Quantum Computing Market to Reach $5.3 billion by 2029: Key Drivers and Forecasts

The quantum computing market size is expected to grow from USD 1.3 billion in 2024 and is expected to be 5.3 billion by 2029, growing at a CAGR of 32.7% from 2024 to 2029. Factors such as the increase in partnerships and deals in quantum technology among industry players, manufacturers, and government bodies of different countries are driving the market during the forecast period.

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Based on the Offering, the quantum computing market has been segmented into systems and services. The services segment will lead the quantum computing market from 2024 to 2029. Quantum computing services perform analytics, optimization, and simulation using quantum technology. These services are usually provided by cloud-based providers who offer access to quantum computing capabilities and resources. Key providers of quantum computing services include Qiskit, IBM Quantum Experience, and Microsoft Quantum Development Kit.

Based on the end-user industry, finance is expected to have the largest market during the forecast period. Financial institutes and banks of data and complex optimization problems, such as portfolio optimization, risk management, and trading strategies. Quantum computers have the potential to quickly find optimal solutions to these problems, leading to better portfolio management, reduced risk, and improved trading strategies.

Based on technology, the photonic network is expected to grow with the highest CAGR during the forecast period. Photonic networks use light particles (photons) to encode information for quantum computing. These networks start with a unique entangled state where multiple qubits (quantum bits) are linked. Photons excel at entanglement, a key feature for powerful quantum computers. Entanglement allows multiple qubits to act as one, boosting processing power. Photonic networks promise to create large-scale entanglement, a crucial aspect of future quantum algorithms.

Based on the Application, the optimization segment is projected to account for the most significant quantum computing market size during the forecast period. Quantum computers leverage quantum superposition and entanglement to perform computations in parallel, enabling them to explore a vast number of potential solutions simultaneously. This inherent parallelism makes quantum computing particularly well-suited for optimization problems, where the goal is to find the best solution among a large number of possibilities.

Based on region, Asia Pacific is expected to grow with the highest CAGR during the forecast period. Many countries in the Asia-Pacific region, such as China, Japan, South Korea, and Australia, have launched ambitious national initiatives to invest in quantum computing research and development. These government-led efforts provide funding, infrastructure, and support for academic research and industry collaborations.

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Major companies in the quantum computing market include IBM (US), D-Wave Quantum Inc. (Canada), Amazon (US), Microsoft (US), Rigetti Computing (US), Google (US), Intel (US), Toshiba(Japan), QUANTINUUM (UK), QC Ware (US) and IonQ (US) among others.

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