What Fueled The Previous Growth In The Quantum Computing Market?
The quantum computing market has seen considerable growth due to a variety of factors.
• The size of the quantum computing market has been increasing rapidly in the past few years. There is an expected growth from $2.57 billion in 2024 to $3.62 billion in 2025- showing a compound annual growth rate (CAGR) of 40.9%.
Factors contributing to the historic growth include the establishment of quantum mechanics principles, innovative ideas in quantum information theory, as well as funding and investment.
How Does the Forecast Look for the Quantum Computing Market?
The quantum computing market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the quantum computing market is anticipated to experience a considerable surge. The market is projected to inflate to a worth of $14.11 billion by 2029, with an impressive compound annual growth rate (CAGR) of 40.5%.
The driving forces behind this anticipated growth during the forecasting span can be linked to research projects and collaborations, educational initiatives and workforce growth, regulatory guidelines and policy infrastructure, as well as advancements in quantum communication and networking. Noteworthy trends during this projection period encompass the rapid increase in qubit counts, accelerated commercialization and acceptance in various industries, and merger of quantum and classical computing.
What Are The Leading Drivers Of Growth In The Quantum Computing Market?
The quantum computing market is forecasted to experience significant growth, propelled by the surge in investments in quantum computing startups. These startups are focused on the development and commercialization of quantum computing technology. The support from governments alongside the potential for considerable innovative disruption are key factors boosting investments in these startups. The potential of quantum computing to unlock new business prospects and create economic value across various sectors is another reason for the uptick in investments. As an illustration, the US non-profit organization - the FINRA, which oversees the American financial sector, reported that in October 2023 the investments made in quantum computing startups (both hardware and software sectors) had peaked at $2.35 billion in 2022. This represents a significant increase from the previous two years. Consequently, the surge in the investments in quantum computing technology is propelling the development of the quantum computing market.
How Are The Segments Defined Within 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
Subsegments:
1) By Hardware: Quantum Processors, Quantum Sensors, Quantum Memory, Quantum Controllers, Quantum Detectors
2) By Software: Quantum Programming Languages, Quantum Development Platforms, Quantum Algorithms, Quantum Simulation Software
3) By Services: Cloud-Based Quantum Computing Services, Quantum Consulting, Quantum Training And Support Services, Quantum Application Development Services
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What Trends Are Reshaping The Future Of The Quantum Computing Market?
The primary players in the quantum computing market are concentrating their efforts on the creation of quantum development kits, such as the Azure Quantum Development Kit (QDK), in order to establish a competitive advantage. Azure QDK is a software development kit designed to aid developers in exploring and experimenting with quantum algorithms, simulating quantum systems, and ultimately, constructing applications for quantum computers. For example, Microsoft, an American technology company, in January 2024, unveiled the 1.0 version of the Azure Quantum Development Kit (QDK), characterised by a significant overhaul for improved speed, simplicity, and browser adaptability. The updated QDK is largely reconceived in Rust, delivering a 100x performance improvement and compatibility with Azure Quantum Service. It provides a VS Code extension complete with a Q editor, debugger, and quantum programming resource estimator. The update is intended to assist developers in surmounting the 'Noisy Intermediate Scale Quantum' stage and progressing to Level 2 quantum computing proficiency.
Who Are the Key Players In The Quantum Computing Market?
Major companies operating in the quantum computing market are:
• Google LLC
• Intel Corporation
• International Business Machines Corporation
• Honeywell
• Atos Quantum
• PsiQuantum Corporation
• Quantum Machines Technologies Ltd.
• Pasqal
• Xanadu Quantum Technologies Inc.
• Quantum Brilliance Pty Ltd.
• Zapata Computing Inc.
• Riverlane Ltd.
• Quantum Circuits Inc.
• Quantum Motion Technologies Inc.
• IonQ Inc.
• Cambridge Quantum Computing Limited
• Seeqc Inc.
• Q-CTRL
• D-Wave Systems Inc.
• Rigetti Computing
• QuEra Computing Inc.
• Qubitekk Inc.
• Bleximo Corporation
• Anyon Systems Inc.
• Classiq Technologies Inc
What Is The Most Dominant Region In The Quantum Computing Market?
Asia-Pacific was the largest region in the quantum computing market in 2024. The regions covered in the quantum computing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
