Quantum Computing Market to Exhibit a CAGR of 34.8% over 2024 to 2032; Increase in Patent Filings to Drive Industry Expansion

The global quantum computing market size stood at USD 885.4 million in 2023. The market value is slated to rise from USD 1,160.1 million in 2024 to USD 12,620.7 million by 2032 at a CAGR of 34.8% during 2024-2032. Fortune Business Insights™ presents this information in its report titled “Quantum Computing Market Size, Share & Industry Analysis, By Component (Hardware and Software), 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, Energy and Utilities, Chemical, Manufacturing, and Others), and Regional Forecast, 2024-2032”.

Quantum computing deploys quantum mechanics for assisting classical computers in solving difficult problems. The increasing investments by government bodies for harnessing the potential of computing technologies is anticipated to create favorable ground for industry expansion.

The market recorded a rise in investments during the COVID-19 pandemic. This indicated the belief of enterprises in the potential benefits of the technology. In light of these factors, the market witnessed a positive impact during the period.

Market Value Surge with Capability of Generative AI to Improve Optimization Algorithms

The use of generative AI-integrated quantum computers helps improve optimization algorithms and handle large datasets. These solutions exhibit the potential to revolutionize economic models and business strategies. In light of these factors, generative AI is anticipated to record a positive impact on the market.

HCL Technologies Partners with Microsoft to Offer Azure Quantum to Clients

HCL Technologies teamed up with Microsoft Corporation in March 2023 to provide Microsoft's Azure Quantum, a quantum cloud computing service, to HCL's clients. This collaboration aims to deliver on-cloud demonstrations of quantum technologies to businesses, enabling them to leverage the power of quantum computing for various applications.

Industry Value to Rise Owing to an Upsurge in Patent Filings  

The recent years have recorded an increase in the number of patent filings. These steps signify the growing endeavor of industry players to develop advanced technologies that would help address various issues, including scalability and stability. These factors are expected to drive quantum computing market growth.  

However, the lack of skilled labor for handling computing equipment may hamper the product adoption.    

Leading Players Focus on Developing New Products to Strengthen Market Share

Major industry participants are centered on product innovation for the consolidation of their market positions. Besides, companies are also forging collaborations. A few of the major players in the market are Google LLC, and IBM Corporation.

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https://www.fortunebusinessinsights.com/quantum-computing-market-104855

Key Players Profiled in the Report

• IBM Corporation (U.S.)
• D-Wave Systems Inc. (Canada)
• Microsoft Corporation (U.S.)
• Intel Corporation (U.S.)
• Rigetti & Co, Inc. (U.S.)
• Google LLC (U.S.)
• QC Ware (U.S.)
• Quantinuum Ltd. (U.S.)
• Riverlane (U.K.)
• IonQ (U.S.)

Key Industry Development

• September 2023 – Xanadu entered a partnership with ETRI (Electronics and Telecommunications Research Institute). The deal was centered on introducing advancements in quantum computing using artificial intelligence and machine learning technologies.

Further Report Findings:

• North America accounts for a leading share in the global market owing to the adoption of cloud computing in the region.
• The Europe quantum computing market share is anticipated to expand owing to an escalation in the number of startups operational in the field.
• High demand for quantum services and systems in Asia Pacific is driving the market's expansion, expected to result in the highest CAGR during the forecast period.
• Based on component, the market is bifurcated into hardware and software. Of these, the software segment is set to record the highest CAGR over the study period favored by the escalating number of startups at the global level.

Table of Segmentation