The enterprise quantum computing market size has grown exponentially in recent years. It will grow from $2.98 billion in 2023 to $3.83 billion in 2024 at a compound annual growth rate (CAGR) of 28.8%. The growth observed in the historical period can be attributed to factors such as the increase in investments in quantum computing technology, a rise in the number of skilled professionals, the development of a regulatory framework, increased international collaboration, and the escalating challenges related to climate.
The enterprise quantum computing market size is expected to see exponential growth in the next few years. It will grow to $10.83 billion in 2028 at a compound annual growth rate (CAGR) of 29.7%. The anticipated growth in the forecast period can be attributed to factors such as the rise in gaming, expansion of the aerospace industry, increased demand in financial trading, a surge in demand for agricultural processes, and the growth in manufacturing processes. Major trends expected in the forecast period include subscription-based quantum computing, integration of quantum AI, quantum-inspired optimization, artificial reality, and the integration of blockchain.
The anticipated growth of the enterprise quantum computing market is closely tied to the increasing adoption of cloud computing. Cloud computing is a framework that provides widespread, convenient, on-demand access to a configurable pool of computing resources. These resources can be swiftly deployed and released without requiring administrative or service provider involvement. Enterprise quantum computing enables organizations to enhance investment planning, strengthen encryption, facilitate product discovery, and perform various other tasks. As a result of these advantages, there is a rising demand for cloud computing services. For example, a December 2021 report from Eurostat, the Luxembourg-based statistical office of the European Union, revealed that 42% of enterprises in the European Union were using cloud computing, marking a 6-percentage point increase from 2020. Hence, the increasing use of cloud computing is expected to be a driving force behind the growth of the enterprise quantum computing market.
The enterprise quantum computing market is poised for growth, driven by increasing demand from the pharmaceutical sector in the coming years. The pharmaceutical sector, a vital component of the healthcare industry, is responsible for the research, development, manufacturing, and marketing of medications or pharmaceutical products. Within this sector, enterprise quantum computing is employed to accelerate drug development processes. This involves modeling molecular interactions, enhancing chemical structures, and utilizing quantum algorithms for swift analysis of massive datasets. Quantum computing facilitates the rapid discovery of drug candidates and enables more efficient and focused research efforts. As of June 2023, data from the European Federation of Pharmaceutical Industries and Associations, a Belgium-based trade organization representing the European biopharmaceutical industry, indicates that North America contributed 52.3% to global pharmaceutical revenues in 2022, with Europe accounting for 22.4%. Consequently, the increasing demand from the pharmaceutical sector is a significant driver for the growth of the enterprise quantum computing market.
Technological advancements are emerging as key trends in the enterprise quantum computing market, with major companies focusing on innovating new technologies to maintain their competitive positions. As an illustration, in December 2021, Rigetti Computing, a US-based developer of quantum integrated circuits for quantum computers, unveiled its next-generation quantum system, Aspen-M. Aspen-M is recognized as the world's first commercial multi-chip quantum processor, addressing a significant scaling challenge in the pursuit of fault-tolerant quantum computing. Comprising two 40-qubit chips and utilizing Rigetti's unique multi-chip technology, the Aspen-M processor facilitates systems that enhance quantum computation speed by 2.5 times and reduce readout errors by up to 50%.
Major players in the enterprise quantum computing market are strategically focusing on collaborations to expand the quantum computing market in Japan and the Asia-Pacific region. Strategic collaboration involves formal or informal agreements between two or more parties working together towards a common goal for mutual benefit. As an example, in October 2022, Mitsui & Co., Ltd., a Japan-based company dedicated to digitalization, announced a collaboration with Quantinuum, a UK-based company formed through the merger of Honeywell Quantum Solutions and Cambridge Quantum. This collaboration aims to build quantum applications and provide value-added services to enterprises operating in various quantum computing fields. The partnership leverages Quantinuum's innovative quantum computing expertise and diverse talent pool, integrating it with Mitsui's extensive business platform and network. The goal is to deliver new value to clients and generate business opportunities across a wide range of industrial domains.
In May 2022, ColdQuanta, a US-based quantum technology company, made an undisclosed acquisition of Super.tech. This strategic move positions ColdQuanta as a multi-platform quantum hardware and software company. Super.tech, a US-based developer, specializes in quantum software applications designed to accelerate quantum computing by bridging the gap between applications and hardware.
Major companies operating in the enterprise quantum computing market report are Huawei Technologies Co. Ltd., Google LLC, Microsoft Corp., Alibaba Group Holding Limited, Amazon Web Services Inc., Raytheon Corp., Lockheed Martin Corp., IBM Corporation, Deloitte Touche Tohmatsu Limited, KPMG International Cooperative, NXP Semiconductors NV., Booz Allen Hamilton Corp., Reply S.p.A, Honeywell Quantum Solutions, Quantum Technology, PsiQuantum Inc., D-Wave Systems Inc., 1QBit Information Technologies Inc., Terra Quantum AG, Zapata Computing Inc., Rigetti Computing Inc., IonQ Inc., Classiq Technologies Inc., Phasecraft Ltd., Cambridge Quantum Computing, Xanadu Quantum Technologies Inc., Aegiq Inc., QuantrolOx Ltd., QMWare Inc., Archer Materials Limited.
North America was the largest region in the enterprise quantum computing market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the enterprise quantum computing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the enterprise quantum computing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The enterprise quantum computing market includes revenues earned by entities by analyzing datasets, solving optimization problems, and simulating complex models. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The enterprise quantum computing market size is expected to see exponential growth in the next few years. It will grow to $10.83 billion in 2028 at a compound annual growth rate (CAGR) of 29.7%. The anticipated growth in the forecast period can be attributed to factors such as the rise in gaming, expansion of the aerospace industry, increased demand in financial trading, a surge in demand for agricultural processes, and the growth in manufacturing processes. Major trends expected in the forecast period include subscription-based quantum computing, integration of quantum AI, quantum-inspired optimization, artificial reality, and the integration of blockchain.
The anticipated growth of the enterprise quantum computing market is closely tied to the increasing adoption of cloud computing. Cloud computing is a framework that provides widespread, convenient, on-demand access to a configurable pool of computing resources. These resources can be swiftly deployed and released without requiring administrative or service provider involvement. Enterprise quantum computing enables organizations to enhance investment planning, strengthen encryption, facilitate product discovery, and perform various other tasks. As a result of these advantages, there is a rising demand for cloud computing services. For example, a December 2021 report from Eurostat, the Luxembourg-based statistical office of the European Union, revealed that 42% of enterprises in the European Union were using cloud computing, marking a 6-percentage point increase from 2020. Hence, the increasing use of cloud computing is expected to be a driving force behind the growth of the enterprise quantum computing market.
The enterprise quantum computing market is poised for growth, driven by increasing demand from the pharmaceutical sector in the coming years. The pharmaceutical sector, a vital component of the healthcare industry, is responsible for the research, development, manufacturing, and marketing of medications or pharmaceutical products. Within this sector, enterprise quantum computing is employed to accelerate drug development processes. This involves modeling molecular interactions, enhancing chemical structures, and utilizing quantum algorithms for swift analysis of massive datasets. Quantum computing facilitates the rapid discovery of drug candidates and enables more efficient and focused research efforts. As of June 2023, data from the European Federation of Pharmaceutical Industries and Associations, a Belgium-based trade organization representing the European biopharmaceutical industry, indicates that North America contributed 52.3% to global pharmaceutical revenues in 2022, with Europe accounting for 22.4%. Consequently, the increasing demand from the pharmaceutical sector is a significant driver for the growth of the enterprise quantum computing market.
Technological advancements are emerging as key trends in the enterprise quantum computing market, with major companies focusing on innovating new technologies to maintain their competitive positions. As an illustration, in December 2021, Rigetti Computing, a US-based developer of quantum integrated circuits for quantum computers, unveiled its next-generation quantum system, Aspen-M. Aspen-M is recognized as the world's first commercial multi-chip quantum processor, addressing a significant scaling challenge in the pursuit of fault-tolerant quantum computing. Comprising two 40-qubit chips and utilizing Rigetti's unique multi-chip technology, the Aspen-M processor facilitates systems that enhance quantum computation speed by 2.5 times and reduce readout errors by up to 50%.
Major players in the enterprise quantum computing market are strategically focusing on collaborations to expand the quantum computing market in Japan and the Asia-Pacific region. Strategic collaboration involves formal or informal agreements between two or more parties working together towards a common goal for mutual benefit. As an example, in October 2022, Mitsui & Co., Ltd., a Japan-based company dedicated to digitalization, announced a collaboration with Quantinuum, a UK-based company formed through the merger of Honeywell Quantum Solutions and Cambridge Quantum. This collaboration aims to build quantum applications and provide value-added services to enterprises operating in various quantum computing fields. The partnership leverages Quantinuum's innovative quantum computing expertise and diverse talent pool, integrating it with Mitsui's extensive business platform and network. The goal is to deliver new value to clients and generate business opportunities across a wide range of industrial domains.
In May 2022, ColdQuanta, a US-based quantum technology company, made an undisclosed acquisition of Super.tech. This strategic move positions ColdQuanta as a multi-platform quantum hardware and software company. Super.tech, a US-based developer, specializes in quantum software applications designed to accelerate quantum computing by bridging the gap between applications and hardware.
Major companies operating in the enterprise quantum computing market report are Huawei Technologies Co. Ltd., Google LLC, Microsoft Corp., Alibaba Group Holding Limited, Amazon Web Services Inc., Raytheon Corp., Lockheed Martin Corp., IBM Corporation, Deloitte Touche Tohmatsu Limited, KPMG International Cooperative, NXP Semiconductors NV., Booz Allen Hamilton Corp., Reply S.p.A, Honeywell Quantum Solutions, Quantum Technology, PsiQuantum Inc., D-Wave Systems Inc., 1QBit Information Technologies Inc., Terra Quantum AG, Zapata Computing Inc., Rigetti Computing Inc., IonQ Inc., Classiq Technologies Inc., Phasecraft Ltd., Cambridge Quantum Computing, Xanadu Quantum Technologies Inc., Aegiq Inc., QuantrolOx Ltd., QMWare Inc., Archer Materials Limited.
North America was the largest region in the enterprise quantum computing market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the enterprise quantum computing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the enterprise quantum computing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The enterprise quantum computing market includes revenues earned by entities by analyzing datasets, solving optimization problems, and simulating complex models. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Enterprise Quantum Computing Market Characteristics3. Enterprise Quantum Computing Market Trends and Strategies32. Global Enterprise Quantum Computing Market Competitive Benchmarking33. Global Enterprise Quantum Computing Market Competitive Dashboard34. Key Mergers and Acquisitions in the Enterprise Quantum Computing Market
4. Enterprise Quantum Computing Market - Macro Economic Scenario
5. Global Enterprise Quantum Computing Market Size and Growth
6. Enterprise Quantum Computing Market Segmentation
7. Enterprise Quantum Computing Market Regional and Country Analysis
8. Asia-Pacific Enterprise Quantum Computing Market
9. China Enterprise Quantum Computing Market
10. India Enterprise Quantum Computing Market
11. Japan Enterprise Quantum Computing Market
12. Australia Enterprise Quantum Computing Market
13. Indonesia Enterprise Quantum Computing Market
14. South Korea Enterprise Quantum Computing Market
15. Western Europe Enterprise Quantum Computing Market
16. UK Enterprise Quantum Computing Market
17. Germany Enterprise Quantum Computing Market
18. France Enterprise Quantum Computing Market
19. Italy Enterprise Quantum Computing Market
20. Spain Enterprise Quantum Computing Market
21. Eastern Europe Enterprise Quantum Computing Market
22. Russia Enterprise Quantum Computing Market
23. North America Enterprise Quantum Computing Market
24. USA Enterprise Quantum Computing Market
25. Canada Enterprise Quantum Computing Market
26. South America Enterprise Quantum Computing Market
27. Brazil Enterprise Quantum Computing Market
28. Middle East Enterprise Quantum Computing Market
29. Africa Enterprise Quantum Computing Market
30. Enterprise Quantum Computing Market Competitive Landscape and Company Profiles
31. Enterprise Quantum Computing Market Other Major and Innovative Companies
35. Enterprise Quantum Computing Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Enterprise Quantum Computing Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on enterprise quantum computing market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
- Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
- Report will be updated with the latest data and delivered to you with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for enterprise quantum computing? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered:1) By Component: Hardware; Software; Services
2) By Deployment Mode: On-Premise; Cloud
3) By Technology: Quantum Annealing; Superconducting; Trapped Ion; Quantum Dot; Other Technologies
4) By Application: Machine Learning/Deep Learning/AI; Optimization; Simulation and Data Modelling; Cyber Security; Other Applications
5) By Industry Vertical: Healthcare and Life sciences; IT and Telecom; Manufacturing; BFSI; Energy and Utilities; Aerospace and Defense; Other Industries
Key Companies Mentioned: Huawei Technologies Co. Ltd.; Google LLC; Microsoft Corp.; Alibaba Group Holding Limited; Amazon Web Services Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned
- Huawei Technologies Co. Ltd.
- Google LLC
- Microsoft Corp.
- Alibaba Group Holding Limited
- Amazon Web Services Inc.
- Raytheon Corp.
- Lockheed Martin Corp.
- IBM Corporation
- Deloitte Touche Tohmatsu Limited
- KPMG International Cooperative
- NXP Semiconductors NV.
- Booz Allen Hamilton Corp.
- Reply S.p.A
- Honeywell Quantum Solutions
- Quantum Technology
- PsiQuantum Inc.
- D-Wave Systems Inc.
- 1QBit Information Technologies Inc.
- Terra Quantum AG
- Zapata Computing Inc.
- Rigetti Computing Inc.
- IonQ Inc.
- Classiq Technologies Inc.
- Phasecraft Ltd.
- Cambridge Quantum Computing
- Xanadu Quantum Technologies Inc.
- Aegiq Inc.
- QuantrolOx Ltd.
- QMWare Inc.
- Archer Materials Limited
Methodology
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