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Quantum Computing Market Trends, Top Companies, Share, Growth And Forecast 2033
Quantum Computing Market Trends
According to The Business Research Company's, The quantum computing market size has grown exponentially in recent years. It will grow from $1.83 billion in 2023 to $2.57 billion in 2024 at a compound annual growth rate (CAGR) of 40.2%. The growth in the historic period can be attributed to theoretical foundations of quantum mechanics, pioneering concepts in quantum information theory, funding, and investment.
The quantum computing market size is expected to see exponential growth in the next few years. It will grow to $10.04 billion in 2028 at a compound annual growth rate (CAGR) of 40.6%. The growth in the forecast period can be attributed to research initiatives and partnerships, education and workforce development, regulatory and policy frameworks, and quantum communication and networking. Major trends in the forecast period include exponential growth in qubit counts, commercialization and industry adoption, and hybrid quantum-classical computing.
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Market Drivers and Trends:
The rising investments in quantum computing startups are expected to propel the growth of the quantum computing market going forward. Quantum computing startups specialize in developing and commercializing quantum computing technology. The increasing investments in quantum computing startups are due to government support and the potential for disruptive innovation. The growing investments in quantum computing startups stem from its revolutionary potential to unlock new commercial opportunities and generate economic value across various industries. For instance, in October 2023, according to the FINRA, a US-based non-profit organization that regulates the financial sector in the United States, the investments in quantum computing startups (hardware and software) reached record highs of $2.35 billion in 2022, which is a significant increase compared to previous two years. Therefore, the rising investments in quantum computing technology are driving the growth of the quantum computing market.
The major companies operating in the quantum computing market are focused on developing quantum development kits, such as Azure Quantum Development Kit (QDK), to gain a competitive edge in the market. Azure Quantum Development Kit (QDK) is a software development kit for quantum computing development that aims to empower developers to explore and experiment with quantum algorithms, simulate quantum systems, and ultimately build applications for quantum computers. For instance, in January 2024, Microsoft, a US-based technology company, launched a 1.0 version of the Azure Quantum Development Kit (QDK), featuring a significant rewrite for speed, simplicity, and browser compatibility. The QDK is mostly rewritten in Rust, offering a 100x performance boost and integration with Azure Quantum Service. It includes a VS Code extension with a Q editor, debugger, and resource estimator for quantum programming. The release aims to support developers in navigating the 'Noisy Intermediate Scale Quantum' phase and advancing towards Level 2 quantum computing capabilities.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Google LLC, Intel Corporation, International Business Machines Corporation, Honeywell, Atos Quantum, PsiQuantum Corporation, Quantum Machines Technologies Ltd, Pasqal, Xanadu Quantum Technologies Inc, Quantum Brilliance Pty Ltd, Zapata Computing Inc, Riverlane Ltd, Quantum Circuits Inc, Quantum Motion Technologies Inc, IonQ Inc, Cambridge Quantum Computing Limited, Seeqc Inc, Q-CTRL, D-Wave Systems Inc, Rigetti Computing, QuEra Computing Inc, Qubitekk Inc, Bleximo Corporation, Anyon Systems Inc, Classiq Technologies Inc
Quantum Computing Market 2024 Key Insights:
• The quantum computing market size is expected to see exponential growth in the next few years. It will grow to $10.04 billion in 2028 at a compound annual growth rate (CAGR) of 40.6%.
• Rising Investments In Quantum Computing Startups In Driving Growth In The Quantum Computing Market
• Advancements For Enhancing Quantum Computing Development Efforts
• Asia Pacific was the largest region in the quantum computing market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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