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U.S. Quantum Computing Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software, Services), By Deployment (On-Premise, Cloud), By Application (Machine Learning, Optimization, Biomedical Simulations, Financial Services, Electronic Material Discovery, Others), By End User (Healthcare, Banking, Financial Services and Insurance (BFSI), Automotive, Energy and Utilities, Chemical, Manufacturing, Others), and Country Forecast, 2023-2030

Last Updated: July 01, 2024 | Format: PDF | Report ID: FBI107727

 

KEY MARKET INSIGHTS

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The U.S. quantum computing market size was valued at USD 138.2 million in 2022. The market is expected to grow from USD 178.3 million in 2023 to USD 1,225.6 million by 2030, exhibiting a CAGR of 31.7% during the forecast period. A memorandum outlining the U.S. administration's quantum computing policies and initiatives was made public by the White House in May 2022. It identifies key actions that must be taken to protect the nation's cyber, economic, and national security from quantum computers while also preserving the nation's competitive advantage in Quantum Information Science (QIS).


Various applications of quantum technology are currently fundamentally altering the business environment. There are now a variety of industrial applications for quantum simulation, quantum machine learning, and quantum-inspired computing, which have sparked a lot of interest and buzz.


COVID-19 IMPACT


COVID-19 Pandemic to Create Unprecedented Market Opportunities for Leading Companies


Healthcare organizations were compelled to swiftly reevaluate their technology and move forward with plans for digital transformation as COVID-19 began to spread across the United States. Additionally, various companies operating in the market completed an Initial Public Offering (IPO) through special purpose acquisition companies. These companies allow businesses operating in the market to avoid the IPO process, saving money and time and scaling down regulatory oversight.


For instance, IonQ was the first company to become the “first publicly traded, pure-play quantum computing company”. IonQ was followed by companies such as Rigetti, Arqit, and D-Wave. This strategy adopted by several pure-play quantum companies during the pandemic years is expected to boost the U.S. quantum computing market share in the coming years.


LATEST TRENDS


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Strong Demand from Automotive Sector to Aid the U.S. Quantum Computing Market Growth


Due to the fact that quantum algorithms offers computational enhancements that have the potential to enhance capabilities throughout the value chain, the automotive industry has been keeping an eye on its developments. Several OEMs and tier-one suppliers have already begun investigating QC's potential to assist the sector in resolving some existing issues, such as fuel-cell optimization, material durability, and route optimization.


DRIVING FACTORS


Increasing Number of Strategic Alliances to Fuel Market Growth


In addition to increasing investments in quantum technologies, the market leaders are increasingly searching for relevant collaborations and partnerships to carry out computing developments, develop practical applications, and establish a future quantum workforce. Companies adopting this strategy help them combine the best of their quantum concepts and capabilities with other established partners and technologies. With this, companies will be able to create better solutions at scale and speed.


Several corporations, including Riverlane, Google LLC, and Pasqal are collaborating with quantum experts across the globe to enhance their quantum capabilities. For instance, in June 2022, Riverlane and Rigetti Computing partnered to tackle syndrome extraction on superconducting quantum computers.


RESTRAINING FACTORS


Concerns Regarding Cybersecurity Breaches to Hinder Market Growth


While quantum technology has many advantages, there are also very real security risks. The Cybersecurity and Infrastructure Security Agency (CISA) recently issued guidance on how critical infrastructure should prepare for quantum computing-related security risks. The National Risk Management Center of CISA warned that quantum computers' speed and power pose a significant threat to data privacy as they will be able to crack the key encryption that networks use to protect sensitive data. In the short term, this is likely to limit market expansion.


SEGMENTATION


By Component Analysis


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Necessity for Quantum Hardware and Quantum Algorithms to Co-evolve to Further Accelerate Market Growth


Application-driven algorithms have the ability to influence hardware architectures and configurations, and quantum hardware innovations can be exploited by quantum algorithms. At this point in technology development, quantum hardware and quantum algorithm developers will need to work together almost symbiotically to overcome the formidable obstacle of gaining quantum advantage.  


In February 2022, a new measurement and electronics control system for superconducting quantum processors, had been open sourced by the Advanced Quantum Testbed (AQT) at Berkeley Lab, making engineering solutions for the upcoming hardware more accessible. One of the most important technologies in quantum algorithms that aims to solve difficult problems that traditional computers can't handle is superconducting circuits.


By Deployment Analysis


Cloud Segment to Showcase Significant Growth


On-premise and cloud are the two segments by deployment. As the number of qubits and consistency get faster, more and more businesses are offering quantum cloud services to their customers. These services let them use the power of quantum technology without having to build their own quantum computer.


Major players such as IBM, Google, Microsoft, and Amazon are on track to create quantum cloud computers as technology advances at a breakneck pace. With cloud computing technologies, they use quantum computers that a network can access without a physical quantum computer.


By Application Analysis


Machine Learning to Revolutionize Quantum Computing Scenario with Enhanced ML Algorithms


Optimization, machine learning, biomedical simulations, financial services, electronic material discovery, and other applications (such as traffic optimization and weather forecasting) comprise the market. Deep learning, the most recent form of machine learning, is exceeding the capabilities of conventional computers.


Google is one of the early producers of quantum PCs that is gaining ground in this field. Google released TensorFlow Quantum in March 2020, introducing the TensorFlow machine learning development library to quantum computers. With the assistance of TensorFlow Quantum, programmers will be able to develop models of quantum neural networks that are compatible with quantum computers.


By End User Analysis


Healthcare Industry to Witness a Noteworthy Growth Rate Owing to Advancements in Drug Discovery


The market's end-user segments include automotive, healthcare, BFSI, energy and utilities, chemical, manufacturing, and others. Collaborations between quantum computing and the healthcare sector are novel yet advanced. The healthcare sector is well-known for developing itself with the assistance of cutting-edge technology.


In addition, IBM anticipates that quantum technology will revolutionize the healthcare industry as early as 2030. The quantum technology's algorithms can be used to accelerate the global push for efficiency in medical services by speeding up diagnosis, personalizing medicine, and cutting costs. 


KEY INDUSTRY PLAYERS


Key Players are Continuously Focusing on Enhancing their Product Offerings to Establish Market Presence


Increase in emergence of quantum technology and ongoing potential developments observed by major industries are encouraging major market players to come up with advanced quantum algorithm features. In order to strengthen their positions in the U.S. market and broaden their respective portfolios, major players are forming strategic alliances.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS



  • February 2023: Intel Corporation launched version 1.0 of its Quantum Software Development Kit (SDK). The SDK is a replication of an overall quantum computer that can integrate with Intel's quantum hardware along with Intel's Horse Ridge II control chip and the quantum spin qubit chip.

  • January 2023: IonQ, Inc., a manufacturer of quantum computers, recently announced the opening of a 65,000-square-foot manufacturing facility in the suburbs of Seattle, Washington. The IonQ R&D and manufacturing teams will be housed in the new facility.


REPORT COVERAGE


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The report provides a comprehensive analysis of the market. It focuses on key aspects such as prominent companies and leading applications of the product. Besides this, the report highlights key industry developments and offers insights into the market trends. In addition to the above-mentioned factors, the report includes several factors that have contributed to the growth of the market in recent years.


REPORT SCOPE & SEGMENTATION


























































  ATTRIBUTE 



  DETAILS



Study Period



2019–2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023–2030



Historical Period



2019–2021



Growth Rate



CAGR of 31.7% from 2023 to 2030



Unit



Value (USD million)



Segmentation



By Component, Deployment, Application, and End User



By Component




  • Hardware

  • Software

  • Services



By Deployment




  • On-Premise

  • Cloud



By Application




  • Machine Learning

  • Optimization

  • Biomedical Simulations

  • Financial Services

  • Electronic Material Discovery

  • Others (Traffic Optimization, Weather Forecasting, and Others)



By End User




  • Healthcare

  • Banking, Financial Services and Insurance (BFSI)

  • Automotive

  • Energy and Utilities

  • Chemical

  • Manufacturing

  • Others (Transportation, Logistics, and Others)






Frequently Asked Questions

Fortune Business Insights says that the market was valued at USD 138.2 million in 2022.

Fortune Business Insights says that the market is expected to reach USD 1,225.6 million in 2030.

Growth of 31.7% CAGR will be observed in the market during the forecast period (2023-2030)

The healthcare industry is expected to grow exponentially at the highest CAGR. during the forecast period

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