Quantum Computing Market was valued at nearly USD 234.06 billion by 2032
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Quantum Computing Market Overview
Published Via 11Press: Quantum computing is a rapidly developing market that is revolutionizing how we approach computing and data processing. By employing principles of quantum mechanics to perform computations, quantum computers are capable of solving problems that classical computers may find impossible or impracticable to resolve.
The global quantum computing market size is forecast to reach USD 234.06 billion by 2032 from USD 10.13 billion in 2022, rising at a compound annual growth rate (CAGR) of 36.89% during the forecast period.
At present, the quantum computing market is dominated by a few major players such as IBM, Google, Microsoft, and Honeywell. These firms are investing heavily in quantum computing research and development as well as creating quantum computing hardware and software systems.
The quantum computing market is expected to have a profound effect on industries such as healthcare, finance, logistics, and energy. Some key applications of quantum computing include drug discovery, supply chain optimization, financial modeling, and climate modeling.
Though the quantum computing market is promising, it still faces several obstacles such as high costs of hardware, a shortage of skilled experts in this area, and technical difficulties when building large-scale quantum computers. With ongoing research and development efforts, however, these problems should be overcome within the coming years, leading to even greater growth and innovation in this space.
Key Takeaways
- The global quantum computing market size was valued at USD 234.06 billion in 2022 and is expected to grow at a CAGR of around 36.89% from 2022 to 2032.
- Quantum computing is capable of solving problems that would be intractable or impossible for classical computers to solve.
- The quantum computing market is dominated by a few major players, including IBM, Google, Microsoft and Honeywell.
- The quantum computing market is expected to have a profound effect on numerous industries, such as healthcare, finance, logistics and energy.
- Quantum computing has many important applications such as drug discovery, supply chain optimization, financial modeling and climate modeling.
- The quantum computing market remains plagued by several obstacles, such as the high cost of quantum computing hardware, lack of qualified quantum computing experts and technical difficulties in building and running large-scale quantum computing systems.
- Research and development are expected to overcome these obstacles within the next couple of years, propelling even greater growth and innovation in the quantum computing market.
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Regional Snapshot
- North America: North America is currently the leading market for quantum computing, with the United States playing a major role. Major companies such as IBM, Google, and Microsoft are driving this growth through their presence and investment in research and development activities related to quantum computing. This region boasts numerous key players such as IBM, Google, and Microsoft which are driving demand within this region.
- Europe: Europe is an increasingly important market for quantum computing, with countries such as the UK, Germany, and France investing heavily in research and development. Through partnerships between quantum computing companies and other technology firms as well as the growing adoption of quantum computing across various industries, this region's market is experiencing rapid expansion.
- Asia Pacific: The quantum computing market in Asia Pacific is expected to experience significant growth over the coming years due to increased investments in research and development by countries like China, Japan, and South Korea. Furthermore, there have been an increasing number of collaborations between companies using quantum computing with academic institutions as well as its increasing adoption across industries like healthcare and finance – all contributing factors for market expansion within this region.
- The Rest of the World: Countries such as Brazil, South Africa, and the UAE are expected to experience significant growth in the quantum computing market over the coming years due to increased investments in research and development efforts as well as the growing adoption of quantum computing across various industries. These factors are fueling this region's meteoric rise in this region.
Drivers
- Quantum Computing Gaining Adoption in Various Industries: Quantum computing is seeing an uptick in popularity across a range of industries, such as healthcare, finance, logistics, and energy – as companies seek to use their power to solve complex problems and gain an edge in competition.
- Investments in Quantum Computing Research and Development: Governments, academic institutions, and private companies have made substantial investments in quantum computing research and development, spurring innovation and progress within the field.
- Growing Number of Partnerships and Collaborations: There has been an uptick in partnerships and collaborations between quantum computing companies and other technology firms, as well as academic institutions and research organizations. This trend is propelling the development of new quantum computing hardware and software systems, as well as its adoption across various industries.
- Increasing Access to Cloud-Based Quantum Computing Services: The growing availability of cloud-based quantum computing services is making it simpler for companies and researchers to utilize this cutting-edge technology, spurring adoption and innovation within the field.
Restraints
- Limited Access to Qualified Quantum Computing Experts: Unfortunately, there is currently a shortage of highly experienced quantum computing specialists, making it challenging for companies to construct and sustain quantum computing systems.
- Technical Challenges in Building and Maintaining Large-Scale Quantum Computing Systems: The development of large-scale quantum computing systems is still in its early stages, so there are numerous technical obstacles that must be overcome, such as noise reduction, error correction, and scalability.
- Limited Quantum Computing Applications: Although the list of potential applications for quantum computing is growing, the number of practical ones that have been developed and implemented remains limited. This can make it challenging for companies to justify investing in quantum computing technology.
- Regulatory Challenges: Quantum computing technology may face regulatory restrictions, particularly around data privacy and security. This could create additional obstacles to the adoption and investment in the technology.
Opportunities
- Growing Number of Partnerships and Collaborations: The growing number of partnerships and collaborations among quantum computing companies, other technology firms, academic institutions, and research organizations is creating opportunities for the development of new quantum computing hardware and software systems as well as its adoption across various industries.
- Advancements in Quantum Computing Hardware and Software: With the rapid progress being made in the development of quantum computing hardware and software, new opportunities will present themselves for applying this technology across various industries and fields.
- The growing availability of cloud-based quantum computing services: Cloud-based quantum computing services are making it simpler for companies and researchers to access and utilize quantum computing technology, spurring adoption and innovation within the field.
- Growth of Quantum Computing as a Service: As more companies and researchers embrace the potential of quantum computing, cloud-based quantum computing services are creating exciting new business opportunities for those offering these solutions.
- Potential for Breakthroughs in Areas such as Drug Discovery, Finance, and Energy: Quantum computing holds the potential to unravel complex issues in fields like drug discovery, finance, and energy – leading to major breakthroughs and advances. This presents companies with unique opportunities for those who can develop and implement quantum computing solutions in these sectors.
Challenges
- Technical Challenges in Constructing and Running Large Quantum Computing Systems: As quantum computing systems continue to emerge, numerous technical obstacles must be overcome such as noise reduction, error correction, and scalability. These issues make it challenging for companies to construct and run these massive quantum computers efficiently.
- Limited Access to Qualified Quantum Computing Experts: There is currently a shortage of highly experienced quantum computing professionals, making it difficult for companies to construct and maintain quantum computing systems. This shortage could potentially restrict the growth of this industry in the coming years.
- Quantum computing Applications: While quantum computing has many potential uses, the number of practical applications that have been created and implemented remains limited. This could make investing in quantum computing technology and research on practical applications an attractive prospect.
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Recent Developments
- Google Claims Quantum Supremacy: In 2019, Google claimed to have achieved quantum supremacy by performing a calculation on its quantum computer that even the most powerful supercomputers would take thousands of years to complete. This was seen as an important milestone in the advancement of quantum computing technology.
- IBM Launches Quantum Computing Program for Students: In 2020, IBM unveiled a quantum computing program specifically tailored towards students that provides them with access to IBM's resources and tools, as well as a platform for learning and collaboration.
- Honeywell Achieves Quantum Computer Record Performance: On March 20, 2021, Honeywell revealed its creation of a quantum computer with an astonishing quantum volume of 512. This feat marked an amazing advancement in quantum computing technology and demonstrated how rapidly progress has been made since then.
- Amazon Web Services Announces Quantum Computing Service: On June 2021, Amazon Web Services (AWS) announced the launch of its own quantum computing service called Amazon Bracket. This offering gives customers access to various vendors' hardware as well as tools and resources for developing and testing quantum algorithms.
Key Market Segments
Type
- Hardware
- Software
- Services
Application
- Defense
- Healthcare & pharmaceuticals
- Chemicals
- Banking & Finance
- Energy & power
Key Market Players
- D-Wave Systems
- IBM
- Intel
- Microsoft
- 1QB Information Technologies
- Anyon Systems
- Cambridge Quantum Computing
- ID Quantique
- IonQ
- QbitLogic
- QC Ware
- Quantum Circuits
- Qubitekk
- QxBranch
- Rigetti Computing
Nature Insights
- Progress is being made in the development of quantum computing hardware: Despite the challenges facing large-scale quantum computing systems, progress is being made on quantum computing hardware. This includes creating quantum processors with increasingly more qubits and creating new materials suitable for use in quantum computers.
- Quantum computing software is still in its early stages: While progress is being made with quantum computing hardware, software development for quantum computation remains at a standstill. This presents an immense challenge to the industry as developing efficient quantum algorithms is essential to realizing its full potential.
- Collaboration is essential to the advancement of quantum computing: Collaboration between companies, academic institutions, and research organizations is essential for progress in this industry. This includes joint efforts to develop new hardware and software systems as well as collaborations that promote quantum computing across various industries.
Report Scope
| Report Attribute | Details |
| The market size value in 2022 | USD 10.13 Bn |
| Revenue forecast by 2032 | USD 234.6 Bn |
| Growth Rate | CAGR Of 36.89% |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and the Rest of the World |
| Historical Years | 2017-2022 |
| Base Year | 2022 |
| Estimated Year | 2023 |
| Short-Term Projection Year | 2028 |
| Long-Term Projected Year | 2032 |
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FAQ.
Quantum computing is a type of processing data using quantum mechanics. It relies on principles such as superposition, entanglement, and interference which enable quantum computers to perform calculations that would be impossible with classical computers.
Quantum computing holds great promise for revolutionizing industries such as drug discovery, finance, energy, and logistics. Potential uses include creating new drugs and materials, optimizing supply chains and logistics networks, and even improving weather forecasting models with greater precision.
The quantum computing market faces numerous obstacles, such as technical difficulties in building and running large-scale quantum computers, high costs associated with quantum computing hardware, a scarcity of highly qualified quantum experts, and an absence of practical applications developed and deployed.
Major companies operating within this space include IBM, Google, Microsoft, Honeywell, Intel, and Rigetti Computing. These firms are actively developing and commercializing quantum computing hardware and software systems.
Overall, analysts anticipate a bright future for quantum computing, with continued investment and innovation anticipated in the coming years. Though still in its early stages of development, its potential advantages are immense - leading to rapid industry growth over the coming years.
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