Quantum Computing Market

Global Quantum Computing Market is valued at USD 554.3 Billion in 2021 and is expected to reach USD 3,637.0 Billion by 2028 with a CAGR of 30.82% over the forecast period.

Global Quantum Computing Market: Global Size, Trends, Competitive, And Historical & Forecast Analysis, 2022-2028: Early adoption of quantum computing in various sectors, increasing government investments, and increasing number of strategic alliances are some of the major factors driving the growth of the Global Quantum Computing Market.

Scope of Global Quantum Computing Market

A branch of computer science known as quantum computing applies the concepts of quantum theory. It is a cutting-edge technology that is quickly taking off that uses quantum physics to tackle more complex challenges than conventional computers can handle. Computing based on concepts from quantum physics has been done using quantum computers. It is faster, uses fewer bits, and uses less data than conventional computers. The system utilizes all states between 0 and 1, as opposed to the two bits used in traditional computing, which results in better results and quicker processing. The system's primary application is to assess many solutions and choose the best one for a challenging issue. A growing subject of interest for study in quantum information science is quantum computing. To attain quantum supremacy, the technology has already begun to draw research and development spending.

The global growth of computer services was significantly impacted by the COVID-19 pandemic. According to McKinsey, the pandemic phase after the worldwide shutdown showed that financing for companies specializing on quantum technology increased to USD 1.4 billion in 2021 from USD 700 million in 2020. The proportion of investments in quantum computing made by private and venture capital companies increased significantly in the second half of 2021. This increase accounted for more than 70% of investments, showing increased business confidence that the technology would provide beneficial results. In addition, some market players conducted Initial Public Offerings (IPOs) through special-purpose acquisition businesses.

These enterprises enable market players to avoid the IPO procedure, saving time and money and reducing regulatory scrutiny. As an example, IonQ was the first business to establish itself as the "first publicly listed, pure-play quantum computing corporation." Companies like Rigetti, Arqit, and D-Wave came after IonQ. The industry is anticipated to have a bright future in the years to come due to the approach that some pure-play quantum businesses followed over the previous years.

The global Quantum Computing market is segmented based on the component, deployment, application, end-user, and region & country level. Based on components, the global Quantum Computing market is segmented into hardware, software, and services. By deployment, the market is segmented into cloud and on-premise. By application, the global Quantum Computing market is segmented into machine learning, optimization, biomedical simulations, financial services, electronic material discovery, and others. By end-user, the global Quantum Computing market is segmented into Healthcare, Banking, Financial Services and Insurance (BFSI), Automotive, Energy and Utilities, Chemical, Manufacturing, and Others.

The regions covered in the global Quantum Computing market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global Quantum Computing is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.

Global Quantum Computing Market Segmentation

By Components:

• Hardware
• Software
• Services

By Deployment:

• Cloud
• On-premise

By Application:

• Machine Learning
• Optimization
• Biomedical Simulations
• Financial Services
• Electronic Material Discovery
• Others

By End-user:

• Healthcare
• Banking, Financial Services and Insurance (BFSI)
• Automotive
• Energy and Utilities
• Chemical
• Manufacturing
• Others

Key Players of Global Quantum Computing Market

Some major key players for the global Quantum Computing market report cover prominent players like

• Atos SE
• Intel Corporation
• IBM Corporation
• Cambridge Quantum Computing Ltd
• D-Wave Systems Inc
• Rigetti & Co, Inc
• Google
• QxBranch, Inc.
• QRA Corp
• QC Ware Corp
• others.

News

A Universal Quantum Computer will be provided by QuiX Quantum under a €14 million deal with the German Aerospace Center

On September 23, 2022; The German Aerospace Center awarded Quix Quantum a contract to provide a Universal Quantum Computer. The business will provide completely universal 64- and 8-qubit quantum computing based on photonics, combining the technological tools from their processors with detectors and sources. This is the first-ever business sale of light-based Universal Quantum Computers. According to a news statement from QuiX, the tailored development for the DLR would be carried out in a collaborative four-year initiative inside the DLR Quantum Computing Initiative.

First quantum computer provided by ORCA Computing to the UK MoD

On June 13, 2022; Future data processing capabilities are being developed in collaboration with the UK Ministry of Defence (MoD) by British quantum-based developer ORCA Computing. The MoD will employ the ORCA PT-1 model, the first computer of its type to run at room temperature and be located on-premises, as part of a year-long program of activities. Small-scale photonic computers, which use individual units of light, may now be used to tackle challenging machine learning and optimization problems thanks to software created by ORCA computing. These include handwriting recognition, decision-making, and picture analysis. Following installation, the MoD is anticipated to work with partners to create programs for the PT-1.

Launch of a New Quantum Photonic Processor by QuiX Quantum

On March 3, 2022; QuiX Quantum, the industry leader in photonic quantum information hardware, has announced the commercial release of the world's biggest photonic quantum computer. The CPU, which was created at QuiX's plant in Enschede, the Netherlands, performs almost two times better than the current generations of processors. The newest quantum photonic processor offers the greatest operational requirements available and a record 20 modes. QuiX Quantum is continuing to advance photonic quantum computing with the release of this new device.

Early adoption of quantum computing in various sectors, increasing government investments, and increasing number of strategic alliances to fuel are some of the major factors driving the growth of the Global Quantum Computing Market Growth

To encourage businesses and end users to take use of the capability of these technologies, governments throughout the world are investing heavily in quantum technology. Additionally, they pledge significant funds to enhance domestic quantum technology. For instance, China has made significant investments in different computer technology R&D. It has announced financing of over USD 15 billion, which is expected to be higher than all other countries combined. The governments of Australia, the United States, and the industrialized countries in the European Union are all pursuing computing-related initiatives.

The industry leaders are boosting their investments in quantum technologies while also looking for appropriate alliances and partnerships to advance computing, create useful applications, and build a future quantum workforce. By using this approach, businesses are able to integrate the greatest aspects of their own conceptions and capabilities with those of other well-known partners and technologies. This will enable businesses to provide superior solutions quickly and at scale. To improve their quantum capabilities, a number of businesses, including Google LLC, Riverlane, and Pasqal, are working with quantum professionals all across the world. For example, Riverlane and Rigetti Computing teamed together in June 2022 to work on syndrome extraction using superconducting quantum computers. Similar to this, Pasqal and Qu&Co agreed to combine into a single business in January 2022 that would operate under the Pasqal name and have its headquarters in Paris.

During the time of market forecasting for quantum computing, BFSI is anticipated to have the largest market share. Additionally, quantum computing is gaining popularity in the healthcare industry because, according to a medical futurist, the computer processing technology can be used to power the development of virtual environments where experts can examine factors like electrolytes, body fluids, metabolism, circulation, and skin temperature on digitally created human replicas.

The field of quantum computing is still in its infancy, and there is a growing global skill gap. By 2025, there may be a shortage of under 5,000 quantum trained individuals compared to the need for 10,000 of them, according to a McKinsey analysis. In the next years, this aspect is anticipated to restrain the expansion of the quantum computing industry. However, a growing number of institutions and training programs, including the University of Chicago, are building quantum PhD programs in an effort to reduce these dangers.

North America is Expected to Capture a Major Share in the Global Quantum Computing Market

Geographically, North America is anticipated to rule the worldwide market for quantum computing throughout the forecast period. North America now dominates the worldwide market for quantum computing and will keep this position during the evaluation period. The presence of major technological companies like IBM Corporation, Intel, Google, and many more, in addition to well-established technology development centers in the area, functions as major market drivers.

The market size is increased by rising R&D expenditures on creating quantum computing applications, quantum computers, and math. The massive use of machine learning technologies by government agencies and the aerospace and military industries also contributes to the market expansion. Due to significant technical advancements, the US has the greatest market share in the area for quantum computing.

By Regional & Country Level:

North America

• U.S.
• Canada

Europe

• U.K.
• France
• Germany
• Italy

Asia Pacific

• China
• Japan
• India
• Southeast Asia

Latin America

• Brazil
• Mexico

Middle East and Africa

• GCC
• Africa
• Rest of Middle East and Africa

Report Analysis	Details
Historical data	2018 - 2021
Forecast Period	2021 - 2028
Market Size in 2021:	USD 554.3 Billion
Base year considered	2021
Forecast Period CAGR %:	30.82%
Market Size Expected in 2028:	USD 3,637.0 Billion
Tables, Charts & Figures:	175
Pages	300
Key Players/Companies	Atos SE, Intel Corporation, IBM Corporation, Cambridge Quantum Computing Ltd., D-Wave Systems Inc., Rigetti & Co, Inc., Google, QxBranch, Inc., QRA Corp, QC Ware Corp., and others.
Segments Covered	By Components, By Deployment, By Application, By End-user.
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, Africa, Rest of the Middle East and Africa