Quantum Computing Market Size To Expand at a Notable CAGR of 27.4% During 2024 - 2032

Overview

Market Research Future (MRFR) has announced a new release on the global quantum computing market. The report presents a thorough overview of the quantum computing market’s likely future growth trajectory over the forecast period from 2024 to 2032 based on a solid analysis of the market’s historical growth trajectory and leading drivers and restraints. According to the report, the global quantum computing market is expected to reach a valuation of USD 6.95 billion by 2032, exhibiting a CAGR of around 27.04% over the forecast period.

Quantum computing is an advance upon classical computing that utilizes quantum bits, which can manipulate the data so that multiple programs can be run simultaneously, leading to the overall computing power of the system improving tremendously. Classical computing utilizes data encoded in binary bits, each representing a state of either 1 or 0. Quantum computing, on the other hand, uses superpositions of states to achieve exponentially higher computing power. For instance, two bits in a classical computing system can only be in one of the four possible permutations of 0 and 1 values at any given time. However, two bits in a quantum computing system can be in any superposition of the four states at the same time. This gives a quantum computing system more processing power than a classical computing system running on the same number of bits.

The global quantum computing market is likely to witness robust growth in demand for machine learning, which is being utilized in a number of industrial and other commercial and public sectors around the world. Government sector applications such as cryptography and high-powered search programs are also likely to be a major driver for the global quantum computing market over the forecast period, as governments in developed as well as developing countries are making notable efforts to introduce high-powered computing into their operations to make it safer and more efficient. The increasing threat of cybercrimes is also likely to drive the adoption of quantum computing in government agencies around the world.

Segmentation

The global quantum computing market is segmented on the basis of application, end-use vertical, and region.

On the basis of application, the global quantum computing market is segmented into optimization, machine learning, and simulation. Machine learning is likely to hold a major share in the global quantum computing market over the forecast period. Simulation is also likely to be a major segment in the global quantum computing market due to the growing demand for simulation systems in major industrial sectors such as healthcare, BFSI, and military and defense.

By vertical, the global quantum computing market is segmented into BFSI, IT and telecom, healthcare, transportation, government, aerospace and defense, and others.

Regional Analysis

Many of the leading players in the global quantum computing market are situated in North America, which has driven rapid growth of the regional market. The government sector and aerospace and defense contractors in the region have also focused on making use of the full potential of machine learning in recent years, which has resulted in growing demand from the quantum computing market. North America is likely to remain the leading regional segment of the global quantum computing market over the forecast period due to the steady technological advancement in the region and significant commercial scope for quantum computing products.

Europe holds the second position in the global quantum computing market and is likely to remain a key contributor over the forecast period due to the increasing acceptance of machine learning and simulation procedures in the region’s industrial and government sectors.

Asia Pacific could witness rapid growth of the quantum computing market over the forecast period, mainly due to the growing use of quantum computing in the BFSI sector.

Competitive Analysis

Leading players in the global quantum computing market include D-Wave Systems Inc., Lockheed Martin Corporation, Anyon Systems Inc., QC Ware Corp., QxBranch, Rigetti Computing, Cambridge Quantum Computing Limited, Intel Corporation, and IBM.

Industry Updates

At CES 2019, IBM introduced the world’s first standalone, commercially ready quantum computer, the Q System One. IBM also plans to open its first IBM Q Computation Center in 2019, in Poughkeepsie.