Quantum Computing Market to hit USD 4.85 Bn by 2030 – Premium Study by Market Research Future
May 26, 2023
According to MRFR analysis, the global Quantum computing market is expected to register a CAGR of 31.3% from 2022 to 2030 and hold a value of over USD 4.85 Billion by 2030.
Quantum computing is a type of computing that uses quantum-mechanical phenomena such as superposition and entanglement to perform operations on data. Unlike classical computers, which use bits to store and manipulate information, quantum computers use quantum bits (qubits) to perform calculations. The global quantum computing market was valued at USD 2.1 billion in 2020 and is projected to reach USD 7.3 billion by 2027, growing at a CAGR of 19.5% during the forecast period.
The COVID-19 pandemic has had a mixed impact on the quantum computing market. On the one hand, it has disrupted supply chains and slowed down research and development activities, leading to delays in the launch of new products and services. On the other hand, the pandemic has accelerated the adoption of digital technologies, including quantum computing, as companies seek to improve their resilience and agility in the face of future crises.
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Some of the key market players are
- IBM Corporation
- Rigetti & Co Inc.
- D-Wave Systems Inc.
- Cambridge Quantum Computing Ltd.
- Atos SE
- Intel Corporation
- IBM Corporation
In terms of geography, North America dominates the quantum computing market, followed by Europe and Asia Pacific. The United States is the largest market for quantum computing in North America, owing to the presence of a large number of quantum computing companies and research organizations in the region. In Europe, the United Kingdom and Germany are the major markets for quantum computing. In Asia Pacific, China, Japan, and South Korea are the leading markets for quantum computing.
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The market for quantum computing is divided into based on product, application, verticals, and geographic regions.
Based on Product: Hardware, software, and services make up the sub-segments within the product type segment. The market’s largest category is hardware.
Based on Application: The application segment for quantum computing is further divided into optimization, machine learning, simulation, and others.
Based on Vertical: Aerospace & defence, BFSI, energy & power, healthcare, information technology (IT) & telecommunication, transportation, and others make up the vertical segment’s sub-segments.
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The quantum computing market is expected to grow at a rapid pace in the coming years, with a number of companies investing heavily in the technology. Some of the latest industry developments in 2023 include:
- Google announced the development of a new quantum computer called Sycamore, which can perform calculations that would take traditional supercomputers millions of years. Sycamore is the first quantum computer to achieve “quantum supremacy,” meaning that it can solve a problem that is beyond the capabilities of any classical computer.
- IBM announced the release of its new quantum computing platform, IBM Q System One. IBM Q System One is the first commercial quantum computer that is available to businesses and researchers.
- Intel announced its plans to invest $1 billion in quantum computing research and development. Intel is one of a number of companies that are investing heavily in quantum computing, as they see the technology as having the potential to revolutionize a wide range of industries.
- The U.S. government announced a new initiative to support quantum computing research and development. The initiative, called the National Quantum Initiative, will provide $1.2 billion in funding over the next five years.
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