Press release
Quantum Computing Software Market Size Forecasted To Achieve $1.53 Billion By 2029 With Steady Growth
Quantum Computing Software
What Is the Quantum Computing Software Market Size and Projected Growth Rate?
The quantum computing software market has expanded significantly in recent years. It will increase from $0.5 billion in 2024 to $0.62 billion in 2025, with a CAGR of 25.6%. The growth can be attributed to the growing need for quantum solutions, government support for technology development and deployment, rising demand for related equipment and services, an increase in research and development alliances, and the higher adoption of quantum software in the BFSI sector.
The quantum computing software market is set to grow rapidly, reaching $1.53 billion by 2029 at a CAGR of 25.2%. This growth is attributed to the rise in cloud-based platforms, the increased adoption of quantum computing in drug discovery, and more investment in digital transformation. Key trends include developing tailored quantum software, incorporating quantum development kits, product innovation, collaborations with established technology firms, and the introduction of hybrid classical-quantum solutions.
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What Are the Major 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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What Are The Driving Quantum Computing Software Market Evolution?
Increasing investments in quantum computing startups are anticipated to boost the quantum computing software market. These startups focus on developing and commercializing quantum technologies, and the surge in investment is driven by potential industry disruption and innovation, along with government support. For example, according to FINRA, in October 2023, funding for quantum computing startups reached $2.35 billion in 2022, marking a notable rise from previous years. Consequently, growing investment in quantum computing startups is advancing the quantum computing software market.
Which Firms Dominate The Quantum Computing Software Market Segments?
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 Trends Are Expected to Dominate the Quantum Computing Software Market in the Next 5 Years?
Major players in the quantum computing software market are focusing on technological innovations such as cloud-based quantum computing services to stay competitive. These services offer enterprise customers access to hybrid quantum computing capabilities, including quantum-powered AI, optimization, and machine learning. For instance, in March 2024, Oracle Corporation, a U.S.-based technology firm, launched a cloud quantum enterprise software service. This service will allow customers to explore new industrial applications of hybrid quantum computing, combining classical high-performance computing with quantum computing to provide enhanced processing power. The service will use Oracle Cloud Infrastructure (OCI), supported by Nvidia A100 Tensor Core GPU clusters and the Nvidia CUDA Quantum open-source hybrid quantum computing platform.
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Which Is The Largest Region In 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Quantum Computing Software Market?
2. What is the CAGR expected in the Quantum Computing Software Market?
3. What Are the Key Innovations Transforming the Quantum Computing Software Industry?
4. Which Region Is Leading the Quantum Computing Software Market?
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