Quantum Computing And Technologies Market 2024| Industry Analysis, Market Size, Share, Growth, Trends And Forecast to 2033

Global quantum computing and technologies market size is expected to reach $3.51 Bn by 2028 at a rate of 33.8%, segmented as by component, hardware, software, services

Jun 28, 2024 - 12:54

Overview and Scope
Quantum computing and technologies combine principles from quantum mechanics with computer science to develop advanced computing systems. These systems leverage the unique properties of quantum bits (qubits), such as superposition and entanglement, to perform complex computations exponentially faster than classical computers.

Sizing and Forecast
The quantum computing and technologies market size has grown exponentially in recent years. It will grow from $0.82 billion in 2023 to $1.10 billion in 2024 at a compound annual growth rate (CAGR) of 33.6%. The growth in the historic period can be attributed to the rise of cloud-based quantum computing platforms, growth in quantum machine learning, growth in the number of startups, increased adoption of quantum-inspired algorithms, and growth in government funding.

The quantum computing and technologies market size is expected to see exponential growth in the next few years. It will grow to $3.51 billion in 2028 at a compound annual growth rate (CAGR) of 33.8%. The growth in the forecast period can be attributed to increasing investment in quantum computing startups, growing demand for cryptographic security, increased demand for handling and analyzing data, rising incidences of cybercrime, and growing internet penetration. Major trends in the forecast period include growing demand for high-performance computing solutions, a growing need for simulating complex systems, a growing number of startups and companies, and rising demand for quantum sensors.

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Segmentation & Regional Insights
The quantum computing and technologies market covered in this report is segmented –

1) By Component: Hardware, Software, Services
2) By Type Of Technology: Blockchain, Adiabatic, Measurement-based, Superconducting, Topological
3) By Deployment: Cloud-Based, On-Premises
4) By Applications: Cryptography, Internet Of Things (IoT), Big Data, Artificial Intelligence, Machine Learning, Teleportation, Simulation And Data Optimization
5) By Verticals: Banking, Financial Services, And Insurance (BFSI), Healthcare And Lifesciences, Information Technology And Telecommunications, Manufacturing, Government, Aerospace And Defense, Other Verticals

North America was the largest region in the quantum computing and technologies market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the quantum computing and technologies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The increased volume of unstructured data is expected to propel the growth of the quantum computing and technologies market going forward. Unstructured data refers to information that does not have a pre-defined data model or needs to be organized pre-determined, making it difficult to process and analyze using conventional databases and tools. The widespread adoption of digital technologies and the digitization of processes across various industries have led to a significant increase in the daily volume of digital content. This includes unstructured text documents, emails, social media posts, images, videos, audio files, and sensor data. Quantum computing and technologies are used to analyze, interpret, and understand natural language, images, and patterns, enabling machines to mimic human decision-making processes in unstructured data. For instance, in October 2021, according to Straive, a Singapore-based content technology solutions copmany, the volume of unstructured data increases by 55 to 65 % per year. Furthermore, unstructured data are anticipated to account for about 80% of the data that companies will process every day by 2025. Therefore, an increase in the volume of unstructured data is driving the growth of the quantum computing and technologies market.

Key Industry Players
Major companies operating in the quantum computing and technologies market are Volkswagen AG, Google LLC, Microsoft Corporation, Mitsubishi Corporation, Huawei Technologies Co. Ltd., Amazon Web Services Inc., Raytheon Technologies Corporation, Intel Corporation, The Hewlett-Packard Company, International Business Machines Corporation , Nokia Corporation, Toshiba Corporation, NEC Corporation, SK Telecom Co. Ltd., Rigetti Computing Inc., Pasqal, Riverlane Ltd., IonQ Inc., D-Wave Systems Inc., Quantum Circuits Inc., Alpine Quantum Technologies GmbH, Multiverse Computing, ANT GmbH, Zapata Computing Inc

The quantum computing and technologies market report table of contents includes:

1. Executive Summary

2. Quantum Computing And Technologies Market Characteristics

3. Quantum Computing And Technologies Market Trends And Strategies

4. Quantum Computing And Technologies Market - Macro Economic Scenario

5. Global Quantum Computing And Technologies Market Size and Growth

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32. Global Quantum Computing And Technologies Market Competitive Benchmarking

33. Global Quantum Computing And Technologies Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Quantum Computing And Technologies Market

35. Quantum Computing And Technologies Market Future Outlook and Potential Analysis

36. Appendix