Quantum Computing Industry Trends, Innovations and Future Prospects

08 Sep 2024

Table of Content

1. Quantum Computing Market Revenue and Trends 2. Market Overview 3. Quantum Computing Market Trends 4. Quantum Computing Market Highlights 5. Top Companies in the Quantum Computing Market 6. Regional Insights 7. Market Potential and Growth Opportunity 8. Quantum Computing Market News

Quantum Computing Market Revenue and Trends

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.

Market Overview

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.

Quantum Computing Market Trends

• Increasing funding for research in quantum computing: A huge investment by the government and other pharmaceutical companies to build secure quantum computing platforms and research is boosting the quantum computing market. It has the benefit of solving critical problems efficiently and quickly, which encourages investment in this field.
• Rising usage in the field of drug discovery: Quantum computing makes drug research by studying at the molecular level easier, resulting in the production of enhanced-quality drugs.
• Rapid development of machine learning industries: The rising number of machine learning uses like speech recognition and NLP and the requirement for improved accuracy and faster working is influencing the quantum computing market.

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.

Quantum Computing Market Highlights

Top Companies in the Quantum Computing Market

• International Business Machine Corporation
• Intel Corporation
• Microsoft Corporation
• Google LLC
• Rigetti Computing, Inc.
• Alibaba Group Holding Limited
• IonQ
• Atos
• Amazon.com, Inc.
• Quantum Artificial Intelligence Lab
• Toshiba Corporation
• Baidu, Inc.
• Nvidia Corporation
• QC Ware
• Quantum Circuits, Inc.
• 1QB Information Technologies, Inc.
• Cambridge Quantum Computing
• Honeywell
• Microsoft Quantum
• NEC Corporation
• Origin Quantum
• Airbus SE

Recent Development by NVIDIA Corporation

• In March 2024, NVIDIA Corporation, which is a full-stack computing company developing CPUs, DPUs, GPUs, and artificial intelligence software, launched a cloud service that permits researchers and developers to extend the limitations of quantum computing.

Recent Development by Rigetti UK Ltd

• In April 2024, Rigetti UK Ltd, which is a subsidiary of Rigetti Computing, Inc., a leading provider of cryogenic systems, launched 32 Qubit quantum systems in the UK.

Regional Insights

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.

Market Potential and Growth Opportunity

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.

Quantum Computing Market News

• In October 2023, Hon Hai Precision Industry Co. Ltd., the world’s largest electronic manufacturer, launched a laboratory for trapped-ion quantum computing in New Taipei City. It is being developed as part of the ‘3 plus 3’ transformation initiative.
• In September 2023, SoftBank and UTokyo launched a joint research collaboration in partnership to strengthen industry and academia via a quantum innovation initiative consortium. The collaboration is focused on accelerating the research and development of business utilization of quantum computing technology.

Market Segmentation

By Application

• Machine Learning
• Optimization
• Biomedical Simulations
• Financial Services
• Electronic Material Discovery
• Other (Traffic Optimization, Weather Forecasting, and others.)

By End Use

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

By Offering Type

• Consulting Solutions
• Systems

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