Quantum computing Market Size, Share, Growth, Trends, and Global Industry Analysis: By Component (Hardware, Software, and Services), By Deployment (On-Premise, and Cloud), By Application (Machine Learning, Optimization, Biomedical Simulations, Financial Services, Electronic Material Discovery, and Others), By End User (Healthcare, Banking, Financial Services and Insurance (BFSI), Automotive, Researchers, Energy and Utilities, Chemical, Manufacturing, Education, and Others Retail) and Region Forecast 2019-2030

Quantum computing Market size was valued at US$ 521.2 million in 2023 and is poised to grow at a significant CAGR of 25.4% over 2024-2030. Quantum computing is a type of cutting-edge computer technology based on quantum mechanics and quantum theory. The quantum computer has been used for computing based on quantum physics concepts. It differs from traditional computing in speed, bits, and data. Classical computing employs two bits, 0 and 1, but the system uses all the numbers between 0 and 1, resulting in more accurate results and faster processing. The system is generally used to compare many solutions and identify the finest one for a complicated problem. These quantum computing services wide range of applications such as machine learning, quantum simulation, quantum parallelism, cryptography, and algorithms. These factors are primarily driving the market growth.

Furthermore, it has the potential to speed up pharmaceutical discoveries and offer more accurate models to describe climate change and its effects, and it will influence positively the global market. Quantum computer commercialization is a difficult, complex task as qubits are sensitive and easily disrupted by changes in ambient temperature, noise, and frequency, it has been intolerable to retain their quantum mechanical state for a long time. This factor is also why quantum systems are difficult to construct, test, and design.  These factors restrain the market growth to some extent over the forecasted period. Moreover, Artificial intelligence (AI) and machine learning are advanced technologies, and significant development in artificial intelligence and machine learning will surely need of computing services. Additionally, increasing investment in quantum computer systems has led to a growth in demand for computing services, consequently, this advancement and huge investment create opportunities among prominent key players in the market.

Key Developments

• In May 2021, Amazon Braket launched a new simulator known as DM1 to aid model noise in quantum hardware. Further, it permits the implementation of noise mitigation measures into a quantum program to make the results on a real quantum computer more precise.
• In May 2021, Classiq and ColdQuanta combined the IBM Quantum Network. Further, both companies incorporated IBM’s open-source Qiskit quantum software development platform for use with ColdQuanta's forthcoming 100 qubit computer "Hilbert".