Global Quantum Computing Market Size to Reach USD 8,487.60 Million in 2032 | Emergen Research
Early adoption of quantum computing in the banking and finance industry is a significant factor driving global quantum computing market revenue growth
Vancouver, Aug. 28, 2023 (GLOBE NEWSWIRE) -- The anticipated trajectory indicates that the global quantum computing market is poised to attain a valuation of approximately USD 8,487.60 Million by the year 2032. This progression is underpinned by a consistent compound annual growth rate (CAGR) of 30.2% throughout the forecast span, as discerned from the most recent analysis conducted by Emergen Research. A notable catalyst propelling the augmentation of market revenue is the escalating count of strategic partnerships and collaborative ventures aimed at propelling advancements within the domain of quantum computing technology.
An instrumental driver behind the burgeoning momentum of market revenue pertains to the escalating instances of strategic partnerships and synergistic collaborations. These endeavors are strategically orchestrated to facilitate the progressive maturation of quantum computing technology, thereby effectively contributing to the overall market expansion.
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Illustrating this trend, Mitsui, a stalwart in the realm of digital transformation, and Quantinuum, a prominent global player renowned for its comprehensive fusion of quantum computing hardware and software, have joined hands. This collaborative synergy is geared towards the establishment of practical quantum computing use cases that are slated to catalyze substantial shifts in business transformation and innovation. The concerted efforts of Mitsui and Quantinuum will be expedited as they pool their resources to cultivate novel business concepts. Through this collaborative endeavor, they will collectively engineer quantum applications and furnish value-added solutions tailored for diverse quantum computing domains. It is noteworthy that the cumulative worth of these quantum computing domains is anticipated to range between USD 450 billion and USD 850 billion on a global scale by the year 2040.
Nevertheless, the landscape is not devoid of challenges. Chief among these is the issue of stability and error correction, which exerts a limiting influence on the escalation of market revenue. Quantum computers, as they currently stand, rely on physical qubits, which, regrettably, are susceptible to errors. The endeavor to attain a single error-free logical qubit necessitates the utilization of around 1,000 physical qubits, a milestone that remains elusive. As of 2020, the count of physical qubit devices produced reached up to 5,000. To paint a picture of a pragmatically viable quantum computer, it is projected that an assemblage of 200 logical and 200,000 physical qubits would be requisite. The path to commercializing quantum computers is rife with complexities. The fragility of qubits and their susceptibility to environmental fluctuations—such as temperature, noise, and frequency—undermines the viability of sustaining the quantum mechanical state of qubits over extended periods. This is further compounded by the precarious nature of certain blockchain-based systems, reliant on the non-quantum-safe Elliptic Curve Digital Signature Technique (ECDSA).
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*Scope of Research *
*Report Details* *Outcome*
Market Size in 2022 USD 604.00 Million
CAGR (2022–2032) 30.2%
Revenue Forecast to 2032 USD 8,487.60 Million
Base Year for Estimation 2022
Historical Data 2019–2021
Forecast Period 2023–2032
Quantitative Units Revenue in USD Million and CAGR in % from 2023 to 2032
Report Coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments Covered Offering, deployment, application, technology, end-use, and region
Regional Scope North America, Europe;, Asia Pacific, Latin America, and Middle East & Africa
Country Scope U.S., Canada, Mexico, Germany, UK, France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, and Rest of Middle East & Africa
Key Companies Profiled IBM, D-Wave Quantum Inc., Microsoft, Amazon, Inc., Rigetti & Co, LLC, Google, Intel Corporation, Toshiba, Honeywell International Inc., and QC Ware
Customization Scope 10 hours of free customization and expert consultation
*Major Companies and Competitive Landscape *
The global quantum computing market is consolidated with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective quantum computing. Some major players included in the global quantum computing market report are:
· IBM
· D-Wave Quantum Inc.
· Microsoft
· Amazon, Inc.
· Rigetti & Co., LLC.
· Google
· Intel Corporation
· Toshiba
· Honeywell International Inc.
· QC Ware
*Strategic Development*
On 19 January 2023, IonQ, Inc., a quantum computing startup announced the establishment of first known dedicated quantum computing production facility in the U.S. The Research & Development (R&D) and production teams for IonQ will be based in the new site. The 65,000 square foot building is situated in Bothell, Washington, which is also home to academic institutions such as University of Washington as well as local tech and pharmaceutical companies such as Microsoft, Google, Amazon, Panasonic, and Seattle Genetics. This new site will contain IonQ's second quantum data center and serve as the company's main North American production engineering hub. Over the upcoming years, IonQ aspires to increase number of employment and possibilities in the area by thousands.
On 1 November 2022, ColdQuanta, the leader in the global quantum ecosystem, revealed a USD 110 million Series B round of funding for the company's product portfolio, which includes atomic clocks, sensors, and components as well as quantum computing, quantum algorithms, and applications. The underlying technology of ColdQuanta has numerous uses across the spectrum of quantum technology. Along with developing the next generation of Radio Frequency (RF) technologies and atomic clocks, which provide considerable advantages over conventional antenna-based receivers, they are also working on quantum technology. Communications will undergo a revolution owing to quantum RF sensors and ColdQuanta is setting the pace.
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*Some Key Highlights From the Report*
· The optimization segment is expected to account for largest revenue share in the global market over the forecast period. Quantum computers have special abilities that can help them to solve these complex types of optimization problems more efficiently. They can represent all possible solutions using quantum property of superposition and can find low-cost and high-value solutions using quantum property of interference. Traditional problem-solving techniques frequently produce mediocre results or need calculation durations that are increasing exponentially. Quantum optimization techniques, such as Quantum Approximate Optimization Algorithms (QAOA), make it possible to identify solutions that are superior to sub-optimal ones without incurring the cost of exponentially longer calculation times.
· The superconducting qubits segment is expected to account for largest revenue share in the global market over the forecast period. Using superconducting qubits to build quantum computers is one of the most promising approaches, hence established IT companies are utilizing this technology to aid in the onset of quantum era. In contrast to Google's Sycamore, which claimed to have a quantum advantage in 2019, IBM's 127-qubit Eagle quantum computer was unveiled in 2021. Crucial insight that enables these quantum computers is the fact that superconductivity is a quantum phenomenon, allowing individuals to use superconducting circuits as programmable quantum systems. The quantum universe can actually be expanded and altered with more flexibility.
· The banking & finance segment is expected to account for a significantly large revenue share in the global market over the forecast period. Quantum computing is used in banking & finance to identify most attractive portfolios from a huge pool of reliant and interrelated assets, to detect fraud signs, enable proactive fraud risk management, and develop cutting-edge cryptography to protect confidential customer information. It is also possible to clear larger batches of transactions with different credit, collateral, and liquidity criteria more quickly and group a range of seemingly unrelated asset groups together to find trends in areas such as asset performance, customer sentiment, and risk aversion with the help of quantum computing. If complex quantitative buy-sell procedures are quickly adopted, financial companies will be better able to generate larger returns while minimizing risk, which is enabled by quantum computing. These applications of quantum computing are having an impact on banking and financial services sectors.
· The North America market is expected to account for largest revenue share during the forecast period attributed to increasing number of government initiatives in countries of this region. For instance, Office of the Special Envoy for Critical and Emerging Technology at the Department of State officially opened. Secretary Blinken established the office as a part of a larger modernization program, as the constellation of important and emerging technologies that are reshaping the world, is now a critical aspect of how U.S. foreign policy and diplomacy are conducted. This office will act as a center of expertise and motivation for developing and coordinating foreign policy on critical and emerging technologies as well as collaborating with foreign partners on those technologies, such as biotechnology, advanced computing, Artificial Intelligence (AI), and quantum information technologies, which will transform societies, economies, and security.
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*For the purpose of this report, Emergen Research has segmented the **global **quantum computing market** based on **offering, deployment, application, technology, end-use, and region:*
· *Offering Outlook (Revenue, USD Million; 2019–2032)*
· Systems
· Services
1. Quantum Computing as a Service (QCaaS)
2. Consulting Services
· *Deployment Outlook (Revenue, USD Million; 2019–2032)*
· On-Premises
· Cloud-Based
· *Application Outlook (Revenue, USD Million; 2019–2032)*
· Optimization
· Machine Learning (ML)
· Simulation
· Others
· *Technology Outlook (Revenue, USD Million; 2019–2032)*
· Superconducting Qubits
· Trapped Ions
· Quantum Annealing
· Others
· *End-Use Outlook (Revenue, USD Million; 2019–2032)*
· Space & Defense
· Banking & Finance
· Healthcare & Pharmaceuticals
· Energy & Power
· Chemicals
· Transportation & Logistics
· Government
· · 1. Academia
· *Regional Outlook (Revenue, USD Million, 2019–2032)*
· North America
1. U.S.
2. Canada
3. Mexico
· Europe
1. Germany
2. UK
3. France
4. Spain
5. BENELUX
6. Rest of Europe
· Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
· Latin America
1. Brazil
2. Rest of LATAM
· Middle East & Africa
1. Saudi Arabia
2. UAE
3. Israel
4. Rest of Middle East & Africa
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