Press release
Global Quantum Computing Software Market Projected to Surpass $1.53 Billion by 2029 with 25.2% Annual Growth
Quantum Computing Software Market Size
The size of the quantum computing software market has experienced exceptional expansion in the past few years. The market will see a rise from $0.5 billion in 2024 to $0.62 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 25.6%. The growth during the historical period was due to the need for quantum computing solutions, governmental backing for the technology's development and deployment, demand for the associated equipment and services, an increase in strategic partnerships for research and development, and a surging adoption of this software within the BFSI sector.
There is an anticipation for the quantum computing software market size to significantly expand in the upcoming years. The market is predicted to escalate to $1.53 billion by 2029, with a compound annual growth rate (CAGR) of 25.2%. The surge during this forecasted period is due to factors such as the increasing use of cloud-based platforms, a growth in the use of quantum computing technology in drug discovery processes, and a surge in investments for digital transformations. Key anticipated trends within this period comprise the creation of bespoke quantum software, the integration of quantum development kits, the emergence of innovative products, collaborations among industry leading technology companies, and the introduction of hybrid classical-quantum solutions.
What Factors Are Propelling the Expansion of the Quantum Computing Software Market?
The quantum computing software market is poised for growth, spurred by increasing investments in quantum computing startups. These startups are experts in developing and bringing quantum computing technology to the commercial market. Government support and the potential for groundbreaking innovation are driving the surge in investments in these startups. The revolutionary promise of quantum computing lies in its ability to open up new business opportunities and create economic value across a range of sectors. As a case in point, data from the FINRA, a US-based non-profit that oversees the financial sector, reveals that investment in quantum computing startups (both hardware and software) hit a record high of $2.35 billion in 2022, showing a substantial uptick compared to the preceding two years. This surge in investments in quantum computing startups is a key contributor to the expanding quantum computing software market.
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Which Key Market Leaders Are Driving Quantum Computing Software Industry Growth?
Major companies operating in the quantum computing software market are Alphabet Inc., Microsoft Corporation, Huawei Technology Co. Ltd., Amazon Web Services Inc., accenture* PLC, International Business Machines Corporation, Oracle Corporation, Honeywell International Inc., SAP SE, Salesforce.com Inc., Fujitsu Ltd., Kronos Incorporated, 1QB Information Technologies Inc., Zapata Computing Inc., Rigetti Computing Inc., QC Ware Corp., D-Wave Quantum Systems Inc., Cambridge Quantum Computing Ltd., Riverlane Limited, Algorithmiq Inc., Strangeworks Inc., Phasecraft Limited, Entropica Labs Pte. Ltd., ProteinQure Inc., Quantum Circuits Inc
What Are the Emerging Trends in the Quantum Computing Software Industry?
Leading businesses in the quantum computing software marketplace are broadly focusing on technological advancements such as cloud-based quantum computing services to maintain a competitive advantage. Providing cloud-based quantum computing allows corporate customers to access a mixed selection of quantum computing abilities, such as quantum-energized AI, optimization, and machine learning. Oracle Corporation, an American-based technology firm, introduced a cloud quantum enterprise software service in March 2024 to provide a concrete example. This service opens up opportunities for customers to investigate new hybrid quantum computing usage scenarios in various industries. This form of computing intermingles traditional high-performance computing with quantum computing to offer robust processing features. The service is built on Oracle Cloud Infrastructure (OCI), which is equipped with Nvidia A100 Tensor Core GPU clusters and utilizes the Nvidia CUDA Quantum open source hybrid quantum computing platform.
What Are the Main Segments in the Quantum Computing Software Market?
The quantum computing software market covered in this report is segmented -
1) By Component: Solution, Services
2) By Technology: Superconducting Qubits, Trapped Ions, Quantum Annealing, Other Technologies
3) By Deployment: Cloud, On-Premises
4) By Application: Optimization, Machine Learning, Simulation, Other Applications
5) By End-User: Aerospace And Defense, Banking, Financial Services And Insurance (BFSI), Healthcare, Automotive, Energy And Power, Chemical, Government, Other End-Users
Subsegments:
1) By Solution: Quantum Algorithms, Quantum Programming Languages, Quantum Simulation Software, Quantum Cloud Platforms, Quantum Machine Learning Software, Quantum Cryptography Software, Quantum Error Correction Software, Quantum Computing Middleware, Quantum Software Development Kits, Quantum Cloud Integration Tools
2) By Services: Quantum Software Development Services, Quantum Algorithm Development And Optimization Services, Quantum Cloud Computing As A Service, Quantum Consulting And Advisory Services, Quantum System Integration And Customization, Quantum Software Maintenance And Support, Quantum Education And Training Services, Quantum Simulation As A Service, Quantum Computing Application Development Services
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Which Geographic Area Leads the Quantum Computing Software Market?
North America was the largest region in the quantum computing software market in 2023. The regions covered in the quantum computing software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Quantum Computing Software Global Market Report?
- Market Size Analysis: Analyze the Quantum Computing Software Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Quantum Computing Software Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Quantum Computing Software Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Quantum Computing Software Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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