According to the report by Expert Market Research (EMR), the global quantum computing market is projected to grow at a CAGR of 28.8% between 2024 and 2032. Aided by the increasing demand for this technology across various sectors, the market is expected to grow significantly by 2032.
Quantum computing represents a paradigm shift in computational capabilities. It utilises principles of quantum mechanics, such as superposition and entanglement, to perform operations on data. Unlike classical computers that use bits as the basic unit of information, quantum computers use quantum bits, or qubits, which can exist in multiple states simultaneously. This characteristic allows quantum computers to solve complex problems much faster than their classical counterparts.
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The significant quantum computing market growth is driven by its potential to revolutionise various industries, including pharmaceuticals, finance, and cybersecurity. In pharmaceuticals, quantum computing can drastically reduce the time and cost of drug discovery by accurately simulating molecular structures. In finance, it offers enhanced capabilities for risk assessment and algorithmic trading. In cybersecurity, quantum computing introduces new paradigms in secure communication and encryption.
Another driving factor is the increasing investment in quantum computing research and development by governments and private entities. This investment is accelerating the advancement of quantum technologies and fostering innovative applications.
Growth of several sectors is likely to impact the quantum computing market outlook in the forecast period. In the field of artificial intelligence (AI), quantum algorithms can process and analyse large datasets more efficiently, enhancing machine learning capabilities. In logistics and supply chain management, quantum computing offers optimised solutions for complex routing problems.
The technology also has significant implications in the field of climate science, where it can model complex environmental systems, aiding in more accurate climate predictions and environmental protection strategies.
North America currently holds a significant portion of the quantum computing market share, owing to the presence of key players and substantial investments in research and development. Europe and Asia Pacific are also emerging as significant markets, with countries like Germany, the UK, China, and Japan making notable advancements in quantum technology.
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Quantum Computing Market Segmentation
The market can be divided based on offering, application, end use, and region.
Market Breakup by Offering
- System
- Services
Market Breakup by Application
- Optimisation
- Simulation
- Machine Learning
- Others
Market Breakup by End Use
- Healthcare and Pharmaceuticals
- Chemicals
- Defence
- BFSI
- Energy and Power
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global quantum computing market. Some of the major players explored in the report by Expert Market Research are as follows:
- Microsoft Corporation
- IBM Corporation
- Intel Corporation
- Google Inc.
- D-Wave Systems Inc.
- Others
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