Quantum Computing Industry Overview

The global quantum computing market size was estimated at USD 1.21 billion in 2023 and is expected to grow at a CAGR of 20.1% from 2024 to 2030.

The quantum computing ecosystem is expanding, with an increasing number of startups entering the market. These startups were focusing on various aspects of quantum technology, from hardware and software to applications. Furthermore, the market has been witnessing a surge in investments from both governments and private sectors. Governments were allocating substantial funds to quantum research and development to maintain a competitive edge in emerging technologies.

Gather more insights about the market drivers, restrains and growth of the Quantum Computing Market

Quantum computing is still considered an emerging technology with significant potential. Unlike classical computers that use bits, quantum computers use quantum bits or qubits, which can represent both 0 and 1 simultaneously due to the principles of quantum mechanics. This makes quantum computers well-suited for specific types of complex calculations.

Quantum computing has the potential to revolutionize various industries due to its unique and powerful computational capabilities, which arise from the principles of quantum mechanics. One of the most significant potential applications of quantum computing is in the field of cryptography. Quantum computers can efficiently solve certain mathematical problems that are currently the basis of modern encryption techniques.

Furthermore, the pharmaceutical industry can benefit significantly from quantum computing. Drug discovery involves simulating complex molecular interactions, which is a computationally intensive process. Quantum computers can accelerate the simulation of molecular structures and interactions, leading to faster drug discovery and the development of more effective medicines. This can potentially save both time and resources in the drug development process.

Quantum cloud services refer to cloud-based platforms that provide access to quantum computing resources and tools over the internet. Some companies were beginning to offer quantum cloud services, allowing researchers and developers to access quantum computing resources through the cloud. This democratized access to quantum computing power.  Quantum computers are highly specialized and expensive machines that require specialized expertise to operate. By offering quantum computing capabilities through the cloud, more researchers, businesses, and developers can access these resources without the need for significant investments in hardware, infrastructure, or in-house expertise.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

  • The global software market size was valued at USD 583.47 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 11.5% from 2023 to 2030.
  • The global machine learning market size was valued at USD 36.73 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 34.8% from 2023 to 2030.

Quantum Computing Market Segmentation

Grand View Research has segmented the global quantum computing market based on offering, deployment, application, end-user, and region:

Quantum Computing Offering Outlook (Revenue, USD Million, 2017 - 2030)

  • System
  • Services

Quantum Computing Deployment Outlook (Revenue, USD Million, 2017 - 2030)

  • On-Premises
  • Cloud

Quantum Computing Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Optimization
  • Simulation
  • Machine Learning
  • Others

Quantum Computing End-user Outlook (Revenue, USD Million, 2017 - 2030)

  • Aerospace & Defense
  • BFSI
  • Healthcare
  • Automotive
  • Energy & Power
  • Chemical
  • Government
  • Others

Quantum Computing Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America
    • US
    • Canada
  • Europe
    • UK
    • Germany
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • KSA
    • UAE
    • South Africa

Key Companies profiled:

  • Accenture Plc. 
  • D-WaveSystem Inc.
  • Google LLC 
  • IBM Corporation
  • Intel Corporation
  • Microsoft Corporation
  • Quantinuum Ltd.
  • Rigetti & Co, Inc.
  • Riverlane
  • Zapata Computing

Key Quantum Computing Company Insights

The market is marked by intense competition, with a small number of global competitors holding substantial market share. The primary emphasis is on creating innovative products and fostering collaboration among the key industry participants. For instance, in April 2023, Moderna unveiled a partnership with IBM to investigate the use of quantum computing and artificial intelligence to advance and speed up mRNA research and scientific progress.

In another instance, In March 2023, the Cleveland Clinic, collaborating with IBM, introduced the inaugural installation of an IBM-managed quantum computer on-site in the U.S. within the private sector, primarily for healthcare research.

Recent Developments

  • In February 2024, D-Wave released their latest prototype, the Advantage2, boasting over 1,200 qubits, through their Leap quantum cloud service. This enables current Leap subscribers to access the new hardware instantly, while newcomers can register for Leap and enjoy up to one minute of free usage of the Advantage2 prototype, alongside other quantum processing units (QPUs) and solvers available on the platform.
  • In December 2023, IBM announced a collaboration with Keio University, The University of Tokyo, Yonsei University, Seoul National University, and The University of Chicago to enhance quantum education initiatives across Japan, Korea, and the United States. Through this partnership, IBM aims to provide educational programs, alongside inputs from each participating university, with the goal of training up to 40,000 students over the next decade. This effort seeks to equip students with the necessary skills for the emerging quantum workforce and foster the development of a thriving quantum computing ecosystem.
  • In December 2023, as outlined in NVIDIA's technical blog, the release of version 23.10 of its software development kit (SDK) cuQuantum marked a noteworthy advancement in quantum computing capabilities. Designed to augment libraries and tools for quantum computing tasks, this toolkit now demonstrates improved compatibility with NVIDIA Tensor Core GPUs, resulting in notable speed enhancements for quantum circuit simulations.

Order a free sample PDF of the Quantum Computing Market Intelligence Study, published by Grand View Research.