Quantum Computing Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029

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

The global quantum computing market is poised to reach US$ 8,635.38 Mn by 2029, expanding at a CAGR of 34.3% over the forecast period from 2021 to 2029. Increasing complexity in the data sets along with incompetent traditional computing methodology has given birth to an advanced computing technology that works on quantum bits or qubits. Quantum computing encompasses three technology stages that are quantum annealing, non-error corrected quantum computing, and fully-error corrected quantum computing. Quantum annealing has significantly entered into the phase of market visibility while the other two are still under the technology trigger phase. The first phase of the technology has prominently penetrated into logistics, artificial intelligence, and machine learning applications. Several venture capitalists also tend to invest significantly into quantum computing technology as they think it to be a game-changer for various industries; for example, healthcare, BFSI, manufacturing, aerospace & defense, manufacturing, and many other verticals.

Aerospace & Defense Segment dominated the Global Quantum Computing Market in the year 2020

Aerospace & defense dominated the global quantum computing market in the year 2020 owing to higher requirement of secure data transfer and communication. Additionally, the demand for fast data operation is expected to boost the demand for quantum computing solutions in the industry. In recent past, the National Aeronautics and Space Administration (NASA) announced to achieve quantum supremacy in partnership with Google Inc. The company has developed the fastest quantum computer with capability to solve problems in just 200 seconds. On the other hand, automotive and healthcare industry finds lucrative applications of quantum computing methods for route optimization and material synthesis. Quantum computing can reveal new horizon of development in the field of medical science for treatment of various rare diseases.

Asia Pacific witnesses Highest Growth over the Forecast Period

In 2020, North America held major revenue share of the global quantum computing market. Impressive investments and technological advancements are the prime factors escalating the regional growth. On the contrary, Asia Pacific is poised to grow exponentially over the forecast period owing to strategic government plans of different Asian countries. Recently, Chinese government announced to build a US$ 10 Bn National Laboratory for Quantum Information Sciences that is expected to start by the year 2020. Other than China, Japan and South Korea are the other important regions exploiting the quantum computing features for various industry verticals. Moreover, the region has promising industrial growth that favors the market growth during forecast period. BFSI is significantly implementing the quantum benefits in advanced computing.

Key Players & Competitive Landscape:

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

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

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

Historical & Forecast Period

This research study provides qualitative as well as quantitative insights for each segment and sub-segment from 2019 to 2029, considering 2020 as the base year for the research. CAGR (Compounded Annual Growth Rate) for each segment and sub-segment is calculated for the forecast period from 2021 to 2029.

Report Scope by Segments

The research study titled quantum computing market offers market size and forecasts based on market dynamics and predominant trends shaping the industry. The report provides all round view of the global quantum computing market based on type, applications, industry verticals, and geography. Key segments covered in the report are as follows:

Type Segment (2019-2029; US$ Mn)

• Quantum Annealing
• Quantum Simulation
• Universal Quantum

Application Segment (2019-2029; US$ Mn)

• Machine Learning
• Optimization
• Material Simulation
• Financial Services
• Others (Weather Forecasting, etc.)

Industry Verticals Segment (2019-2029; US$ Mn)

• IT & Telecom
• Healthcare & Life Sciences
• BFSI
• Manufacturing
• Aerospace & Defense
• Energy & Utilities
• Others

Geography Segment (2019-2029; US$ Mn)

• North America (U.S., Rest of North America)
• Europe (U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of Asia Pacific)
• Rest of the World (Middle East & Africa, Latin America)

Key questions answered in this report

• What was the global market size of quantum computing in 2019 & 2020?
• What are estimated forecast and market projections up to 2029?
• Which is largest regional market for quantum computing?
• Which type has the largest penetration in quantum computing market?
• Which is the most preferred application in quantum computing?
• Which are the predominant trends shaping the global quantum computing market?
• Which is the most promising, attractive, and less-explored region in the global quantum computing market?
• Who are the leading vendors in the global quantum computing market?
• What are the premiere strategies adopted by the leading vendors in the global quantum computing market?

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