Quantum Computing Market Size, Demand, Key Players Analysis & Forecast 2024-2030

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Quantum Computing Market Size, Demand, Key Players Analysis & Forecast 2024-2030

According to MarkNtel Advisors study the Global Quantum Computing Market size is valued at USD value 1.1 billion in 2023 and is projected to reach USD 5.2 Billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 38.98% during the forecast period, i.e., 2024-30.

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Key Findings of the Study: Quantum Computing market

Global Quantum Computing Market Driver:

Rising Investments in Quantum Technology - Government initiatives and private sectors are both continuously investing in the development of quantum technologies. the Chinese government, the government of the USA, and Australia, along with countries from the European Union, are supporting the ventures of quantum technological developments through funding, along with prominent company players in the USA competitively investing in its advancement. 

  • For Instance, In February 2024, the U.K. government declared speculation of USD 48.4 million for quantum computers and USD 29 million for novel semiconductors. This investment will help the government of the United Kingdom to build the U.K. into a science, and innovation superpower, and to construct a quantum-enabled economy by 2033.

Consecutively, it leads to an expanding application and commercialization of quantum computers. In addition, the industry developments are also reflected in the proliferation of quantum technology in various sectors, including banking and retail. Thus, these investments are primarily fueling the further market growth of the Quantum Computing Market.

Global Quantum Computing Market Challenge:

Lack of Skilled Experts across the Globe to Hamper the Market - Quantum computing as an innovative technology requires a group of experts with the necessary technical expertise in its function and deployment. Though several governments and quantum computer manufacturers are providing training courses to overcome the talent shortage, the cost of the classes, the complexity of modules in understanding quantum mechanics, and their time-consuming nature collectively hinder the fulfillment of such courses. Moreover, since machines and algorithms still require talented and knowledgeable handlers, the need for more qualified professionals is hampering the growth and advancement in technology and the market.

For more detailed information about the Quantum Computing market report, click here – https://www.marknteladvisors.com/research-library/global-quantum-computing-market.html

Scope of the Report and Quantum Computing Market Segmentation:

By Offerings

  • Hardware
  • Software
  • Services

By Deployment

  • On Premises
  • Cloud
  • Hybrid

By Technology

  • Quantum Annealing
  • Superconducting
  • Trapped Ion
  • Quantum Dots
  • Others

By Application

  • Machine Learning
  • Numerical Simulation
  • Model Optimization

On the basis of the Applications, the machine learning segment will hold the maximum market share of the Quantum Computing market, during the forecast period.

By End User

  • Private Companies
  • Academia
  • Government

By Sector

  • Aerospace Defense
  • Agriculture
  • Finance Investment
  • IT Communications
  • Agriculture
  • Logistics Transportation
  • Automove Mobility
  • Energy Power
  • Chemicals Materials
  • Life Sciences Pharma
  • Medical Devices Imaging
  • Others

Quantum Computing Market Competitive Landscape

  • Wave System Inc.
  • IBM Corporation
  • Lockheed Martin
  • Google Research
  • Intel Corporation
  • Hewlett Packard Enterprise
  • QC Ware Corporation
  • Cambridge Quantum Computing Ltd.
  • Fujitsu Ltd.
  • Accenture

Quantum Computing Market Development:

  • In February 2024, D-Wave, launched their latest prototype, the Advantage2, bragging over 1.200 qubits, via their leap quantum cloud service. It enables the current leap subscribers to access the latest hardware quickly, while newcomers can register for the leap enjoy up to one minute of free usage of the Advantage2 prototype, along with other quantum processing units, and solvers available on the platform.
  • In December 2023, IBM, declared a collaboration with Keio University, the University of Tokyo, Yonsei University, Seoul National University, and the University of Chicago to enhance quantum education across Korea, Japan, and the U.S. Through this collaboration, IBM aims to offer educational programs, alongside inputs from each participating university, with the goal to train up to 40,000 students over the next 10 years. This effort seeks to offer students the required skills for the emerging quantum workforce, and foster the development of a burgeoning quantum computing ecosystem.
  • In October 2023, Fujitsu Ltd., partnered with RIKEN developed AI drug discovery technology. This launch of AI drug discovery technology unites the computing power of the newly developed 64 qubits superconducting quantum computer to deliver a new platform to research institutions and businesses.

Geographical Analysis:

By Region

  • North America
  • South America
  • Europe
  • Asia-Pacific
  • Rest of the World

Here, North America has experienced noteworthy growth in the market and is expected to have the highest share in the forecast period.

Note: If you require specific information not covered in the current report, we can provide it through customized option

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MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative quantitative research company, strive to deliver data to a substantial varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.

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