Global Quantum Computing and Technologies Market Report 2024

The quantum computing and technologies market size has grown exponentially in recent years. It will grow from $0.82 billion in 2023 to $1.1 billion in 2024 at a compound annual growth rate (CAGR) of 33.6%. The growth observed in the historic period can be attributed to several factors, including the emergence of cloud-based quantum computing platforms, expansion in quantum machine learning, proliferation of startups in the field, heightened adoption of quantum-inspired algorithms, and increased government funding.

The quantum computing and technologies market size is expected to see exponential growth in the next few years. It will grow to $3.51 billion in 2028 at a compound annual growth rate (CAGR) of 33.8%. Looking ahead to the forecast period, the growth is anticipated to be fueled by factors such as heightened investment in quantum computing startups, escalating demand for cryptographic security measures, increased necessity for efficient data handling and analysis, a rise in cybercrime incidents, and expanding internet accessibility. Notable trends expected during this period include a surge in demand for high-performance computing solutions, an increasing need for simulating complex systems, a proliferation of startups and established companies entering the quantum computing domain, and a growing demand for quantum sensors.

The increasing volume of unstructured data is expected to drive the growth of the quantum computing and technologies market in the future. Unstructured data refers to information lacking a predefined data model or organization, making it challenging to process and analyze using conventional databases and tools. The widespread adoption of digital technologies and the digitization of processes across various industries have led to a significant surge in the daily volume of digital content. This encompasses unstructured text documents, emails, social media posts, images, videos, audio files, and sensor data. Quantum computing and technologies are employed to analyze, interpret, and comprehend natural language, images, and patterns, enabling machines to simulate human decision-making processes with unstructured data. For example, in October 2021, according to Straive, a Singapore-based content technology solutions company, the volume of unstructured data increases by 55 to 65% per year. Furthermore, unstructured data are projected to constitute approximately 80% of the data processed daily by companies by 2025. Therefore, the increase in the volume of unstructured data is propelling the growth of the quantum computing and technologies market.

Major companies in the quantum computing and technologies market are intensifying their focus on innovative solutions such as quantum optics and nanophononics technology to meet the rising demand for advanced quantum computing capabilities and address the limitations of existing quantum technologies. Quantum optics and nanophononics deal with the fundamental interactions between light and matter at the nanoscale, providing critical insights for developing quantum computers and related technologies. For instance, in February 2024, Quantum Computing Inc., a US-based technology company, launched the Dirac-3 entropy quantum computer (EQC), a quantum computing platform. The EQC combines quantum optics and nanophononics technologies to modify an issue encoded into its photonic architecture. The EQC adjusts how the variables interact through optical feedback loops before settling into a ground state or optimal solution. The Dirac-3 EQC utilizes quantum digits (qdits), which are quantum bits (qubits) with 200 discrete modes each, unlike the qubits used in standard quantum computing devices.

In May 2021, Keysight Technologies Inc., a US-based technology company, acquired Quantum Benchmark Inc. for an undisclosed amount. The acquisition aims to broaden Keysight Technologies Inc.’s quantum computing portfolio and provide a comprehensive suite of solutions for the overall quantum stack. Quantum Benchmark Inc. is a Canada-based technology company specializing in developing software solutions designed to enhance the performance of quantum computers.

Major companies operating in the quantum computing and technologies market are Volkswagen AG, Google LLC, Microsoft Corporation, Mitsubishi Corporation, Huawei Technologies Co. Ltd., Amazon Web Services Inc., Raytheon Technologies Corporation, Intel Corporation, The Hewlett-Packard Company, International Business Machines Corporation, Nokia Corporation, Toshiba Corporation, NEC Corporation, SK Telecom Co. Ltd., Rigetti Computing Inc., Pasqal, Riverlane Ltd., IonQ Inc., D-Wave Systems Inc., Quantum Circuits Inc., Alpine Quantum Technologies GmbH, Multiverse Computing, ANT GmbH, Zapata Computing Inc.

North America was the largest region in the quantum computing and technologies market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the quantum computing and technologies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the quantum computing and technologies market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Quantum computing and technologies integrate principles from quantum mechanics with computer science to develop advanced computing systems. These systems harness the unique characteristics of quantum bits (qubits), such as superposition and entanglement, to execute intricate computations exponentially faster than classical computers.

The primary components of quantum computing and technologies encompass hardware, software, and services. Hardware denotes the tangible components of a computer system or electronic device that can be physically manipulated. Various technologies employed include blockchain, adiabatic, measurement-based, superconducting, and topological, which are deployed both on cloud-based and on-premises platforms. These technologies find applications across diverse domains, including cryptography, the Internet of Things (IoT), big data analytics, artificial intelligence (AI), machine learning, teleportation, simulation, and data optimization. They are utilized across various industries, notably banking, financial services, and insurance (BFSI), healthcare and life sciences, information technology and telecommunications, manufacturing, government, aerospace and defense, among others.

The quantum computing and technologies market research report is one of a series of new reports that provides quantum computing and technologies market statistics, including quantum computing and technologies industry global market size, regional shares, competitors with a quantum computing and technologies market share, detailed quantum computing and technologies market segments, market trends and opportunities, and any further data you may need to thrive in the quantum computing and technologies industry. This quantum computing and technologies market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The quantum computing and technologies market consists of revenues earned by entities providing services such as quantum computing as a service, quantum simulation services, and quantum sensing services. The market value includes the value of related goods sold by the service provider or included within the service offering. The quantum computing and technologies market also includes sales of quantum sensors, quantum communication systems, and quantum computers. values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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.


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