Global Quantum Computing Market Research Report: By Component (Software and Services), By Deployment Model (On-premises and Cloud), By Application (Optimization, Simulation, Machine Learning, Sampling, and Others), By End-user (BFSI, Aerospace & Defense, Automotive, Government, Energy, Chemical, and Others), and Region (North America, Europe, Asia-Pacific, and Rest of the World) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2023-2031.
The Global Quantum Computing Market was valued at USD 13.60 billion in 2022, and is predicted to reach approximately USD 106.55 billion by 2031, at a CAGR of 25.7% from 2023 to 2031. Quantum computing, a burgeoning discipline, employs the principles of quantum mechanics to carry out intricate computations. In contrast to classical computers that rely on bits to represent information as either 0 or 1, quantum computers employ quantum bits or qubits, which can concurrently exist in multiple states owing to superposition and entanglement. This extraordinary capability empowers quantum computers to solve specific problems at an exponentially accelerated rate compared to classical computers. Quantum computing possesses the potential to fundamentally transform numerous domains, encompassing cryptography, drug discovery, optimization, and machine learning. Nonetheless, constructing practical and scalable quantum computers remains a substantial challenge due to hurdles such as quantum decoherence and error correction.
QUANTUM COMPUTING MARKET: REPORT SCOPE & SEGMENTATION
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Report Attribute |
Details |
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Estimated Market Value (2022) |
13.60 Bn |
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Projected Market Value (2031) |
106.55 Bn |
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Base Year |
2022 |
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Forecast Years |
2023 - 2031 |
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Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Component, By Deployment Model, By Application, By End-user, & Region |
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Segments Covered |
By Component, By Deployment Model, By Application, By End-user, & Region |
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Forecast Units |
Value (USD Billion or Million), and Volume (Units) |
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Quantitative Units |
Revenue in USD million/billion and CAGR from 2023 to 2031 |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
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Countries Covered |
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
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Report Coverage |
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Delivery Format |
Delivered as an attached PDF and Excel through email, according to the purchase option. |
Global Quantum Computing Market Dynamics
The escalating need for advanced computational power to address intricate challenges in fields such as cryptography, optimization, and simulation serves as a primary motivator. Furthermore, the expanding landscape of quantum technologies, encompassing enhanced qubit designs, error correction methods, and quantum algorithms, propels advancements and opens up novel possibilities. Moreover, strategic collaborations among academia, industry, and government entities nurture innovation and the exchange of knowledge within the field. As a result, the intense competition among major tech companies and nations in the pursuit of quantum supremacy fuels vigorous rivalry, ultimately accelerating the growth of the quantum computing market over the forecast period.
Global Quantum Computing Market Drivers
The need to tackle complex problems in areas such as cryptography, optimization, and simulation drives the demand for quantum computing. Traditional computing approaches struggle to efficiently solve these problems, leading to a growing interest in quantum solutions.
Restraints:
Building practical and scalable quantum computers faces obstacles such as quantum decoherence and error correction. These technical hurdles limit the stability and reliability of quantum systems, hindering their widespread adoption.
Opportunities:
The growing demand for quantum computing creates opportunities for market players, including hardware manufacturers, software developers, and service providers. This market expansion is driven by the race for quantum supremacy among major tech companies and nations, generating fierce competition.
Segment Overview
By Application
Based on the application, the global quantum computing market is segmented into optimization, simulation, machine learning, sampling, and others. The optimization segment is dominating the market with the largest revenue share of around 37.4% in 2022. Optimization challenges are prevalent in diverse sectors like logistics, supply chain management, financial modeling, and energy optimization. Quantum computing has attracted considerable interest due to its superior capability in efficiently solving complex optimization problems compared to classical approaches. Industries are actively seeking avenues to enhance operational efficiency, cut costs, and enhance decision-making processes, thus stimulating the demand for optimization solutions.
By Deployment
Based on the deployment, the global quantum computing market is segmented into on-premises and cloud. The on-premises segment is dominating the market with the largest revenue share of around 27.6% in 2022. Certain industries, especially those involved in handling sensitive data or intellectual property, must adhere to strict security and compliance requirements. On-premises solutions also offer enhanced flexibility and customization options, allowing organizations to tailor their quantum computing infrastructure to meet their specific needs. This customization enables seamless integration with existing systems, optimizing performance based on their workloads.
By Component
Based on component, the global quantum computing market is segmented into software. The software segment is anticipated to grow at a higher CAGR of 28.5% during the forecast period. The growth of the segment can be attributed to several factors. With the continuous advancement of quantum computing technology, there is a growing need for effective software solutions that can harness its power and capabilities. These solutions include quantum software frameworks, programming languages, and development tools, which are essential for researchers, developers, and businesses to design and implement quantum algorithms and applications. The software segment plays a crucial role in facilitating the seamless integration of quantum computing with existing classical computing systems and workflows.
By End-User
Based on end-user, the global quantum computing market is segmented into BFSI, aerospace & defense, automotive, government, energy, chemical, and others. The BFSI segment is anticipated to grow at a higher CAGR of 28.6% during the forecast period. The growth in the quantum computing market within the BFSI (Banking, Financial Services, and Insurance) industry can be attributed to various factors such as intricate optimization problems, risk modeling, portfolio management, and cryptography, all of which can greatly benefit from the exceptional computational power offered by quantum computing.
Global Quantum Computing Market Overview by Region
By Region, the global Quantum Computing Market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America held 42.8% market share in 2022, and is expected to grow at significant CAGR during the forecast period. The region benefits from a thriving ecosystem that encompasses prominent technology firms, research institutions, and government initiatives aimed at propelling quantum technologies forward. Notably, North America hosts leading companies and startups dedicated to quantum computing, and substantial investments in research and development have fostered a culture of innovation in the region.
Global Quantum Computing Market Competitive Landscape
In the global quantum computing market, a small number of prominent players hold significant market dominance and have established a strong regional presence. These key participants are committed to ongoing research and development initiatives. Additionally, they actively engage in strategic growth endeavors such as product development, product launches, joint ventures, and partnerships. By pursuing these strategies, these companies aim to strengthen their market position and expand their customer base to capture a substantial share of the market.
Some of the prominent players in the global quantum computing market include Accenture, Cambridge Quantum Computing, AWS, Fujitsu, Google, Huawei, 1QBIT, IBM, Microsoft, Rigetti Computing, Riverlane, D-Wave Systems, Zapata Computing, Honeywell, and various other key players.
Global Quantum Computing Market Recent Developments
In April 2023, Quantum Computing Inc., a firm specializing in full-stack photonic-based quantum computing and solutions, recently announced a product extension. They debuted their proprietary Quantum Random Number Generator (QRNG) technology, which allows for the generation of unique number sequences.
Scope of the Global Quantum Computing Market Report
Quantum Computing Market Report Segmentation
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ATTRIBUTE |
DETAILS |
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By Component |
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By Deployment Type |
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By Application |
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By End-User |
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By Geography |
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Customization Scope |
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Pricing |
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Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
To identify and estimate the market size for the global quantum computing market segmented by component, by deployment model, by application, by end-user, region and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of Quantum Computing between 2019 and 2031.
To identify and infer the drivers, restraints, opportunities, and challenges for the global quantum computing market
To find out the factors which are affecting the sales of quantum computing among consumers
To identify and understand the various factors involved in the global quantum computing market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Intended Audience
Research Methodology
Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region. The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.
Data Collection
Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.
Primary Research
After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market.
Secondary Research
A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.
Top-Down Approach & Bottom-Up Approach
In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.
In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.
This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.
Market Analysis & size Estimation
Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.
Quality Checking & Final Review
The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.
