The enterprise quantum computing market has seen exponential growth, surging from $2.98 billion in 2023 to $3.83 billion in 2024, with a CAGR of 28.8%. This expansion is driven by increased investments, skilled workforce development, and international collaboration. The market is expected to reach $10.83 billion in 2028, growing at a CAGR of 29.7%. The growth will be propelled by applications in gaming, aerospace, financial trading, and manufacturing. Key trends include subscription-based quantum models, quantum AI, optimization techniques, and blockchain integration.
Major Driver In The Enterprise Quantum Computing Market
The enterprise quantum computing market is poised for growth, fueled by the increasing adoption of cloud computing. Cloud computing, offering ubiquitous and on-demand network access to configurable computing resources, enables organizations to optimize investment plans and enhance various operations using enterprise quantum computing. Notably, Eurostat reported a 6-percentage point increase in cloud computing usage among European Union enterprises, reaching 42% in December 2021. This rise in demand for cloud computing is expected to drive the enterprise quantum computing market, with market sizes reflecting this trend in 2023, 2024, and 2028.
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Enterprise Quantum Computing Market Competitive Landscape
Huawei Technologies Co. Ltd., Google LLC, Microsoft Corp., Alibaba Group Holding Limited, Amazon Web Services Inc., Raytheon Corp., Lockheed Martin Corp., IBM Corporation, Deloitte Touche Tohmatsu Limited, KPMG International Cooperative, NXP Semiconductors NV., Booz Allen Hamilton Corp., Reply S.p.A, Honeywell Quantum Solutions, Quantum Technology, PsiQuantum Inc., D-Wave Systems Inc., 1QBit Information Technologies Inc., Terra Quantum AG, Zapata Computing Inc., Rigetti Computing Inc., IonQ Inc., Classiq Technologies Inc., Phasecraft Ltd., Cambridge Quantum Computing, Xanadu Quantum Technologies Inc., Aegiq Inc., QuantrolOx Ltd., QMWare Inc., Archer Materials Limited
Key Enterprise Quantum Computing Market Trend
Technological advancements are driving growth in the enterprise quantum computing market. Companies are focusing on new technologies to maintain their market position. For instance, in December 2021, Rigetti Computing introduced Aspen-M, the world’s first commercial multi-chip quantum processor. This processor, built from two 40-qubit chips using Rigetti’s unique technology, accelerates quantum computation by 2.5 times and reduces readout errors by up to 50%.
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Enterprise Quantum Computing Market Segmentation
The enterprise quantum computing market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Deployment Mode: On-Premise, Cloud
3) By Technology: Quantum Annealing, Superconducting, Trapped Ion, Quantum Dot, Other Technologies
4) By Application: Machine Learning/Deep Learning/AI, Optimization, Simulation And Data Modelling, Cyber Security, Other Applications
5) By Industry Vertical: Healthcare And Life sciences, IT And Telecom, Manufacturing, BFSI, Energy And Utilities, Aerospace And Defense, Other Industries
By Geography:The regions covered in the enterprise quantum computing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the enterprise quantum computing market in 2023.
The Enterprise Quantum Computing Global Market Report 2024 furnishes information about the global enterprise quantum computing market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
