Quantum Computing Market Forecast to Grow at 30.7% CAGR from 2024 to 2031 | SkyQuest Technology
Westford, USA, July 08, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Global Quantum Computing Market will attain a value of USD 7135 Million by 2031, with a CAGR of 30.7% during the forecast period (2024-2031). Quantum Computing, as it is known today, is the foundation of emerging technologies. Technology has witnessed multiple progresses in the past years, but a few practical barriers are still on the way. The latest success in AI and the conforming boost it gave to the traditional algorithms present an extra obstacle for quantum algorithms. Economies, such as Canada, the United States, and China made some major advances in QC and succeeded in developing quantum computers indigenously.
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Browse in-depth TOC on the “Quantum Computing Market”
Pages – 165
Tables – 122
Figures – 77
Quantum Computing Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 837 Million |
| Estimated Value by 2031 | USD 7135 Million |
| Growth Rate | Poised to grow at a CAGR of 30.7% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Deployment, Application, End User Industry, and Technology |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Expanding use of novel technologies in the industrial sector |
| Key Market Drivers | Growing investments by governments in QC technology |
Growing Number of Startup Companies and Remarkable Investments in R&D for Computing Technology to Impact the Market Growth
By component, the hardware segment led the market significantly in the previous years. The QC hardware platform like spin qubits, neutral atoms, and photonic networks can communicate with software for innovations in the domain. Moreover, it was considered that multiple quantum computing services comprised professional and managed services, which can be supplied by a wide number of major players like Accenture, Amazon, and Microsoft. The software segment is projected to grow substantially in the coming years owing to the rising number of startups globally and heavy investments for R&D in computing technology. This technology is used in many processes like deep learning, simulation applications, and more leading to highly efficient operations and reduced operating costs in multiple sectors.
Benefits of Quantum Computers with ML over the Traditional Computers to Support the Market Growth
By application, the machine learning segment registered a significant share of the market in the former years. The technology enables quantum error-checking codes, the making of new quantum algorithms, and the prediction of system features of quantum. Quantum computers integrated with machine learning can easily compress huge datasets to mini qubits and help solve problems with difficult data with high efficiency. Data optimization is the fastest-growing segment since it exists in various industries like finance, SCM, logistics, and more. Quantum computing can deal with these issues by discovering a wide range of solutions at the same time, leading to highly efficient outcomes.
Shift Towards Improved Services of Cloud Computing to Support the Market Growth in Asia-Pacific
North America registered a major share of the market in the past years and is projected to dominate in the forecast period as well. The market growth of the region is attributed to factors like consumers’ willingness to adopt improved services and the major countries are also inclining towards the adoption of cloud computing. Asia-Pacific is expected to lead at a speedy rate in the coming years due to the existence of major industries in Japan, South Korea, and China. These economies are key manufacturers of electronic devices, and hence they need a good amount of machine learning, simulation, and optimization applications. Hence, quantum computing is more likely to be demanded by these manufacturers.
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Quantum Computing Market Insight
Drivers:
- Expanding applications of quantum computing
- Growing number of companies that offer hardware solutions
- Huge investments in R&D by technology giants and governments
Restraints:
- Shortage of skilled labor
- Error-correction issues and scalability
- Trouble of manipulating and preserving of the quantum states
Prominent Players in Quantum Computing Market
The following are the Top Quantum Computing Companies
- Accenture Plc.
- D-WaveSystem Inc.
- Google LLC
- IBM Corp.
- Intel Corp.
- Microsoft Corp.
- Quantinuum Ltd.
- Cambridge Quantum Computing Ltd.
- Atos SE
- Zapata Computing
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Key Questions Answered in Global Quantum Computing Market Report
- What is the projected market growth of Quantum Computing by SkyQuest?
- Which is the leading segment in the Global Quantum Computing Market?
- Who are the key players operating in the Quantum Computing Market?
This report provides the following insights:
Analysis of key drivers (increasing government support, investments by technology giants, adoption of the technology by multiple industries), restraints (imperfect control signals, environment interferences, limited use of traditional problems), opportunities (growing integration of machine learning and artificial intelligence, cybersecurity concerns, financial modelling for finance organizations), and challenges (environmental and cooling control, sluggish computation speed, control on singular qubits at scale) influencing the growth of QUANTUM COMPUTING market
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the Quantum Computing market
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the Quantum Computing market
Market Development: Comprehensive information on lucrative emerging regions
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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