Global Quantum Computing Market Report 2024: Market Size, CAGR, Lucrative Segments And Top Regions

Overview and Scope

Quantum computing refers to a multidisciplinary field comprising aspects of computer science, physics, and mathematics that uses the laws of quantum mechanics to execute calculations that could provide exponential speedups over classical computers. Quantum computing utilizes quantum mechanics principles to perform complex computations exponentially faster than classical computers. Its potential to revolutionize cybersecurity, accelerate drug discovery, enhance AI, and address complex challenges makes it a promising technology despite its early stages.

Sizing and Forecast
The quantum computing market size has grown exponentially in recent years. It will grow from $1.83 billion in 2023 to $2.57 billion in 2024 at a compound annual growth rate (CAGR) of 40.2%.  The growth in the historic period can be attributed to theoretical foundations of quantum mechanics, pioneering concepts in quantum information theory, funding, and investment.

The quantum computing market size is expected to see exponential growth in the next few years. It will grow to $10.04 billion in 2028 at a compound annual growth rate (CAGR) of 40.6%.  The growth in the forecast period can be attributed to research initiatives and partnerships, education and workforce development, regulatory and policy frameworks, and quantum communication and networking. Major trends in the forecast period include exponential growth in qubit counts, commercialization and industry adoption, and hybrid quantum-classical computing.

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Segmentation & Regional Insights
The quantum computing market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Deployment:  On-Premises, Cloud
3) By Technology: Trapped Ions, Quantum Annealing , Superconducting Qubits, Other Technologies
4) By Application: Optimization, Simulation, Machine Learning, Other Applications
5) By End User: Healthcare, Banking, Financial Service and Insurance (BSFI), Automotive, Energy and Utilities, Chemical, Manufacturing, Others End Users

Asia Pacific was the largest region in the quantum computing market in 2023. The regions covered in the quantum computing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth
The rising investments in quantum computing startups are expected to propel the growth of the quantum computing market going forward. Quantum computing startups specialize in developing and commercializing quantum computing technology. The increasing investments in quantum computing startups are due to government support and the potential for disruptive innovation. The growing investments in quantum computing startups stem from its revolutionary potential to unlock new commercial opportunities and generate economic value across various industries. For instance, in October 2023, according to the FINRA, a US-based non-profit organization that regulates the financial sector in the United States, the investments in quantum computing startups (hardware and software) reached record highs of $2.35 billion in 2022, which is a significant increase compared to previous two years. Therefore, the rising investments in quantum computing technology are driving the growth of the quantum computing market.

Key Industry Players
Major companies operating in the quantum computing market are Google LLC, Intel Corporation, International Business Machines Corporation , Honeywell  , Atos Quantum, PsiQuantum  Corporation, Quantum Machines Technologies Ltd, Pasqal, Xanadu Quantum Technologies  Inc, Quantum Brilliance  Pty Ltd, Zapata Computing Inc, Riverlane  Ltd, Quantum Circuits Inc , Quantum Motion Technologies  Inc, IonQ Inc, Cambridge Quantum Computing Limited, Seeqc Inc, Q-CTRL, D-Wave Systems Inc, Rigetti Computing, QuEra Computing Inc, Qubitekk Inc, Bleximo Corporation, Anyon Systems Inc, Classiq Technologies Inc

The quantum computing market report table of contents includes:
1. Executive Summary

2. Quantum Computing Market Characteristics

3. Quantum Computing Market Trends And Strategies

4. Quantum Computing Market - Macro Economic Scenario

5. Global Quantum Computing Market Size and Growth
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32. Global Quantum Computing Market Competitive Benchmarking

33. Global Quantum Computing Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Quantum Computing Market

35. Quantum Computing Market Future Outlook and Potential Analysis

36. Appendix

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