quantum computing market research report

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Quantum Computing Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software, and Service), By Deployment (On-Premise and Cloud), By Application (Machine Learning, Optimization, Biomedical Simulations, Financial Services, Electronic Material Discovery, and Others), By End User (Healthcare, Banking, Financial Services and Insurance (BFSI), Automotive, Energy and Utilities, Chemical, Manufacturing, and Others), and Regional Forecast, 2023-2030

Last Updated :April 01, 2024 | Format: PDF | Report ID: FBI104855

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KEY MARKET INSIGHTS

The quantum computing market size was valued at USD 717.3 million in 2022 and is projected to grow from USD 928.8 million in 2023 to USD 6,528.8 million by 2030, exhibiting a CAGR of 32.1% during the forecast period (2023-2030). North America accounted for a market value of USD 308.2 million in 2022. Quantum computing is a subfield of computer science based on quantum theory. It is a cutting-edge technology that uses quantum mechanics to solve more difficult problems for classical computers and is rapidly developing. Quantum computers have made it possible to use concepts from quantum physics in computing. It differs from standard computing in terms of speed, data, and bits. Most of the time, the system is used to compare and select the best answer to a complex problem. 

Key industry players, including IBM Corporation, D-Wave Systems Inc., Microsoft Corporation, and Intel Corporation are offering these computing services. They are focusing on expanding their business units across developing nations. For instance, in June 2022, Xanadu launched Borealis, which outperforms the most promising classical supercomputers at distinct tasks and is available to users everywhere through Amazon Braket and Xanadu Cloud. It is a programmable photonic quantum computer with a quantum computational edge of 216 squeezed-state qubits.

COVID-19 IMPACT

Industry Share Increased Due to Significant Growth Opportunities for Market Players

The global expansion of computing services was significantly impacted by the COVID-19 outbreak. According to McKinsey, the pandemic phase signified that funding for startups focused on quantum technology doubled from USD 700 million in 2020 to USD 1.4 billion in 2021, following the global shutdown. The proportion of private and venture capital-backed investments in quantum computing increased significantly in the second half of 2021. Over 70% of investments were accounted for by this rise, indicating a growing belief among businesses in the technology's potential benefits.  

Hence, considering the above factors, Artificial Intelligence (AI) , cloud computing, quantum computing, and other technologies are expected to be the disruptive technologies to enable future platforms.

LATEST TRENDS

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Increase in Number of Patent Filings by Key Players in Quantum Technologies to Boost the Market

Quantum computing is an evolving high-tech technology. Patent filings for quantum technologies have been increasing rapidly in recent years. The increasing expansion of the quantum ecosystem can be achieved by examining the number of patent applications filed by different firms worldwide.

Patents and investments are shaping the future by developing enhanced technologies. For instance, AMD submitted a patent for teleportation in September 2021, to power quantum computing. By reducing the number of qubits needed for precise calculations, the patent's model aims to address issues of stability and scalability.

DRIVING FACTORS

Rising Investments in Quantum Computing Technology by Governments to Drive Market Expansion

Government organizations across the globe are making major investments in quantum technologies to encourage companies and end users to harness the power of these technologies. They are also promising noteworthy funding to advance quantum technologies domestically. 

For instance, China has been heavily investing in the R&D of various computing technologies. It has announced around USD 15 billion in funding, which is anticipated to be more than all other governments. Computing ventures are being pursued by the governments of Australia, the U.S., and developed nations in the European Union.

RESTRAINING FACTORS

Talent Shortage Across the Globe to Hinder Market Proliferation

Quantum computing is still an emerging concept, and there is an increasing talent shortage among regions worldwide. According to a McKinsey report, there could be a demand for around 10,000 quantum skilled workers but a supply of under 5,000 by 2025. This factor is expected to hinder the market growth in the coming years. However, to mitigate these risks, there is a rising number of schools and training programs such as the University of Chicago establishing quantum PhD programs.

SEGMENTATION

By component analysis.

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Hardware to Dominate Owing to Rising Product Demand in BFSI and Research Industries

The market is divided into software, hardware, and services according to component. Hardware segment held the dominant market share in 2022 as it is a major ecosystem bottleneck. Several hardware platforms for quantum computing are currently in development. Commercially available quantum computers are based on trapped ions and superconducting circuits, which are the most advanced. Neutral atoms, spin qubits, and photonic networks are all promising platforms.

The software and services segments are anticipated to grow in the near future due to rise in number of startups around the world and heavy investments in R&D activities related to computing technology. This information technology is used in deep learning, optimization, and simulation applications, resulting in more efficient operations and lower operating costs in various sectors.

By Deployment Analysis

Increasing Adoption of Cloud Technology to Propel Market Growth

The market is divided into cloud and on-premise by deployment type. During the forecast period, it is anticipated that the cloud segment will lead the market. As more robust systems are developed, the demand for cloud-based computing services and solutions is likely to rise. Google is expected to launch an improved cloud computing service in the coming years, and the company is investing heavily in and researching quantum technologies.

Cloud provides a number of alternative methods for putting quantum computers into use in addition to more comprehensive solutions from the major market players. The freedom of access offered to users is another factor driving the popularity of cloud-based services and systems.

By Application Analysis

Machine Learning Segment to Gain Traction Due to Rising Popularity of Such Computing

The market is divided into biomedical simulations, optimization, machine learning, electronic material discovery, financial services, and others (traffic optimization, weather forecasting, and others). During the forecast period, the machine learning segment will hold the majority of the market share. Quantum error-correcting codes, the creation of novel quantum algorithms, and the estimation of quantum system features are all made possible by it.

Financial services segment is anticipated to have a significant growth rate during the projection period. With rising competition to gain more consumers, startups across healthcare and BFSI are focused on adopting these services to enhance their offerings over cloud channels.

By End User Analysis

BFSI Industry Players Focusing on Streamlining their Business Processes to Propel the Market Growth

Healthcare, automotive, BFSI, chemical, manufacturing, energy and utilities, and others (transportation, logistics, and others) are the end users of the market. During the forecast period, the BFSI segment is anticipated to hold the largest share of the market. In addition, the medical futurist claims that quantum computing can aid the formation of virtual environments in which specialists can examine variables, such as skin temperature, electrolytes, circulation, body fluids, and metabolism, on digital human replicas. This is one reason why quantum computing is gaining traction in the healthcare industry.

The healthcare and research sectors are expected to witness significant revenue growth in the coming years. Computing services are deployed in the healthcare and research industries to manage various applications such as processing big healthcare data and quick DNA sequencing . The sector is particularly interested in quantum-enhanced machine learning methods.

REGIONAL INSIGHTS

North America Quantum Computing Market Size, 2022 (USD Million)

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The global market scope is classified across five regions, North America, Asia Pacific, Europe, the Middle East & Africa, and South America.

Due to the early adoption of advanced technologies and a highly competitive market, the North America quantum computing market share has experienced significant expansion and is the dominant one. The North American market's expansion has been positively impacted by end users' readiness to develop advanced services and the countries' readiness to adopt cloud computing.

Europe is expected to have significant growth as the region has an increasing number of start-ups operating on the technology. Further, digital government regulatory environments and initiatives and increased usage of cloud-based technology in the region are anticipated to drive market growth and technological advancements. In Europe, compared to 2020, the use of cloud computing has escalated by 5% in 2021. Owing to these reasons, the region is expected to promise healthy market growth in the coming years.

Healthcare, chemicals, and banking and finance are major industries in Asia Pacific. South Korea, China, and Japan are the regions' producers of electronic goods such as gaming consoles , mobile phones, and laptops. Simulation, machine learning, and optimization applications must be addressed across these industries. The rapid expansion of Asia Pacific's expanding economies and the increased use of new technologies in the industrial sector are providing opportunities for the region's medium-sized and large businesses. Quantum services and systems are in high demand in Asia Pacific, which has a positive impact on the market's expansion.

 KEY INDUSTRY PLAYERS

Market Value to Rise Due to Growing Emphasis on Partnerships and Acquisitions by Key Players

The leading players in the market are focusing on collaborations, partnerships, product innovation, and expansion of the market presence globally. The key players in the market include IBM Corporation, Microsoft Corporation, Intel Corporation, D-Wave Systems, QC Ware, Gogle LLC, and others developing innovative quantum solutions.

•July 2022 - ORCA Computing partnered with Israel-based company, Quantum Machines. The companies aim to begin a newly announced Israeli computing center with this association.

• March 2022 - Pasqal partnered with Microsoft to provide cloud-based access to the company’s neutral-atom-based quantum computers on Azure Quantum.  

LIST OF KEY COMPANIES PROFILED:

• IBM Corporation (U.S.)
• D-Wave Systems Inc. (Canada)
• Microsoft Corporation (U.S.)
• Intel Corporation (U.S.)
• Rigetti & Co, Inc. (U.S.)
• Google LLC (U.S.)
• QC Ware (U.S.)
• Quantinuum Ltd. (U.S.)
• Riverlane (U.K.)
• IonQ (U.S.)

KEY INDUSTRY DEVELOPMENTS

• September 2022:  The German aerospace center awarded Quix Quantum a contract to supply universal quantum computers with 64 and 8 qubits. Photonics will serve as the foundation for these systems, which will combine processor-based technologies with feedforwards, sources, and detectors.
• September 2022: Beech, a rack-compatible, digital laser frequency stabilization module for up to four distinct wavelengths, was launched by Alpine Quantum Technologies GmbH.
• June 2022: ORCA Computing and the U.K. Ministry of Defense (MoD) are collaborating to improve data processing capabilities in the future. The first computer-based on-premises model that can function at room temperature will be the PT-1 model from ORCA.
• March 2022: The launch of a photonic quantum processor created at Quix Quantum's facility. It performs nearly two times better than current processors. This processor has a record number of qumodes (20) and the highest operating specifications.
• February 2021: Ion-trap Quantum Computing was developed in conjunction with electron and ParityQC. Ion-trap computing demonstrations for the ATIQ project, which has received funding, are being developed by these businesses and an association.

REPORT COVERAGE

An Infographic Representation of Quantum Computing Market

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The research report provides a comprehensive analysis of the market. It focuses on key aspects such as prominent companies and leading applications of the product. Besides this, the report highlights key industry developments and offers insights into the market trends. In addition to the above-mentioned factors, the report includes several factors that have contributed to the growth of the market in recent years.

REPORT SCOPE & SEGMENTATION

Frequently asked questions.

Fortune Business Insights says that the market was valued at USD 717.3 million in 2022.

Fortune Business Insights says that the market is expected to reach USD 6,528.8 million in 2030.

Growth of 32.1% CAGR will be observed in the market during the forecast period (2023-2030)

The software segment is expected to lead during the forecast period among component.

One of the prominent factors driving the market is the rise in number of quantum software providers.

IBM Corporation, Google LLC, Intel Corporation, D-Wave Systems Inc., Rigetti & Co, Inc., IonQ, XANADU, Microsoft Corporation, and Pasqal are the top companies in the global market.

By end user, the BFSI segment is expected to grow exponentially at the highest CAGR during the forecast period.

The revenue of the market in North America in 2022 was USD 308.2 million.

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• STUDY PERIOD: 2019-2030
• BASE YEAR: 2022
• HISTORICAL DATA: 2019-2021
• NO OF PAGES: 160

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The quantum computing market size is projected to grow from $928.8 million in 2023 to $6,528.8 million by 2030, at a CAGR of 32.1%.

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Quantum Computing Market

Global Quantum Computing Market to Grow at a CAGR of 28.8% During 2024-2032, Aided by the Rapid Technological Advancements

Global Quantum Computing Market Size, Trends, Analysis: By Offering: System, Services; By Application: Optimisation, Simulation, Machine Learning, Others; By End Use: Healthcare and Pharmaceuticals, Chemicals, Defence, BFSI, Energy and Power, Others; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032

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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.

Based on offering, the market is divided into:

The significant applications of the product include:

• Optimisation
• Machine Learning

The various end uses of the product include:

• Healthcare and Pharmaceuticals
• Energy and Power

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

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.

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

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface 2    Report Coverage – Key Segmentation and Scope 3    Report Description     3.1    Market Definition and Outlook     3.2    Properties and Applications     3.3    Market Analysis     3.4    Key Players 4    Key Assumptions 5    Executive Summary     5.1    Overview     5.2    Key Drivers     5.3    Key Developments     5.4    Competitive Structure     5.5    Key Industrial Trends 6    Snapshot     6.1    Global     6.2    Regional 7    Opportunities and Challenges in the Market 8    Global Quantum Computing Market Analysis     8.1    Key Industry Highlights     8.2    Global Quantum Computing Historical Market (2018-2023)      8.3    Global Quantum Computing Market Forecast (2024-2032)     8.4    Global Quantum Computing Market by Offering         8.4.1    System             8.4.1.1    Historical Trend (2018-2023)             8.4.1.2    Forecast Trend (2024-2032)         8.4.2    Services             8.4.2.1    Historical Trend (2018-2023)             8.4.2.2    Forecast Trend (2024-2032)     8.5    Global Quantum Computing Market by Application         8.5.1    Optimisation             8.5.1.1    Historical Trend (2018-2023)             8.5.1.2    Forecast Trend (2024-2032)         8.5.2    Simulation             8.5.2.1    Historical Trend (2018-2023)             8.5.2.2    Forecast Trend (2024-2032)         8.5.3    Machine Learning             8.5.3.1    Historical Trend (2018-2023)             8.5.3.2    Forecast Trend (2024-2032)         8.5.4    Others     8.6    Global Quantum Computing Market by End Use         8.6.1    Healthcare and Pharmaceuticals             8.6.1.1    Historical Trend (2018-2023)             8.6.1.2    Forecast Trend (2024-2032)         8.6.2    Chemicals             8.6.2.1    Historical Trend (2018-2023)             8.6.2.2    Forecast Trend (2024-2032)         8.6.3    Defence             8.6.3.1    Historical Trend (2018-2023)             8.6.3.2    Forecast Trend (2024-2032)         8.6.4    BFSI             8.6.4.1    Historical Trend (2018-2023)             8.6.4.2    Forecast Trend (2024-2032)         8.6.5    Energy and Power             8.6.5.1    Historical Trend (2018-2023)             8.6.5.2    Forecast Trend (2024-2032)         8.6.6    Others         8.7    Global Quantum Computing Market by Region         8.7.1    North America             8.7.1.1    Historical Trend (2018-2023)              8.7.1.2    Forecast Trend (2024-2032)         8.7.2    Europe             8.7.2.1    Historical Trend (2018-2023)              8.7.2.2    Forecast Trend (2024-2032)         8.7.3    Asia Pacific             8.7.3.1    Historical Trend (2018-2023)              8.7.3.2    Forecast Trend (2024-2032)         8.7.4    Latin America             8.7.4.1    Historical Trend (2018-2023)              8.7.4.2    Forecast Trend (2024-2032)         8.7.5    Middle East and Africa             8.7.5.1    Historical Trend (2018-2023)              8.7.5.2    Forecast Trend (2024-2032) 9    North America Quantum Computing Market Analysis     9.1    United States of America          9.1.1    Historical Trend (2018-2023)          9.1.2    Forecast Trend (2024-2032)     9.2    Canada         9.2.1    Historical Trend (2018-2023)          9.2.2    Forecast Trend (2024-2032) 10    Europe Quantum Computing Market Analysis     10.1    United Kingdom         10.1.1    Historical Trend (2018-2023)          10.1.2    Forecast Trend (2024-2032)     10.2    Germany         10.2.1    Historical Trend (2018-2023)          10.2.2    Forecast Trend (2024-2032)     10.3    France         10.3.1    Historical Trend (2018-2023)          10.3.2    Forecast Trend (2024-2032)     10.4    Italy         10.4.1    Historical Trend (2018-2023)          10.4.2    Forecast Trend (2024-2032)     10.5    Others 11    Asia Pacific Quantum Computing Market Analysis     11.1    China         11.1.1    Historical Trend (2018-2023)          11.1.2    Forecast Trend (2024-2032)     11.2    Japan         11.2.1    Historical Trend (2018-2023)          11.2.2    Forecast Trend (2024-2032)     11.3    India         11.3.1    Historical Trend (2018-2023)          11.3.2    Forecast Trend (2024-2032)     11.4    ASEAN         11.4.1    Historical Trend (2018-2023)          11.4.2    Forecast Trend (2024-2032)     11.5    Australia         11.5.1    Historical Trend (2018-2023)          11.5.2    Forecast Trend (2024-2032)     11.6    Others 12    Latin America Quantum Computing Market Analysis     12.1    Brazil         12.1.1    Historical Trend (2018-2023)          12.1.2    Forecast Trend (2024-2032)     12.2    Argentina         12.2.1    Historical Trend (2018-2023)          12.2.2    Forecast Trend (2024-2032)     12.3    Mexico         12.3.1    Historical Trend (2018-2023)          12.3.2    Forecast Trend (2024-2032)     12.4    Others 13    Middle East and Africa Quantum Computing Market Analysis     13.1    Saudi Arabia         13.1.1    Historical Trend (2018-2023)          13.1.2    Forecast Trend (2024-2032)     13.2    United Arab Emirates         13.2.1    Historical Trend (2018-2023)          13.2.2    Forecast Trend (2024-2032)     13.3    Nigeria         13.3.1    Historical Trend (2018-2023)          13.3.2    Forecast Trend (2024-2032)     13.4    South Africa         13.4.1    Historical Trend (2018-2023)          13.4.2    Forecast Trend (2024-2032)     13.5    Others 14    Market Dynamics     14.1    SWOT Analysis         14.1.1    Strengths         14.1.2    Weaknesses         14.1.3    Opportunities         14.1.4    Threats     14.2    Porter’s Five Forces Analysis         14.2.1    Supplier’s Power         14.2.2    Buyer’s Power         14.2.3    Threat of New Entrants         14.2.4    Degree of Rivalry         14.2.5    Threat of Substitutes     14.3    Key Indicators for Demand     14.4    Key Indicators for Price 15    Value Chain Analysis 16    Competitive Landscape     16.1    Market Structure     16.2    Company Profiles         16.2.1     Microsoft Corporation             16.2.1.1    Company Overview             16.2.1.2    Product Portfolio             16.2.1.3    Demographic Reach and Achievements             16.2.1.4    Certifications         16.2.2    IBM Corporation             16.2.2.1    Company Overview             16.2.2.2    Product Portfolio             16.2.2.3    Demographic Reach and Achievements             16.2.2.4    Certifications         16.2.3    Intel Corporation             16.2.3.1    Company Overview             16.2.3.2    Product Portfolio             16.2.3.3    Demographic Reach and Achievements             16.2.3.4    Certifications         16.2.4    Google Inc.             16.2.4.1    Company Overview             16.2.4.2    Product Portfolio             16.2.4.3    Demographic Reach and Achievements             16.2.4.4    Certifications         16.2.5    D-Wave Systems Inc.             16.2.5.1    Company Overview             16.2.5.2    Product Portfolio             16.2.5.3    Demographic Reach and Achievements             16.2.5.4    Certifications         16.2.6    Others 17    Key Trends and Developments in the Market

List of Key Figures and Tables

1.    Global Quantum Computing Market: Key Industry Highlights, 2018 and 2032 2.    Global Quantum Computing Historical Market: Breakup by Offering (USD Million), 2018-2023 3.    Global Quantum Computing Market Forecast: Breakup by Offering (USD Million), 2024-2032 4.    Global Quantum Computing Historical Market: Breakup by Application (USD Million), 2018-2023 5.    Global Quantum Computing Market Forecast: Breakup by Application (USD Million), 2024-2032 6.    Global Quantum Computing Historical Market: Breakup by End Use (USD Million), 2018-2023 7.    Global Quantum Computing Market Forecast: Breakup by End Use (USD Million), 2024-2032 8.    Global Quantum Computing Historical Market: Breakup by Region (USD Million), 2018-2023 9.    Global Quantum Computing Market Forecast: Breakup by Region (USD Million), 2024-2032 10.    North America Quantum Computing Historical Market: Breakup by Country (USD Million), 2018-2023 11.    North America Quantum Computing Market Forecast: Breakup by Country (USD Million), 2024-2032 12.    Europe Quantum Computing Historical Market: Breakup by Country (USD Million), 2018-2023 13.    Europe Quantum Computing Market Forecast: Breakup by Country (USD Million), 2024-2032 14.    Asia Pacific Quantum Computing Historical Market: Breakup by Country (USD Million), 2018-2023 15.    Asia Pacific Quantum Computing Market Forecast: Breakup by Country (USD Million), 2024-2032 16.    Latin America Quantum Computing Historical Market: Breakup by Country (USD Million), 2018-2023 17.    Latin America Quantum Computing Market Forecast: Breakup by Country (USD Million), 2024-2032 18.    Middle East and Africa Quantum Computing Historical Market: Breakup by Country (USD Million), 2018-2023 19.    Middle East and Africa Quantum Computing Market Forecast: Breakup by Country (USD Million), 2024-2032 20.    Global Quantum Computing Market Structure

What was the global quantum computing market size in 2023?

In 2023, the global quantum computing market attained a value of nearly USD 840.37 million.

What is the growth rate of the market?

The market is projected to grow at a CAGR of 28.8% between 2024 and 2032.

What is the forecast outlook of the market for 2024-2032?

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 8,208.89 million by 2032.

What are the major regional markets of quantum computing, according to the EMR report?

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

What are the major types of offering in the market?

System and services are the major types of offerings in the market.

What are the significant applications of the product?

Optimisation, simulation, and machine learning, among others are the significant applications of the product.

What are the important end use sectors of the product?

Healthcare and pharmaceuticals, chemicals, defence, BFSI, and energy and power, among others are the important end use sectors of the product.

Who are the key industry players, according to the report?

The major players in the industry are Microsoft Corporation, IBM Corporation, Intel Corporation, Google Inc., and D-Wave Systems Inc., among others.

The global quantum computing market attained a value of USD 840.37 million in 2023, driven by the rising application of the product in various end use industries, adoption of QCaaS in BFSI and other sectors, and rising investments by the government towards the development of quantum computing. Aided by the increasing use of advanced technologies and the growing collaboration among key players, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 28.8%. The market is projected to reach USD 8,208.89 million by 2032.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on offering, the market is divided into system and services. The significant applications of the product include optimisation, simulation, and machine learning, among others. On the basis of end use, the market is divided into healthcare and pharmaceuticals, chemicals, defence, BFSI, and energy and power, among others. The major regional markets for quantum computing are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Microsoft Corporation, IBM Corporation, Intel Corporation, Google Inc., and D-Wave Systems Inc., among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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Quantum Computing Market Research Report Information By Application (Optimization, Machine Learning, and Simulation), By Product Type (Hardware, Software, and Services), By Vertical (Aerospace & Defense, BFSI, Energy & Power, Healthcare, Information Technology & Telecommunication and Transportation), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032

• Segmentation
• Table of Content
• Infographic
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Quantum Computing Market Overview

Quantum Computing Market Size was valued at USD 0.6 Billion in 2022. The Quantum Computing market industry is projected to grow from USD 0.78 Billion in 2023 to USD 6.95 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 31.30% during the forecast period (2024 – 2032). Increased implementation of machine learning and widespread quantum computing applications are the key market drivers enhancing market growth.

Figure 1: Quantum Computing Market Size, 2023-2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

• Quantum Computing Market Trends

The expansion of quantum computing applications is driving market growth.

The increasing expansion of quantum computing applications drives market CAGR for quantum computing. Quantum computing has the potential to spread into numerous industries by solving complex problems that are computationally infeasible for classical computers. While the technology is still growing, there has been a significant expansion in the range of quantum computing applications. Additionally, quantum cryptography and secure communication are gaining traction due to the inherent security offered by quantum principles. Quantum key distribution (QKD) enables secure communication channels that are resistant to eavesdropping, providing a foundation for secure data transmission and protecting sensitive information.

Quantum hardware plays a vital role in the development of quantum computing. Over the past years, there have been notable advancements in quantum hardware, including qubits, quantum processors, and quantum memory. These advancements have significantly improved the performance and reliability of quantum systems, paving the way for practical applications. Additionally, there has been progress in other types of qubits, such as trapped ion qubits and topological qubits. Trapped ion qubits offer excellent coherence properties, while topological qubits, based on exotic particles called anyons, promise robust error correction.

Furthermore, the industry is witnessing an increase in the number of companies offering quantum hardware solutions. These companies focus on developing scalable and reliable quantum processors essential for practical quantum computing applications. Advancements in quantum hardware are expected to drive the adoption of quantum computing solutions across various industries.

One prominent trend driving the quantum computing market is governments, technology giants, and venture capital firms' escalating investment in research and development (R&D). Recognizing the immense potential of quantum computing, countries have pledged significant funding to bolster research initiatives in this domain. Moreover, technology giants like IBM, Google, Microsoft, and Amazon are actively investing in quantum computing R&D. They are collaborating with universities, research institutions, and startups to advance the capabilities of quantum systems. The growing investment in quantum computing R&D is expected to drive technological advancements and fuel the market's growth.

For instance, the quantum computing market is experiencing significant growth driven by increasing investment in R&D, advancements in quantum hardware, and the expansion of quantum computing applications. Governments, technology giants, and startups are actively contributing to the development of quantum computing technology. As the field progresses, we can expect quantum computing to revolutionize various industries and tackle complex problems that were previously intractable, driving the Quantum Computing market revenue.

Quantum Computing Market Segment Insights

Quantum computing application insights.

The Quantum Computing market segmentation, based on application, includes optimization, machine learning , and simulation. The optimization segment dominated the market. Optimization problems exist across industries, such as supply chain management, logistics, finance, and scheduling. Quantum computing can tackle these problems by exploring multiple solutions simultaneously, leading to more efficient and optimal outcomes.

Quantum Computing Vertical Insights

The Quantum Computing market segmentation, based on vertical, includes aerospace & defense, BFSI, energy & power, healthcare, information technology & telecommunication, and transportation. The aerospace & defense category generated the most income. Quantum computing can enhance aerospace design, optimize logistics, improve satellite communication, and strengthen encryption for secure communications. Governments and defense organizations invest in quantum technologies to bolster national security and gain a competitive edge.

Quantum Computing Product Type Insights

The Quantum Computing market segmentation, based on product type, includes hardware, software, and services. The hardware category generated the most income. Leading companies are investing in developing more stable and scalable hardware solutions to accelerate the adoption of quantum computing.

Figure 2: Quantum Computing Market by Product Type, 2022 & 2032 (USD Billion)

Quantum Computing Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Quantum Computing market will dominate, owing to the presence of renowned research institutions and tech giants like IBM, Microsoft, and Google, which have fueled innovation and accelerated the commercialization of quantum computing technologies. The region's focus on developing quantum algorithms, quantum simulators, and quantum annealing systems has positioned it as a key hub for quantum computing advancements.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: QUANTUM COMPUTING MARKET SHARE BY REGION 2022 (USD Billion)

Europe's Quantum Computing market accounts for the second-largest market share due to the substantial investments in quantum research and development, aiming to establish themselves as leaders in the field. The region has witnessed the emergence of several start-ups and spin-off companies focused on quantum computing, and collaborations between research institutions and industry players have become increasingly common. Further, the German Quantum Computing market held the largest market share, and the UK Quantum Computing market was the rapid-growing market in the European region.

The Asia-Pacific Quantum Computing Market is expected to grow at the fastest CAGR from 2023 to 2032. It is due to prioritizing quantum computing in its national strategic plans and allocating substantial funding to research and development. Moreover, China’s Quantum Computing market held the largest market share, and the Indian Quantum Computing market was the rapidly growing Asian-Pacific market.

Quantum Computing Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to spread their product lines, which will help the Quantum Computing market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The Quantum Computing industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Quantum Computing industry to benefit clients and increase the market sector. In recent years, the Quantum Computing industry has offered some of the most significant advantages to medicine. Major players in the Quantum Computing market, including Intel Corporation, Atos SE, Cambridge Quantum Computing Ltd., IBM Corporation, Rigetti & Co Inc., D-Wave Systems Inc., and others, are attempting to raise market demand by investing in research and development operations.

Atos SE, founded in 2000, and located in Bezons, France, is a European international information technology and consulting and servicing company spread worldwide. It specializes in hi-tech transactional services, cloud, big data, unified communications, and cybersecurity services. In January 2021, Atos, a leader worldwide in digital transformation, launched that it welcomes the French government's initiative to develop a national strategy on quantum technologies. The national quantum strategy offers Atos the opportunity to accelerate its Quantum Learning Machine (Atos QLM) expertise to offer the French quantum ecosystem the benefits of quantum computing in the Noisy Intermediate-Scale Quantum era as soon as possible.

The University of Glasglow, founded in 1451, located in Glasglow, Scotland, UK, is a public research university and one of Scotland's ancient universities. In January 2021, The University of Glasgow launched its deal with Oxford Instruments NanoScience on Quantum Computing. The university is a topmost institution in quantum technology development. Under the partnership, Glasgow University would use Oxford Instruments' next-generation Cryofree refrigerator, Proteox, as part of its research to accelerate quantum computing commercialization in the UK.

Key Companies in the Quantum Computing market include

Intel corporation, cambridge quantum computing ltd ., d-wave systems inc., ibm corporation, rigetti & co inc., quantum computing industry developments.

February 2024:

D-Wave announces the availability of 1,200+ qubit Advantage2™ prototype in its Leap™ Quantum Cloud Service, showcasing 20x faster time-to-solution for hard optimization problems. The new prototype features a lower-noise fabrication stack, doubling qubits and couplers, and demonstrates significant performance gains. The release marks a milestone in D-Wave's product delivery roadmap, enabling businesses, developers, and researchers to access advanced quantum computing technology.

D-Wave and Zapata AI announce a strategic partnership to develop quantum-enabled machine learning applications, leveraging generative AI and quantum computing technologies. The collaboration aims to address complex optimization problems, initially focusing on building quantum generative AI models to accelerate the discovery of new molecules. This partnership combines D-Wave's quantum computing systems with Zapata AI's generative AI software, facilitating joint technical development and commercial deployment.

December 2023:

 At the annual IBM Quantum Summit, IBM unveiled 'IBM Quantum Heron,' boasting IBM's best-performing quantum processor to date with improved error reduction. The introduction of IBM Quantum System Two marks a significant milestone in IBM's quantum computing architecture, combining scalable infrastructure with modular qubit control electronics. Additionally, IBM announced plans for Qiskit Patterns and integration of generative AI to simplify quantum software programming, aiming to democratize quantum computing development and expand access to users.

March 2023:

Microsoft announced the release of its Integrated Hybrid feature in Azure Quantum, enabling seamless integration of quantum and classical computing in the cloud. This advancement allows researchers to develop hybrid quantum applications combining classical and quantum code, empowering quantum innovators to create new algorithms. Azure Quantum facilitates the development of adaptive phase estimation algorithms, high-level programming constructs, and exploration of quantum error correction on real hardware, marking a significant milestone towards scaled quantum computing.

November 2023:

IBM and Bosch announced a strategic quantum computing partnership, with Bosch joining the IBM Quantum Network. The collaboration aims to develop quantum algorithms for material science applications in electromobility, renewable energy, and sensor technology. IBM's Osprey processor deployment marks progress towards a 4,000+ qubit-powered system by 2025, supporting Bosch's efforts in climate and sustainability targets.

August 2023:

BMW Group, Airbus, and Quantinuum collaborate on quantum computing research for sustainable mobility, focusing on chemical reactions in fuel cells. They report accurate modeling of the oxygen reduction reaction on platinum catalysts using Quantum Computers. The collaboration aims to accelerate innovation in materials science for electromobility and aviation, with potential applications in metal-air batteries. This breakthrough underscores the transformative potential of Quantum Computing in addressing critical challenges in sustainable energy transition.

Quantum Computing Market Segmentation

Quantum computing application outlook.

Optimization

Machine Learning

Quantum Computing Vertical Outlook

Aerospace & Defense

Energy & Power

Information Technology & Telecommunication

Transportation

Quantum Computing Regional Outlook

North America

Rest of Europe

Asia-Pacific

South Korea

Rest of Asia-Pacific

Rest of the World

Middle East

Latin America

Quantum Computing Market Highlights:

• Quantum Computing Market Size
• Quantum Computing Market Analysis
• Quantum Computing Market Share
• US Quantum Computing Market
• Quantum Computing Companies

Frequently Asked Questions (FAQ) :

The Quantum Computing market size was valued at USD 0.6 Billion in 2022.

The market is projected to grow at a CAGR of 31.30% during the forecast period, 2024-2032.

North America held the largest share of the market

The key players in the market are Intel Corporation, Atos SE, Cambridge Quantum Computing Ltd., IBM Corporation, Rigetti & Co Inc., and D-Wave Systems Inc.

The optimization category dominated the market in 2022.

The hardware had the largest share in the market.

Aerospace & defense had the largest share of the market.

The technology has applications in supply chains, financial modeling, and other areas. Organizations that harness the power of quantum computing could aid humanity in resolving some of the world's biggest problems and making advances in vital sectors ranging from drug research to global farming and beyond.

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Global Quantum Computing Market Report 2024

Quantum Computing Market Report 2024 (Global Edition)

As per Cognitive Market Research's latest published report, the Global Quantum Computing market size will be $4.67 billion by 2030. Quantum Computing Industry's Compound Annual Growth Rate will be 32.54% from 2023 to 2030.

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Global Quantum Computing Market Report 2024 Market Size Split by, Component (Hardware, Software, Services), Application (Optimization, Machine Learning, Finacial Services, Biomedical Simulation, Elect...

As per Cognitive Market Research's latest published report, the Global Quantum Computing market size will be $4.67 billion by 2030. Quantum Computing Industry's Compound Annual Growth Rate will be 32.54% from 2023 to 2030.

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Quantum Computing Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!

Quantum Computing Market Report Description

What is quantum computing.

Quantum computing is a type of computing that focuses on developing computer technologies that use quantum physics to process information at the atomic and subatomic level. It is a rapidly emerging advanced technology that follows the laws of quantum mechanical procedures to solve more complex problems. Computers have been used for calculations based on ideas from quantum physics. It differs from traditional computing in terms of speed, bits and data. Classical computing uses two bits, 0 and 1, but the system uses all states between 0 and 1, resulting in better results and faster processing. Quantum computers are expected to facilitate discoveries in fields as diverse as energy, healthcare, smart materials, environmental systems, and more.

Quantum Computing Industry News

• September 2022

Quix Quantum has a contract with the German Aerospace Center to deliver 64 and 8 qubit universal quantum computers. These systems will be based on photonics, integrating existing technologies from their processors with feedforward, sources and detectors.

Alpine Quantum Technologies GmbH presents the Beech, a fully digital, rack-compatible laser stabilization module supporting up to four different wavelengths.

ORCA Computing is working with the UK Ministry of Defense (MoD) to enhance future data processing capabilities. The company will use ORCA's PT-1 model; the first local computer-based model capable of operating at room temperature. 

Quix Quantum presents a photonic quantum processor developed at the company's factory. It has almost double the performance of current generation processors. The processor has a record number of qumodes (20) and the highest operating specification.

• IBM Corporation
• D-Wave Systems Inc.
• Microsoft Corporation
• Intel Corporation
• Rigetti & Co Inc.
• Quantinuum Ltd.
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Quantum Computing Market Analysis

Global Quantum Computing Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Quantum Computing Industry growth. Quantum Computing market has been segmented with the help of its Component, Application Deployment, and others. Quantum Computing market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.

In terms of revenue, Hardware was the leading segment with 45.34% share of total Quantum Computing market in 2022!

Among the component, the market is categoized into hardware, software, and services. The hardware segment is expected to grow significantly in the global market, due to currently several quantum-computing hardware platforms in the development. The software and services segments are projected to significant growth rate in the near future, due to rising number of startups and increasing investments in R&D activities related to computing technology.

• Hardware 

Quantum Computing Market Share (%) by Component in 2019-2031

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In terms of revenue, Machine Learning Segment was the leading segment with 32.12% share of total Quantum Computing market in 2022

By application, the market is categorized into optimization, machine learning, finacial services, biomedical simulation, electronic material discovery, and others. Machine learning segment accounts for the highest revenue share in the quantum computing market during the forecast period. This enables users in discovering the estimation of quantum system features, quantum error-correcting codes, and the development of novel quantum algorithms. Financial services segment is anticipated to have a significant growth rate during the projection period. 

• Optimization
• Machine Learning
• Finacial Services
• Biomedical Simulation
• Electronic Material Discovery

Quantum Computing Market Share (%) by Application in 2019-2031

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Quantum Computing Deployment Segment Analysis

In terms of revenue, cloud segment was the leading segment with 65.74% share of total quantum computing market in 2022.

On the basis of deployment, the market is considered into cloud and on-premise. The cloud segment is anticipated to lead the market during the forecast period. The cloud segment accounts for the highest share in terms of revenue in the global market, due to the need for cloud-based computing solutions is increase. Google is highly investing and researching quantum technologies and is anticipated to launch an enhanced cloud computing service in the upcoming years. In addition, more extensive solutions from the key market players, several alternative methodologies to implement quantum computers are being provided through the cloud. 

Quantum Computing Industry Vertical Segment Analysis

In terms of revenue, bfsi segment was the leading segment with 29.34% share of total quantum computing market in 2022.

Based on industry vertical, the market is categorized into aerospace & defense, BFSI, energy & power, healthcare, it & telecommunication, transportation, and Others. BFSI segment is expected to hold the highest market share during the quantum computing market forecast period. The healthcare segment is expected to highest growth rate in the global market over the forecast period. Computing services are deployed in the healthcare and research industries in order to manage several applications such as processing big healthcare data, and quick DNA sequencing. 

• Aerospace & Defense
• Energy & Power
• IT & Telecommunication
• Transportation

Regional Analysis of the Quantum Computing Market:

The North American market accounts for the highest share in terms of revenue in the global quantum computing market. It is expected to maintain its dominance in the global market during the forecast period. This is attributed to highly competitive landscape and the early adoption of advanced technologies. In addition, rising adoption of cloud readiness rate of countries and end-users’ readiness to develop advanced services have positive impact the market growth across North America.

Europe quantum computing market is expected to significant growth rate in the global market, increasing number of start-ups on the technology in the region. Also, digital government regulatory initiatives and increased usage of cloud-based technology in the countries in the region are anticipated to drive the market growth.

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

Quantum Computing Market Share (%) by Region (2019-2031)

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Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.

The Global Quantum Computing Market is witnessing significant growth in the near future.

In 2023, the Hardware segment accounted for noticeable share of global Quantum Computing Market and is projected to experience significant growth in the near future.

The Optimization segment is expected to expand at the significant CAGR retaining position throughout the forecast period.

Some of the key companies IBM Corporation, Microsoft Corporation and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.

Frequently Asked Questions (FAQs)

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Quantum Computing Industry Press Release

Quantum computing market to reach usd4.67 billion by 2030: cognitive market research.

Quantum Computing Market size is projected to be USD 4.67 Billion by 2030 growing at a CAGR of 32.5% from 2023 to 2030, as per a recent market report published by Cognitive Market Research. Increased investment in quantum computing and increased numerous strategic partnerships and collaborations among key suppliers is expected to drive growth of this market. For instance, in July 2022, JSR and Quantinuum will cooperate to carry out research on the application of quantum computing in the semiconductor industry.

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Quantum Computing Market Report 2024

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Global Quantum Computing Market Size, Share, Trends, COVID-19 Impact & Growth Forecast Report – Segmented by End-Use (Aerospace and Defense, Automotive Industry, Health Care & Lifesciences, IT and Telecom), Deployment (Cloud, On-Premise), Application (Machine Learning, Material Simulation and Optimization), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Industry Analysis (2024 to 2029)

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Global Quantum Computing Market Size (2024 to 2029)

The size of the global quantum computing market was estimated at USD 0.20 billion in 2023 and is expected to expand at a CAGR of 33% to reach USD 1.11 billion by 2029.

Quantum computers are fundamentally different from traditional supercomputers and use quantum effects. Unlike conventional machines, quantum bits (qubits) are used to analyze data. Moreover, they perform complicated tasks more efficiently than traditional computers, which mainly stimulates the growth of the global market.

Global Quantum Computing Market   Drivers:

Factors such as more excellent investment in quantum computing technologies, increased demand for heavy-performance computing, and increased demand from medical research and financial markets are projected to fuel the market.

Traditional computers can solve typical problems at medium speeds with reasonable accuracy. Quantum computers, on the other hand, can handle complex problems faster than conventional and supercomputers. Available machines have certain drawbacks, as they are restricted by their processors, storage capacity, and latency issues, which pose a high-performance computing market. Quantum computing uses Quantum Processing Units (QPUs) to process information in a matter of seconds and also has limitless storage, which allows large corporations to implement and improve computing technology. This is a massive driver of the Market.

Global Quantum Computing Market Restraints:

Operational problems, reliability issues, and error correction issues related to quantum computing are likely to impede market growth during the forecast period.

REPORT COVERAGE :

This research report on the global quantum computing market has been segmented and sub-segmented based on the end-use, deployment, application, and region.

Global Quantum Computing Market - By End-Use:

Aerospace and Defense

Automotive Industry

Health Care & Lifesciences

IT and Telecom

The aerospace and Defense segment held the majority of the market share in 2019, with 37%. This market share is attributed to the need for secure and reliable communication systems for data transfer in the defense sector. 

Quantum computing offers heavy encryption, which takes decades for traditional computers to decode the information, so this information processing is beneficial for the defense sector. Also, the automotive industry is expected to be the fastest-growing segment, with a CAGR of 33.2%. The reason for the growth is attributed to the need to handle complex problems with parallel activities and model molecules, and materials with reliable performance allow such systems to pursue openings in end-user sectors such as automobile, energy and power, pharmaceutical, and healthcare.

Global Quantum Computing Market - By Deployment:

Out of these, the Cloud segment holds the majority of the market share in 2019, with over 70%. The reason for such market share is attributed to the need for secure and reliable communication systems for data transfer in various industries. 

Global Quantum Computing Market - By Application:

Machine Learning

Material Simulation

Optimization

Based on the Application, the Material Simulation segment holds the majority of the market share in 2019, with 40%. The reason for such market share is attributed to the need to handle complex problems in end-user sectors such as automobiles, energy and power, pharmaceutical, and healthcare. 

Also, Machine Learning is expected to be the fastest-growing segment, which can be associated with increased automation in various fields, as quantum computers can help machine learning algorithms learn quicker and more efficiently.

Global Quantum Computing Market - By Region:

North America

Asia Pacific

Latin America

Middle East Africa

Geographically, North America is expected to have the largest market share. This is purely due to the increased number of leading competitors located in this region. The Asia Pacific market is also expected to grow due to China’s contribution to the Alibaba Group.

KEY PLAYERS: Some key players in the Quantum Computing market include Alibaba Group Holding Limited, Google LLC, D-Wave Systems Inc., International Business Management Corporation (IBM), Huawei Technologies Co. Ltd., Intel Corporation, ID Quantique, Rigatti & Co, Inc., and Microsoft.

Recent Happenings in the Market:

In October 2019, Google officially announced the accomplishment of quantum supremacy in an article published in Nature's science journal. The announcement comes precisely one month after it first leaked, after Google's report was mistakenly published earlier. But now, though, it's official, ensuring that the full details of the work are available and that the entire scientific community will thoroughly scrutinize what Google claims it has done.

Google announced that its 54-qubit Sycamore system was capable of performing a 200-second calculation that would require the world's strongest supercomputer a time of 10,000 years. That would mean that the computation, which required the creation of random numbers, was virtually impossible on a conventional, non-quantum device.

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Frequently Asked Questions

How is the quantum computing market expected to evolve in the next five years? +

Over the next five years, the quantum computing market is anticipated to experience exponential growth, driven by advancements in quantum hardware, software development, and expanded applications across various industries.

What are the major challenges hindering the widespread adoption of quantum computing technology globally? +

Challenges such as scalability limitations, error correction, and the high cost of development and implementation are currently impeding the widespread adoption of quantum computing technology on a global scale.

How does the competitive landscape look in the global quantum computing market? +

The global quantum computing market is characterized by intense competition among key players such as IBM, Google, Microsoft, and Rigetti Computing, along with numerous startups and research institutions vying for market share.

What are the anticipated societal impacts of widespread adoption of quantum computing technology? +

The widespread adoption of quantum computing technology is expected to revolutionize various aspects of society, including healthcare, finance, transportation, and communication, by enabling faster computational speeds, enhanced data security, and breakthroughs in scientific research.

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Quantum Computing Market

Quantum computing market - global industry assessment & forecast, technology & media, segments covered, customization offered.

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The global Quantum Computing Market was valued at USD 812.6 Million in 2022 and is projected to reach a value of USD 8229 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 22% between 2023 and 2030.

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A quantum computer is a type of computer that takes advantage of quantum mechanical phenomena. Physical matter exhibits properties of both particles and waves at small dimensions, and Quantum Computing takes advantage of this behavior with specialized hardware. Classical physics cannot explain the operation of these quantum devices, and a scalable quantum computer could perform certain calculations exponentially quicker than any modern "classical" computer. The COVID-19 outbreak significantly impacted the global expansion of computing services. Since the global closure, McKinsey estimates that funding for quantum technology-focused startups has doubled from USD 700 million in 2020 to USD 1,4 billion in 2022 during the pandemic phase. In the second half of 2021, the proportion of private and venture capital investments in Quantum Computing increased significantly. This increase accounted for over 70 percent of all investments, demonstrating a growing belief among businesses that the technology will yield positive results.

Quantum Computing Market Size, 2022 To 2030 (USD Million)

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Quantum computation is an evolving field of high-tech. The number of patent applications for quantum technologies has skyrocketed in recent years. Examining the number of patent applications filed by various companies around the globe fosters the expansion of the quantum ecosystem. Patents and investments shape the future by fostering the development of superior technologies. In September 2021, for instance, AMD filed a patent for teleportation to enable Quantum Computing. The model proposed in the patent is intended to improve stability and scalability by reducing the required number of qubits for accurate calculations. Government agencies worldwide are investing substantially in quantum technologies to encourage businesses and end-users to harness their potential. Additionally, they promise substantial funding to advance quantum technologies domestically. For example, China has made substantial investments in the R&D of diverse computing technologies. It has announced approximately USD 15 billion in financing, which is expected to be greater than that of all other governments. Australia, the United States, and the developed nations of the European Union are pursuing computing initiatives. In addition to increasing their investments in quantum technologies, market leaders are searching for relevant collaborations and partnerships to advance computing, create practical applications, and train a future quantum workforce.

Companies that implement this strategy are aided in combining their best quantum concepts and capabilities with those of their most established partners and technologies. With this, businesses can create superior solutions rapidly and at scale. Several companies, including Riverlane, Google LLC, and Pasqal, are collaborating with quantum experts worldwide to improve their quantum capabilities. In June 2022, Riverlane and Rigetti Computing collaborated to address syndrome extraction on superconducting quantum computers. Similarly, in January 2022, Pasqal and Qu&Co partnered to merge into a single company operating under the Pasqal brand and headquartered in Paris.

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Global corporations are bracing for the possible global collapse of the crisis between Russia and Ukraine. Threatening global growth and prosperity as we aim for a $100 trillion GDP by 2022, a Russian invasion would have catastrophic economic effects. Despite the parties' best efforts to reach an agreement, the economic trend is expected to reverse, making it extremely challenging to reach the GDP objective.

Top Market Trends

• Rising Investments within Quantum Computing Technology: It is anticipated that factors such as an increase in investments in Quantum Computing technology, an increase in demand for high-performance computing, and an increase in demand from medical research and financial markets will stimulate market expansion. In addition, an increase in the demand for secure computing platforms and an increase in the use of simulation and modeling in Quantum Computing are anticipated to fuel the expansion of the market for enterprise Quantum Computing. Nonetheless, operational challenges and stability & error correction issues related to Quantum Computing are anticipated to impede the market's growth over the forecast period. In addition, the emergence of quantum computers on-premises for enterprises and technological advancements in Quantum Computing are anticipated to create growth opportunities for the market.
• Increasing Utilization within Drug Discovery: Quantum computers offer potent resources for investigating complex systems, such as human physiology and the influence of drugs on biological systems and living organisms. These systems are anticipated to be utilized in various pharmaceutical research and development applications, particularly in the initial phases of drug discovery and development. The fundamental components of drug discovery and development are computational instruments. In many instances, they have drastically reduced the time companies spend on drug optimization. For in silico modeling of molecular structures, mapping the interactions between a drug and its target, and stimulating the metabolism, distribution, and interaction of a drug in the human body, scientists rely on the high-performance computing of powerful supercomputers or massively parallel processing systems. Quantum mechanics is utilized by the biopharmaceutical industry for energy calculations and structural optimization, particularly during molecular docking and quantitative structure-activity relationship analyses. Quantum mechanics-enabled synthetic chemistry allows scientists to exclude potentially inactive compounds and facilitate the synthesis of extremely difficult compounds. Virtual quantum screening and optimization employ molecular simulations. In the next five years, hybrid quantum-classical approaches that can predict molecule structure are anticipated to be commercially available. They should enable highly effective structure-based drug design of small molecules

The global Quantum Computing market can be categorized on the following: Offering, Deployment, Technology, Application, End User, and Regions . Based on Offering , the market can be categorized into Systems and Services. Additionally, based on Deployment , the market can be split into On-premises and Cloud. Moreover, based on Technology, the market can be split into Trapped Ions, Quantum Annealing, Superconducting Qubits, and Other Technologies. Additionally, based on Application, the market can be split into Optimization, Simulation, Machine Learning, and Other Applications. Moreover, by End User, the market can be segregated into Space & Defense, Transportation & Logistics, Healthcare & Pharmaceuticals, Chemicals, Banking & Finance, Energy & Power, Academia, and Government. Likewise, based on Region , the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Offering

Systems to Grow Rapidly Owing to the Rising Availability of Quantum Computers

Systems are a major impediment in the ecosystem. It is anticipated that system growth will be substantial. Multiple hardware platforms for Quantum Computing are presently in development. All commercially available quantum computers are the most advanced based on superconducting circuits and confined ions. Photonic networks, spin qubits, and neutral atoms are promising platforms. The services segments are anticipated to expand shortly due to the global increase in businesses and the substantial investments in computing technology-related R&D. This information technology is utilized in applications involving deep learning, optimization, and simulation.

Based on Deployment

Cloud-based Deployment to Account for Largest Market Share Due to Increasing Reliance

The Cloud segment is anticipated to dominate the market during the forecast period. The demand for cloud-based solutions and services will likely rise as more resilient systems are created. Google is investing heavily in quantum technology research and is expected to launch an improved cloud computing service within the next few years. In addition to more comprehensive solutions from the main market players, the cloud provides various alternative implementation strategies for quantum computers. The user-friendly access provided by cloud-based services and systems contributes to their rising popularity.

Based on the End User

Banking & Finance to Accommodate Dominant Position Owing to Increasing Focus on Banking Transactions

During the forecast period, Banking and Finance are anticipated to hold the largest market share in the Quantum Computing market. According to the medical futurist, Quantum Computing is gaining traction in the healthcare industry. The computing technology can facilitate the construction of virtual environments in which professionals can analyze body fluids, electrolytes, circulation, metabolism, and skin temperature on digital replicas of humans. The healthcare and research industries are anticipated to experience significant revenue growth in the future. In the healthcare and research industries, computing services are utilized to administer various applications, such as processing large healthcare data and rapid DNA sequencing. Particularly appealing to the industry are quantum-enhanced machine learning techniques.

Based on Application

Machine Learning Applications to Dominate Market Share Due to Rising Integrating Within Banking Applications

During the forecast period, the machine learning segment holds the largest Quantum Computing market share. It enables users to learn about estimating quantum system characteristics, error-correcting codes, and creating novel quantum algorithms. The financial services segment is anticipated to grow significantly during the projection period. Startups in the healthcare and BFSI industries focus on incorporating these services to improve their cloud-based offerings in response to the intensifying competition to attract more customers.

Based on Form

Solid Form to Account for the Largest Market Share Owing to Enhanced Resistance

In 2022, solid form dominated the Quantum Computing market regarding revenue share. This high market share can be attributed to its enhanced resistance to exposure to light and moisture. Solid forms include crystals, beadlet, and beadlet that have been cross-linked. In feed production, beadlet technology reliably shields active constituents from mechanical and thermal stress, making them more stable and bioavailable. The liquid form is gaining popularity among feed formulators because it contributes to the animal's good health and enhanced performance faster than solid forms and is less expensive. In addition, the liquid form of these feed additives is favored due to their ability to reduce enteric pathogens and gastric pH and their affordability.

Based on Region

Europe to Dominate Global Sales Due to Rising Product Demand

The market has grown significantly in North America due to the region's intense competition and early adoption of sophisticated technologies. The rate of cloud adoption readiness across regions and the end-user's readiness to develop advanced services have positively impacted North America's market growth.

Europe is anticipated to experience significant development due to the region's increasing number of technology-based startups. In addition, digital government regulatory environments and initiatives and an increase in cloud technology utilization in the region are expected to drive market growth and technological advancements. In 2022, the use of cloud computing in Europe has increased by 8% compared to 2021. Due to these factors, the region is anticipated to experience robust market growth in the coming years.

Competitive Landscape

Numerous businesses worldwide are vying for a piece of the rapidly expanding Quantum Computing market. Several startups and research institutions compete with more established tech giants like IBM, Google, and Microsoft. Competitive variables include performance, scalability, and simplicity of use, and these businesses are developing a full spectrum of Quantum Computing technologies, from hardware to software to applications. In addition, there is a developing industry of service providers who, through the cloud, make quantum computers available for use. Companies that can create and market useful applications for Quantum Computing will be in the greatest position to take advantage of the market as it changes. Quantum Computing has the potential to revolutionize the computing industry, but the business is still in its infancy, and several technological and commercial hurdles must be cleared.

The key players in the global Quantum Computing market include - IBM Corporation (U.S.), D-Wave Systems Inc. (Canada), Microsoft Corporation (U.S.), Intel Corporation (U.S.), Rigetti & Co. Inc. (U.S.), Google LLC (U.S.), QC Ware (U.S.), Quantinuum Ltd. (U.S.), Riverlane (UK), IonQ (U.S.) among others.

Recent Market Developments

• September 2022: The German aerospace center has contracted Quix Quantum to deliver 64 and 8-qubit universal quantum computers. These systems will be based on photonics and will integrate their processors' existing technologies with feedforwards, sources, and detectors.
• July 2022: ORCA Computing intends to partner with the Israeli company Quantum Machines. The corporations intend to establish a newly announced Israeli computing center with this partnership.
• May 2022: Azure Quantum will provide cloud-based access to Pasqal's neutral-atom-based quantum processors through a partnership between Pasqal and Microsoft.

Segmentation of the Global Quantum Computing Market

Frequently Asked Question

What is the global demand for quantum computing in terms of revenue.

The global Quantum Computing valued at USD 812.6 Million in 2022 and is expected to reach USD 8229 Million in 2030 growing at a CAGR of 22%.

Which are the prominent players in the market?

The prominent players in the market are IBM Corporation (U.S.), D-Wave Systems Inc. (Canada), Microsoft Corporation (U.S.), Intel Corporation (U.S.), Rigetti & Co. Inc. (U.S.), Google LLC (U.S.), QC Ware (U.S.), Quantinuum Ltd. (U.S.), Riverlane (UK), IonQ (U.S.).

At what CAGR is the market projected to grow within the forecast period?

The market is project to grow at a CAGR of 22% between 2023 and 2030.

What are the driving factors fueling the growth of the market.

• Rising Investments in Quantum Computing Technology by Governments to Aid Growth

Which region accounted for the largest share in the market?

Asia Pacific was the leading regional segment of the Quantum Computing in 2022.

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• Current: IDC Forecasts Worldwide Quantum Computing Market to Grow to $7.6 Billion in 2027

Publication date: 17 Aug 2023

IDC Forecasts Worldwide Quantum Computing Market to Grow to $7.6 Billion in 2027

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Quantum Computing: Technologies and Global Markets to 2028

Report Code: IFT149C

Publish Date: Sep 2023

Publisher: BCC Publishing

Category: Information Technology

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Report Highlights

The global quantum computing market reached $713.4 million in 2022, should reach $904.7 million by 2023 and $6.5 billion by 2028 with a compound annual growth rate (CAGR) of 48.1% during the forecast period of 2023-2028.

Report Includes

• 43 data tables and 45 additional tables
• An updated review of the global markets for quantum computing technologies
• Estimation of market size and analyses of global market trends, with data from 2022, estimates for 2023, and projections of compound annual growth rates (CAGRs) through 2028
• Evaluation and forecast the global quantum computing market size in dollar value terms, and corresponding market share analysis by offering, application, end-user industry and region
• Identification of the quantum computing technologies and products with the greatest commercial potential
• Coverage of recent advances in the quantum computing industries with environmental, social, and corporate governance (ESG) developments, and information on Japan’s first superconducting quantum computer launched by Nippon Telegraph and Telephone Corp. (NTT)
• Assessment of the key drivers and constraints that will shape the market for quantum computing over the next ten years and discussion on the upcoming market opportunities and areas of focus to forecast the market into various segments and sub-segments
• Identification of the companies best positioned to meet this demand because of their proprietary technologies, strategic alliances, or other advantages
• Review of the key patent grants and new technologies in the quantum computing sector
• Insight into the recent industry strategies, such as M&A deals, joint ventures, collaborations, and license agreements currently focused on quantum computing products and services
• Company profiles of major players within the industry, including Alphabet Inc. (Google LLC), Amazon.com Inc., International Business Machines (IBM) Corp., and Microsoft Corp.

Report Scope

In this report, the quantum computing market has been segmented based on offering, deployment, technology, application, end-user industry, and region. The report provides an overview of the global quantum computing market and analyzes market trends. Using 2022 as the base year, the report provides estimated market data for the forecast period 2023 through 2028.

Revenue forecasts for this period are segmented into:

• Offering: services and systems.
• Method of deployment: on-premises and cloud-based.
• Technology: trapped ions, quantum annealing, superconducting qubits, and others.
• Application: quantum-assisted optimization, quantum simulation and quantum-assisted machine learning.
• End-user industry: banking and finance, IT and telecom, healthcare and pharmaceuticals, space and defense, energy and power, transportation and logistics, academia, government, chemicals, and others.
• Region: North America is segmented into the U.S., Canada, and Mexico; Europe is segmented into the U.K., France, Germany, and Rest of Europe; the U.K. is further segmented into England, Wales, Scotland, and Northern Ireland; Asia-Pacific (APAC) is segmented into China, Japan, India, and Rest of Asia-Pacific; the Rest of World is segmented into the Middle East and Africa, and Latin America.

COVID-19 has had a massive impact on society since early 2020. This report considers the impact of COVID-19 and the economic slowdown it created. With people relying more on technology, the demand for quantum computing will increase and boost the market growth. The report also focuses on the major trends and challenges that affect the market and the vendor landscape.

This report has been prepared in a simple, easy-to-understand format, with numerous tables and charts/figures. The scope of the report includes a detailed study of global and regional markets for quantum computing, with reasons given for variations in the growth of the industry in certain regions. The report examines each component of quantum computing technology, determines its current market size, and estimates its future market. The report also analyzes the market from the manufacturers’ viewpoint as well as that of the final consumer. A number of technical issues arising out of the utilization of quantum computing technologies are discussed, and solutions are indicated.

Report Synopsis

Frequently asked questions (faqs), what is the projected market size and growth rate of the global quantum computing market, what are the key factors driving the growth of the global quantum computing market, what segments are covered in the global quantum computing market, by application, which segment will dominate the market by the end of 2028, which region has the highest market share in the global quantum computing market, who are the key companies/players in the global quantum computing market, analyst credentials.

Masaratjahan Kudle – Associate Consultant – Technology Research Masaratjahan Kudle is a highly skilled market research consultant with six years of experience in the technology domain. She has a strong background in data analysis and is highly skilled in gathering and interpreting market intelligence to drive business growth. Masaratjahan has worked with numerous clients throughout her career, helping them make informed decisions about their market strategies. She holds a Computer Science and Engineering degree.

The global quantum computing technologies market should reach $1.6 billion by 2026 from $390.7 million in 2021 at a compound annual growth rate (CAGR) of 33.2% for the forecast period of 2021 to 2026.

• 59 data tables and 54 additional tables
• An updated review of the global markets for commercial quantum computing technologies
• Analyses of the global market trends, with data from 2020 to 2021, estimates for 2022 and 2024, along with projections of compound annual growth rates (CAGRs) through 2026
• Evaluation and forecast the global quantum computing market size in dollar value terms, and corresponding market share analysis by offering, technology, deployment, application, end-user industry and region
• Technology assessment of the key drivers and constraints that will shape the market for quantum computing over the next ten years
• Understanding of the upcoming market opportunities and areas of focus to forecast the market into various segments and sub-segments
• Highlights of COVID-19 implications on the progress of this market
• Identification of the companies best positioned to meet this demand because of their proprietary technologies, strategic alliances or other advantages
• Insight into the recent industry strategies, such as M&A deals, joint ventures, collaborations, and license agreements currently focused on commercial quantum computing products and service
• Company profiles of the key industry players, including Alphabet Inc., Cambridge Quantum Computing, Honeywell International Inc., International Business Machines (IBM) Corp., Microsoft Corp. and Toshiba Corp.

The global commercial quantum computing market is expected to reach $1.3 billion by 2027 at a compound annual growth rate (CAGR) of 52.9% from 2022 to 2027 and $161 million by 2022 from $33.0 million in 2017 at a CAGR of 37.3% for the period 2017-2022.

• 35 data tables
• Detailed study and an industry analysis of the global markets and technologies for quantum computing
• Analyses of global market trends with data from 2016, forecasts for 2017 to 2027, and projections of compound annual growth rates (CAGRs) through 2027
• Segmentation of the global quantum computing market by technology type, end use, application sector, and geographical region
• Technological assessment of the key drivers and constraints that will shape the market for quantum computing over the next ten years
• Examination of the companies that are best positioned to meet the demand for quantum computing technologies, because of proprietary technologies, strategic alliances or other advantages
• Profiles of the leading companies offering products and services related to quantum computing technologies, including D-Wave Systems, Intel Corp., International Business Machines Corp., Microsoft, and Amgen Inc.

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Quantum Computing Market

Quantum computing market size, share & trends analysis report by type (software, hardware), by verticals (defense, healthcare and pharmaceuticals, chemicals, banking and finance, energy and power, others) and by region(north america, europe, apac, middle east and africa, latam) forecasts, 2024-2032.

Market Dynamics

Regional analysis, report scope, segmental analysis.

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Market overview.

The global quantum computing market is expected to grow at a CAGR 29.5% during the forecast period, 2023–2031.

In quantum computing, operations use qubit, a quantum state of an object. A qubit is an undefined state of an object before it has been detected, such as the spin of an electron or the polarization of a photon. Classical computers carry out logical operations using binary, which are operations are based on one of two positions. A single state represented by 1 or 0 is called a bit. On the other hand, a quantum computer requires holding an object in a superposition state long enough to carry out various processes on it.

Growth in quantum computers could spur the development of new breakthroughs in science, medications to save lives, machine learning methods to diagnose illnesses, materials to make more efficient devices and structures, financial strategies, and algorithms to quickly direct resources such as ambulances. In light of the benefits of technology, the global quantum computing market is anticipated to witness significant growth during the forecast period.

Advancements in Quantum Computing to Offer a Reliable Cloud-Based Execution Platform

Current advancements in quantum computing offer growth potential for imaginative concepts to concrete computing options for several enterprises through public and private initiatives. With advancing research in quantum computing, leading companies plan to make quantum hardware and software available for purchase. On the other hand, some organizations are working to provide a cloud-based computing platform and software applications to end-users.

Software plays a key role in providing the finest results for addressing various aspects, including applications and programming, execution and run-time, and architecture design of quantum computing. As per the Quantum Computing Institute of Oak Ridge National Laboratory, the software was one of the leading obstacles in previous execution models as it was a simple approach for run-time compilation with fast and reliable operations. Furthermore, various start-up companies and research institutions such as 1QBit, QxBranch, and QCWare are bridging the gap between experimental researches and large enterprises.

High-Speed Quantum Computers Will Replace Classical Supercomputers to Solve Complex Problems

With the rapid development of quantum hardware technologies, it can be expected that quantum computers will operate in qubits number for solving problems that are beyond the scope of classical supercomputers . As per IBM Research, there are three basic types of quantum computers: Quantum Annealer, Analog Quantum, and Universal Quantum. However, their manufacturing is extremely challenging due to hardware-specific properties and requirements. For instance, D-Wave Systems Inc., one of the manufacturers of commercial adiabatic quantum computers, has estimated that its next-generation quantum computer would have a speed of 2000 qubits. Apart from D-Wave, other leading players such as Google, MIT Lincoln Laboratory, and Intelligence Advanced Research Projects Activity (IARPA) are dealing with hardware devices for quantum computing.

Quantum Technologies to Uncover Possibilities in the Healthcare Sector as the Number of Complex Procedures Continue to Grow

Role of governments in directing research.

Quantum technologies are likely to work with several existing technologies, intermixed with policies of national governments, and international agreements to enhance or weaken peace, stability, and economic developments. Moreover, in some cases, regulations may become essential for addressing risks where governments will play a crucial role in leading research in the right direction. For instance, Networked Quantum Information Technologies (NQIT), one of the four-quantum computing research hubs, is funded by the U.K. government for National Quantum Technologies Programme, which is worth around USD 324 million.

North America Leads the Global Market, Backed by Massive Public Investments in Quantum Infrastructure Development

With large-scale public and private R&D investments, North America dominates the global quantum computing market. Governments in the region are significantly investing in building the infrastructure and resources needed for quantum dominance. Thus, governments are fostering the development and growth of quantum technologies by supporting basic and applied research in government and non-government laboratories and universities.

In December 2018, the U.S. Congress passed a bill to accelerate quantum computing, and President Trump signed the National Quantum Initiative Act (NQI Act), which directs the Department of Energy (DOE), National Science Foundation (NSF), and National Institute of Standards and Technology (NIST) to support R&D and education in Quantum Information Science (QIS). The act also offers more specific directions for each NQI agency, including setting program goals and facilitating partnerships among federal laboratories, universities, companies, and other entities.

Europe — A Key Contributor to Growth of the Quantum Computing Market

Europe is a key contributor to research on quantum computing technology and ranks in publications, patents, and companies engaged in developing quantum technologies. The European Union and the U.K. have developed national strategies or programs aimed at accelerating research on quantum computing technologies. For instance, the Institute for Defense Analyses (IDA) estimates that the European Union spent USD 361 million per year on quantum science and technology research during 2013–2015.

China — An Emerging Player in the Global Quantum Computing Market

Chinese quantum computing technology has been experiencing significant improvements and innovations and racing to hold the second-largest share in the quantum computing field, which has historically been dominated by American researchers. Additionally, quantum information science research is one of the four mega projects of China’s 15-Year (2006–2020) Science and Technology Development Plan. The Chinese government is channelizing notable efforts for developing quantum communications and quantum computing. Recently, it spent USD 10 billion for building the National Laboratory for Quantum Information Sciences in Hefei, which is slated to open by 2020.

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Application in Radiotherapy & Protein Folding

Quantum computing can be useful in various healthcare applications such as radiotherapy, drug research, drug interactions, diagnosis using artificial intelligence, disease screening, imaging, genomic medicine, and protein folding. As per D-Wave Systems Inc., this technology can be applied to radiotherapy and protein folding, and it has completed an initial radiotherapy study in a research facility in New York, the U.S. Radiotherapy is the most commonly used treatment for cancer along with chemotherapy. With the growing use of a quantum computer, the horizon of possibilities that can be considered for each simulation will get broader, enabling the running of multiple simulations simultaneously at high speeds.

Application in Pharmaceutical & Automotive Sectors

With quantum computing, it has become possible to compare larger molecules, which can be beneficial for pharmaceutical advancement and holds the potential to save the development time and money required for bringing drugs to the market. Several applications are possible once development in the research of quantum computing reaches its final stages. Automotive, transportation and logistics, machine learning, and teleportation are among the key sectors expected to benefit.

In December 2017, DENSO Corporation and Toyota Tsusho Corporation announced plans to test a quantum computer for processing data from a traffic IoT platform. This technology can be helpful in the future if vehicles and mobility systems need to process large amounts of data in real-time. The test conducted for commercial vehicles in Thailand collected and analyzed location information through cloud-based quantum computer devices developed by the Canada-based D-Wave Systems Inc.

Market Size By Type

Recent developments.

• In 2018, the Canadian government awarded USD 15 million from the annual budget to the Institute for Quantum Computing (IQC) for the study and understanding of quantum revolution opportunities
• In July 2018, Canada and Germany’s research and private sector organizations signed a Memorandum of Understanding (MOU) to jointly establish corresponding Canadian and German quantum computing and machine learning networks for collaborating on applied quantum computing and machine learning initiatives of mutual interest
• In 2018, the Japanese banks MUFG Bank, Ltd. and Mizuho Bank, Ltd. joined a new IBM Q Hub at Keio University for access to the Q's commercial 20 Qubit System via the cloud for research and development on future applications for quantum computing in the financial sector
• In 2017, QxBranch launched a quantum computing simulator for the Commonwealth Bank of Australia (CBA). The simulator allows business leaders, developers, and quantitative analysts to explore and validate uses of quantum computing hardware
• In October 2018, Cambridge Quantum Computing (CQC) announced a collaboration with JSR Corporation for the extensive experiment of implementing state-of-the-art quantum algorithms for calculating excited states of molecules that can consider multi-reference characteristics. However, CQC and JSR are the part of IBM Q that are constantly working on implementing CQC’s quantum chemistry application with IBM’s 20 qubit quantum processor
• In January 2019, ExxonMobil signed a partnership agreement with IBM for advancement in the potential use of quantum computing in developing next-generation energy and manufacturing technologies. Development in quantum computing could provide an ability to address computationally challenging problems across a variety of applications such as the potential to optimize a regional power grid and perform more predictive environmental modeling

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Quantum Technology Market 2024-2034: Trends, Players, Forecasts

Comprehensive overview of the technologies, applications, trends, and opportunities in the quantum computing market, quantum sensing market, and quantum communications market as well as the overarching trends in quantum material development..

• Overview of the quantum technology market landscape in 2024.
• Ten-year market forecasts by annual revenue within quantum computing, quantum sensing, and quantum communications hardware markets.
• Overview of key national quantum strategies, and comparison of government funding commitments.
• Over 50 company profiles of key players in the quantum technology market.
• Summary of material opportunities within the quantum technology market.
• Breakdown of eight major approaches to commercializing quantum computing including superconducting (gate-based and annealing), trapped-ion, neutral atom, silicon-spin, photonic, diamond, and topological.
• Details of critical benchmarks for quantum computing and comparison of achievements and roadmaps across key modalities and commercial players.
• Overview of key markets for quantum sensing including precision navigation and timing, biomedical imaging, and remote current sensing.
• Coverage of technology approaches to commercializing chip-scale atomic clocks, quantum gyroscopes, quantum magnetic field sensors, quantum gravimeters, and more.
• Comparison of software and hardware approaches to quantum communications for enhanced data security, including post-quantum cryptography (PQC) and quantum key distribution (QKD)
• SWOT analysis of each technology area within the market, and roadmaps for each sector.

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• Enterprise Quantum Computing

Global Enterprise Quantum Computing Market (2023-2028) by Component, Technology, Deployment, Application, End-User, Geography, Competitive Analysis, and Impact of Covid-19, Ansoff Analysis

• February 2024
• Region: Global
• Infogence Global Research
• ID: 5601441
• Description

Table of Contents

Companies mentioned, related topics, related reports.

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Market Dynamics

Market segmentations.

• The Global Enterprise Quantum Computing Market is segmented based on Component, Technology, Deployment, Application, End-User, and Geography.
• By Component, the market is classified into Software, Hardware, and Service.
• By Technology, the market is classified into Quantum Annealing, Superconducting Qubits, Topological and Photonic, Trapped Ions, and Quantum Dot.
• By Deployment, the market is classified into Cloud-Based On and On Premise.
• By Application, the market is classified into Machine Learning/Deep Learning/AI, Optimization, Simulation & Data Modeling, Quantum Chemistry, and Quantum Finance.
• By End-User, the market is classified into Banking & Finance, Chemicals, Energy & Power, Healthcare & Pharmaceuticals, Space & Defense, Academia, Government, and Transportation & Logistics.
• By Geography, the market is classified into Americas, Europe, Middle-East & Africa and Asia-Pacific.

Company Profiles

Countries studied.

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle-East and Africa (Egypt, Israel, Qatar, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

Ansoff analysis.

• The report presents a detailed Ansoff matrix analysis for the Global Enterprise Quantum Computing Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
• The publisher analyses the Global Enterprise Quantum Computing Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
• Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Enterprise Quantum Computing Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter's 5 forces model and the Ansoff Matrix. In addition, the impact of Covid-19 on the market is also featured in the report.
• The report also includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report also contains the competitive analysis using Positioning Quadrants, the Proprietary competitive positioning tool.

Report Highlights:

• A complete analysis of the market, including parent industry
• Important market dynamics and trends
• Market segmentation
• Historical, current, and projected size of the market based on value and volume
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market
• 1QB Information Technologies
• Amazon Web Services
• Anyon Systems
• Atom Computing
• Cambridge Quantum Computing
• D-Wave Systems
• River Lane Research
• Silicon Quantum Computing
• Xanadu Quantum Technologies
• Zapata Computing

Table Information

• Quantum Computing
• Telecommunications And Computing

Global Quantum Computing Market by Technology (Quantum Annealing, Superconducting Qubits, Topological and Photonic), Deployment (Cloud-Based, On Premise), Offering, End-Use, Application - Forecast 2023-2030

•  Report

Quantum Computing Market by Technology, Infrastructure, Services, and Industry Verticals 2023 - 2028

Quantum Computing: Technologies and Global Markets to 2028

• August 2023

Global Cloud-based Quantum Computing Market by Type (Hardware, Services, Software), Technology (Quantum Annealing, Superconducting Qubits, Trapped Atomic Ions), Application, End-user Industries - Forecast 2024-2030

Quantum Computing Global Market Insights 2024, Analysis and Forecast to 2029, by Market Participants, Regions, Technology, Product Type

About the enterprise quantum computing market.

The Enterprise Quantum Computing market is a subset of the Computing industry that focuses on the development and commercialization of quantum computing technologies. Quantum computing is a form of computing that uses quantum-mechanical phenomena, such as superposition and entanglement, to perform operations on data. It is expected to revolutionize the way computing is done, with potential applications in areas such as artificial intelligence, cryptography, and drug discovery. The Enterprise Quantum Computing market is still in its early stages, with many companies investing in research and development to bring quantum computing to the commercial market. Companies in the market include IBM, Google, Microsoft, Intel, Honeywell, Rigetti Computing, and D-Wave Systems. Show Less Read more

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Global topological quantum computing market size to exceed usd 12.52 billion by 2033 | cagr of 21.4%.

The Global Topological Quantum Computing Market Size was Valued at USD 1.80 Billion in 2023 and the Worldwide Topological Quantum Computing Market Size is Expected to Reach USD 12.52 Billion by 2033, according to a research report published by Spherical Insights & Consulting. Companies covered: IBM, D-Wave Quantum Inc., Microsoft, Amazon Web Services, Rigetti Computing, Fujitsu, Hitachi, Toshiba, Google, Intel, Quantinuum, Huawei, NEC, Accenture, Nippon Telegraph and Telephone, Bosch, Quantum Circuits, IonQ, QC Ware, PsiQuantum, Alpine Quantum Technologies GmbH, Xanadu, ABDProf, Zapata Computing, Northrop Grumman, and Other Key Vendors.

New York, United States , April 17, 2024 (GLOBE NEWSWIRE) -- The Global Topological Quantum Computing Market Size is expected to Grow from USD 1.80 Billion in 2023 to USD 12.52 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 21.4% during the projected period.

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The topological quantum computing market is a rapidly evolving subset of the overall quantum computing landscape that focuses on the creation, commercialization, and application of quantum computers based on topological qubits. Topological quantum computing encodes and processes quantum information using topological principles, which provides inherent fault tolerance and stability over traditional qubit systems. This market encompasses a wide range of activities, including research and development efforts to advance topological qubit technologies, the production of quantum hardware components, and the development of quantum software and algorithms that capitalize on topological qubits' unique properties. Quantum computing is gaining traction in the banking and finance services industry, to significantly accelerate trade activities, transactions, and data processing. Simulation is one of quantum computing's major potential applications. The advancement of quantum computing helps to discover a more effective and efficient way to manage financial risks. When traditional computers are used in financial institutions, the processing time and cost of high-quality solutions can grow exponentially. However, topological quantum computing is still in its early stages, with numerous technical challenges to overcome before it can be commercialized. Manipulating and controlling anyone, as well as designing fault-tolerant quantum operations, are difficult tasks that require additional research and development.

Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the  " Global Topological Quantum Computing Market  Size, Share, and COVID-19 Impact Analysis, By Offering (Systems, Services), By Deployment (On-Premises, Cloud), By Application (Optimization, Simulation, Machine Learning), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."

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The services segment dominates the global topological quantum computing market with the largest revenue share over the anticipation timeframe.        Based on the type, the global topological quantum computing market is categorized into systems and services. Among these, the services segment is dominating the global topological quantum computing market with the largest revenue share over the anticipation timeframe. Quantum computing hardware is difficult and expensive to create and maintain. Many businesses and researchers may find it more convenient and cost-effective to access quantum computing resources through cloud-based services rather than purchasing and maintaining their quantum processors. Quantum computers, including topological quantum computers, are still in their early stages. Accessing quantum computing services allows users to overcome hardware limitations and benefit from more advanced systems provided by service providers.

The cloud segment is witnessing significant CAGR growth in the global topological quantum computing market over the anticipation timeframe.     Based on the deployment, the global topological quantum computing market is categorized into on-premises and cloud. Among these, the cloud segment is witnessing significant growth in the global topological quantum computing market over the anticipation timeframe. As more powerful systems become available, the cloud approach is expected to become a significant revenue source for quantum computing service providers, with users paying for access to noisy intermediate-scale quantum (NISQ) systems capable of solving real-world problems. The short lifespan of rapidly evolving quantum computing systems is also advantageous for cloud service providers. Another benefit of cloud quantum computing systems and services is the flexibility they offer users.

The optimization segment dominates the global topological quantum computing market with the largest revenue share over the anticipation timeframe.        Based on the application, the global topological quantum computing market is categorized into optimization, simulation, and machine learning. Among these, the optimization segment is dominating the global topological quantum computing market with the largest revenue share over the anticipation timeframe. Quantum computing optimization is the process of applying quantum computing to improve the performance of optimization algorithms. This involves using quantum algorithms to solve optimization problems more quickly and efficiently than traditional methods. Quantum computing has numerous applications, including finance, logistics, artificial intelligence, and operational research. Furthermore, quantum computing can be used to solve complex optimization problems that are impossible to solve using traditional methods. Inquire Before Buying This Research Report: https://www.sphericalinsights.com/inquiry-before-buying/4116

Asia Pacific is anticipated to hold the largest share of the global topological quantum computing market over the predicted timeframe.

Asia Pacific is projected to hold the largest share of the global topological quantum computing market over the forecast period. This segmental growth can be attributed to rising demand for quantum computing systems and services from emerging economies such as China and South Korea for use in various applications in the space and defense, healthcare and pharmaceutical, and energy and power industries during the forecast period. The North America market is expected to grow at the fastest CAGR growth during the forecast period. The presence of key quantum computing systems and service providers in North America, as well as increased adoption of quantum computing applications in industries such as space and defense, chemical, and banking & finance, have all aided the industry's growth in this region.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global topological quantum computing market are IBM, D-Wave Quantum Inc., Microsoft, Amazon Web Services, Rigetti Computing, Fujitsu, Hitachi, Toshiba, Google, Intel, Quantinuum, Huawei, NEC, Accenture, Nippon Telegraph and Telephone, Bosch, Quantum Circuits, IonQ, QC Ware, PsiQuantum, Alpine Quantum Technologies GmbH, Xanadu, ABDProf, Zapata Computing, Northrop Grumman, and Others

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Recent Developments

In September 2022,  Intel (US) launched the Intel Quantum SDK, which will enable developers to create new quantum algorithms for executing qubits in simulation and on real quantum hardware in the future.

Market Segment This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global topological quantum computing market based on the below-mentioned segments:

Global Topological Quantum Computing Market, By Offering

Global Topological Quantum Computing Market, By Deployment

On-Premises

Global Topological Quantum Computing Market, By Application

Optimization

Machine Learning

Global Topological Quantum Computing Market, By Region

North America

Rest of Europe

Asia Pacific

South Korea

Rest of Asia Pacific

South America

Rest of South America

Middle East & Africa

Saudi Arabia

South Africa

Rest of the Middle East & Africa

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About the Spherical Insights & Consulting

Spherical Insights   & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

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• Quantum Computing-stock
• News for Quantum Computing

Buy Rating Affirmed for Quantum Computing Inc. on Strong Growth Prospects and Strategic Acquisitions

Analyst Edward Woo of Ascendiant maintained a Buy rating on Quantum Computing ( QUBT – Research Report ), with a price target of $8.25.

Edward Woo has given his Buy rating due to a combination of factors highlighting Quantum Computing’s early but promising position in a high-growth industry. The company’s recent acquisition of QPhoton, a leader in quantum photonic technology, has enhanced its offering by providing a system that operates efficiently at room temperature and offers computational stability. This acquisition is expected to lower deployment costs and give Quantum Computing a competitive edge. Additionally, Quantum’s flagship software, Qatalyst, positions it at the forefront of optimization computations, essential for processing the rapidly increasing volumes of data generated by modern technologies.

Furthermore, the burgeoning demand for high-performance computing to support advancements in AI, IoT, and other data-intensive technologies underscores the need for quantum computing solutions. The market potential is magnified by significant government investments in quantum information science and domestic chip manufacturing. While adjusting the revenue and EPS estimates downwards for 2024, Woo still anticipates strong revenue growth, which combined with an attractive valuation and the appointment of a new CEO with a track record of commercializing innovative technology, presents a compelling case for a Buy rating with considerable upside potential.

Woo covers the Healthcare sector, focusing on stocks such as India Globalization Capital, Biolase, and Daxor. According to TipRanks , Woo has an average return of -11.5% and a 36.16% success rate on recommended stocks.

TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.

Quantum Computing (QUBT) Company Description:

Quantum Computing, Inc. is a technology company, which focuses on developing novel algorithms and solutions utilizing quantum and quantum-inspired computing to solve difficult problems in various industries. It engages in the development and commercialization of quantum improvements in financial technology, beginning with an asset allocation system. The company was founded on July 25, 2001 and is headquartered in Leesburg, VA.

Read More on QUBT:

• QUBT Earnings Report this Week: Is It a Buy, Ahead of Earnings?
• Quantum Computing management to meet with Rosenblatt

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Rigetti and Oxford Instruments Announce Successful Completion of Innovate UK Project to Launch One of The First UK-Based Quantum Computers

• National , Quantum Computing Business , Ukquantum

Matt Swayne

• April 16, 2024

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Insider Brief

• A consortium reports their three-year project to build and operate one of the first quantum computers in the UK has been successfully completed.
• The group included Rigetti UK Limited, Oxford Instruments NanoScience, the Quantum Software Lab at the University of Edinburgh, Phasecraft and Standard Chartered Bank.
• The overall goal of the Rigetti-led £10 million consortium were to accelerate the commercialization of quantum computing in the UK.
• Image: The 32-qubit Aspen™-class quantum computer was Rigetti’s first system deployed in the UK. Rigetti was joined by Oxford Instruments, University of Edinburgh, Phasecraft, and Standard Chartered Bank in this UKRI-funded project. Photo by Benedict Redgrove.

PRESS RELEASE — Rigetti UK Limited, a wholly owned subsidiary of Rigetti Computing, Inc. (Nasdaq: RGTI) (“Rigetti” or the “Company”), a pioneer in full-stack quantum-classical computing, and Oxford Instruments NanoScience, a leading provider of cryogenic systems, announce that their three-year project to build and operate one of the first quantum computers in the UK has been successfully completed. The consortium also included the Quantum Software Lab at the University of Edinburgh, Phasecraft, and Standard Chartered Bank.

The goals of the Rigetti-led £10 million consortium were to accelerate the commercialization of quantum computing in the UK (1) through the delivery of a quantum computer in the UK, (2) by advancing practical applications in machine learning, materials simulation, and finance, and (3) furthering the development of the UK’s quantum computing talent, infrastructure, and national supply chain. The consortium was backed by funding from the UK government’s Quantum Technologies Challenge, led by UK Research & Innovation (UKRI).

The 32-qubit Aspen™-class quantum computer was Rigetti’s first system deployed in the UK and was made available over the cloud to the Company’s UK partners via Rigetti’s Quantum Cloud Services (QCS™) cloud computing platform to pursue quantum application and algorithm development. The Quantum Software Lab worked to develop new ways of testing quantum hardware and verifying the performance of quantum programs, and worked with Standard Chartered Bank to advance quantum machine learning applications for finance. Phasecraft used its deep knowledge of quantum algorithms and high-efficiency quantum software to harness the system for near-term applications in materials design and simulation.

The system was hosted at Oxford Instruments’ Tubney Woods facility using Oxford Instruments’ ProteoxLX dilution refrigerator, and was supported by Oxford Instruments’ state-of-the-art infrastructure and expert cryogenics support. Smooth and seamless infrastructure was essential so that the consortium partners could run algorithms without interruption via QCS. Backup power and resilient cooling systems in highly controlled temperature and humidity environments guaranteed high uptime of the quantum system.

Further developing its UK quantum computing capabilities, Rigetti recently announced that it won a UKRI Competition to deliver a 24-qubit quantum computing system to the National Quantum Computing Centre (NQCC) based on the Company’s latest Ankaa™-class chip architecture.

Dr. Subodh Kulkarni, Rigetti CEO, said, “Completing this project, with the end result being a useful 32-qubit quantum computer, is an exceptional achievement for all of the project partners. It takes a world-class team to build and deploy a quantum computer. The UK has become a world leader in quantum computing technologies, and we are excited to continue to contribute to its quantum computing capabilities. Additionally, Rigetti plans to leverage this experience to continue to develop our UK quantum computing leadership as we embark on deploying a 24-qubit Ankaa-class quantum computer at the NQCC’s Harwell campus.”

Matt Martin, Managing Director at Oxford Instruments NanoScience, said, “It has been an honor to collaborate with our longstanding partner Rigetti on this project, which brought the company’s first UK-based quantum computer. The project was planned from the beginning to align with national strategic initiatives and is a fantastic step towards the commercial adoption of quantum computing in the UK. Our team learned a huge amount from this project, rising to every challenge. We have comfortably demonstrated both the reliability of the ProteoxLX and the proficiency of our service team.”

In addition to showcasing Rigetti’s ability to successfully deploy a quantum computer in the UK, the research conducted during this project also resulted in subsequent quantum application development work. In January 2024, Rigetti announced that it was awarded an Innovate UK grant as part of the Feasibility Studies in Quantum Computing Applications competition with Standard Chartered, Imperial College London, and Amazon Web Services (AWS).

Elena Strbac, Managing Director, Global Head of Data Science and Innovation at Standard Chartered Bank said, “Establishing ourselves as a quantum-ready financial institution is becoming more important as quantum computers scale, and our problems become more complex. An important result of this work is addressing the feasibility of quantum machine learning methods to more effectively process, interpret, and make decisions with complex data streams, which we will continue to study in our new Innovate UK consortium.”

Ashley Montanaro, Phasecraft co-founder, said, “Quantum research and algorithm development is nothing without the ability to test it in real-life situations. Hands-on access to Rigetti’s quantum hardware throughout this project enabled us to advance our quantum simulation algorithm and software development for near-term applications, which will support us in furthering our research in areas such as new material discovery. We also gained valuable insight into real-world use cases that will help with the adoption of practical quantum computing across many industries, including clean energy technologies such as batteries and solar.”

Professor Elham Kashefi, Director of the Quantum Software Lab and Professor of Quantum Computing at the University of Edinburgh, said, “This consortium enabled our research team to not only pursue important quantum algorithm work to further benchmark quantum devices using real quantum hardware, but to also grow our group and rebrand as the Quantum Software Lab (QSL) at the University of Edinburgh. We are already applying the techniques and protocols developed during this project towards advancing our understanding of the requirements of practical quantum computers.”

Roger McKinlay, Challenge Director, Quantum Technologies, in Innovate UK said: “This project was launched with a vision of the UK being the go-to place for those striving to turn quantum research into quantum business. My thanks to this outstanding team of ‘quantrepreneurs’ – led by Rigetti UK Limited – who have made the vision a reality.”

For more market insights, check out our latest quantum computing news here .

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Artificial intelligence (AI) has incredible potential to transform the economy, improve the way we work, and enhance our way of life. The global race to scale up and adopt AI is on, and Canada is at the forefront of this technology. To make sure we can seize every opportunity in the economy of the future, and set every generation up for success, we need to scale up our innovation ambitions. And do it in a way that brings everyone along. For Millennials and Gen Z, who feel their hard work isn’t paying off like it did for previous generations, we must invest in good-paying opportunities that help them get ahead. That’s why we’re focused on creating more good jobs, including in innovation and technology, which are among the highest paying of all industries.

AI is already unlocking massive growth in industries across the economy. Many Canadians are already feeling the benefits of using AI to work smarter and faster. The rapid advance of generative AI today will unlock immense economic potential for Canada, significantly improving productivity and reducing the time workers have to spend on repetitive tasks. Researchers and companies in Canada are also using AI to create incredible new innovations and job opportunities across all facets of the Canadian economy, from drug discovery to energy efficiency to housing innovation. In the past year, job growth in AI increased by nearly one third in Canada – among the highest growth of any sector. And most AI jobs pay well above the average income.

Canada has a world-leading AI ecosystem – from development, to commercialization, to safety. We have an advantage that can make sure Canadian values and Canadian ideas help shape this globally in-demand technology. Canada was the first country in the world to introduce a national AI strategy and has invested over $2 billion since 2017 to support AI and digital research and innovation. Since then, countries around the world have begun investing significant funding and efforts into AI to advance their economies, particularly in computing infrastructure. In order to maintain Canada’s competitive edge, and secure good paying jobs and job security for generations of young Canadians, we must raise the bar.

The Prime Minister, Justin Trudeau, today announced a $2.4 billion package of measures from the upcoming Budget 2024 to secure Canada’s AI advantage. These investments will accelerate job growth in Canada’s AI sector and beyond, boost productivity by helping researchers and businesses develop and adopt AI, and ensure this is done responsibly.

These measures include:

• Investing $2 billion to build and provide access to computing capabilities and technological infrastructure for Canada’s world-leading AI researchers, start-ups, and scale-ups. As part of this investment, we will soon be consulting with AI stakeholders to inform the launch of a new AI Compute Access Fund to provide near-term support to researchers and industry. We will also develop a new Canadian AI Sovereign Compute Strategy to catalyze the development of Canadian-owned and located AI infrastructure. Ensuring access to cutting-edge computing infrastructure will attract more global AI investment to Canada, develop and recruit the best talent, and help Canadian businesses compete and succeed on the world stage.
• Boosting AI start-ups to bring new technologies to market, and accelerating AI adoption in critical sectors , such as agriculture, clean technology, health care, and manufacturing, with $200 million in support through Canada’s Regional Development Agencies.
• Investing $100 million in the NRC IRAP AI Assist Program to help small and medium-sized businesses scale up and increase productivity by building and deploying new AI solutions. This will help companies incorporate AI into their businesses and take on research, product development, testing, and validation work for new AI-based solutions.
• Supporting workers who may be impacted by AI, such as creative industries, with $50 million for the Sectoral Workforce Solutions Program, which will provide new skills training for workers in potentially disrupted sectors and communities.
• Creating a new Canadian AI Safety Institute, with $50 million to further the safe development and deployment of AI. The Institute, which will leverage input from stakeholders and work in coordination with international partners, will help Canada better understand and protect against the risks of advanced or nefarious AI systems, including to specific communities.
• Strengthening enforcement of the Artificial Intelligence and Data Act, with $5.1 million for the Office of the AI and Data Commissioner. The proposed Act aims to guide AI innovation in a positive direction to help ensure Canadians are protected from potential risks by ensuring the responsible adoption of AI by Canadian businesses.

Today’s announcement is about investing in innovation and economic growth to secure Canada’s world-leading AI advantage today and for generations to come. This will create good-paying opportunities for every generation, boost innovation across the economy, raise productivity, and accelerate economic growth – and it’s just one of the things that we are going to be doing in Budget 2024. Alongside these measures, we’re building more homes faster, ensuring every kid has the food they need, investing in health care, making life more affordable, and creating good jobs to make sure every generation can get ahead.

“AI has the potential to transform the economy. And our potential lies in capitalizing on the undeniable Canadian advantage. These investments in Budget 2024 will help harness the full potential of AI so Canadians, and especially young Canadians, can get good-paying jobs while raising our productivity, and growing our economy. This announcement is a major investment in our future, in the future of workers, in making sure that every industry, and every generation, has the tools to succeed and prosper in the economy of tomorrow.” The Rt. Hon. Justin Trudeau, Prime Minister of Canada

“Today, we are making a significant investment to boost our economic growth. This will keep Canada a global leader in AI and ensure we are at the very cutting-edge of new technologies. And most importantly, this will mean more high-paying careers for Canadians who are leading the charge in AI.” The Hon. Chrystia Freeland, Deputy Prime Minister and Minister of Finance

Quick Facts

• The Government of Canada’s Budget 2024 will be tabled in the House of Commons by the Deputy Prime Minister and Minister of Finance on Tuesday, April 16, 2024.
• In 2017, Canada was the first country to establish a national AI strategy. The Pan-Canadian Artificial Intelligence Strategy is helping Canada maintain its position as a world leader in AI, businesses be more competitive, and Canadians benefit from growth in the digital economy. Phase 2 of the strategy was announced in 2022 with funding of more than $443 million.
• The federal research granting agencies – the Canadian Institutes of Health Research (CIHR), the Natural Sciences and Engineering Research Council (NSERC), and the Social Sciences and Humanities Research Council (SSHRC) – together have awarded $936.8 million in funding for AI-related research since 2017-18.
• Since 2017, the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) provided $705.8 million in contributions to AI-related firms. This funding supported 1,111 firms and 3,837 projects in the AI and Big Data Technology space.
• In addition, the NRC Digital Technologies Research Centre has invested over $27 million both directly to firms and on collaborative AI projects related to natural language processing, Indigenous languages, and high-performance computing for AI.
• In 2023, Canada announced renewed funding for the Global Innovation Clusters , including Scale AI , bringing total funding for the company to up to $284 million. Scale AI is dedicated to promoting collaboration in AI and supply chain management research and innovation by strengthening linkages between researchers in industry, academia, and research institutes in Canada and abroad, and providing financial support for AI and supply chain management projects.
• Canada has also made significant investments in fast-scaling AI-related companies through the Strategic Innovation Fund , including Sanctuary AI and semiconductor firm Ranovus .
• Canada was recently ranked number 1 among 80 countries, tied with South Korea and Japan, in the Center for AI and Digital Policy’s 2024 global report on Artificial Intelligence and Democratic Values .
• The Artificial Intelligence and Data Act (AIDA) was introduced in Parliament as part of Bill C-27 in June 2022. It is designed to promote the responsible design, development, and use of AI systems in Canada’s private sector, with a focus on systems with the greatest impact on health, safety, and human rights. Since the introduction of the bill, the government has engaged extensively with stakeholders on the novel challenges posed by generative AI. Canada is one of the first countries in the world to propose a law to regulate AI. Learn more .
• The Voluntary Code of Conduct on the Responsible Development and Management of Advanced Generative AI Systems – announced in September 2023 and signed by major tech firms including Cohere, Ada, Coveo, BlackBerry, TELUS, OpenText, and IBM – enables companies to demonstrate that they are developing and using generative AI systems responsibly and strengthen Canadians’ confidence in the technology.
• The Public Awareness Working Group on AI was launched in 2020 under Canada’s Advisory Council on Artificial Intelligence with a mandate to examine avenues to boost public awareness and foster trust in AI. Its objective is to help Canadians have a more grounded conversation around AI, and help citizens better understand the technology, its potential uses, and its associated risks. The Working Group published a report on its public engagement activities in February 2023. A further public report is upcoming specifically on the Working Group’s engagement with First Nations, Inuit, and Métis communities to better understand their needs, interests, and priorities for AI development and use.
• Since the 1990s, Canada has been a leader in AI and deep learning, made possible by the research and innovations of the “Godfathers of AI”, Canadians Yoshua Bengio and Geoffrey Hinton. In the decades since, Canada has built up a robust and growing AI industry across Canada, anchored by our three national AI institutes in Montréal, Toronto, and Edmonton.
• In 2022-23, there were over 140,000 actively engaged AI professionals in Canada, an increase of 29 per cent compared to the previous year.
• Canada has 10 per cent of the world’s top-tier AI researchers, the second most in the world.
• Canada ranks first globally for year-over-year growth of women in AI (67 per cent growth in 2022-23 alone), first in the G7 for year-over-year growth of AI talent, and since 2019, has ranked first in the G7 for the number of AI-related papers published per capita.
• The number of AI patents filed by Canadian investors increased by 57 per cent in 2022-23 compared to the previous year – nearly three times the G7 average of just 23 per cent over the same period.
• In 2022, the Canadian AI sector attracted over $8.6 billion in venture capital, accounting for nearly 30 per cent of all venture capital activity in Canada.
• Canada ranks third in the G7 in total funding per capita raised for AI companies, with more than 670 Canadian AI start-ups and 30 Canadian generative AI companies receiving at least one investment deal valued at more than $1 million USD since 2019.
• Restore generational fairness for renters, particularly Millennials and Gen Z, by taking new action to protect renters’ rights and unlock pathways for them to become homeowners. Learn more .
• Save more young families money and help more moms return to their careers by building more affordable child care spaces and training more early childhood educators across Canada. Learn more .
• Create a National School Food Program to provide meals to about 400,000 kids every year and help ensure every child has the best start in life, no matter their circumstances. Learn more .
• Launch a new $6 billion Canada Housing Infrastructure Fund to accelerate the construction or upgrade of essential infrastructure across the country and get more homes built for Canadians. Learn more .
• Top-up the Apartment Construction Loan Program with $15 billion, make new reforms so it is easier to access, and launch Canada Builds to call on all provinces and territories to join a Team Canada effort to build more homes, faster. Learn more .
• Support renters by launching a new $1.5 billion Canada Rental Protection Fund to preserve more rental homes and make sure they stay affordable. Learn more .
• Change the way we build homes in Canada by announcing over $600 million to make it easier and cheaper to build more homes, faster, including through a new Homebuilding Technology and Innovation Fund and a new Housing Design Catalogue. Learn more .

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News & Insights

AI Market Forecast: Top Trends That Will Affect AI in 2024

April 18, 2024 — 11:06 am EDT

Written by Meagen Seatter for Investing News Network  ->

The future of artificial intelligence (AI) is looking brighter than ever.

Last year saw generative AI capture the public’s attention with the wide release of ChatGPT, and experts predict significant growth for the generative AI market in the coming years. According to 451 Research , market revenue is expected to grow at a compound annual growth rate of 57.9 percent to reach a valuation of US$36.36 billion by 2028.

What's more, the World Economic Forum's Future of Jobs Report 2023 names roles in AI and machine learning as some of the fastest-growing professions. This rapid growth and increasing demand for AI skills illustrates that AI is poised to play an increasingly important role in shaping the future of many industries.

AI to cut costs and boost efficiency in diverse sectors

Looking ahead, AI's potential to drive innovation and efficiency in many industries is only set to grow.

One plus is the cost savings AI can create — according to a November report from Bank of America Global Research, AI will have a “mild-to-strong” positive financial impact on 75 percent of companies surveyed in the next five years.

In terms of project management, AI is assisting in tasks such as analyzing large data sets, offering more accurate predictions, automating services and tasks and providing sophisticated virtual customer support.

As businesses continue to adopt AI-powered solutions and technologies, analysts are expecting to see even greater advances in areas like healthcare . AI is assisting in breakthroughs in fields like neuroscience, genomics and biotech, and according to Statista , the market for AI in healthcare is set to reach around US$188 billion by 2030. Quantum computing in particular is playing a key role in advances as it allows for faster and more accurate analysis of large data sets, enabling researchers to map genes and brains and discover new drugs more efficiently.

In addition to its impact on healthcare, quantum computing is being used to tackle complex problems in climate modeling , making it easier for scientists to understand and predict the effects of climate change.

Tech heavyweights to pursue edge computing

According to research from Deloitte's tech, media and telecom division, the importance of edge computing will grow in 2024 as AI technologies become more prevalent and advanced. The shift toward edge computing could also lead to a focus on the semiconductor and hardware industries , beyond only graphics processing unit (GPU) makers.

Edge computing, which involves the processing and analyzing of data closer to where it is generated, will play a crucial role in enabling faster decision making and improved AI performance. The Consumer Electronics Show, which will be held in Las Vegas in January, is expected to showcase a range of AI-powered products.

“As organizations deploy newly developed AI applications, they will see in many cases the need for inference to happen at or closer to the edge, avoiding network latency,” Phillip Merrick, co-founder and CEO of pgEdge, told Solutions Review .

As the need for more sophisticated AI capabilities grows, so will the importance of a robust and secure supply chain for the semiconductors and chips that power these technologies.

The chip shortage has been a major challenge for the tech industry in recent years. “Every year, the demand for semiconductors and chips increases; meanwhile, countries are just waking up to the importance of growing manufacturing and safeguarding supply chains,” Naseem Husain, senior vice president and strategist for Horizons ETFs, explained to the Investing News Network (INN) in an interview.

Ongoing trade tensions between the US and China are expected to have a continued impact in 2024, as is the Taiwan election , which is set to take place on January 13. Taiwan is a key player in the global semiconductor industry, supplying chips to many of the world’s leading tech companies, including NVIDIA (NASDAQ: NVDA ).

NVIDIA is the clear leader in the chip market, with a strong presence in AI and other emerging technologies, and the company has also developed edge computing solutions based on its GPU technology.

However, the other "Magnificent Seven" tech giants currently dominating the stock market are also investing in chip making, creating specialized chips for their cloud-based products. While these companies may not pose an immediate threat to NVIDIA’s dominance in the GPU market, they could potentially become more competitive in the future.

At the same time, established semiconductor companies such as AMD (NASDAQ: AMD ), Intel (NASDAQ: INTC ) and Qualcomm (NASDAQ: QCOM ) are making strides in the AI and edge computing spaces. Their products, which include GPUs and edge devices that are applicable across a range of industries and use cases, could eventually challenge NVIDIA’s market dominance. And, according to iShares' 2024 Thematic Outlook , there may still be attractive opportunities for investors to find undervalued AI stocks in the small- and mid-cap space.

Finally, the emergence of neuromorphic chips, which are designed to mimic the functioning of the human brain, could create new opportunities and challenges for semiconductor companies in the future. In October, IBM (NYSE: IBM ) unveiled a prototype of NorthPole , its neuromorphic chip — developers have said the project “delivers massive improvements in energy, space and time efficiencies.”

Is the AI market overvalued?

While AI has been touted as a game changer in many industries, some analysts believe the hype surrounding AI may have reached its peak, and think the space may face growth challenges in the future.

A recent poll by 451 Research shows that public concerns regarding the impact of AI on the job market and society increased between Q4 2022 and Q2 2023, and CCS Insight predicts that AI may face a “cold shower” in 2024 as the industry grapples with the realities of bringing AI to the market responsibly and sustainably.

Josh Koenig, CSO at Pantheon, told Solutions Review , “(I) predict we’ll see some high-profile failures that puncture the narrative, and a lot of companies will cut or scale back investments as real-world applications are harder to find than initially thought. Google (NASDAQ: GOOGL ), Microsoft (NASDAQ: MSFT ), and OpenAI will keep trucking, as will the open-source alternatives, but it’ll be a while before we hit the ‘Slope of Enlightenment.’”

While the largest tech companies can afford to weather these challenges, smaller startups may struggle to stay afloat.

Investor takeaway

The future of AI looks promising, with significant growth expected in the generative AI market. The adoption of AI by enterprises is set to increase, leading to more advances in areas like healthcare and climate modeling.

“In an emerging industry, competition is a critical part of the story,” Husain told INN. “In 2023, we saw many new entrants arrive into the AI arena — many of which are the product of established technology companies. While it’s a race to see who can develop the best AI technology, it will also be a matter of which product has the greatest consumer potential. I would look to see not just who is fielding the most impressive technology, but who is offering a vision for how their AI models can transform the lives of individuals for the better.”

While there may be some concerns surrounding AI, the opportunities it represents can’t be denied. As AI evolves and improves, its impact could lay the foundation for even more exciting innovations.

Don’t forget to follow us @INN_Technology for real-time news updates!

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: ARway.ai, Adisyn and Nextech3D.ai are clients of the Investing News Network. This article is not paid-for content.

The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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