The quantum computing market is projected to grow at a CAGR of 5.1%, with estimated market size of USD 395.4 million in 2021 and USD 532.91 million by 2028. The main reason propelling market expansion over the projection period is the spike in demand for quantum technology, particularly during coronavirus emergencies, since it offers exponential speed for amplified optimization and crucial calculations. The market is further influenced by integrating big data analytics and cloud computing to provide improved services to various sectors. Research and development (R&D) operations improve deep learning processing systems. Additionally, the market for quantum computing is positively impacted by rising urbanization, lifestyle changes, an increase in investments, and higher consumer spending.

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Hardware (systems) component is estimated to be the largest growing market category during the forecast period

Hardware (systems) is predicted to expand significantly since it is utilized extensively in the BFSI industry to speed up business operations, activities, and data processing. It assists in the development of a system for controlling financial risks that is more effective and efficient. Additionally, processing times and costs for high-quality solutions can increase exponentially when using conventional classical computers in financial institutions. However, using quantum computers, which can complete tasks faster and for less money, results in cost savings and new sources of income.

Machine learning application is estimated to be the largest growing market category during the forecast period

Quantum machine learning entails incorporating quantum algorithms into machine learning software. It becomes exceedingly challenging to order many variables systematically in complex models. Users can therefore choose quantum computing technologies to quickly and accurately resolve this complexity. For instance, the Monte Carlo approach uses sampling to estimate numerical quantities from a big dataset. Algorithms can speed up the implementation of the Monte Carlo method and cut down on calculation time, whereas quantum algorithms can speed up the execution of a solution.

North American segment is estimated to be the largest growing market during the forecast period

North America is the largest quantum computing market and is projected to grow at the highest CAGR during the forecast period due to substantial expenditures made during the projection period for the introduction of cutting-edge technology and its use in the defense, healthcare, and pharmaceuticals research, chemicals, utilities, and several other sectors.

Key Players

The quantum computing market is dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the market are 1QB Information Technologies Inc., Accenture, Atos SE, Cambridge Quantum Computing Ltd, D-Wave Systems Inc., Fujitsu, Hewlett Packard Enterprise (H.P.), Hitachi Ltd, Honeywell Inc., IBM Corporation, Intel Corporation, Magiq Technologies Inc., QC Ware Corp., Quantum Circuits, Inc., Qxbranch, LLC, Google Research, Rigetti Computing, River Lane Research, Station Q - Microsoft Corporation and Toshiba Corporation.

Segmentation of Global Quantum Computing Market :

Global Quantum Computing Market – By Component

Hardware (Systems)
Software
Services

Global Quantum Computing Market – By Application

Optimization
Machine Learning
Material Simulation

Global Quantum Computing Market – By End Use Industry

Aerospace & Defense
Automotive
BFSI
Healthcare
Chemicals
Manufacturing
Energy & Power
Others