June 2023
24 Jul 2024
The global quantum computing market revenue was valued at USD 839.07 million in 2023 and is poised to grow from USD 1,098.34 million in 2024 to USD 16,223.10 million by 2034, at a CAGR of 30.9% during the forecast period 2024 – 2034. As the start-up culture expands, the quantum computing market also grows. Quantum computing has the potential to change several industries because of its powerful computational capacity.
Quantum computing uses dedicated technology with computer hardware and systems that take the benefit of quantum mechanics to explain multifaceted glitches that traditional computers and supercomputers cannot resolve quickly. The start-up companies concentrate on multiple features of quantum computing, both in hardware and software. Quantum computing is considered a developing technology with noteworthy possibilities. The most important potential usage of quantum computing is in the cryptography sector. Quantum computers can effectively solve various mathematical questions, and they are now the basis for modern encoding technology.
This can be very beneficial for pharmaceutical companies as a computationally concentrated process of simulating intricate molecular collaboration is involved in drug detection. Quantum computers can speed up the simulation of molecular exchanges and structures, which results in fast drug discovery and the detection of more active medicines. This process ultimately saves the time and effort required for the process of drug discovery. Many companies are also investing in offering quantum cloud services to permit scholars and developers to admittance quantum computing resources from the cloud.
Rising digitalization and cybercrime cases driving the quantum computing market
With the outdated computation grading requirements attaining the boundary of solving multifaceted glitches, the necessity for more commanding computing resolutions for effectual computing is rising. Industries such as healthcare, investment, logistics, and cyber safety improve their impact by guiding their best investors to progress and impose quantum computing resolutions for competitive advantage, invention, and reply to forthcoming encounters. The field of quantum computing is going through instant and extensive development. This advanced technology works in areas like geological investigations, health diagnostics, and establishment supervision systems.
The situation in Australia, the United States (US), and countries in the European region are on the edge of capitalizing deeply into quantum computing plans. In January 2023, the Canadian government announced a strategy to spend around USD 355 million on inventiveness goals for the growth of quantum experts, initiation of quantum technology claims, and enabling the marketable usage of quantum computing. The ecology of immediate quantum computing is growing speedily. Governments globally are investing substantially in quantum technology to promote businesses and customers, focusing on harnessing the huge potential of such technologies and driving the quantum computing market.
The lack of proper protocols and standards for the advancement of quantum computing is not possible and hence creates hindrances in the growth of the q market. Without proper advancement, businesses never invest much, which narrows the spectrum of growth of the market. Quantum computing systems are less available and expensive to construct, maintain, and operate.
| Report Attribute | Key Statistics |
| Market Revenue in 2024 | USD 1,098.34 Million |
| Market Revenue by 2034 | USD 16,223.10 Million |
| Market CAGR | 30.9% from 2024 to 2034 |
| Quantitative Units | Revenue in USD million/billion, Volume in units |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Period | 2024 to 2034 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Recent Development by NVIDIA Corporation
Recent Development by Rigetti UK Ltd
Asia Pacific is expected to grow at the fastest growth during the predicted period 2024 to 2033. This is the result of government initiatives, quantum computing study funds, and the emergence of the topmost tech corporations. Countries such as Australia, Japan, and China are at the front, and the quantum computing study and growth with applications in cybersecurity, healthcare, and finance are the commitments of these nations. Consequently, global partnerships and private-public projects among local companies and international establishments would quicken the drive in the direction of quantum computing expertise in this area, thus making Asia-Pacific a planned development engine in a space full of variations.
North America dominated the quantum computing market in 2023. The North American market has observed noteworthy development, mainly determined by strong struggle and early acceptance of progressive technologies in the North American area. The eagerness of industries and customers to take up cloud implementation and progress-evolved services has held an important role in pushing the quantum computing market growth in the North American region.
Europe, in contrast, is composed of considerable growth, boosted by the growing quantity of technology-constructed startups in the area. The supervisory atmosphere and inventiveness endorsing digital government, accompanied by the rising operation of cloud technology, are predicted to subsidize market development and technical progressions. These features set the area for strong market development in the forthcoming years.
Advanced studies in the quantum computing market raise the potential for growth
Top market companies are capitalizing profoundly on study and expansion to grow their invention lines that eventually can support the quantum computing market to develop rapidly. Industries are also applying several plans and activities to enlarge their footmark, with significant market progress as well as a variety of product promotions, pledged arrangements, unions and attainments, higher funds, and partnerships with various other establishments.
The market must deliver cost-efficient stuff to enlarge and continue in a highly competitive and growing market environment. Producing nearby to diminish operational charges is a major business approach used by producers in the market to help clients and upsurge the market segment. In recent years, the market has presented a few important advantages to drugs, which again promote the quantum computing market.
Market Segmentation
By Application
By End Use
By Offering Type
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