Quantum Computing Market - Global Industry Size, Share, Trends, Opportunities, and Forecast 2018-2028, Segmented By Component (Hardware, Software, Services), By Deployment (On-premises and Cloud-based), By Application (Machine Learning, Optimization, Biomedical Simulations, Financial Services, Electronic Material Discovery, and Others), By End User (Healthcare, BFSI, Automotive, Researchers, Energy & utilities, Chemical, Manufacturing and Others (Transportation, Logistics, etc.)), By Region, Competition

The Global quantum computing market is anticipated to grow during the forecast period. Rising number of collaborations, technological advancement, and increasing investments in quantum computing technology is expected to propel the global quantum computing market growth over the forecast period.

Quantum computing is an area of study focused on the development of computer-based technologies centred around the principles of quantum theory. It explains the behaviour and nature of energy and matter on quantum. The behaviour of energy and matter at the atomic and subatomic levels is explained by quantum theory. Quantum bits or qubits are the basic unit of information in quantum computing. Qubits use superposition to be in multiple states at one time. These qubits can exist simultaneously in two states (i.e., 1 and 0). Quantum computers may also be utilised to enhance information sharing safely or enhance radars' capacity to find missiles and aircraft.

Rising Number of Collaborations

The field of quantum computing is at the stage of development. Private funding is increasing rapidly. In 2021 investments in quantum-computing start-ups have surpassed USD 1.7 billion, more than double the amount raised in 2020 . Many businesses, like Google, IBM, and Intel, collaborate with universities throughout the world to carry out development and research activities pertaining to quantum computing technology. Therefore, it is anticipated that the market for quantum computing would grow over the coming few years as partnerships and collaborative tactics increase. For instance, IBM has announced a variety of partnerships with academic and business institutions to identify the real-world uses for this knowledge. Additionally, the University of Waterloo, Princeton University, and the Massachusetts Institute of Technology are collaborating on the development of quantum computer prototypes.

Technological Advancement

Information processing and storage have been revolutionised by quantum computing. It greatly enhances the effective algorithms. The fifth generation of computers is being developed due to the rapid evolution of the quantum computing environment. As regular computing continues to advance, so does research into quantum computing. It caused the classical computing industry to switch over to quantum simulation approaches. Quantum computers may overcome constraints that classical computers face, allowing them to solve complicated problems and exhibit superposition and entanglement features. The computing power of quantum computers is significantly increased by superimposing many qubits on top of one another. Moreover, the speed required by researchers to imitate all aspects of chemistry is currently provided by quantum computers, which makes them substantially more predicative and decreases the need for laboratory testing.

Rising investments in quantum computing technology

The dynamics of the strategic balance of power, military affairs, and trade can be altered by quantum computing technology. Numerous governments intend to increase exploratory research on novel technologies  to construct and develop quantum computing systems. Sales of quantum computing components is anticipated to increase as governments invest more money in quantum computing solutions for a wide range of applications. For instance, the Netherlands unveiled their national strategy in 2019 to advance the field of quantum computing. The country will have a budget of around USD 113 million under this initiative called Quantum Delta NL, for both new investments, for new action lines and current activities.

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Market Segments

Global quantum computing Market is segmented by component, deployment, application, end-user, and by region. Based on component, the market is segmented into Hardware, Software and Service. Based on Deployment, the market is segmented into on-premises and cloud-based. Based on Application, the market is segmented into machine learning, optimization, biomedical simulations, financial services, electronic material discovery and others. Based on end user, the market is further segmented into healthcare, BFSI, automotive, researchers, energy & utilities, chemical, manufacturing and others.

Market Players

Major market players in the global quantum computing market are International Business Machines Corporation (IBM), D-Wave Systems Inc., Amazon.com, Inc., Rigetti Computing Inc., Google LLC, Intel Corporation, Toshiba Corporation, Honeywell International Inc., QC Ware Corporation, 1QB Information Technologies, Inc.

Recent Developments

• In January 2022, Quantinuum Inc. partnered with JSR Corporation to research application of quantum computing in semiconductor research.
• In January 2020, IBM partnered with Daimler AG to enhance the capacity and increase the charging speed of batteries of electric vehicles. These businesses modelled the dipole moment of molecules containing lithium using a quantum computer, paving the door for the creation of the next-generation lithium-sulfur batteries.
• In January 2022, Germany-based polymer manufacturer Covestro announced a 5-year collaboration agreement with San Francisco-based quantum computing software developer QC Ware. These companies will work to the develop quantum computing algorithms that can improve Covestro’s manufacturing processes and materials.

Report Scope:

In this report, Global quantum computing market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

• Quantum computing market, by component:
• Hardware
• Software
• Services
• Quantum computing market, by deployment:
• On-premises
• Cloud-based
• Quantum computing market, by application:
• Machine Learning
• Optimization
• Biomedical Simulations
• Financial Services
• Electronic Material Discovery
• Others
• Quantum computing market, by end user:
• Healthcare
• BFSI
• Automotive
• Researchers
• Energy & utilities
• Chemical
• Manufacturing
• Others
• Quantum computing market, by region:
• North America
• United States
• Canada
• Mexico
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Rest of Asia-Pacific
• Europe
• Germany
• United Kingdom
• France
• Netherlands
• Sweden
• Rest of Europe
• MEA
• Saudi Arabia
• UAE
• South Africa
• Turkey
• Israel
• Rest of MEA
• South America
• Brazil
• Argentina
• Colombia
• Rest of South America

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in global quantum computing market.

Available Customizations:

Global quantum computing market with the given market data, Tech Sci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

·         Detailed analysis and profiling of additional market players (up to five).