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

Industry Statistics

Quantum Computing Market size exceeded USD 500 million in 2020 and is poised to cross USD 28 billion by 2028, growing at over 30% CAGR from 2021 to 2028. Government support and initiatives toward the development of quantum computing technology across industry verticals are supplementing business demand.
 

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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 quantum computing market growth.
 

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.
 

Increasing demand in UK to resolve complex problems in minutes

In the UK, the quantum computing services segment is set to acquire around USD 40 million revenue 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 European 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 in Germany

The cloud computing segment in Germany held the highest revenue in Europe in 2020 and is predicted to witness fastest growth rate through 2027. High adoption of cloud services to deliver better and seamless performance is boosting the segment demand. 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 application 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.
 

An upward trend for route optimization in the U.S. automotive sector

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In the U.S., the automotive end use segment is projected to register 30% market growth through 2028. Quantum computing solutions are likely to obtain 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.
 

Witnessing development in quantum computing workforce in APAC

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The APAC quantum computing market captured nearly 25% of the revenue share in 2020 led by the developing quantum computing workforce in the region. 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 quantum computing market 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.
 

The industry has seen 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.
 

This quantum computing market research report 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