According to Market Research Future (MRFR), The global quantum computing market is estimated to
register USD 2.82 billion with a CAGR of 34% from 2018 to 2023 (forecast period). The report
addresses and explores the effect of the COVID-19 outbreak on the global Quantum Computing
market, including potential opportunities and challenges, drivers, and risks.
Quantum computing is a type of computing that focuses on the development of computer
technology using quantum physics to process information at both atomic and subatomic levels.
Quantum computing operates with nanoscale components at temperatures that are colder than
interplanetary space. Quantum computers are expected to facilitate discoveries in a variety of
sectors, such as energy, healthcare, smart materials, environmental systems, etc.
Market Dynamics
The growing need for secure communication and digitization and the race to make quantum
computers commercially viable among the leading countries is one of the key reasons behind the
global growth in the quantum computing industry. In addition, the advent of advanced applications,
the need for secure communication, and digitalization are expected to add to the market value of
quantum computing in the near future.
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Market Segmentation
The global quantum computing market has been segmented into application, product type, and
vertical.
- By application, the global quantum computing market has been segmented into optimization,
machine learning, simulation, and others. The optimization segment accounted for 37.6% of the
global quantum computing market in 2017, hitting a valuation of USD 201.41 million. In addition, the
segment is projected to experience a CAGR of 31.7% during the assessment period. - By product type, the quantum computing market has been segmented into hardware, software, and
services. The hardware segment is expected to remain very attractive throughout the evaluation
period. The segment had a market share of 44.9% in 2017. The segment is expected to experience a
32% CAGR over the forecast period and hit a valuation of more than USD 1,180 million. - By vertical – the global quantum computing market has been segmented into aerospace & defense,
BFSI, technology (IT) & telecommunication, energy & power, healthcare, information,
transportation, and others. The segment for aerospace and defense is predicted to hold its top spot
in 2023.
The segment had a valuation of USD 118.04 million and is expected to rise at a 38.3% CAGR
during the forecast period. Quantum computing is commonly used in aerospace & defense, such as
space exploration verification, critical modeling, and aerodynamic performance simulation.
Regional Analysis
By region, the global quantum computing market has been segmented into North America, Europe,
Asia Pacific (APAC), the Middle East & Africa (MEA).
The outlook for North America's quantum computing industry remains optimistic. The U.S. and
Canada are technologically advanced countries that allow for faster adoption of quantum computing
tools in the region. The North American quantum computing market is predicted to have a CAGR of
31.3% over the projected period and hit a more than USD 952.29 million. In addition, an impressive
investment portfolio for R & D, private and public, also reflects favorably on the country's market. In
terms of value, the United States has the largest share of the North American quantum computing
industry. In addition, tech companies such as Google, IBM Corporation, Intel, and others give the
U.S. market an advantage.
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Key Players
Atos SE, Intel Corporation, D-Wave Systems Inc., Cambridge Quantum Computing Ltd., IBM
Corporation, QxBranch, Inc., QRA Corp, Rigetti & Co, Inc., Google, and QC Ware Corp.
Competitive landscape
The global quantum computing market is profoundly competitive. Most market players are actively
engaged in the use of aggressive growth strategies. Vendors compete in terms of size, quality, and
aftermarket services. Focus is placed on cost-efficiency and product innovation in order to achieve
long-term sustainability.
D-Wave Systems Inc. is currently the world leader in quantum computing. It specializes in developing
and delivering quantum computing and software systems. Google is second in the global quantum
computing market. The company provides the open-source platform Cirq for NISQ algorithms and
OpenFermion-Cirq for developing computational chemistry algorithms. Rigetti & Co, Inc. is the third
in the pecking order. The company deployed three quantum computing processors called Rigetti 8Q
Agave, Rigetti 19Q Acorn, and Rigetti 16Q Aspen-1 of 19, 8, and 16 qubits.
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