Quantum Computing Market to Hit USD 7587.28 Million by 2030 due to Escalating Need for Advanced Computing Solutions and Expanding Quantum Cloud Services | Research by SNS Insider

According to SNS Insider, as the technology continues to mature, quantum computing is expected to have a profound impact on industries worldwide, opening up new possibilities and opportunities for businesses and researchers alike.


Pune, Aug. 08, 2023 (GLOBE NEWSWIRE) -- “As per the SNS Insider report, the Quantum Computing Market had a valuation of USD 725.53 million in 2022. The report projects that it will expand significantly to reach USD 7587.28 million by 2030, with an anticipated compound annual growth rate (CAGR) of 34.1% during the forecast period from 2023 to 2030.”

Market Report Overview

Quantum computing is a cutting-edge field that explores the realm of quantum mechanics to develop powerful computing systems capable of solving complex problems that classical computers cannot handle efficiently. With the continued efforts of researchers and the advancements in quantum hardware and algorithms, we are likely to witness a future where quantum computing plays a transformative role in shaping our world. As the field of quantum computing progresses, it has the potential to revolutionize various industries, including drug discovery, financial modeling, and weather forecasting.

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Market Analysis

With the ever-increasing complexity of modern problems in fields such as cryptography, drug discovery, climate modeling, financial risk analysis, and optimization, traditional computing methods are becoming inadequate. Quantum computing offers exponential computational power, enabling faster and more efficient solutions to these challenges, thus driving demand for quantum computing technologies. Established tech companies, startups, and research institutions are forming strategic partnerships and collaborations to accelerate quantum computing's development. These partnerships often combine expertise in different areas, such as hardware, software, and algorithm development, to create a robust quantum ecosystem. Collaborative efforts are fostering knowledge exchange, speeding up research, and driving quantum computing market growth.

Major Players Included in this Report Are:

  • Microsoft Corporation
  • IBM Corporation
  • Intel Corporation
  • D-Wave Systems Inc.
  • Amazon Web Services
  • Quantinuum
  • Huawei
  • Rigetti & Co, Inc.
  • Accenture
  • Alpine Quantum Technologies
  • IonQ
  • QC Ware
  • Google LLC
  • Zapata Computing & Other Players

Impact of Recession on Quantum Computing Market Growth

While recessions can pose significant challenges for the quantum computing market, they are not insurmountable. History has shown that technological innovation and disruptive advancements can occur even during economic downturns. The key lies in strategic planning, collaboration, and continued investment in the potential of quantum computing. As the global economy recovers from a recession, the quantum computing industry must adapt, innovate, and persistently pursue its goals to unlock the transformative potential of quantum computing for the benefit of society as a whole.

Quantum Computing Market Report Scope:

Report Attributes Details
Market Size in 2022  US$ 725.53 Mn
Market Size by 2030  US$ 7587.28 Mn
CAGR  CAGR of 34.1% From 2023 to 2030
Base Year  2022
Forecast Period  2023-2030
Historical Data  2020-2021
Quantum Computing Market: Key Segmentation • By Deployment (On-premise, Cloud)
• By Application (Machine Learning, Optimization, Biomedical Simulations, Financial Services, Electronic Material Discovery, Others)
• By Component (Hardware, Software, Services)
• By End-user (Healthcare, Banking, Financial Services, and Insurance (BFSI), Chemical, Automotive, Aerospace & Defense, Energy, and Utilities, Manufacturing, Others)
Key Regional Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)
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Impact of the Russia-Ukraine War

The Russia-Ukraine War has the potential to introduce various challenges and uncertainties for the quantum computing market. Supply chain disruptions, investor sentiment, research collaborations, and shifts in market dynamics are some of the factors that could influence the growth and development of quantum computing technologies in the wake of geopolitical tensions. Industry stakeholders must remain vigilant and agile in navigating these complexities to ensure the continued advancement and adoption of quantum computing on a global scale.

Key Regional Developments

The quantum computing market is witnessing exponential growth across the globe, driven by active participation from various regions. North America, Europe, Asia-Pacific, and emerging markets each contribute their unique strengths, fostering a global ecosystem of quantum innovation. Government support, industry partnerships, and academic collaborations are paving the way for a transformative future powered by quantum computing.

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Key Takeaway from Quantum Computing Market Study

  • Quantum computing holds tremendous promise for revolutionizing the Machine Learning and Healthcare sectors. As the technology matures and quantum systems become more robust, we can expect unprecedented breakthroughs in these fields.
  • Collaborations between quantum computing experts, ML researchers, and healthcare professionals will play a crucial role in harnessing this technology's full potential. As we embark on this quantum journey, the future of these domains looks brighter than ever before.

Recent Developments Related to Quantum Computing Market

  • In a groundbreaking collaboration, Qubrid, a pioneering quantum computing startup, has joined forces with NVIDIA, the renowned leader in AI and high-performance computing. The partnership formalized through NVIDIA's prestigious Inception program, aims to propel the frontiers of hybrid quantum-classical computing, revolutionizing the way AI algorithms are executed.
  • In a groundbreaking development in the field of quantum computing, Alphabet Inc., the parent company of Google, has achieved a major breakthrough that could revolutionize the way we process information and solve complex problems.

Table of Contents

1. Introduction

2. Research Methodology

3. Market Dynamics

4. Impact Analysis

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Quantum Computing Market Segmentation, by Deployment

9. Quantum Computing Market Segmentation, by Application

10. Quantum Computing Market Segmentation, by Component

11. Quantum Computing Market Segmentation, by End-user

12. Regional Analysis

13. Company Profile

14. Competitive Landscape

15. USE Cases and Best Practices

16. Conclusion.

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SNS Insider is one of the leading market research and consulting agencies that dominate the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

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