category-wise Insights

Why Quantum Computing Software Have the Largest Market Share?

It may initially seem that quantum computer devices would hold the larger market share, however judging by the cost required for the infrastructure, development and maintaining the quantum computer, it is not feasible for the devices to be widely available, however the software needed for operating and interacting with the quantum computers can be made much more accessible, such applications are widely available even today and for these reasons, quantum computing software was estimated to hold the largest market share for 2022 of 39.9%.

Why Simulation and Testing Have the Largest Market Share by Application?

Majority of the operations that occur with the quantum computing technologies are based upon two factors, one being the ability to provide results and outputs at a much faster pace and having the ability to perform operations and tasks that would seem highly difficult to carry out on normal computers. Simulation and testing, being one such operation.

This application could be used in healthcare and medicine, manufacturing, BFSI, space exploration etc. Allowing simulation and testing to have held the largest market share of 25.8% in 2022.

Why Quantum Computing for Healthcare and Life Sciences is Estimated to be the Fastest Growing Industry for Quantum Computing?

In the current day and age, the approach that the healthcare and medicine sector follow for diseases and patients is the one-size-fits-all approach, however if the estimated output of quantum computing for healthcare is realized, development of medical plans can be tailored for individuals in a much efficient manner. Simulation and modelling, could be used for developing the digital replicas of patients and these models could be used for the testing of various medicine and drugs, before given to a patient.

The developments in quantum computing technology can accelerate the process of drug development, vaccine development and obtain test results faster, allowing the drug manufacturers to invest significantly in this technology. For these reasons, quantum computing for healthcare and life science is estimated to grow at the highest rate of 15.5%.

Competitive Landscape

Although it is not possible for every enterprise to develop and purchase their own quantum computer, several small enterprises have based their business model around the development of software solutions that interact with quantum computers.

  • In December 2022, Tech Mahindra entered an MoU with IQM Quantum Computers for the purpose of research of quantum computing. The companies intend to explore the areas of cryptography and communication through quantum computing.
  • In December 2022, IonQ and Hyundai motors further developed their partnership to develop machine vision algorithms using quantum computers that could be used for object detection by vehicles.

Recent developments related to key players providing Quantum Computing solutions have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.

Business Transcription Industry Report Scope

Attribute

Details

Forecast Period

2023-2033

Historical Data Available for

2017-2022

Market Analysis

US$ Mn for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

Key Countries Covered

  • United States
  • Canada
  • Brazil
  • Mexico
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • China
  • Japan
  • South Korea
  • India
  • Indonesia
  • Malaysia
  • Singapore
  • Australia
  • New Zealand
  • Turkey
  • South Africa
  • GCC Countries

Key Market Segments Covered

  • Component
  • Application
  • Industry
  • Region

Key Companies Profiled

  • IBM Corporation
  • Microsoft Corporation
  • Google
  • Huawei
  • Intel Corporation
  • ColdQuanta
  • D-Wave Systems Inc.
  • Atom Computing Inc
  • Xanadu Quantum Technologies Inc.
  • Zapata Computing, Inc.
  • Strangeworks Inc.
  • Others

Pricing

Available upon Request

Key Segments of Quantum Computing Industry Research

By Component:

  • Quantum Computing Devices
  • Quantum Computing Software
  • Quantum Computing Services
    • Consulting Services
    • Implementation Services
    • Support & Maintenance

By Application:

  • Simulation & Testing
  • Financial Modelling
  • Artificial Intelligence & Machine Learning
  • Cybersecurity & Cryptography
  • Others

By Industry:

  • Quantum Computing for Healthcare & Life Sciences
  • Quantum Computing for Banking & Financial Services
  • Quantum Computing for Manufacturing
  • Quantum Computing for Academics & Research
  • Quantum Computing for Aerospace & Defence
  • Quantum Computing for Energy & Utilities
  • Quantum Computing for IT & Telecom
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia Pacific
  • Middle East and Africa

- Companies Covered in This Report -

  • IBM Corporation
  • Microsoft Corporation
  • Google
  • Huawei
  • Intel Corporation
  • ColdQuanta
  • D-Wave Systems Inc.
  • Atom Computing Inc
  • Xanadu Quantum Technologies Inc.
  • Zapata Computing, Inc.
  • Strangeworks Inc.
  • Others

- Frequently Asked Questions -

In 2022, quantum computing market held a market value of US$ 372.9 Mn.

The global quantum computing market is estimated to grow at a CAGR of 13.7% for the forecast period.

The market for quantum computing is forecasted to reach the market value of US$ 1,315.0 Mn by 2033 end.

Demand for quantum computing market in China is projected to rise at a CAGR of 14.4% over the forecast period.

North America quantum computing market held the dominant market share of 30.5% in 2022.   

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