Global Quantum Computing Market Report and Forecast 2024-2032

Global Quantum Computing Market Outlook

The global quantum computing market stood at a value of around USD 840.37 million in 2023. The market is further expected to grow at a CAGR of 28.8% in the forecast period of 2024-2032 to attain a value of approximately USD 8,208.89 million by 2032.

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Increasing Adoption of Quantum Computing as a Services (QCaaS) to Bolster the Growth of the Quantum Computing Industry

Based on offering, the services segment is likely to hold a significant share in the market. This can be attributed to the growing adoption of quantum computing as a service (QCaaS) in healthcare and pharmaceuticals, chemicals, defence, and banking, among other sectors. Quantum computer are fast and effective and can perform calculations in seconds. Therefore, they are used extensively for speeding up the processes in these industries, especially BFSI.

Meanwhile, the increasing utilisation of this technology in optimisation, simulation, and machine learning applications in various end use industries to achieve optimum utilisation cost has been aiding the market. Over the forecast period, the expansion of network quantum information technologies (NQIT) is likely to enhance the incorporation of optimisation solutions for resolving problems that come up during the practical applications of quantum computing.

Increasing Penetration of Quantum Computing in the BFSI Sector to Aid the Market Growth

The BFSI, on the basis of end use, accounted for a significant share in the market and is likely to grow at a considerable rate in the forecast period. This growth can be attributed to the early adoption of quantum computing technology in the banking and finance sector due to the potential computational power of quantum computers. In the finance sector, quantum computing is crucial for solving critical problems in areas like cybersecurity to safeguard customers’ financial data. Financial data of customers encoded with quantum cryptography is far more secure than current levels of digital security. This factor is expected to further aid the market growth over the forecast period. Meanwhile, the healthcare and pharmaceutical segment is likely to witness a robust growth in the forecast period owing to the global outbreak of the COVID-19 pandemic. Quantum computing in healthcare bolsters the health plans by accelerating diagnosis, personalising medicine, and optimising prices. It can provide the patients with fast and reliable diagnosis options.

The Asia Pacific Accounts for a Major Share in the Market

The emergence of small, medium, and large enterprises in the region is likely to propel the demand for quantum computing in the forecast period. The Asia Pacific is a leading hub for several industries like pharmaceuticals, and chemicals, among others. Therefore, the technological advancements in these sectors are expected to foster the demand for quantum computing. The market in the region will further be aided by the expansion of leading technology companies in countries like India and China.

Quantum Computing: Market Segmentation

Quantum computing is defined as the branch of computing which focusses on developing the computer technology based on the principles of quantum theory. It is the exploitation of collective properties of quantum states, such as superposition and entanglement to perform computation.

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Based on offering, the market is divided into:

• System
• Services

The significant applications of the product include:

• Optimisation
• Simulation
• Machine Learning
• Others

The various end uses of the product include:

• Healthcare and Pharmaceuticals
• Chemicals
• Defence
• BFSI
• Energy and Power
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Increasing Demand in Various End Use Sectors and the Rapid Technological Advancements to Boost the Growth of the Quantum Computing Industry

The global quantum computing industry is driven by the increasing demand in various end use sectors such as defence, BFSI, and others. The market growth is supported by the rapid technological advancements and the growing reliance of various industries on advanced computing technology to solve complex problems that today's most powerful supercomputers cannot solve. The thriving sectors in emerging economies, including health and pharmaceuticals, chemicals, and energy and power, among others are significantly contributing to the growth of the industry. Over the forecast period, the rising investments by the government in quantum computing technology to develop advanced solutions and expand their knowledge base related to quantum computing are likely to provide further impetus to the market growth.

Key Industry Players in the Global Quantum Computing Market

The report gives a detailed analysis of the following key players in the global quantum computing market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Microsoft Corporation
• IBM Corporation
• Intel Corporation
• Google Inc.
• D-Wave Systems Inc.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report