Quantum Computing Market Size to Surpass USD 6,528.8 Million by 2030, exhibiting a CAGR of 32.1%

As per the report by Fortune Business Insights, the global Quantum Computing Market size is projected to reach USD 6,528.8 Million by 2030, at a CAGR of 32.1% during the forecast period.

Pune, India, July 17, 2023 (GLOBE NEWSWIRE) — According to Fortune Business Insights, global quantum computing market size was valued at USD 717.3 Million in 2022 and is projected to grow from USD 928.8 Million in 2023 to USD 6,528.8 Million by 2030, exhibiting a CAGR of 32.1% during the forecast period. Increasing Investments in Computing Technology by Governments to Facilitate Market Proliferation. This information is provided by Fortune Business Insights, in its report titled, Quantum Computing Market Forecast, 2023-2030.

Quantum computing is a subfield of computer science based on quantum theory. It is a cutting-edge technology that uses quantum mechanics to solve more difficult problems for classical computers and is rapidly developing. It differs from standard computing in terms of data, speed, and bits. It is primarily used to compare and select the best answer to a complex problem.

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Key Industry Development:

May 2022: Intel Corporation recently unveiled a new chip named Gaudi2, in an effort to focus on AI computing. Gaudi2 is a second-generation processor by Habana Labs, an Israel-based AI chip startup owned by Intel Corp. This move will help the chip manufacturer in dominating the AI chip market and competing against Nvidia Corp.

Key Takeaways

• Industry Share Increased Due to Significant Growth Opportunities for Market Players
• Increase in Number of Patent Filings by Key Players in Quantum Technologies to Boost the Market
• By Deployment Analysis: Increasing Adoption of Cloud Technology to Propel Market Growth
• Intel Corporation Unveiled a New Chip Named Gaudi2 in an Effort to Focus on AI Computing
• Quantum Computing Market Size in North America was USD 308.2 Million in 2022

Discover the Leading Players Featured in the Report:

“Companies leading the Quantum Computing Market Are IBM Corporation (U.S.), D-Wave Systems Inc. (Canada), Microsoft Corporation (U.S.), Intel Corporation (U.S.), Rigetti & Co, Inc. (U.S.), Google LLC (U.S.), QC Ware (U.S.), Quantinuum Ltd. (U.S.), Riverlane (U.K.), IonQ (U.S.)”

Report Scope & Segmentation

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Drivers and Restraints:

Increasing Investments in Quantum Computing Technology by Governments to Facilitate Market Proliferation

Government organizations in several economies are making major investments in quantum technologies to encourage end-users and companies to harness the power of these technologies. They are also promising noteworthy funding to advance quantum technologies domestically, which will also aid to the quantum computing market growth.

For instance, China has been heavily investing in R&D of various computing technologies. It has promised to provide USD 15 billion approximately to contribute to research. Computing ventures are also being pursued by the governments of U.S., Australia, and other developed economies in the European Union. On the other hand, the shortage of skilled professionals will act as a challenge for industry stakeholders in this domain.

SEGMENTATION

By Component

• Hardware
• Software
• Services

By Deployment

• On-premise
• Cloud

By Application

• Machine Learning
• Optimization
• Biomedical Simulations
• Financial Services
• Electronic Material Discovery
• Others

By End User

• Healthcare
• Banking, Financial Services and Insurance
• Automotive
• Energy and Utilities
• Chemical
• Manufacturing
• Others

By Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa

Regional Insights:

North America to Lead Backed by Early Adoption of Advanced Technologies

North America captured a significant market share, owing to the highly competitive nature of the market and early adoption of advanced technologies in the region. The readiness of end users in developing advanced services and adopting cloud computing is further augmenting the market in this region.

The Europe market is slated to grow significantly in the upcoming years due to the rising number of startups and efforts by governments to boost the usage of cloud-based technology. The usage of cloud computing in this region has increased by 5% in 2021 as compared to 2020, which will also facilitate market expansion.

The Asia Pacific market is predicted to showcase positive trends owing to rising adoption of new technologies by medium and large scale businesses in the industrial sector. Quantum services and systems are in high demand in this region, thus attributing to market proliferation.

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Competitive Landscape:

Partnerships Between Key Companies to Elevate Market Growth

Quantum computing is an emerging field which has been gaining traction since the pandemic. End users and industries are just starting to understand the advantages of this technology and are making several moves for its development. Leading players in the global market are participating in strategic moves such as partnerships, mergers and acquisitions, investments in R&D and others strengthen their market positioning. For example, in March 2022, Pasqal joined forces with Microsoft Corporation to offer cloud-based access to the company’s neutral-atom-based quantum computers on Azure Quantum.  

FAQ’s

How big is the Quantum Computing Market?

Quantum Computing Market size was USD 717.3 Million in 2022.

How fast is the Quantum Computing Market growing?

The Quantum Computing Market will exhibit a CAGR of 32.1% during the forecast period, 2023-2030

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