Global Quantum Computing Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Component (Hardware, Software, and Services), By Application (Optimization, Simulation, and Machine Learning), End-user (Aerospace & Defense, BFSI, Energy & Power, Healthcare, Information Technology & Telecommunication, and Transportation), Region (North America, Europe, Asia Pacific, and Latin America, Middle East & Africa (LAMEA))

Market Overview

Quantum computing is a branch of computer science that uses quantum theory ideas. It is a cutting-edge technology that is quickly taking off that uses quantum mechanics to solve more challenging issues than classical computers can handle. In terms of speed, bits, and data, quantum computing has been employed for computation. While traditional computing only uses two bits—0 and 1—the system makes use of all possible states between 0 and 1, producing better results and processing data more quickly. The system's primary application is to compare various solutions and choose the best one for a challenging issue.

According to Ken Research Analysis, the Global Quantum Computing Market was valued at ~US$ 200 million in 2017. It is estimated to be ~US$ 500 million by 2022 and is expected to reach a market size of ~US$ 2000 million by 2028 growing at a CAGR of ~25% during the forecast period (2022-2028). The demand for high-performance computing is driving the growth of the quantum computing market.

• The quantum computing sector will grow as a result of governments investing more money in the field. The development of quantum computing technology has the potential to alter the dynamics of the strategic balance of trade, power, and military affairs. To build and expand quantum computing systems, several countries aim to increase exploratory research on innovative technologies. Rising government spending on such solutions for a variety of applications is predicted to support the growth of the global quantum computing market.
• The quantum computing sector faces several underlying intellectual hurdles despite rich development potential. One of the main factors limiting the market's expansion is the complexity of quantum computing solutions. The market's expansion is further hampered by compatibility problems and quantum entanglement during network communication.
• Global digitalization has rapidly advanced since the start of the COVID-19 epidemic. The pandemic-induced changes to the world economy are proving difficult to adjust to, and businesses are working to maintain their digital transformation momentum while adjusting to the new norm of installing remote workstations. Quantum computing is still a key component of strong research capabilities in such circumstances.

Scope of the Report

The quantum computing market is segmented by component, application, end-user. In addition, the report also covers market size and forecasts for the four region’s quantum computing markets. The revenue used to size and forecast the market for each segment is US$ billion.

Key Trends by Market Segment

By Component: The hardware segment held the largest market share in 2021, Since hardware represents a substantial bottleneck in the ecosystem, growth in this sector is anticipated.

• Numerous hardware platforms are being developed for quantum computing. All commercially accessible quantum computers are based on superconducting circuits and trapped ions, which are the most sophisticated. Spin qubits, photonic networks, and neutral atoms are other intriguing platforms.

By Application: The machine learningsegment held the largest market share in 2021, due to the growing popularity of such computing, the machine learning segment will gain ground.

• Quantum algorithms are included in machine learning software as part of quantum machine learning. It becomes exceedingly challenging to systematically sort a large number of variables in complex models. Therefore, consumers can choose quantum computing technology to quickly and accurately resolve this complexity.
• The Monte Carlo approach, for instance, employs sampling to estimate numerical quantities from a big dataset. Algorithms can speed up the implementation of the Monte Carlo method and cut down on calculation time, whereas quantum algorithms can speed up the execution speed of a solution.

By End-user: BFSI segment held the largest market share in 2021, the market will grow as more of these computing systems are used in banking, financial services, and insurance.

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

By Geography: Asia Pacificsegment held the largest market share in 2021, chemicals, banking and finance, healthcare and pharmaceuticals, and other industries all have significant hubs.

• Leading producers of consumer electronics, including smartphones, laptops, and gaming consoles in APAC include nations like China, Japan, and South Korea. In these industries, there is a need to tackle difficulties in applications of simulation, machine learning, and optimization.
• Large and medium-sized businesses are developing in the region as a result of the rapid growth seen by APAC's growing economies and the increased use of cutting-edge technologies in the manufacturing industry. In consequence, this is increasing demand for quantum computing equipment and services in APAC. 

Competitive Landscape

The global quantum computing market is highly competitive with ~200 players which include globally diversified players, regional players, and country-niche players with their niche in the quantum computing market.

Regional players constitute ~45% of the competitors, while the County-niche players are the second largest by type. Some of the major players in the market include Intel Corporation, Atos SE, IBM Corporation, Quantum Circuits, Inc., Microsoft Corporation, Google, Accenture, Toshiba Corporation, Hitachi Ltd, Huawei, and among others. 

Recent Developments Related to Major Players

• In May 2021, the first multi-chip quantum processor in the world has been introduced by Rigetti Computing. It features a proprietary modular architecture that shortens the path to commercialization while tackling key scaling issues for fault-tolerant quantum computers.
• In January 2021, Google Quantum AI (Google) and Boehringer Ingelheim announced a collaboration agreement that would focus on implementing and researching novel applications of quantum computing in pharmaceutical research and development, particularly molecular dynamics simulations.
• In February 2021, the IBM Quantum Network and BP have reportedly joined forces, according to IBM, to support the use of quantum computing technologies in the power and energy sectors.

Conclusion

The global quantum computing market is forecasted to continue the growth that is witnessed since 2017. Quantum computing provides benefits, real-world consequences, and concerns for the automotive sector. Its applications in the automobile industry are many and are likely to address some of the major issues the sector is currently facing. This disruptive technology is related to supercomputing and high-performance computing operations. The market is highly competitive, with firms who have been there for a while taking the majority of the market. Though the market is highly competitive with ~200 players, few global players control the dominant market share and regional players also hold a significant market share.

Note: This is an On-Demand/Planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within a maximum of two working weeks.

Key Topics Covered in the Report

• Snapshot of the Global Quantum Computing Market
• Industry Value Chain and Ecosystem Analysis
• Market size and Segmentation of the Global Quantum Computing Market
• Historic Growth of the Overall Global Quantum Computing Market and Segments
• Competition Scenario of the Market and Key Developments of Competitors
• Porter’s 5 Forces Analysis of the Global Quantum Computing Industry
• Overview, Type Offerings, and Strengths & Weaknesses of Key Competitors
• COVID-19 Impact on the Overall Global Quantum Computing Market
• Future Market Forecast and Growth Rates of the Total Global Quantum Computing Market and by Segments
• Market Size of End-user Segments with Historical CAGR and Future Forecasts
• Analysis of Global Quantum Computing in Major Regions
• Major Type/Supply and Consumption/Demand Hubs within Each Region
• Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
• Overview of Notable Emerging Competitor Companies within Each Major Region

Major Players Mentioned in the Report

• Intel Corporation
• Atos SE
• IBM Corporation
• Quantum Circuits, Inc.
• Microsoft Corporation
• Google
• Accenture
• Toshiba Corporation
• Hitachi Ltd
• Huawei

Notable Emerging Companies Mentioned in the Report

• Zapata Computing, Inc.
• Strangeworks, Inc.
• Magiq Technologies Inc.
• Qxbranch, LLC
• Honeywell Inc.

Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report

• Quantum Computing Companies
• Quantum Computing Association
• Cloud Server Manufacturers
• Networking Equipment Manufacturers
• Research & Development Institutes for Quantum Computing
• Quantum Computing Systems Manufacturers
• Technology Research Associations
• Quantum Computing Solution Suppliers
• Quantum Computing Component Providers 
• Investment Banks Targeting Quantum Computing Market
• PE and VC Firms Targeting Quantum Computing Industry
• Government Ministries and Departments of Information Technology
• Government Ministries and Departments of Communications Industry
• Potential Entrants into Quantum Computing Industry

Frequently Asked Questions

• What is the Study Period of this Market Report?

The Global Quantum Computing Market is covered from 2017-2028 in this report, which includes a forecast for the period 2022-2028.

• What is the Future Growth Rate of the Global Quantum Computing Market?

The Global Quantum Computing Market is expected to witness a CAGR of about 25% over the next six years.

• What are the Key Factors Driving the Global Quantum Computing Market?

Rising government spending on such solutions for a variety of applications is predicted to support the growth of the Global Quantum Computing Market.

• Which is the Largest Application Segment within the Global Quantum Computing Market?

The machine learning segment held the largest market share in 2021, due to the growing popularity of such computing, the machine learning segment will gain ground.

• Who are the Key Players in the Global Quantum Computing Market?

Intel Corporation, Atos SE, IBM Corporation, Quantum Circuits, Inc., Microsoft Corporation, Google, Accenture, Toshiba Corporation, Hitachi Ltd, Huawei, and others are the major companies operating in Global Quantum Computing Market.