The global quantum computing market was surpassed at USD 10.16 billion in 2022 and is expected to hit around USD 234.92 billion by 2032, growing at a CAGR of 36.9% from 2023 to 2032.
Report Scope of the Quantum Computing Market
|Market Size in 2022||USD 10.16 billion|
|Revenue Forecast by 2032||USD 234.92 billion|
|Growth rate from 2023 to 2032||CAGR of 36.9%|
|Forecast Period||2023 to 2032|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Covered||IBM Corporation, D-Wave Systems Inc., Cambridge Quantum Computing Ltd., Intel Corporation, Rigetti & Co, Inc., Google LLC, Quantica Computacao, Zapata Computing, XANADU, Accenture Plc.|
Quantum computing is the use of quantum-mechanics-based computing systems and technologies that are centered around the principles of quantum theory, which explains the behavior of energy and nature along with all of the matter that comprises it going as far as the quantum state. Quantum computing uses various bits in combination to perform different types of computational tasks with each program running at an efficiency that is much higher than any other classical computers present in the modern day and age.
The development of quantum computers used for quantum computing has been a leap forward in computer technology and computing abilities with every industry having some benefits associated with the use of the advanced technology. The idea that runs quantum computing is the ability of its bits to stay in several states at a given time, just like the prepositions of quantum theory. It can work in multiple combinations of 1 and 0 while also functioning in a state where 1 and 0 exist simultaneously. Quantum computing was first introduced in 1981 but in the last decade, it has managed to gain a massive following amongst dedicated research groups.
The global quantum computing market is projected to grow owing to the increasing interest of world giants in developing superior-grade quantum computers which are currently in the development phase. The most recent quantum computers have certain drawbacks which the technology companies along with a partnership with research groups and developers are working to improve or resolve. Since the use of quantum computing is not restricted to only a certain industry or segment, the world economy can benefit from the technology on a scale that remains incomprehensible to many. Study centers like the Massachusetts Institute of Technology (MIT), Los Alamos National Laboratory, and Oxford have dedicated resources working toward development in the field of quantum computing.
The European Organization for Nuclear Research, known as CERN has access to around 20 quantum computers developed by one of the leading providers of modern-age systems International Business Machines (IBM). The global market is also witnessing a surge in investments from government agencies and sectors. For instance, India is expected to invest USD 1 billion by 2026 in quantum computing with the development of a 50 qubits quantum computer.
The main factor that could limit global market growth is the lack of infrastructure required to store a quantum computer. They cannot be stored like regular computers and require a special unit with certain features for the computers to remain stable. The most essential feature of the unit is its temperature which has to be extremely cold. For instance, the interiors of the quantum computer developed by D-Wave Systems are around -460 degrees Fahrenheit.
Quantum Computing Market Segmentations:
|By Application||By End Use||By Offering Type|
Electronic Material Discovery
Other (Traffic Optimization, Weather Forecasting, and others.)
Healthcare and Pharmaceuticals
Energy and Power