The Quantum Computing Market is expected to value USD 487.4 million in 2021 and is expected to reach USD 3728.4 million by 2030 at a CAGR of 25.40% over the forecast period from 2021 to 2030. Quantum computing is a branch of computing aimed at developing computing technology based on quantum theory's concepts. Computers, currently, can only encode data in bits with values of 1 or 0, severely limiting their capabilities. Quantum computing technologies will significantly speed up computers in the future, which will support innovations in many fields. There has been a surge in popularity in quantum computing in the past few years, fuelled by many technological advancements and a considerable increase in financing.
Quantum computers will be able to solve some issues significantly faster than traditional computers in the near future. The vital role of advanced technology like quantum computing in various sectors to tackle problems regarding handling chemical reactions, improving logistics, or sorting through large databases is expected to increase its adoption. Increasing concerns regarding data security have resulted in the need to amplify data security measures. With the world increasingly dependent on data, quantum computing may be a solution to fortify data security and secure data transfer.
Other applications of quantum computing include cancer research and treatment and the development of new medications. Quantum computing can also aid in the development of radars and their capacity to identify missiles and planes. The increasing need to curb environmental degradation is an opportunity for quantum computing as it can be used to check water quality with chemical sensors.
In next few years, quantum computing applications can completely transform business models with integration of emerging technologies like artificial intelligence (AI). These quantum computing applications are expected to support end-use industries such as BFSI, aerospace and defense, government and private sector, healthcare and pharmaceuticals, among others.
Quantum computing is in its nascent stage and the new market is still evolving with many cloud solution providers exploring quantum-as-a-service (QaaS). It will allow businesses to utilize quantum computing resources remotely, similar to how infrastructure-as-a-Service (IaaS) works in the public cloud today.
The COVID-19 pandemic has hastened the transition to digital, due to the need to transform business adaptability, and promote constant innovation for success, profitability, and resilience. Quantum computing can help businesses to update and shift their mission-critical workloads to the cloud along with the integration of artificial intelligence (AI) to improve decision-making workflows. COVID-19 has highlighted the need to speed up drug discovery and drug development. Quantum computers can unfold all possibilities at unimaginable speed in drug target testing and assist in finding the antidote to diseases.
The quantum computing market is facing challenges in keeping qubits used in quantum computers stable, as they must be placed at extreme cold, subzero temperatures. Companies are keen on overcoming this challenge along with the complex process of commercializing quantum computers.
TABLE 1: GLOBAL QUANTUM COMPUTING MARKET OVERALL SNAPSHOT
The global quantum computing market report has been segmented by component, application, technology, industry verticals, and region.
FIGURE 2: GLOBAL QUANTUM COMPUTING MARKET SEGMENTATION
Quantum Computing Market, by Component
Based on the component, the market is divided into hardware, software, services. Among these segments, hardware segment holds the largest market share in 2021 and is expected to remain the largest segment during the forecast period.
Commercialization of a quantum computer can be useful in an industrial context in various applications for imaging, microscopy, and broadband quantum communication. It can also accelerate drug discovery and design in the pharmaceutical sector. Hence, there is an increasing demand for quantum computing hardware to help businesses commercialize quantum computing, which is expected to drive segment growth.
Quantum Computing Market, by Deployment
Based on the deployment, the market is divided into cloud, on premise. Among these segments, the on premise segment is the largest segment and it is expected to remain the largest segment during the forecast period.
The segment growth can be attributed to increasing concerns regarding data security. For a business with confidential data or companies developing a computational chemistry algorithm for a new drug or material development, there are concerns regarding data leaks. Hence, companies are turning to on premise mode of deployment to achieve high-performance computing. This is expected to contribute to segment growth.
Quantum Computing Market, by Application
Based on application, the market is divided into simulation, sampling, machine learning, optimization, and others. Among these, the machine learning segment is expected to become the fastest growing segment during the forecast period.
The segment growth can be attributed to increasing demand for quantum machine learning owing to its high computational power. It has the capability to solve complex problems along with the AI revolution. Quantum machine learning algorithms can make huge strides in the treatment and disease prevention of currently untreatable diseases.
Quantum Computing Market, by Technology
Based on technology, the market is divided into trapped ions qubits, superconducting qubits, quantum annealing, and others. Among these, the superconducting qubits segment holds the largest market share in 2021 and is expected to remain largest during the forecast period.
The segment growth can be attributed to the adoption of superconducting qubits, becoming the leading candidate for scalable quantum computing platforms. Superconducting devices can be used for applications in quantum information. The use of superconducting qubits has led to progress in developing new qubit hardware. Although continued work on many aspects of this technology is necessary, the pace of both conceptual and technical progress in recent years has been impressive.
Quantum Computing Market, by Industry Verticals
Based on industry verticals, the market is divided into BFSI, aerospace and defense, government, healthcare and pharmaceuticals, transportation, energy and power, chemicals, others. Among these, the healthcare and pharmaceuticals segment is expected to become the fastest growing segment over the forecast period.
The segment growth can be attributed to the application of quantum computing in drug design, clinical trials, genome sequencing and analytics, development in predictive medicine and healthcare, and the changing preferences for moving hospitals data to the cloud to safeguard the security of medical data. For instance, in March 2021, Cleveland Clinic announced a decade-long partnership with IBM to harness the power of quantum computing for next-generation medical research. Cleveland Clinic and IBM launched a new Discovery Accelerator to expand the scope and the speed of healthcare and life science research and assist during emergencies such as COVID-19.
Quantum Computing Market, by Region
Based on region, the quantum computing market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America. North America quantum computing market holds the largest market share. The market growth can be attributed to increasing investment in research centers specializing in quantum information science. Companies leading the way are Google, IBM and Microsoft, which are making significant efforts to develop this technology.
In the U.S., research and development for quantum technology was made a national priority via the National Quantum Initiative Act. The private sector and American universities are collaborating. The big tech companies have started adopting the quantum technology.
Asia Pacific is expected to observe the fastest growth during the forecast period. The regional market is driven by developing digital infrastructure coupled with rising adoption of advanced technologies. China had made quantum technology a key priority in its government policy (2016-2020) to lead in the field of quantum telecommunications. The boost for the technology from the government is on account of China focusing on strengthening its strategic defense, space, and military power.
India invested USD 1.2 billion in 2020 for the development of quantum technologies for the next five years. India's growing space and technology sector is growing rapidly with investments from both public and private sector. For instance, in January 2021, in collaboration with Amazon Web Services, Inc., the Ministry of Electronics and Information Technology (MeitY) announced plans to establish a Quantum Computing Applications Lab in India.
European market is expected to grow significantly during the forecast period. European Union countries have launched their quantum initiatives, with the United Kingdom and Germany leading the way. The private sector has a high demand for quantum computing. Several companies have been investing in this field, driving the regional market.
TABLE 2: GLOBAL QUANTUM COMPUTING MARKET OVERVIEW
FIGURE 3: GLOBAL QUANTUM COMPUTING MARKET (USD MILLION), 2021-2030
Recent Developments in the Global Quantum Computing Market
- May 2021 - Google plans to build a commercial quantum computer that can perform large-scale calculations without errors before the end of decade. The company announced its plans at the Google I/O developer conference.
- February 2021 - A Chinese startup, Origin Quantum, launched the country's first homegrown operating system for a quantum computer, challenging the dominance of the United States in the development of the next-generation machines.
- April 2021 - The first IBM Quantum System One installed in Europe is now available to companies and research organizations that wish to develop and test applied quantum algorithms and gather expertise. In a joint project with IBM, the Fraunhofer-Gesellschaft will operate the quantum computer.
- April 2021 - NVIDIA launched cuQuantum SDK, a development platform for simulating quantum circuits on GPU-accelerated systems. NVIDIA doesn’t plan to build quantum computers, but thinks GPU-accelerated platforms are the best systems for quantum circuit and algorithm development and testing.
- July 2021 - Oxford Quantum Circuits (OQC) launched the UK’s first commercial Quantum Computing-as-a-Service built entirely using its proprietary technology. The startup built a superconducting quantum computer in 2018 using a 3D interconnect for 4qubits.
What Does This Report Provide?
This report provides a detailed understanding of the quantum computing market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market. The major market drivers, challenges, and opportunities for the quantum computing market have been covered in the report. This report further includes the market shares of the leading companies operating in the global market, along with their production capacities and the growth strategies adopted by them.
- Machine Learning
- Trapped Ions Qubits
- Superconducting Qubits
- Quantum Annealing
By Industry Verticals
- Aerospace and Defense
- Healthcare and Pharmaceuticals
- Energy and Power
North America Quantum Computing Market
- North America, by Country
- North America, by Component
- North America, by Deployment
- North America, by Application
- North America, by Technology
- North America, by Industry Verticals
Europe Quantum Computing Market
- Europe, by Country
- Rest of Europe
- Europe, by Component
- Europe, by Deployment
- Europe, by Application
- Europe, by Technology
- Europe, by Industry Verticals
Asia Pacific Quantum Computing Market
- Asia Pacific, by Country
- South Korea
- Rest of Asia Pacific
- Asia Pacific, by Component
- Asia Pacific, by Deployment
- Asia Pacific, by Application
- Asia Pacific, by Technology
- Asia Pacific, by Industry Verticals
Middle East and Africa Quantum Computing Market
- Middle East and Africa, by Country
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
- Middle East and Africa, by Component
- Middle East and Africa, by Deployment
- Middle East and Africa, by Application
- Middle East and Africa, by Technology
- Middle East and Africa, by Industry Verticals
South America Quantum Computing Market
- South America, by Country
- Rest of South America
- South America, by Component
- South America, by Deployment
- South America, by Application
- South America, by Technology
- South America, by Industry Verticals
Major Companies: The major companies of the market include Amazon Web Services, Inc., INTERNATIONAL BUSINESS MACHINES (IBM), QCWare, Google, Toshiba International Corporation, Microsoft, Intel Corporation, Honeywell International Inc., Hewlett Packard Enterprise Development LP (HP), Huawei Technologies Co., Ltd., FUJITSU, CAMBRIDGE QUANTUM COMPUTING LTD., Rigetti & Co, Inc., Accenture., Northrop Grumman., NEC Corporation, Robert Bosch GmbH, and Nippon Telegraph and Telephone Corporation (NTT).
Objectives of This Report:
- To estimate the market size for the quantum computing market on a regional and global basis
- To identify major segments in the quantum computing market and evaluate their market shares and demand
- To provide a competitive scenario for the quantum computing market with major developments observed by the key companies in the historic years
- To evaluate key factors governing the dynamics of quantum computing market with their potential gravity during the forecast period
- To evaluate the leading company-wise pricing analysis for the mentioned applications
Key Questioned Answered in the Study:
- What are major growth drivers and market trends that are affecting the quantum computing market?
- What is the market size in terms of both value and volume for the quantum computing market?
- Who are the leading market players and who are the new market players that operate in the quantum computing market with an estimated market share?
- What are the future investment pockets and opportunity in the quantum computing market?
- Major list of customers and potential futuristic customer list along with an estimated buying volume.
- What will be the impact of COVID-19 on the quantum computing market?
This study is customized to meet your specific requirements:
- By sub-segment
- By client-specific country, type, and application market analysis
- Pricing analysis along with the potential list of customers
- Product-specific competitive analysis
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