Quantum Computing Market Size By Component (Software, Service), By Deployment Model (Cloud, On-premise), By Application (Optimization, Simulation, Machine Learning, Sampling, Others), By End-user (BFSI, Aerospace & Defense, Automotive, Healthcare, Government, Energy, Chemical, Others), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2028

Published Date: Oct 2021  |  Report ID: GMI5143  |  Authors: Preeti Wadhwani, Smriti Loomba

Report Format: PDF   |   Pages: 240   |   Base Year: 2020




Summary Table of Contents Industry Coverage Methodology

Industry Statistics Overview

Quantum Computing Market size exceeded USD 500 million in 2020 and is poised to register gains at over 30% between 2021 and 2028. Government support and initiatives toward the development of quantum computing technology across industry verticals are supplementing overall industry growth.
 

Quantum computing technologies are expected to replace the traditional computers in the coming years, which is anticipated to support various innovations in many fields. The increasing popularity of quantum computing in the recent years, fueled by many technological advancements and a considerable increase in financing are driving the market demand.
 

Quantum Computing Market

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The COVID-19 pandemic has accelerated the adoption of digital services to maintain the business operations during lockdown. Quantum computing helps organizations to update and shift their mission-critical workloads to the cloud with the integration of AI to improve its decision-making capabilities. Also, quantum computers are used to accelerate the drug discovery and drug development by offering incredible speed in drug target testing and assist in finding the antidote to diseases.
 

Quantum Computing Market Report Coverage
Report Coverage Details
Base Year:2020
Market Size in 2020:500 Million (USD)
Forecast Period:2021 to 2028
Forecast Period 2021 to 2028 CAGR:30%
2028 Value Projection:5 Billion (USD)
Historical Data for:2017 to 2019
No. of Pages:240
Tables, Charts & Figures:280
Segments covered:Component, Deployment Model, Application, End-User, and Region
Growth Drivers:
  • Government investments in quantum computing solutions
  • Rising need to solve complex problems
  • Growing demand of tools across end user industries
Pitfalls & Challenges:
  • Lack of technical expertise to fabricate quantum bits
  • High energy consumption

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Increasing demand to resolve complex problems in minutes will spur UK computing services market growth

In the UK, the services segment is expected to acquire around USD 40 million in revenues by 2023. The increased investments of start-ups in research & development connected to quantum computing technology might be ascribed to the rise of the services segment. In numerous industries, quantum computing software and services are employed in optimization, simulation, and machine learning applications, resulting in optimal usage costs and extremely efficient operations.
 

Over 75% of large enterprises in the region are ascending their quantum computing abilities, making the country one of the leading countries in the Europe quantum computing market. The quantum computing software offered by Google, IBM Corporation, and Microsoft Corporation are increasingly gaining popularity as it solves complex problems in a few minutes, resulting in maximum traction.
 

Growing need for powerful computing is propelling cloud segment in Germany

The cloud segment in Germany held the highest revenue across Europe in 2020 and is likely to grow at the fastest rate through 2027 driven by high adoption of cloud quantum computing services to deliver better and seamless performance. One of the main benefits of a cloud quantum computer is that it removes the need of a physical quantum computer, ensuring better processing time.
 

Demand to solve complex problems with immediate operations in China

The optimization segment in China accounted for more than 25% of the Asia Pacific quantum computing market share in 2020. The growth is widely attributed to the rising demand for software and services in optimization applications. In February 2021, a Chinese research team from the University of Science and Technology of China (USTC) designed a 62-qubit programmable superconducting quantum processor that is featured with the world’s largest number of superconducting qubits. This is ideal for transportation planning, ensuring proper optimization of traffic flow in China.
 

An upward trend for route optimization in the U.S. to augment the revenue in automotive industry

U.S. Quantum Computing Market Size, By End-User

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In the U.S., the automotive end use is set to attain a CAGR of above 30% till 2028. Quantum computing solutions are likely to gain the maximum popularity among automakers with an aim to deliver enhancements in the vehicle. These computers are built with crash behavior algorithms to further ensure autonomous vehicle driving experience.  As stated by IBM with its D-Wave Technologies, quantum computing is one of the ideal innovations as it provides resolutions for fuel cell optimization, route optimization, and durability of components.
 

Witnessing development in quantum computing workforce in APAC

APAC Quantum Computing Market Share, By Country

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The APAC quantum computing market held nearly 25% of the revenue share in 2020 fueled by the developing quantum computing workforce. It has been observed that most of the most powerful computers in Japan are with IBM,  which are used for research & development purposes. Adding to this, the University of Singapore and Amazon Web Services (AWS) are collaborating to enhance the development of quantum communication and quantum computing technologies.
 

Advent of collaborations and launch of innovative solutions with enhanced features to gain a competitive edge

Some of the key players operating in the industry are 1QB Information Technologies, Inc., Accenture plc, Amazon Web Services, Inc., Cambridge Quantum Computing, D-Wave Systems, Fujitsu, Google, Honeywell, Huawei, IBM, Microsoft, QC Ware, Quantica Computacao, Quantum Circuits, Rigetti, Riverlane, VeriQloud, XANADU, and Zapata Computing.
 

Quantum computing market has observed several strategic partnerships by major vendors to acquire marginal players and strengthen their presence. For instance, in February 2021, Crown Bioscience (CrownBio), JSR Life Sciences and Cambridge Quantum Computing (CQC) announced their partnership to discover the application and usage of quantum technology to propel the classification of biomarker discovery for oncology drug discovery.
 

The other companies are striving to launch innovative solutions to accelerate digitization process across industry verticals. For instance, in June 2021, Rigetti Computing introduced world’s first multi-chip quantum processor that incorporates own modular architecture. This speed up the path to commercialization and rapidly solve scaling challenges towards computers.
 

This market research report on quantum computing includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2028 for the following segments:

Market, By Component

  • Software
  • Service

Market, By Deployment Model

  • Cloud
  • On-premise

Market, By Application

  • Optimization
  • Simulation
  • Machine Learning
  • Sampling
  • Others

Market, By End-User

  • BFSI
  • Aerospace & Defense
  • Automotive
  • Healthcare
  • Government
  • Energy
  • Chemical
  • Others

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • Russia
    • France
    • Spain
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa

 

Frequently Asked Questions (FAQ) :

The market size of quantum computing crossed USD 500 million in 2020 and will witness a CAGR of over 30% during 2021 to 2028 with the increasing demand across various industry verticals.
Quantum computing industry size from the U.S. automotive sector will witness 30% gains through 2028 with the growing focus of automakers to develop technologically advanced vehicles.
The APAC market had captured nearly 25% of the revenue share in 2020 owing to the growing quantum computing workforce and increasing research activities in the region.
The key companies are 1QB Information Technologies, Inc., Accenture plc, Amazon Web Services, Inc., D-Wave Systems, Fujitsu, Google, Honeywell, Huawei, IBM, Microsoft, QC Ware, Quantica Computacao, Quantum Circuits, XANADU, Zapata Computing, etc.

Premium Report Details

  • Published Date: Oct 2021
  • Pages: 240
  • Tables: 253
  • Charts / Figures: 27
  • Companies covered: 19
  • Countries covered: 17

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