Quantum Computing Market, By Component (Hardware, Software, and Services), By Application (Simulation, Optimizing, and Sampling), By End-Use Industry (Defence Healthcare and Pharmaceuticals, Chemicals, Banking & Finance, and Energy & Power), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Market Trends, Analysis and Forecast till 2034

Quantum Computing Market Size was valued at USD 1.6 Billion in 2024 and is projected to grow at a CAGR of 32.3%to reach USD 20.5 Billion by 2034.

Quantum theory and quantum mechanics are the foundation of a sort of cutting-edge computer technology called quantum computing. Quantum computing, which adheres to the principles of quantum physics, has been implemented using the quantum computer. In terms of speed, bits, and data, it differs from traditional computing. Quantum computing uses all the states between 0 and 1, which aids in improved results and fast speed, as opposed to classical computing, which only uses the two bits 0 and 1. In research, quantum computing is mostly used to compare various solutions and identify the best one for a challenging problem. Chemicals, utilities, healthcare & pharmaceuticals, defence, and many more industries have employed it. Applications including machine learning, cryptography, algorithms, quantum simulation, quantum parallelism, and others employ quantum computing. Since quantum computing has the potential to speed up pharmaceutical discovery and improve the accuracy of the atmospheric models to explain climate change and its effect, it will be helpful in increasing solutions to challenging different fields. Additionally, batteries with higher energy densities, more efficient catalytic and synthetic processes, and favourable strength to weight ratios of the material all assist the automotive, electronics, and aerospace industries.

Quantum Computing Market Drivers:   

Increasing investment in research and development

• Both public and private sectors are making significant R&D investments in the field of quantum computing. This is advancing the technology and increasing its commercial viability.
• Growing need for more potent computing solutions: As the volume of data that must be handled keeps increasing, so does the requirement for more potent computer solutions. Problems that are now unsolvable for classical computers may be solved by quantum computers.

Hardware developments for quantum computing

• In recent years, there have been notable developments in the field of quantum computing. These developments are opening the door to the creation of more dependable and potent quantum computers.
• Potential for quantum computing to disrupt existing industries: Artificial intelligence, banking, materials science, pharmaceuticals, and many more industries could be affected by quantum computing. Businesses in these sectors are becoming increasingly interested in the technology as a result.

Restrains in the Quantum Computing Market:

Technical challenges

• Building and maintaining quantum computers is a challenging task due to their complexity. The fundamental components of quantum computing, known as qubits, are error-prone and highly sensitive to their surroundings. To improve the stability and dependability of qubits, researchers are still at work.
• Lack of skilled workforce: Since quantum computing is a relatively new topic, there aren't enough individuals with the necessary expertise to create and operate quantum computers. Businesses are finding it challenging to create and implement applications using quantum computing as a result.

Key Opportunities in Quantum Computing Market:

Complex issue solving

• Even the most potent conventional computers cannot solve problems that require too much processing power from quantum computers. This may result in innovations in the domains of financial modelling, medicine development, and materials science.

Enhanced optimization

• Compared to classical computers, quantum computers are far more efficient at optimizing complicated systems. Applications for this might be found in supply chain management, scheduling, and logistics.

Accelerated machine learning

• Algorithms for machine learning could be greatly enhanced by quantum computing. Advances in fields like image identification, natural language processing, and artificial intelligence may result from this.

Unbreakable cryptography

• New, unbreakable cryptographies may be created using quantum computing. In an increasingly digital world, safeguarding sensitive data is imperative.

Breakthroughs in scientific discovery

• Compared to classical computers, quantum computers could mimic complicated physical and chemical processes with far higher accuracy. This could result in new materials and technologies being developed, as well as advances in our understanding of the universe.

Quantum Computing Market is segmented based on based on by Component, Application, End-User and Region.

Components Insight

• Hardware- The term "hardware" describes the actual parts of a quantum computer, including cryogenic equipment, control systems, and qubits. Given the sensitivity and complexity of qubits, this is the most difficult component to build.
• Software - The operating systems, apps, and programming languages that are used to create and execute quantum programs are all considered software. Quantum software is being developed at the same time when quantum computing is still in its infancy.
• Services –Services include the expert services needed to create, implement, and manage quantum computing systems. These services consist of guidance, instruction, and assistance. The services sector is anticipated to grow at the fastest rate in the upcoming years as more organizations attempt to use quantum computing to their advantage.

Application Insights

• Simulation: Compared to classical computers, quantum computers are far more accurate and quick for simulating complicated systems like molecules, materials, and financial markets. This may result in innovations in fields like financial modelling, materials science, and medicine development.
• Optimization: The goal of optimization problems is to select the optimal option from a wide range of options. Quantum computers are useful for activities like scheduling, resource allocation, and logistics planning since they are highly efficient at handling these kinds of problems.
• Sampling is the process of choosing at random components from a sizable dataset. Particular sampling tasks can be completed by quantum computers far more quickly than by classical computers; this has implications for risk analysis, machine learning, and cryptography.

End-User Insights

• Pharmaceuticals and Healthcare: Because of applications in personalized medicine, drug discovery, and protein folding simulations, this industry is expected to grow at the quickest rate. By simulating complicated molecules and chemical interactions, quantum computers help expedite the creation of new medications.
• Chemicals: By providing atomic-level simulations of material properties, quantum computing has the potential to completely transform the field of material science. This may result in the creation of brand-new materials with enhanced characteristics for solar cells, batteries, and catalysts, among other uses.
• Banking & Finance: Tasks involving intricate financial modeling and risk analysis can be completed by quantum computers. They can also be applied to the creation of new financial products and enhanced fraud detection.
• Energy & Power: Quantum computing can greatly improve simulations of intricate systems like fusion reactions and power grids. This can result in the generation and distribution of energy more efficiently.

Quantum Computing Regional Insights:

On region the Quantum Computing Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

• North America: North America is residence to prominent tech firms and research institutions that invest heavily in quantum computing. The government also strongly supports quantum research in this region.
• Europe: Europe has a strong research structures and supportive regulatory framework for quantum technologies.
• Asia Pacific: due to government attempts and an array of leading tech firms, the region is seeing a growth in the market for quantum computing.
• Latin America: Although Latin America is still developing, this is setting the groundwork for future expansion. This entails developing research capacities, forming partnerships, and concentrating on employing quantum computing solutions to address local problems.
• Africa and the Middle East (MEA): Despite having the worst growth rate, this region has potential Sustainable development goals are receiving more attention.

Quantum Computing Market Report Scope:

Attribute	Details
Market Size 2024	USD 1.6 Billion
Projected Market Size 2034	USD 20.5 Billion
CAGR Growth Rate	32.3%
Base year for estimation	2023
Forecast period	2024-2034
Market representation	Revenue in USD Billion & CAGR from 2024 to 2034
Market Segmentation	By Component – Hardware, Software, and Services By Application - Simulation, Optimizing, and Sampling By End-User - Defence Healthcare and Pharmaceuticals, Chemicals, Banking & Finance, and Energy & Power
Regional scope	North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
Report coverage	Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study, has segmented the Quantum Computing Market report based on By Component, By Application, By End-User and Region:

Quantum Computing Market, By Components:

• Hardware
• Software
• Services

Quantum Computing Market, By Application:

• Simulation
• Optimization
• Sampling

Quantum Computing Market, By End-User:

• Defence
• Healthcare and pharmaceuticals
• Chemicals
• Banking and finance
• Energy and power

Quantum Computing Market, By Region:

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Russia
• Italy
• Rest of Europe

• Asia Pacific

• China
• India
• Japan
• South Korea
• Rest of Asia Pacific

• Latin America

• Brazil
• Mexico
• Rest of Latin America

• Middle East & Africa

• GCC
• Israel
• South Africa
• Rest of Middle East & Africa

The key players operating the target market includes, Wave Systems Corp, 1QB Information Technologies Inc, QC Ware, Corp, Google Inc, QxBranch LLC, Microsoft Corporation, International Business Machines Corporation, Huawei Technologies Co., Ltd, ID Quantique SA, Atos SE.

• In November 2021, Zurich Instruments made a revolutionary Superconducting Qubit Controller announcement. To fit 6 qubits in a device, the qubit control and readouts are integrated. Microwave pulses are generated by the SHFSG Signal Generator, and the SHFQA Quantum Analyser is combined in one box. Companies might be able to attract customers and improve their brand's reputation abroad.
• In November 2021, Virginia Tech received USD 12.5 million from Northrup Grumman for quantum technology teaching and research. The Centre for Quantum Software Development in Alexandria, Virginia, may be able to build its architecture thanks to this financing.

• Wave Systems Corp
• 1QB Information Technologies Inc.
• QC Ware, Corp
• Google Inc
• QxBranch LLC
• Microsoft Corporation
• International Business Machines Corporation
• Huawei Technologies Co., Ltd
• ID Quantique SA
• Atos SE

“*” marked represents similar segmentation in other categories in the respective section

Research Objective and Assumption

• Preface
• Research Objectives
• Study Scope
• Years Considered for the study
• Assumptions
• Abbreviations

Research Methodology

• Research data
• Primary Data
  • Primary Interviews
  • Primary Breakdown
  • Key data from Primary Sources
  • Key Thickness Insights
• Secondary Data
  • Major Secondary Sources
  • Secondary Sources
• Market Estimation
• Top-Down Approach
  • Approach for estimating Market Share by Top-Down Analysis (Supply Side)
• Bottom-Up Approach
  • Approach for estimating market share by Bottom-up Analysis (Demand Side)
• Market Breakdown and Data Triangulation
• Research Assumptions

Market Preview

• Executive Summary
• Key Findings—Global Outlook for AI in Video Surveillance Strategies
  • Key Questions this Study Will Answer
  • Market Snippet, By Component
  • Market Snippet, By Application
  • Market Snippet, By End-User
  • Market Snippet, By Region
• Opportunity Map Analysis
• Executive Summary—3 Big Predictions

Market Dynamics, Regulations, and Trends Analysis

• Market Dynamics
  • Drivers
  • Restrains
  • Market Opportunities
  • Market Trends
• DR Impact Analysis
• PEST Analysis
• Porter’s Five Forces Analysis
• Opportunity Orbit
• Market Investment Feasibility Index
• Macroeconomic Factor Analysis

Market Segmentation, By Component, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Hardware
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Software
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Services
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, By Application, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Stimulation
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Optimizing
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Sampling
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, By End-User, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Defence
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Healthcare and pharmaceuticals
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Chemicals
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Banking and finance
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Energy and power
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Global Market, By Region, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Regional Trends
• North America
  • Market Size and Forecast (US$ Bn), By Component, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By End-User, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • U.S.
    • Canada
• Europe
  • Market Size and Forecast (US$ Bn), By Component, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By End-User, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • UK
    • France
    • Germany
    • Russia
    • Italy
    • Rest of Europe
• Asia Pacific
  • Market Size and Forecast (US$ Bn), By Component, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By End-User, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • India
    • Japan
    • South Korea
    • China
    • Rest of Asia Pacific
• Latin America
  • Market Size and Forecast (US$ Bn), By Component, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By End-User, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • Brazil
    • Mexico
    • Rest of Latin America

• Middle East & Africa
  • Market Size and Forecast (US$ Bn), By Component, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By End-User, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East

Competitive Landscape

• Heat Map Analysis
• Market Presence and Specificity Analysis

Company Profiles

• Wave Systems Corp
• 1QB Information Technologies Inc
• QC Ware, Corp
• Google Inc
• QxBranch LLC
• Microsoft Corporation
• International Business Machines Corporation
• Huawei Technologies Co., Ltd
• ID Quantique SA
• Atos SE

The Last Word

• Future Impact
• About Us
• Contact