Global Quantum Computing Market Size To Reach Around USD 5274.9 Million by 2030

Quantum Computing Market By Technology (Trapped Ions, Quantum Dots, And Quantum Annealing), By Offering (Service, Software, And Hardware), By Industry (Aerospace & Defense, BFSI, Healthcare, Manufacturing, And Energy & Utilities), By Deployment Type (Cloud-Based And On-Premises), By Application (Machine Learning, Optimization, Sampling, And Simulation & Data Problems), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 - 2030

The global quantum computing market size was valued at around USD 457.9 million in 2021 and is predicted to reach around USD 5274.9 million by 2030 while growing at a compound annual growth rate (CAGR) of roughly 31.21% between 2022 and 2030.

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Quantum computing is the use of quantum-mechanics-based computing systems and technologies that are centered around the principles of quantum theory, which explains the behavior of energy and nature along with all of the matter that comprises it going as far as the quantum state. Quantum computing uses various bits in combination to perform different types of computational tasks with each program running at an efficiency that is much higher than any other classical computers present in the modern day and age.

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The development of quantum computers used for quantum computing has been a leap forward in computer technology and computing abilities with every industry having some benefits associated with the use of the advanced technology. The idea that runs quantum computing is the ability of its bits to stay in several states at a given time, just like the prepositions of quantum theory. It can work in multiple combinations of 1 and 0 while also functioning in a state where 1 and 0 exist simultaneously. Quantum computing was first introduced in 1981 but in the last decade, it has managed to gain a massive following amongst dedicated research groups.

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The global quantum computing market is projected to grow owing to the increasing interest of world giants in developing superior-grade quantum computers which are currently in the development phase. The most recent quantum computers have certain drawbacks which the technology companies along with a partnership with research groups and developers are working to improve or resolve. Since the use of quantum computing is not restricted to only a certain industry or segment, the world economy can benefit from the technology on a scale that remains incomprehensible to many. Study centers like the Massachusetts Institute of Technology (MIT), Los Alamos National Laboratory, and Oxford have dedicated resources working toward development in the field of quantum computing.

The European Organization for Nuclear Research, known as CERN has access to around 20 quantum computers developed by one of the leading providers of modern-age systems International Business Machines (IBM). The global market is also witnessing a surge in investments from government agencies and sectors. For instance, India is expected to invest USD 1 billion by 2026 in quantum computing with the development of a 50 qubits quantum computer.

The main factor that could limit global market growth is the lack of infrastructure required to store a quantum computer. They cannot be stored like regular computers and require a special unit with certain features for the computers to remain stable. The most essential feature of the unit is its temperature which has to be extremely cold. For instance, the interiors of the quantum computer developed by D-Wave Systems are around -460 degrees Fahrenheit

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Quantum computing in pharmaceuticals may provide new growth opportunities whereas managing noise could act as a major challenge.

The global quantum computing market is segmented based on technology, offering industry, deployment type, application, and region

Based on offering, the global market is divided into services, software, and hardware.

The global market registered the highest growth in the hardware segment in 2021 with more than 62% of the segmental revenue.
Businesses and corporations are investing heavy resources in developing and launching extremely advanced hardware systems that can support the functioning of a quantum computer
Currently available systems in the commercial market are built on high-grade hardware systems like trapped ions, superconducting circuits, spin qubits, photonic networks, and neutral atoms
During the projection period, the services segment is expected to obtain substantial revenue due to the growing demand for consulting services
Based on deployment type, the global market is segmented into cloud-based and on-premises

2021 witnessed the highest demand in the on-premises segment. These quantum computers or associated devices are hosted at the site of the organization using the systems
In the case of an on-premises system, there is no requirement for remote access and most of the current companies prefer to have systems at the facility because it provides them with more control
Hybrid systems make use of both deployment methods
North America is anticipated to lead the global quantum computing market mainly driven by the presence of some of the biggest providers of current quantum computing systems along with being the hub for quality consulting services. Since the concept of quantum theory is highly explored in the research centers of the US region, the country hosts a number of proclaimed personalities that are working on translating quantum mechanics into computing technologies. The US government has been extremely supportive in terms of development in the field. In 2019, the government issued USD 1.2 billion under the National Quantum Initiative toward quantum science and technology. Growth in Asia-Pacific could be led by the rising interest of technology companies in exploring the field of quantum computing.

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Recent Developments:

In November 2022, Arizona State University launched a new program called Quantum Collaborative to encourage the study of quantum technology and its impact on the American economy. The partners included in the initiative are Google Quantum AI, Quantinuum, Purdue University, and Sandbox AQ to name a few
In September 2022, the Indian Institute of Technology, Madras, (IIT-Madras) and IBM announced a partnership to strengthen quantum computing skills and research in the country. With this, IBM has now partnered with almost 180 members toward quantum computing development

This review is based on a report by Zion Market Research, titled "Quantum Computing Market By Technology (Trapped Ions, Quantum Dots, and Quantum Annealing), By Offering (Service, Software, and Hardware), By Industry (Aerospace & Defense, BFSI, Healthcare, Manufacturing, and Energy & Utilities), By Deployment Type (Cloud-Based and On-Premises), By Application (Machine Learning, Optimization, Sampling, and Simulation & Data Problems), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 - 2030."- Report at https://www.zionmarketresearch.com/report/quantum-computing-market

The global quantum computing market is led by players like:

Huawei Technologies Co. Ltd.
Rigetti & Co Inc
D-Wave Systems Inc.
IBM Corporation
Microsoft Corporation
Telstra Corporation Limited
Zapata Computing Inc.
IonQ Inc.
Silicon Quantum Computing.

The global quantum computing market is segmented as follows:

By Technology

Trapped Ions
Quantum Dots
Quantum Annealing
By Offering

Service
Software
Hardware

By Industry

Aerospace & Defense
BFSI
Healthcare
Manufacturing
Energy & Utilities

By Deployment Type

Cloud-Based
On-Premises

By Application

Machine Learning
Optimization
Sampling
Simulation & Data Problems

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By Region

North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of the Middle East & Africa

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