Quantum Computing Software Market Analysis 2024 - Global Insights, Industry Demand, Growth Trends And Outlook By 2033

Global quantum computing software market size is expected to reach $1.23 Bn by 2028 at a rate of 25.3%, segmented as by component, solution, services

Jun 28, 2024 - 10:35

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Quantum Computing Software Market Analysis 2024 - Global Insights, Industry Demand, Growth Trends And Outlook By 2033

Overview and Scope

Quantum computing software comprises a suite of tools, languages, and frameworks tailored for harnessing the principles of quantum mechanics to develop algorithms and simulate quantum systems. It execute computations on quantum hardware, encompassing quantum programming languages, simulators, development environments, and error correction solutions.

Sizing and Forecast

The quantum computing software market size has grown exponentially in recent years. It will grow from $0.40 billion in 2023 to $0.50 billion in 2024 at a compound annual growth rate (CAGR) of 24.9%. The growth in the historic period can be attributed to need for quantum computing solutions, government support for the development and deployment of the technology, demand for this equipment and services, the increasing number of strategic alliances for research and development, rising adoption of this software in the BFSI segment.

The quantum computing software market size is expected to see exponential growth in the next few years. It will grow to $1.23 billion in 2028 at a compound annual growth rate (CAGR) of 25.3%. The growth in the forecast period can be attributed to increasingly offering cloud-based platforms, rise in the adoption of quantum computing technology in drug discovery, rise in the investment for digital transformation. Major trends in the forecast period include development of tailored quantum software, incorporation of quantum development kits, product innovation, collaborations between well-established technology, introduction of hybrid classical-quantum solutions.

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Segmentation & Regional Insights

The quantum computing software market covered in this report is segmented –

1) By Component: Solution, Services

2) By Technology: Superconducting Qubits, Trapped Ions, Quantum Annealing, Other Technologies

3) By Deployment: Cloud, On-Premises

4) By Application: Optimization, Machine Learning, Simulation, Other Applications

5) By End-User: Aerospace And Defense, Banking, Financial Services And Insurance (BFSI), Healthcare, Automotive, Energy And Power, Chemical, Government, Other End-Users

North America was the largest region in the quantum computing software market in 2023. The regions covered in the quantum computing software 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 rising investments in quantum computing startups are expected to propel the growth of the quantum computing software market going forward. Quantum computing startups specialize in developing and commercializing quantum computing technology. The increasing investments in quantum computing startups are due to government support and the potential for disruptive innovation. The growing investments in quantum computing startups stem from its revolutionary potential to unlock new commercial opportunities and generate economic value across various industries. For instance, in October 2023, according to the FINRA, a US-based non-profit organization that regulates the financial sector in the United States, the investments in quantum computing startups (hardware and software) reached record highs of $2.35 billion in 2022, which is a significant increase compared to previous two years. Therefore, the rising investments in quantum computing startups are driving the growth of the quantum computing software market.

Key Industry Players

Major companies operating in the quantum computing software market are Alphabet Inc., Microsoft Corporation, Huawei Technology Co. Ltd., Amazon Web Services Inc., Accenture PLC, International Business Machines Corporation, Oracle Corporation, Honeywell International Inc., SAP SE, Salesforce.com Inc., Fujitsu Ltd., Kronos Incorporated, 1QB Information Technologies Inc., Zapata Computing Inc., Rigetti Computing Inc., QC Ware Corp., D-Wave Quantum Systems Inc., Cambridge Quantum Computing Ltd., Riverlane Limited, Algorithmiq Inc., Strangeworks Inc., Phasecraft Limited, Entropica Labs Pte. Ltd., ProteinQure Inc., Quantum Circuits Inc

The quantum computing software market report table of contents includes:

1. Executive Summary

2. Quantum Computing Software Market Characteristics

3. Quantum Computing Software Market Trends And Strategies

4. Quantum Computing Software Market - Macro Economic Scenario

5. Global Quantum Computing Software Market Size and Growth

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32. Global Quantum Computing Software Market Competitive Benchmarking

33. Global Quantum Computing Software Market Competitive Dashboard

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

35. Quantum Computing Software Market Future Outlook and Potential Analysis

36. Appendix