1 EXECUTIVE SUMMARY
1.1 Key findings
1.2 Market at a glance
1.3 What changed in 2026
2 RESEARCH SCOPE, DEFINITIONS AND METHODOLOGY
2.1 Scope
2.2 Market definition and segmentation
2.3 Forecasting methodology
2.4 Sources
3 THE QUANTUM COMPUTING MARKET IN 2026
3.1 From laboratory to industry
3.2 Investment
3.3 Government programmes and industrial policy
3.4 Recent developments shaping the outlook (October-November 2026)
3.5 Revenue landscape of listed companies
4 QUANTUM COMPUTING TECHNOLOGIES AND APPROACHES
4.1 Principles
4.2 Qubit modalities
4.3 Quantum error correction and logical qubits
4.4 Hybrid quantum-classical computing and HPC integration
4.5 Market players by modality and segment
5 TECHNOLOGY READINESS ASSESSMENT
5.1 Assessment framework
5.2 Hardware readiness by modality
5.3 Readiness of enabling subsystems
5.4 Software and integration readiness
5.5 Application readiness and the timing of quantum advantage
5.6 Benchmarks and metrics
5.7 Readiness timeline
5.8 Milestones that would shift the forecast between scenarios
6 DEVICE TIER SEGMENTATION
6.1 Tier definitions
6.2 Tier characteristics
6.3 Tier positioning by modality
6.4 Shipments by tier
6.5 Average selling prices by tier
6.6 System revenue by tier
6.7 Installed base
6.8 Tier demand by buyer type
6.9 Tier forecasts by scenario
7 HARDWARE SUPPLY CHAIN AND ENABLING TECHNOLOGIES
7.1 Cryogenics
7.2 Control electronics
7.3 Photonics and lasers
7.4 Foundries and manufacturing
7.5 Enabling supply-chain market forecast
8 SOFTWARE, MIDDLEWARE, CLOUD AND SERVICES
8.1 The quantum software stack
8.2 Cloud access and quantum computing as a service
8.3 Professional services and the consulting channel
8.4 Quantum-HPC integration software
8.5 Quantum-AI convergence
8.6 Quantum-inspired software (adjacent)
8.7 Outlook for software and services
9 ROUTES TO MARKET AND BUSINESS MODELS
9.1 Routes to market
9.2 Business models
9.3 Pricing
9.4 Public procurement channels
9.5 Channel partnerships and alliances
9.6 Regional go-to-market considerations
9.7 Sales cycles and go-to-market lessons
10 END-USE MARKETS AND MARKET OPPORTUNITIES
10.1 End-use overview
10.2 Pharmaceuticals and life sciences
10.3 Chemicals and advanced materials
10.4 Financial services and insurance
10.5 Government, defence and national laboratories
10.6 Academic research and HPC centres
10.7 Automotive, aerospace and manufacturing
10.8 Logistics and transportation
10.9 Energy and utilities
10.10 IT, cloud and telecommunications
10.11 Market opportunities
10.12 Quantum risk to supply chains
11 REGIONAL MARKETS
11.1 North America
11.2 Europe
11.3 Asia-Pacific
11.4 Rest of World
12 MARKET FORECASTS 2027-2037
12.1 Total market
12.2 By approach: qubit modality
12.3 By computational approach
12.4 By product category
12.5 By end-use group
12.6 By region
12.7 Tier-level device forecasts by scenario
12.8 Cross-segment view, 2037
12.9 Adjacent markets (not included in the TAM)
12.10 Forecast sensitivities
13 COMPETITIVE LANDSCAPE
13.1 Market structure
13.2 Leading vendors
13.3 Competition by modality
13.4 Competition by value-chain layer
13.5 Listed-company landscape
13.6 Mergers, acquisitions and strategic transactions
13.7 Key success factors
13.8 Competitive positioning
14 CHALLENGES, RISKS AND SWOT
14.1 Overview of key challenges
14.2 Technical challenges
14.3 Commercial challenges
14.4 Supply-chain risks
14.5 Financial and market risks
14.6 Geopolitical and regulatory risks
14.7 Talent and workforce
14.8 Risk assessment matrix
14.9 SWOT analysis
14.10 Outlook
15 COMPANY PROFILES (303 company profiles)16 APPENDIX
16.1 Abbreviations
16.2 Companies profiled
16.3 Index of company profiles
LIST OF TABLES
Global quantum computing market: headline indicators, 2027-2037
Segmentation framework used in this report
Scenario assumptions
Major quantum computing financings, listings and M&A, 2025-2026
Government programmes most relevant to quantum computing procurement, 2026
Selected developments, October-November 2026
Computational approaches to quantum computing
Comparison of qubit modalities, 2026
Error-correction approaches and overheads
Vendor roadmaps: stated system milestones
Data-centre readiness by modality, 2026
Profiled companies by primary activity (section number in Section 15)
Technology readiness levels as applied to quantum computing
Commercial readiness index (CRI) used in this report
Technology and commercial readiness by modality, 2026 and expected 2030
Readiness of enabling subsystems, 2026
Software and integration readiness, 2026
Levels of quantum advantage
Application readiness and resource requirements
Key performance metrics for quantum computers
Expected readiness milestones, base case
Milestones that would shift the forecast between scenarios
Quantum computer device tiers: definitions
Physical and operational characteristics by tier
Where each modality competes, 2027-2037
Quantum computer systems shipped by tier, base case, 2027-2037 (units)
Average selling price by tier, base case (US$ millions per system)
System revenue by tier, base case, 2027-2037 (US$ millions)
Share of system revenue by tier, base case
Installed base of quantum computers by tier, including vendor-operated cloud systems, base case (units)
Indicative share of tier shipments by buyer type, 2027-2037 average
Tier-level shipments and system revenue by scenario
Critical inputs by modality
Enabling supply chain for quantum computing, base case, 2027-2037 (US$ millions; non-additive to TAM)
Enabling supply chain by scenario (US$ millions)
Supply-chain risks and mitigations
Quantum software stack: layers, functions and representative companies
Software segment characteristics
Cloud access models
Major quantum cloud platforms, 2026
Software, cloud and service revenue, base case (US$ millions)
Cloud and software revenue by scenario (US$ millions)
Professional services offerings
Routes to market for quantum computing
Quantum computing revenue by route to market (product category), base case (US$ millions)
Business models in quantum computing
Revenue characteristics by business model
Indicative pricing benchmarks, 2026
Expected evolution of pricing models
Major public procurement and funding channels
Selected strategic partnerships shaping go-to-market
Go-to-market by region
End-use markets, quantum-addressable workloads and timing
Quantum computing market by end-use group, base case, 2027-2037 (US$ millions)
End-use share of the quantum computing market, base case
End-use groups by scenario: 2037 revenue (US$ millions) and CAGR 2027-2037
Principal market opportunities, 2027-2037
Where the opportunities sit in the value chain
Opportunity attractiveness by end-use group
Quantum computing market by region, base case, 2027-2037 (US$ millions)
Quantum computing market by country / sub-region, base case (US$ millions)
Regional markets by scenario: 2037 revenue (US$ millions) and CAGR 2027-2037
Global quantum computing market by scenario, 2027-2037 (US$ millions)
Year-on-year growth by scenario
Quantum computing market by modality, conservative scenario, 2027-2037 (US$ millions)
Quantum computing market by modality, base scenario, 2027-2037 (US$ millions)
Quantum computing market by modality, optimistic scenario, 2027-2037 (US$ millions)
Modality comparison across scenarios: 2037 revenue (US$ millions) and CAGR 2027-2037
Quantum computing market by computational approach, conservative scenario (US$ millions)
Quantum computing market by computational approach, base scenario (US$ millions)
Quantum computing market by computational approach, optimistic scenario (US$ millions)
Quantum computing market by product category, conservative scenario (US$ millions)
Quantum computing market by product category, base scenario (US$ millions)
Quantum computing market by product category, optimistic scenario (US$ millions)
Products versus services by scenario (US$ millions)
Product categories across scenarios: 2037 revenue (US$ millions) and CAGR
Quantum computing market by end-use group, conservative scenario (US$ millions)
Quantum computing market by end-use group, optimistic scenario (US$ millions)
Quantum computing market by region, conservative scenario (US$ millions)
Quantum computing market by region, optimistic scenario (US$ millions)
Quantum computing market by country / sub-region, conservative scenario (US$ millions)
Quantum computing market by country / sub-region, base scenario (US$ millions)
Quantum computing market by country / sub-region, optimistic scenario (US$ millions)
Systems shipped by tier, conservative scenario (units)
System revenue by tier, conservative scenario (US$ millions)
Systems shipped by tier, optimistic scenario (units)
System revenue by tier, optimistic scenario (US$ millions)
Cumulative 2027-2037 shipments, revenue and 2037 installed base by tier, base case
Indicative 2037 system revenue by modality and tier, base case (US$ millions)
Indicative 2037 revenue by region and product category, base case (US$ millions)
Quantum-inspired computing market (US$ millions; Future Markets, The Global Quantum Technologies Market 2026-2036)
Sensitivity of 2037 base-case market to key assumptions
Competitive tiers in the quantum computing market
Expected evolution of market concentration
Leading quantum computing companies: positioning, late 2026
Competitive dynamics by modality
Competitive intensity by value-chain layer
Listed quantum computing companies, late 2026
Mergers, acquisitions and strategic transactions shaping the market, 2024-2026
Key success factors and leading performers
Competitive positioning matrix (Future Markets assessment)
Key challenges for the quantum computing market
Supply-chain risks and mitigations
Risk likelihood and impact, 2027-2037
SWOT analysis: global quantum computing market
Index of company profiles
LIST OF FIGURES
Global quantum computing market, 2027-2037: conservative, base and optimistic scenarios (US$ billions)
Quantum technology investment, 2012-2026 YTD (US$ billions)
Quantum technology investment by subsector, 2025 (US$ billions)
Selected government quantum commitments (US$ billions, approximate)
Selected vendor fault-tolerance and system roadmap milestones
Technology readiness of quantum computing modalities, 2026
Use-case readiness matrix by application area and period (base case)
Quantum computer systems shipped by tier, base case (units)
Average selling price by tier, base case (US$ millions, log scale)
System revenue by tier, base case (US$ billions)
Installed base by tier (Tier 2-5), including vendor-operated cloud systems, base case
Installed logical qubits on Tier 4-5 systems, base case
Quantum computing value chain
Enabling supply chain sales into quantum computing, base case (US$ billions)
Revenue mix by route to market (product category), base case, 2026-2037 (% of total)
Quantum computing market by end-use group, base case (US$ billions)
Growth by end-use group, base case CAGR 2027-2037
Quantum computing market by region, base case (US$ billions)
Quantum computing market by country / sub-region, 2027 and 2037, base case (US$ billions)
Global quantum computing market by scenario, 2027-2037 (US$ billions)
Quantum computing market by modality, base case (US$ billions)
Modality share of the quantum computing market, base case
Scenario range of 2037 revenue by modality (US$ billions)
Quantum computing market by computational approach, base case (US$ billions)
Quantum computing market by product category, base case (US$ billions)
Products versus services, base case (US$ billions)