Quantum Computing Market Size By Component (Software, Service), By Deployment Model (Cloud, On-premise), By Application (Optimization, Simulation, Machine Learning, Sampling), By End-user & Global Forecast, 2023-2032

Quantum Computing Market Size

Quantum Computing Market size was valued at USD 974.1 million in 2022 and is projected to record more than 10% CAGR from 2023 to 2032.
 

Rapid technological innovations in quantum computing will shape the quantum computing market growth. The COVID-19 pandemic has pushed the demand for quantum computing because of the rising digitalization across several industries. Leading businesses across a range of sectors have adopted contemporary technology to simplify operations and increase productivity. The businesses have developed a culture of remote and home-based employment.
 

A lack of proper knowledge regarding quantum computing may negatively impact quantum computing market expansion. Quantum computer engineering is still in the nascent stage. Numerous technical obstacles are needed to overcome in order to implement quantum computing technology in real-time applications. Due to their extraordinary sensitivity to external interactions, quantum computers have the potential to cause the state function to collapse.
 

Quantum Computing Market Analysis

Quantum computing market share from the software segment is expected to cross USD 10 billion by 2032, due to rising demand for SaaS business models, growing workloads in data centers, and sophisticated processor architectures in conventional binary computing systems. In a conventional binary computer system, information is stored in tiny transistors, each of which can only hold one bit of information, such as a 0 or 1. Since 1 and 0 can be stored and processed simultaneously due to the superposition phenomenon, quantum computing is much more potent than a classical-quantum computing system.
 

Quantum computing market size from the on-premises deployment segment will reach USD 1 billion by 2032, owing to the reduced requirement for remote access caused by centralized management. Data in several sectors, such as BFSI, aerospace & defense, and healthcare, is particularly private and must be protected. These companies choose the on-premises deployment of their IT solutions due to their higher budgets.
 

The quantum computing market from the optimization segment accounted for USD 300 million revenue in 2022. Quantum computing is beneficial for software optimization, code optimization, program optimization, and the act of altering software systems such that some components function more efficiently or consume fewer resources. Quantum computers can solve hard combinatorial optimization problems using quantum algorithms.
 

North America quantum computing market size to surpass USD 5 billion by 2032, aided by competitive markets and end-user acceptance of the technology. The adoption of this technology in the U.S. and Canada regions is expected to increase over the years owing to the beginning of several start-ups that use quantum technology.
 

Quantum Computing Market Share

Major players involved in the quantum computing market are:

• Accenture
• Cambridge Quantum Computing
• AWS
• Fujitsu
• Google
• Huawei
• 1QBIT
• IBM
• Microsoft
• Rigetti Computing
• Riverlane
• D-Wave Systems
• Zapata Computing
• Honeywell 
• QC Ware.

Companies are collaborating with other industry players and are also launching new products to remain competitive in the market.
 

For instance, in April 2023, Quantum Computing Inc., a full-stack photonic-based quantum computing and solutions company, announced that it had added patented Quantum Random Number Generator (QRNG) technology to its line of commercially accessible products. It is possible to create unique number sequences using this technology. This line of quantum products generates random numbers with varying probability densities and correlation features for a broad range of applications in security, modeling, and finance.
 

This quantum computing market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD from 2018 to 2032 for the following segments:

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Market, By Component

• Software
• Services

Market, By Deployment model

• On-premises
• Cloud

Market, By Application

• Optimization
• Simulation
• Machine Learning
• Sampling
• Others

Market, By End-user

• BFSI
• Aerospace & Defense
• Automotive
• Government
• Energy
• Chemical
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • Russia
  • France
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • Saudi Arabia
  • UAE
  • South Africa