Quantum Computing Market Size & Share 2023 to 2032
Market Size by Component (Software, Service), by Deployment Model (Cloud, On-premise), by Application (Optimization, Simulation, Machine Learning, Sampling), by End User & Global Forecast.
Report ID: GMI5143
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Published Date: April 2023
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Report Format: PDF
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Authors:
Preeti Wadhwani, Aishvarya Ambekar
Quantum Computing Market Size
Quantum Computing Market size was valued at USD 974.1 million in 2022 and is projected to record more than 10% CAGR from 2023 to 2032.
Quantum Computing Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
Rapid technological innovations in quantum computing will shape the quantum computing market growth. The COVID-19 pandemic has pushed the demand for quantum computing because of the rising digitalization across several industries. Leading businesses across a range of sectors have adopted contemporary technology to simplify operations and increase productivity. The businesses have developed a culture of remote and home-based employment.
A lack of proper knowledge regarding quantum computing may negatively impact quantum computing market expansion. Quantum computer engineering is still in the nascent stage. Numerous technical obstacles are needed to overcome in order to implement quantum computing technology in real-time applications. Due to their extraordinary sensitivity to external interactions, quantum computers have the potential to cause the state function to collapse.
Quantum Computing Market Analysis
Quantum computing market share from the software segment is expected to cross USD 10 billion by 2032, due to rising demand for SaaS business models, growing workloads in data centers, and sophisticated processor architectures in conventional binary computing systems. In a conventional binary computer system, information is stored in tiny transistors, each of which can only hold one bit of information, such as a 0 or 1. Since 1 and 0 can be stored and processed simultaneously due to the superposition phenomenon, quantum computing is much more potent than a classical-quantum computing system.
Quantum computing market size from the on-premises deployment segment will reach USD 1 billion by 2032, owing to the reduced requirement for remote access caused by centralized management. Data in several sectors, such as BFSI, aerospace & defense, and healthcare, is particularly private and must be protected. These companies choose the on-premises deployment of their IT solutions due to their higher budgets.
The quantum computing market from the optimization segment accounted for USD 300 million revenue in 2022. Quantum computing is beneficial for software optimization, code optimization, program optimization, and the act of altering software systems such that some components function more efficiently or consume fewer resources. Quantum computers can solve hard combinatorial optimization problems using quantum algorithms.
North America quantum computing market size to surpass USD 5 billion by 2032, aided by competitive markets and end-user acceptance of the technology. The adoption of this technology in the U.S. and Canada regions is expected to increase over the years owing to the beginning of several start-ups that use quantum technology.
Quantum Computing Market Share
Major players involved in the quantum computing market are:
Companies are collaborating with other industry players and are also launching new products to remain competitive in the market.
For instance, in April 2023, Quantum Computing Inc., a full-stack photonic-based quantum computing and solutions company, announced that it had added patented Quantum Random Number Generator (QRNG) technology to its line of commercially accessible products. It is possible to create unique number sequences using this technology. This line of quantum products generates random numbers with varying probability densities and correlation features for a broad range of applications in security, modeling, and finance.
This quantum computing market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD from 2018 to 2032 for the following segments:
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Market, By Component
Market, By Deployment model
Market, By Application
Market, By End-user
The above information has been provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
Security & defense sector journals and trade press
Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →