Press Release

Quantum Computing Market Set to Hit USD 5.2 Billion by 2030 from USD 1.1 Billion in 2023

The Global Quantum Computing Market size is valued at USD value 1.1 billion in 2023 and is projected to reach USD 5.2 Billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 38.98% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report. Quantum computing is an emerging cutting-edge burgeoning field of cutting-edge computer science coupled with innovative qualities of quantum mechanics to resolve concerns beyond the capability of even the most powerful classic computers.

The increasing requirement for high-performance computer, and technology in several sectors, and industries are projected to navigate the market predominantly.  Moreover, the combined efforts of the private companies, and government to further study, and develop latest quantum technologies are also opening new paths for the market participants, further assisting in enhancing the size of the Quantum Computing Market.

Besides this, several advancing sectors including – defence, healthcare, life science, IT, and data, can be aided by the development and implementation of quantum technology. In the same manner, the dynamics of healthcare, technology, power, trade, and military affairs can change the results of quantum cryptography. However, the requirement for trained experts to handle the surging demand for quantum technologies could hamper the growth of the market, further states the research report, “Global Quantum Computing Market Analysis, 2024.”

Global Quantum Computing Market Segmentation Analysis:

Machine Learning Segment is Expected to Occupy the Maximum Share in the Global Quantum Computing Market

Based on the applications segment, the market is further bifurcated into, model optimization, machine learning, and numeral simulation. Out of them, the machine learning segment is expected to dominate the Global Quantum Computing market, during the forecast period, i.e., 2024-2030. Quantum computing technology helps in the estimation of quantum system features, creates novel quantum algorithms, and enables quantum error-correcting codes.

In addition, the quantum computers that have machine learning technology in them can constrict large datasets into a smaller number of qubits, and entitle them to solve problems with complex data with improved efficiency. Thus, the amalgamation of machine learning with quantum computing technology expands the demand for efficient computing resources to lead innovations in the market.

North America is Anticipated to Have the Largest Share in the Global Quantum Computing Industry

Globally, the Global Quantum Market extends to 5 main regions including – North America, South America, Middle East & Africa, Europe, and Asia Pacific. However, the market is dominated by America. The region has experienced significant growth in the industry and is estimated to have the largest share in the upcoming years. It is attributed to the highly competitive landscape and early adoption of advanced technologies.

Moreover, the huge investments by private firms, and government initiatives for the purpose of advancement in technology have also led to the increasing adoption of quantum computing in healthcare, government, industrial, and academic facilities, further fueling market expansion. Furthermore, different universities, and companies in the North American region are constantly progressing, and make discoveries in the enhancement of technology, and it’s application.

For instance, IBM & Google, which have a huge global presence, are pioneers of quantum computers. In conclusion, the adoption readiness of various countries, and end-user readiness to develop quantum services have improved the growth of the market.

Competitive Analysis

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market players, including- Wave System Inc., IBM Corporation, Lockheed Martin, Google Research, Intel Corporation, Hewlett Packard Enterprise, QC Ware Corporation, Cambridge Quantum Computing Ltd., Fujitsu Ltd., and Accenture are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & quantum computing technology adoption?
5. How has the competition been shaping across various regions?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?