What Has Been the Growth of the Quantum Computing Software Market So Far?
The quantum computing software market has seen considerable growth due to a variety of factors.
• The quantum computing software market has seen significant growth recently. It will increase from $0.5 billion in 2024 to $0.62 billion in 2025, with a compound annual growth rate (CAGR) of 25.6%.
The historical growth is attributed to the growing need for quantum computing solutions, government support, rising demand in sectors like BFSI, and the increasing number of strategic alliances for research.
What Is the Forecasted Market Size and Growth Rate for The Quantum Computing Software Market Size In The Coming Years?
The quantum computing software market is expected to maintain its strong growth trajectory in upcoming years.
• The quantum computing software market is expected to reach $1.53 billion by 2029, growing at a CAGR of 25.2%.
Growth is driven by cloud-based platforms, adoption in drug discovery, and digital transformation investments. Major trends include quantum software development, hybrid classical-quantum solutions, and collaborations in the tech industry.
What Factors Are Driving Growth In The Quantum Computing Software Market?
The surge in capital placed into quantum computing startups is predicted to drive the expansion of the quantum computing software market. Quantum computing startup companies are renowned for creating and bringing quantum computing technology to market. Government backing and the promise of groundbreaking innovation are causing an uptick in investment in these startups. The revolutionary potential of quantum computing, with its ability to open up new business possibilities and create economic value across diverse sectors, is a central reason for increased funding. As an example, in October 2023, the FINRA - a US-based nonprofit overseeing the country's financial field, reported that investments in quantum computing startups (hardware and software) hit a record high of $2.35 billion in 2022. This represents a notable rise compared to the prior two years. Consequently, this escalating investment in quantum computing startups is fueling the growth of the quantum computing software market.
What Are The Main Segments Of The Global Quantum Computing Software Market?
The quantum computing software market covered in this report is segmented –
1) By Component: Solution, Services
2) By Technology: Superconducting Qubits, Trapped Ions, Quantum Annealing, Other Technologies
3) By Deployment: Cloud, On-Premises
4) By Application: Optimization, Machine Learning, Simulation, Other Applications
5) By End-User: Aerospace And Defense, Banking, Financial Services And Insurance (BFSI), Healthcare, Automotive, Energy And Power, Chemical, Government, Other End-Users
Subsegments:
1) By Solution: Quantum Algorithms, Quantum Programming Languages, Quantum Simulation Software, Quantum Cloud Platforms, Quantum Machine Learning Software, Quantum Cryptography Software, Quantum Error Correction Software, Quantum Computing Middleware, Quantum Software Development Kits, Quantum Cloud Integration Tools
2) By Services: Quantum Software Development Services, Quantum Algorithm Development And Optimization Services, Quantum Cloud Computing As A Service, Quantum Consulting And Advisory Services, Quantum System Integration And Customization, Quantum Software Maintenance And Support, Quantum Education And Training Services, Quantum Simulation As A Service, Quantum Computing Application Development Services
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What Trends Are Shaping The Quantum Computing Software Market?
Top businesses in the quantum computing software market are investing in technological progress like cloud-based quantum computing services to secure a competitive edge. By using cloud-based quantum computing, enterprise customers can make use of mixed quantum computing features, such as quantum-powered AI, machine learning, and optimization. For example, in March 2024, Oracle Corporation, an American technology firm, initiated a cloud quantum enterprise software service. This service will allow clients to investigate fresh industrial use cases of mixed quantum computing, which merges traditional high-performance with quantum computing for enhanced processing power. This offering will utilize Oracle Cloud Infrastructure (OCI), supported by Nvidia A100 Tensor Core GPU clusters and the Nvidia CUDA Quantum open-source hybrid quantum computing platform.
Who Are the Key Players In The Quantum Computing Software Market?
Major companies operating in the quantum computing software market are:
• Alphabet Inc.
• Microsoft Corporation
• Huawei Technology Co. Ltd.
• Amazon Web Services Inc.
• Accenture PLC
• International Business Machines Corporation
• Oracle Corporation
• Honeywell International Inc.
• SAP SE
• Salesforce.com Inc.
• Fujitsu Ltd.
• Kronos Incorporated
• 1QB Information Technologies Inc.
• Zapata Computing Inc.
• Rigetti Computing Inc.
• QC Ware Corp.
• D-Wave Quantum Systems Inc.
• Cambridge Quantum Computing Ltd.
• Riverlane Limited
• Algorithmiq Inc.
• Strangeworks Inc.
• Phasecraft Limited
• Entropica Labs Pte. Ltd.
• ProteinQure Inc.
• Quantum Circuits Inc
What Is The Most Dominant Region In The Quantum Computing Software Market?
North America was the largest region in the quantum computing software market in 2023. The regions covered in the quantum computing software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
