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Quantum Computing Market Report Scope & Overview:

The Quantum Computing Market size was valued at USD 972.93 million in 2023 and is expected to grow to USD 10,174.53 million by 2031 and grow at a CAGR of 34.1% over the forecast period of 2024-2031.

A quantum computer is a device that applies the concepts of quantum mechanics. Physical matter exhibits features of both waves as well as particles at extremely small scales, and quantum computing makes use of this behavior by using specialized hardware. These quantum devices operate in a way that cannot be explained by classical physics, and a scalable quantum computer could perform some operations exponentially faster than any current "classical" computer. A large-scale quantum computer may, for example, crack well-known encryption protocols and let physicists run physical simulations, but the state of the art at the moment is still largely experimental and unworkable.

Quantum Computing Market Revenue Analysis

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Market Dynamics

Drivers

  • Applications of Quantum Computing that are Common

Due to the numerous applications in the aerospace and defense industry for space exploration verification, critical modeling, and aerodynamic performance simulation, quantum computing is gaining significant traction on a global scale. Rising machine learning and quantum computing implementations to identify recurrent patterns are also driving the market's exponential growth. Growing demand for quantum computing from industries like BFSI, defense, and automotive is promoting market expansion. Additionally, escalating cybercrime rates and strict government initiatives to advance this technology are significant market growth drivers.

Restrains

  • Global Talent Shortage Will Stagnate Growth

  • Implementation Challenges in Quantum Computing to Limit Market Growth

Despite abundant growth potential, there are some underlying intellectual difficulties in the market. The difficulty of finding effective quantum computing solutions is one of the key problems preventing the market from growing. Compatibility issues and quantum entanglement during network connection make the market's growth even more difficult.

Opportunities

  • Growing quantum computing applications in aerospace & defense, traffic optimization, weather forecasting, and increased commercial interest in the technology.

Challenges

  • lack of highly qualified personnel

Impact Of covid-19:

Market Share grew Due to the Market Players' Significant Growth Opportunities

The global growth of computing services was greatly hindered by the COVID-19 pandemic. According to McKinsey, the pandemic phase since the worldwide shutdown showed that funding for businesses specializing in quantum technology The proportion of investments in quantum computing made by private and venture capital firms considerably increased in the latter part of 2021. This rise accounted for more than 70% of investments, demonstrating a rise in company trust in the technology's ability to provide positive outcomes. In addition, several market players completed Initial Public Offerings (IPOs) via special-purpose acquisition businesses. These enterprises enable market players to bypass the IPO procedure, saving time and money and reducing regulatory scrutiny. For example, IonQ was the first business to establish itself as the "first publicly traded, pure-play quantum computing company". IonQ was pursued by organisations including Rigetti, Arqit, and D-Wave. The market is anticipated to have a bright future in the years to come thanks to the strategy that some pure-play quantum businesses followed over the previous years.

Key Market Segmentation

The Quantum Computing Market is segmented into four types on the basis of by Deployment, by Application, by Component, and by End-user.

By Deployment:

  • On-premise

  • Cloud

By Application:

  • Machine Learning

  • Optimization

  • Biomedical Simulations

  • Financial Services

  • Electronic Material Discovery

  • Others

By Component:

  • Hardware

  • Software

  • Services

By End-user:

  • Healthcare

  • Chemical

  • Banking, Financial Services, and Insurance (BFSI)

  • Automotive

  • Aerospace & Defense

  • Energy, and Utilities

  • Manufacturing

  • Others

Regional Analysis

The global market for quantum computing is now dominated by North America, and this trend will continue during the evaluation period. The presence of major technology companies like IBM Corporation, Intel, Google, and many more, as well as well-established technology development centers in the area, act as major market drivers. Rising R&D investments in developing quantum computers, quantum computing applications, and mathematics are expanding the market size. The massive adoption of machine learning technology by government agencies and the aerospace and defense industries also contributes to market expansion.

The US now controls the largest market share in the region for quantum computing as a result of substantial technological developments. Europe is responsible for the second-largest share of the global quantum computing market. Market expansion is influenced favorably by significant investments made by market participants as well as growing efforts and support from governments in various regions of the world. Furthermore, the existence of significant players like Cambridge Quantum Computing Ltd. has an effect on the local development of quantum technologies.

Chemicals, healthcare, and banking & finance are the three largest industries in Asia Pacific. South Korea, China, and Japan are the region's leading producers of electronics such as mobile phones, computers, and game consoles. There is a need to address problems in simulation, machine learning, and optimization applications across various industries. Medium-sized and large businesses in the region are benefiting from the rapid expansion of the economies in the region of Asia Pacific and the greater usage of new technology in the industrial sector. Asia Pacific consequently has a rising demand for these quantum services and systems, contributing to the market's expansion.

In the regional analysis study of the regions of North America, Europe, Asia Pacific middle east, and Africa.

Quantum Computing Market By Region

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REGIONAL COVERAGE:

North America

  • USA

  • Canada

  • Mexico

Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

Asia-Pacific

  • Japan

  • South Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of the Middle East & Africa

Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

Key Players:

Major players in the market are Microsoft Corporation, IBM Corporation, Intel Corporation, D-Wave Systems Inc., Amazon Web Services, Quantinuum, Huawei, Rigetti & Co, Inc., Accenture, Alpine Quantum Technologies, IonQ, QC Ware, Google LLC, Zapata Computing, and others in the final report.

Amazon Web Services-Company Financial Analysis

Company Landscape Analysis

Recent development

Beech, a fully digital, rack-compatible laser frequency stabilisation module for up to four distinct wavelengths, was introduced by Alpine Quantum Technologies GmbH in September 2022.

In order to improve future data processing capabilities, ORCA Computing is collaborating with the U.K. Ministry of Defence (MoD) in June 2022. The business will make use of the ORCA PT-1 model, the first on-site computer that can run at ambient temperature.

Quantum Computing Market Report Scope:
Report Attributes Details
Market Size in 2023  US$ 972.93 Mn
Market Size by 2031  US$ 10,174.53 Mn
CAGR   CAGR of 34.1% From 2024 to 2031
Base Year  2023
Forecast Period  2024-2031
Historical Data  2020-2022
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Deployment (On-premise, Cloud)
• By Application (Machine Learning, Optimization, Biomedical Simulations, Financial Services, Electronic Material Discovery, Others)
• By Component (Hardware, Software, Services)
• By End-user (Healthcare, Banking, Financial Services, and Insurance (BFSI), Chemical, Automotive, Aerospace & Defense, Energy, and Utilities, Manufacturing, Others)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles Microsoft Corporation, IBM Corporation, Intel Corporation, D-Wave Systems Inc., Amazon Web Services, Quantinuum, Huawei, Rigetti & Co, Inc., Accenture, Alpine Quantum Technologies, IonQ, QC Ware, Google LLC, Zapata Computing
Key Drivers • Applications of Quantum Computing that are Common
Market Opportunities • Growing quantum computing applications in aerospace & defense, traffic optimization, weather forecasting, and increased commercial interest in the technology.

 

Frequently Asked Questions

Ans: The Quantum Computing Market size was valued at US$ 972.93 million in 2023.

Ans: The Quantum Computing Market is to grow at a CAGR of 34.1% over the forecast period 2024-2031.

The major worldwide key players in the Quantum Computing Market are Microsoft Corporation, IBM Corporation, Intel Corporation, D-Wave Systems Inc., Amazon Web Services, Quantinuum, Huawei, Rigetti & Co, Inc., Accenture, Alpine Quantum Technologies, IonQ, QC Ware, Google LLC, Zapata Computing, and others in the final report.

Ans: The Quantum Computing Market size is to reach US$ 10,174.53 million by 2031.

Ans: The forecast period for the Quantum Computing Market is 2024-2031.

Table of Contents

1.Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges

4. Impact Analysis
4.1 COVID-19 Impact Analysis

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Quantum Computing Market Segmentation, by Deployment
8.1 On-premise
8.2 Cloud

9. Quantum Computing Market Segmentation, by Application
9.1 Machine Learning
9.2 Optimization
9.3 Biomedical Simulations
9.4 Financial Services
9.5 Electronic Material Discovery
9.6 Others

10. Quantum Computing Market Segmentation, by Component
10.1 Hardware
10.2 Software
10.3 Services

11. Quantum Computing Market Segmentation, by End-user
11.1 Healthcare
11.2 Chemical
11.3 Banking, Financial Services, and Insurance (BFSI)
11.4 Automotive
11.5 Aerospace & Defence
11.6 Energy, and Utilities
11.7 Manufacturing
11.8 Others

12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 North America Quantum Computing Market by Country
12.2.2 North America Quantum Computing Market by Deployment
12.2.3 North America Quantum Computing Market by Application
12.2.4 North America Quantum Computing Market by Component
12.2.5 North America Quantum Computing Market by End-user
12.2.6 USA
12.2.6.1 USA Quantum Computing Market by Deployment
12.2.6.2 USA Quantum Computing Market by Application
12.2.6.3 USA Quantum Computing Market by Component
12.2.6.4 USA Quantum Computing Market by End-user
12.2.7 Canada
12.2.7.1 Canada Quantum Computing Market by Deployment
12.2.7.2 Canada Quantum Computing Market by Application
12.2.7.3 Canada Quantum Computing Market by Component
12.2.7.4 Canada Quantum Computing Market by End-user
12.2.8 Mexico
12.2.8.1 Mexico Quantum Computing Market by Deployment
12.2.8.2 Mexico Quantum Computing Market by Application
12.2.8.3 Mexico Quantum Computing Market by Component
12.2.8.4 Mexico Quantum Computing Market by End-user
12.3 Europe
12.3.1 Europe Quantum Computing Market by Country
12.3.2 Europe Quantum Computing Market by Deployment
12.3.3 Europe Quantum Computing Market by Application
12.3.4 Europe Quantum Computing Market by Component
12.3.5 Europe Quantum Computing Market by End-user
12.3.6 Germany
12.3.6.1 Germany Quantum Computing Market by Deployment
12.3.6.2 Germany Quantum Computing Market by Application
12.3.6.3 Germany Quantum Computing Market by Component
12.3.6.4 Germany Quantum Computing Market by End-user
12.3.7 UK
12.3.7.1 UK Quantum Computing Market by Deployment
12.3.7.2 UK Quantum Computing Market by Application
12.3.7.3 UK Quantum Computing Market by Component
12.3.7.4 UK Quantum Computing Market by End-user
12.3.8 France
12.3.8.1 France Quantum Computing Market by Deployment
12.3.8.2 France Quantum Computing Market by Application
12.3.8.3 France Quantum Computing Market by Component
12.3.8.4 France Quantum Computing Market by End-user
12.3.9 Italy
12.3.9.1 Italy Quantum Computing Market by Deployment
12.3.9.2 Italy Quantum Computing Market by Application
12.3.9.3 Italy Quantum Computing Market by Component
12.3.9.4 Italy Quantum Computing Market by End-user
12.3.10 Spain
12.3.10.1 Spain Quantum Computing Market by Deployment
12.3.10.2 Spain Quantum Computing Market by Application
12.3.10.3 Spain Quantum Computing Market by Component
12.3.10.4 Spain Quantum Computing Market by End-user
12.3.11 The Netherlands
12.3.11.1 Netherlands Quantum Computing Market by Deployment
12.3.11.2 Netherlands Quantum Computing Market by Application
12.3.11.3 Netherlands Quantum Computing Market by Component
12.3.11.4 Netherlands Quantum Computing Market by End-user
12.3.12 Rest of Europe
12.3.12.1 Rest of Europe Quantum Computing Market by Deployment
12.3.12.2 Rest of Europe Quantum Computing Market by Application
12.3.12.3 Rest of Europe Quantum Computing Market by Component
12.3.12.4 Rest of Europe Quantum Computing Market by End-user
12.4 Asia-Pacific
12.4.1 Asia Pacific Quantum Computing Market by Country
12.4.2 Asia Pacific Quantum Computing Market by Deployment
12.4.3 Asia Pacific Quantum Computing Market by Application
12.4.4Asia Pacific Quantum Computing Market by Component
12.4.5Asia Pacific Quantum Computing Market by End-user
12.4.6 Japan
12.4.6.1 Japan Quantum Computing Market by Deployment
12.4.6.2 Japan Quantum Computing Market by Application
12.4.6.3 Japan Quantum Computing Market by Component
12.4.6.4 Japan Quantum Computing Market by End-user
12.4.7 South Korea
12.4.7.1 South Korea Quantum Computing Market by Deployment
12.4.7.2 South Korea Quantum Computing Market by Application
12.4.7.3 South Korea Quantum Computing Market by Component
12.4.7.4 South Korea Quantum Computing Market by End-user
12.4.8 China
12.4.8.1 China Quantum Computing Market by Deployment
12.4.8.2 China Quantum Computing Market by Application
12.4.8.3 China Quantum Computing Market by Component
12.4.8.4 China Quantum Computing Market by End-user
12.4.9 India
12.4.9.1 India Quantum Computing Market by Deployment
12.4.9.2 India Quantum Computing Market by Application
12.4.9.3 India Quantum Computing Market by Component
12.4.9.4 India Quantum Computing Market by End-user
12.4.11 Australia
12.4.10.1 Australia Quantum Computing Market by Deployment
12.4.10.2 Australia Quantum Computing Market by Application
12.4.10.3 Australia Quantum Computing Market by Component
12.4.10.4 Australia Quantum Computing Market by End-user
12.4.11 Rest of Asia-Pacific
12.4.11.1 APAC Quantum Computing Market by Deployment
12.4.11.2 APAC Quantum Computing Market by Application
12.4.11.3 APAC Quantum Computing Market by Component
12.4.11.4 APAC Quantum Computing Market by End-user
12.5 The Middle East & Africa
12.5.1 The Middle East & Africa Quantum Computing Market by Country
12.5.2 The Middle East & Africa Quantum Computing Market by Deployment
12.5.3 The Middle East & Africa Quantum Computing Market by Application
12.5.4The Middle East & Africa Quantum Computing Market by Component
12.5.5 The Middle East & Africa Quantum Computing Market by End-user
12.5.6 Israel
12.5.6.1 Israel Quantum Computing Market by Deployment
12.5.6.2 Israel Quantum Computing Market by Application
12.5.6.3 Israel Quantum Computing Market by Component
12.5.6.4 Israel Quantum Computing Market by End-user
12.5.7 UAE
12.5.7.1 UAE Quantum Computing Market by Deployment
12.5.7.2 UAE Quantum Computing Market by Application
12.5.7.3 UAE Quantum Computing Market by Component
12.5.7.4 UAE Quantum Computing Market by End-user
12.5.8South Africa
12.5.8.1 South Africa Quantum Computing Market by Deployment
12.5.8.2 South Africa Quantum Computing Market by Application
12.5.8.3 South Africa Quantum Computing Market by Component
12.5.8.4 South Africa Quantum Computing Market by End-user
12.5.9 Rest of Middle East & Africa
12.5.9.1 Rest of Middle East & Asia Quantum Computing Market by Deployment
12.5.9.2 Rest of Middle East & Asia Quantum Computing Market by Application
12.5.9.3 Rest of Middle East & Asia Quantum Computing Market by Component
12.5.9.4 Rest of Middle East & Asia Quantum Computing Market by End-user
12.6 Latin America
12.6.1 Latin America Quantum Computing Market by Country
12.6.2 Latin America Quantum Computing Market by Deployment
12.6.3 Latin America Quantum Computing Market by Application
12.6.4 Latin America Quantum Computing Market by Component
12.6.5 Latin America Quantum Computing Market by End-user
12.6.6 Brazil
12.6.6.1 Brazil Quantum Computing Market by Deployment
12.6.6.2 Brazil Africa Quantum Computing Market by Application
12.6.6.3 Brazil Quantum Computing Market by Component
12.6.6.4 Brazil Quantum Computing Market by End-user
12.6.7 Argentina
12.6.7.1 Argentina Quantum Computing Market by Deployment
12.6.7.2 Argentina Quantum Computing Market by Application
12.6.7.3 Argentina Quantum Computing Market by Component
12.6.7.4 Argentina Quantum Computing Market by End-user
12.6.8 Rest of Latin America
12.6.8.1 Rest of Latin America Quantum Computing Market by Deployment
12.6.8.2 Rest of Latin America Quantum Computing Market by Application
12.6.8.3 Rest of Latin America Quantum Computing Market by Component
12.6.8.4Rest of Latin America Quantum Computing Market by End-user

13.Company Profile
13.1 Microsoft Corporation
13.1.1 Market Overview
13.1.2 Financials
13.1.3 Product/Services/Offerings
13.1.4 SWOT Analysis
13.1.5 The SNS View
13.2 IBM Corporation.
13.2.1 Market Overview
13.2.2 Financials
13.2.3 Product/Services/Offerings
13.2.4 SWOT Analysis
13.2.5 The SNS View
13.3 Intel Corporation.
13.3.1 Market Overview
13.3.2 Financials
13.3.3 Product/Services/Offerings
13.3.4 SWOT Analysis
13.3.5 The SNS View
13.4 D-Wave Systems Inc.
13.4.1 Market Overview
13.4.2 Financials
13.4.3 Product/Services/Offerings
13.4.4 SWOT Analysis
13.4.5 The SNS View
13.5 Amazon Web Services.
13.5.1 Market Overview
13.5.2 Financials
13.5.3 Product/Services/Offerings
13.5.4 SWOT Analysis
13.5.5 The SNS View
13.6 Quantinuum.
13.6.1 Market Overview
13.6.2 Financials
13.6.3 Product/Services/Offerings
13.6.4 SWOT Analysis
13.6.5 The SNS View
13.7 Huawei.
13.7.1 Market Overview
13.7.2 Financials
13.7.3 Product/Services/Offerings
13.7.4 SWOT Analysis
13.7.5 The SNS View
13.8 Accenture.
13.8.1 Market Overview
13.8.2 Financials
13.8.3 Product/Services/Offerings
13.8.4 SWOT Analysis
13.8.5 The SNS View
13.9 Alpine Quantum Technologies.
13.9.1 Market Overview
13.9.2 Financials
13.9.3 Product/Services/Offerings
13.9.4 SWOT Analysis
13.9.5 The SNS View
13.10 QC Ware.
13.10.1 Market Overview
13.10.2 Financials
13.10.3 Product/Services/Offerings
13.10.4 SWOT Analysis
13.10.5 The SNS View

14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments

15. USE Cases and Best Practices

16. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.

 

The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

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Data Bank Validation

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Step 5: Final QC/QA Process:

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