Market Definition
Quantum Computing is a cutting-edge technology based on quantum theory and quantum mechanics, used for computing and solving challenging and complex problems a classical computer cannot handle. Although it uses 0 and 1 bits to calculate like classical computers, it employs every condition between 0 and 1 and provides exceptional results. In addition, the system compares several solutions, identifies the best one for a problem, and differs from traditional computers in terms of speed, bits, and data.
Market Insights
The Global Quantum Computing Market is projected to grow at a CAGR of around 39% during the forecast period, i.e., 2023-28. The mounting need for high-performance computers and technology in different industries and sectors is projected to drive the market predominantly. Since not all enterprises could develop their quantum computer, they could access them online or through an interface, resulting in multiple implementations of the technology. Thus, the market is anticipated to grow exponentially with the advent of new technologies and quantum patents. Further, the concerted efforts of the government and private companies to further study and develop new quantum technologies are also opening up new avenues for the industry players.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR (2023-2028) | 39% |
| Regions Covered | North America: US, Canada, Mexico |
| Europe: Germany, The UK, France | |
| Asia-Pacific: China, India, Japan | |
| South America: Brazil | |
| Key Companies Profiled | D Wave System Inc., IBM Corporation, Lockheed Martin, Google Research, Intel Corporation, Hewlett Packard Enterprise, QC Ware Corporation, Cambridge Quantum Computing Ltd., Fujitsu Ltd., Accenture |
| Unit Denominations | USD Million/Billion |
Besides this, advancing industries, including healthcare, defense, data, IT, and life science, could be aided by quantum technology development and implementation. Along similar lines, the dynamics of power, trade, technology, healthcare, and military affairs can shift as a result of quantum cryptography. However, the need for more trained professionals to handle the demand for quantum technologies could hinder the market growth. Contrary to this, the adoptive readiness of various industries and end-users could further exemplify the industry.
Market Dynamics
Key Driver: Intensifying Investments in Quantum Technology
Government initiatives and private sectors are both continuously investing in the development of quantum technologies. For instance, the Chinese government, the government of the USA, and Australia, along with countries from the European Union, are supporting the ventures of quantum technological developments through funding, along with prominent company players in the USA competitively investing in its advancement. Consecutively, it leads to an expanding application and commercialization of quantum computers. In addition, the industry developments are also reflected in the proliferation of quantum technology in various sectors, including banking and retail. Thus, these investments are primarily fueling the further growth of the industry.
Possible Restraint: Inadequate Availability of Skilled Professionals
Quantum computing as an innovative technology requires a group of experts with the necessary technical expertise in its function and deployment. Though several governments and quantum computer manufacturers are providing training courses to overcome the talent shortage, the cost of the classes, the complexity of modules in understanding quantum mechanics, and their time-consuming nature collectively hinder the fulfillment of such courses. Moreover, since machines and algorithms still require talented and knowledgeable handlers, the need for more qualified professionals is hampering the growth and advancement in technology and the market.
Growth Opportunity: Wide Applicability of Quantum Computing in Multiple Industries
There is a growing possibility to imply methods of quantum mechanics in various industries to progress forward. As such, quantum technologies have a broad scope of implementations across many sectors, including BFSI, defense, agriculture, transport, healthcare, etc. Besides, rapid technical breakthroughs and reliance on technology to resolve complicated issues provide a lucrative opportunity for the market players. Furthermore, the steady efforts to come up with time and money-saving solutions by the tech giants are projected to provide unprecedented market growth through the forecast years.
Key Trend: The Exponential Increase in The Number of Patent Registration
Given the large influx of investments, the development related to quantum technologies is extending exponentially. Moreover, since machine learning methods with quantum enhancements are in high demand, the primary key players are willing to invest in research and development. This has resulted in a rapid increase in the number of patent applications by firms worldwide to keep up with the expansion of technology and register and document new programs and technology. Thus, patents and investments are shaping the future of enhanced quantum technologies. Furthermore, this promotional competition has motivated several companies to patent their models and continue to make advancements in the present systems, resulting in the market's overall growth.
Market Segmentation
Based on Deployment,
Of the three, Cloud-based deployment is expected to result in a significant value source during the forecast period. The need for cloud-based computing solutions and services would increase with the development of more robust and meteoric systems. Majorly, the freedom & flexibility of access provided to users through cloud-based deployment, along with access to noisy intermediate scale quantum (NISQ) systems, is prompting its demand further. As the cloud can provide access to different devices and simulators through laptops, key players’ interest in it is bound to increase in the coming years. For instance, Google is investing and researching quantum technologies with an aim to launch an embellished cloud computing-based service.
Based on Sector,
Of them all, Finance & Investment is expected to acquire the highest market share in the forecast period. It owes principally to the big banking corporations investing in potential computing technology to streamline their business process and garner more robust security. Besides, quantum computing has always been crucial in the banking sector for addressing and resolving cybersecurity issues to protect clients’ sensitive information. As quantum cryptography provides a higher degree of protection than the traditional state of a client’s digital security, it is anticipated to help exemplify the market even more. For instance, on April 2022, HSBC and IBM Corporation announced a three-year collaboration to study the potential of quantum cryptography in the banking industry. Beyond this, speed, cost efficiency, insider intelligence trends, forecasts and statistics, greater compliance, and employing behavioral data enhancing customer engagement are some of the specific benefits that would further elevate the market growth.
Regional Projection
Geographically, the Global Quantum Computing Market expands across:
Here, North America has experienced noteworthy growth in the market and is expected to have the highest share in the forecast period. It ascribes to the early adoption of advanced technologies and the highly competitive landscape. In addition, the hefty investments by governmental initiatives and private firms for the development of the technology have also resulted in the increasing adoption of quantum computing in government, academic, healthcare, and industrial facilities, further fueling the market proliferation.
Along similar lines, companies and universities in North America are regularly making progress and discoveries in the development of technology and its applications. For instance, Google and IBM, which have a large global presence, are pioneers of quantum computers. Conclusively, the adoption readiness rate of countries and end-user readiness to develop advanced quantum services have enhanced the market growth.
On the other hand, the Asia-Pacific region is also expected to experience tremendous growth through 2028, owing to its fast-growing industries and emerging economy. In addition, various industries, including the manufacturing industry, technological development, and growing healthcare sectors, have increased demand for new technologies, further impacting the industry growth.
Recent Developments in the Global Quantum Computing Market
Do You Require Further Assistance?
Frequently Asked Questions
A. The Quantum Computing Market is projected to grow at a CAGR of around 39% during 2023-28.
A. Intensifying investments in Quantum Technologies are expected to drive the Quantum Computing Market during 2023-28.
A. D 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 the top players in the Quantum Computing Market during 2023-28.
A. Cloud-based deployment is anticipated to emerge as an area of remunerative opportunities for the leading players in the Quantum Computing Market during the forecast period.
A. Globally, North America would provide lucrative prospects for the Quantum Computing Market in the years ahead.
A. The exponential surge in the number of patent registration is expected to shape the growth of the Quantum Computing Market during 2023-28.
A. The wide applicability of quantum computing in multiple industries are the growth opportunities driving the Quantum Computing Market through 2028.
A. Inadequate availability of skilled professionals is the possible restraint affecting the growth of the Quantum Computing Market during 2023-28.
