Global Quantum Computing Market Research Report: Forecast (2024-2030)

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 Analysis & Insights: Global Quantum Computing Market (2024-20230)

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. 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.

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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, further aiding in enhancing the Quantum Computing Market size.

Besides this, advancing industries, including healthcare, defence, 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 market growth. Contrary to this, the adoptive readiness of various industries and end-users could further exemplify the industry.

Global Quantum Computing Market Driver:

Rising Investments in Quantum Technology - Government initiatives and private sectors are both continuously investing in the development of quantum technologies. 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. 

• For Instance, In February 2024, the U.K. government declared speculation of USD 48.4 million for quantum computers and USD 29 million for novel semiconductors. This investment will help the government of the United Kingdom to build the U.K. into a science, and innovation superpower, and to construct a quantum-enabled economy by 2033.

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 market growth of the Quantum Computing Market.

Global Quantum Computing Market Challenge:

Lack of Skilled Experts across the Globe to Hamper the Market - 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.

Global Quantum Computing Market Opportunity:

Rising Requirement for Quantum Computing Technology in Numerous Industries - There is a growing possibility to imply methods of quantum mechanics in various industries to progress forward. such as, 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.

Global Quantum Computing Market Trend:

An Exponential Rise in the Number of Patent Filings by Key Players - 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.

• For Instance, In October 2023, Amazon filed a patent for quantum computing across various quantum technologies via edge computing devices to utilize computing services without the requirement for direct access to quantum hardware.

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.

Global Quantum Computing Market (2024-2030): Segmentation Analysis

The Global Quantum Computing Market study of MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment. It includes predictions for the period 2024–2030 at the global level. Based on the analysis, the market has been further classified as:

Based on Deployment,

• Hybrid
• Cloud-based
• On-Premises

On the basis of Deployment, the Cloud-based deployment is anticipated 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, in August 2023, China Electronic Technology Group Corp, and China Mobile revealed an advanced quantum computing platform to help researchers and companies carry out quantum algorithm experiments to a practical stage.

Based on Applications,

• Machine Learning
• Numeral Simulation
• Model Optimization

On the basis of the Applications, the machine learning segment will hold the maximum market share of the Quantum Computing market, during the forecast period. The technology helps in creating novel quantum algorithms, enables quantum error-correcting codes, and the estimation of quantum system features. Quantum computers with machine learning technology can compress huge datasets into a smaller number of qubits, and enable them to resolve issues with complex data with better efficiency. Hence, the incorporation of machine learning with quantum computing technology increases the demand for efficient computing resources to bring innovations of the industry.

Global Quantum Computing Market (2024-2030): Regional Projection

Geographically, the Global Quantum Computing Market expands across:

• North America
• South America
• Europe
• Middle East & Africa
• Asia-Pacific

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 market escalation.

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.

Global Quantum Computing Industry Recent Developments 

• In February 2024, D-Wave, launched their latest prototype, the Advantage2, bragging over 1.200 qubits, via their leap quantum cloud service. It enables the current leap subscribers to access the latest hardware quickly, while newcomers can register for the leap & enjoy up to one minute of free usage of the Advantage2 prototype, along with other quantum processing units, and solvers available on the platform.
• In December 2023, IBM, declared a collaboration with Keio University, the University of Tokyo, Yonsei University, Seoul National University, and the University of Chicago to enhance quantum education across Korea, Japan, and the U.S. Through this collaboration, IBM aims to offer educational programs, alongside inputs from each participating university, with the goal to train up to 40,000 students over the next 10 years. This effort seeks to offer students the required skills for the emerging quantum workforce, and foster the development of a burgeoning quantum computing ecosystem.
• In October 2023, Fujitsu Ltd., partnered with RIKEN & developed AI drug discovery technology. This launch of AI drug discovery technology unites the computing power of the newly developed 64 qubits superconducting quantum computer to deliver a new platform to research institutions and businesses.

Gain a Competitive Edge with Our Global Quantum Computing Market Report

1. Global Quantum Computing Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
2. This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
3. Global Quantum Computing Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.

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