What Is The Scope Of The Global Quantum Computing Market?
Quantum computing refers to a multidisciplinary field comprising aspects of computer science, physics, and mathematics that uses the laws of quantum mechanics to execute calculations that could provide exponential speedups over classical computers. Quantum computing utilizes quantum mechanics principles to perform complex computations exponentially faster than classical computers. Its potential to revolutionize cybersecurity, accelerate drug discovery, enhance AI, and address complex challenges makes it a promising technology despite its early stages.
Quantum Computing Global Market Report 2024 provides data on the global quantum computing market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The quantum computing market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Expected Annual Growth Rates And Market Size Estimates For The Global Quantum Computing Sector?
The quantum computing market has expanded rapidly, increasing from $1.83 billion in 2023 to $2.57 billion in 2024, reflecting a CAGR of 40.2%. This growth has been driven by advancements in quantum mechanics, pioneering research, and funding initiatives. The market is projected to reach $10.04 billion by 2028 at a CAGR of 40.6%, driven by research collaborations, workforce development, policy frameworks, and quantum communication advancements. Key trends include qubit count growth, industry adoption, and hybrid quantum-classical computing.
Which Factors Are Boosting Growth In The Quantum Computing Market?
The increasing investments in quantum computing startups are expected to drive the growth of the quantum computing market. These startups are focused on developing and commercializing quantum computing technologies, which hold the potential to revolutionize industries. Investments in quantum computing are growing due to government support and the promise of transformative innovations. In October 2023, the Financial Industry Regulatory Authority reported that investments in quantum computing startups reached a record $2.35 billion in 2022, marking a significant increase over the previous two years. These investments are driving the expansion of the quantum computing market.
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What Key Areas Define The Segmentation Of The Global Quantum Computing Market?
The quantum computing market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Deployment: On-Premises, Cloud
3) By Technology: Trapped Ions, Quantum Annealing , Superconducting Qubits, Other Technologies
4) By Application: Optimization, Simulation, Machine Learning, Other Applications
5) By End User: Healthcare, Banking, Financial Service and Insurance (BSFI), Automotive, Energy and Utilities, Chemical, Manufacturing, Others End Users
How Are Emerging Trends Reshaping The Dynamics Of The Quantum Computing Market?
In the quantum computing market, leading companies are working on quantum development kits, such as the Azure Quantum Development Kit (QDK), to gain a competitive advantage. The Azure Quantum Development Kit (QDK) is designed to help developers create quantum applications, simulate quantum systems, and explore quantum algorithms. For instance, in January 2024, Microsoft launched version 1.0 of the Azure Quantum Development Kit (QDK), offering major improvements in speed, simplicity, and browser compatibility. The QDK, primarily rewritten in Rust, boosts performance by 100x and integrates with Azure Quantum Service. It includes a VS Code extension with a quantum editor, debugger, and resource estimator to support quantum programming and help developers move toward more advanced quantum computing capabilities.
Which Region Has The Fastest Expansion In The Quantum Computing Market?
Asia Pacific was the largest region in the quantum computing market in 2023. The regions covered in the quantum computing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
