Increasing demand for Material Synthesis and Optimization to boost Quantum Computing Worldwide

The global quantum computing market is poised to reach US$ 11,598 Mn by 2030, expanding at a CAGR of 30.3% over the forecast period from 2023 to 2030. Increasing complexity in the data sets along with incompetent traditional computing methodology has given birth to an advanced computing technology that works on quantum bits or qubits. Quantum computing encompasses three technology stages that are quantum annealing, non-error corrected quantum computing, and fully-error corrected quantum computing. Quantum annealing has significantly entered into the phase of market visibility while the other two are still under the technology trigger phase. The first phase of the technology has prominently penetrated into logistics, artificial intelligence, and machine learning applications. Several venture capitalists also tend to invest significantly into quantum computing technology as they think it to be a game-changer for various industries; for example, healthcare, BFSI, manufacturing, aerospace & defense, manufacturing, and many other verticals.

Aerospace & Defense Segment dominated the Global Quantum Computing Market in the year 2021

Aerospace & defense dominated the global quantum computing market in the year 2021 owing to higher requirement of secure data transfer and communication. Additionally, the demand for fast data operation is expected to boost the demand for quantum computing solutions in the industry. In recent past, the National Aeronautics and Space Administration (NASA) announced to achieve quantum supremacy in partnership with Google Inc. The company has developed the fastest quantum computer with capability to solve problems in just 200 seconds. On the other hand, automotive and healthcare industry finds lucrative applications of quantum computing methods for route optimization and material synthesis. Quantum computing can reveal new horizon of development in the field of medical science for treatment of various rare diseases.

Asia Pacific witnesses Highest Growth over the Forecast Period

In 2021, North America held major revenue share of the global quantum computing market. Impressive investments and technological advancements are the prime factors escalating the regional growth. On the contrary, Asia Pacific is poised to grow exponentially over the forecast period owing to strategic government plans of different Asian countries. Recently, Chinese government announced to build a US$ 10 Bn National Laboratory for Quantum Information Sciences that is expected to start by the year 2021. Other than China, Japan and South Korea are the other important regions exploiting the quantum computing features for various industry verticals. Moreover, the region has promising industrial growth that favors the market growth during forecast period. BFSI is significantly implementing the quantum benefits in advanced computing.

Key Players & Competitive Landscape:

Some of the prominent players profiled in the global quantum computing market report include D-Wave Systems Inc., International Business Machines Corporation, Google Inc., 1QB Information Technologies, Microsoft Corporation, QX Branch, Cambridge Quantum Computing Limited, QC Ware Corp., Rigetti Computing, and River Lane Research among others.

The global quantum computing market is highly competitive with some of the prominent technology players such as IBM, Google, Microsoft, Alibaba, and Intel exploiting the quantum computing technology for various computing applications. For instance, Google is exploring the quantum application in high-speed internet surfing and has launched its new 54-qubit quantum chip named ‘Sycamore’ for the same recently in October 2021.

However, another quantum giant IBM corporation opened its new quantum computing center in New York City on September 19, 2021. Similarly, other companies are also exploring new aspects of quantum computing and giving tough competition to each other. Irrespective of fact that quantum computing is a nascent technology, the market has speedily turned from monopolistic to perfect competition.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Quantum Computing market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Quantum Computing market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Quantum Computing market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Quantum Computing market?
• Which is the largest regional market for Quantum Computing market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Quantum Computing market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Quantum Computing market worldwide?