Quantum Computing Market Size to grow by USD 17340.7 million between 2024-2028
According to a research report “ Quantum Computing Market” by Deployment (Cloud, On-premise) End-user (Aerospace and defense, Government, IT and telecom, Others) Geography (North America, APAC, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 17340.7 million, at a CAGR of 26.37% during the forecast period. Quantum computing, an emerging technology, is garnering significant attention from both governments and private enterprises due to its potential to revolutionize industries such as aerospace and defense, civil aviation, cybersecurity, finance, healthcare, and logistics. The potential for quantum computing to deliver breakthrough solutions in these sectors has prompted substantial investments from stakeholders. Governments, recognizing the competitive advantage that comes with being first-movers in this technology, are actively funding research and development efforts. Private enterprises, too, are allocating resources towards the commercialization of quantum computers and related technologies. This heightened investment activity is propelling the global quantum computing market forward..
Browse market data tables, figures, and in-depth TOC on “Quantum Computing Market” by Deployment (Cloud, On-premise) End-user (Aerospace and defense, Government, IT and telecom, Others) Geography (North America, APAC, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By Deployment, the Cloud segment is projected to dominate the market size in 2024
In the realm of quantum computing, cloud-based solutions offer businesses an affordable and efficient means of accessing this advanced technology. By utilizing a cloud network, firms can bypass the significant investment required for hardware and software, thereby lowering the barrier to entry. This setup also expedites the implementation process, providing a swift solution for businesses seeking to explore the benefits of quantum computing without the upfront costs and complexities associated with on-premises systems.
By End-user, Aerospace and defense segment is expected to hold the largest market size for the year 2024
The aerospace and defense industry is experiencing significant growth in the adoption of quantum computing technology due to its potential to revolutionize verification and validation (V&V) processes. Traditional V&V methods, such as the V model, are costly and time-consuming, as they involve extensive testing to ensure software adheres to design specifications and meets user requirements. Quantum computing's ability to process vast amounts of data and perform complex calculations in minutes offers a game-changing solution for this sector. By streamlining V&V processes, quantum computing will enable the aerospace and defense industry to enhance product quality, reduce development costs, and accelerate time-to-market.
North America is forecasted to hold the largest market size by region in 2024
The quantum computing market is experiencing significant growth due to the potential of this technology to revolutionize industries through unprecedented computational power. Businesses across sectors, including finance, healthcare, and logistics, are investing in quantum computing to solve complex problems and gain a competitive edge. Major tech companies and startups are also actively developing and commercializing quantum computing solutions, driving market expansion. This trend is expected to continue as quantum computing matures and becomes more accessible to businesses.
The Quantum Computing Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
.
For insights on company offerings- Request a sample report!
Research Analysis Overview
The quantum computing market is experiencing rapid growth as research and development in quantum technology advance. Quantum computing hardware, such as qubits from companies like AMD and Xanadu Cloud, are being developed to replace classical computers in solving complex problems that are currently beyond the capabilities of classical computers. However, the field faces challenges like suppression techniques for quantum errors and error mitigation methods to ensure data accuracy. Quantum initiatives from major tech companies and governments worldwide are driving the development of quantum technology. Macroeconomic factors, including customer spend on quantum computing software and hardware, are expected to reach significant numbers in the coming years. Quantum physics and computer science are merging to create new applications in areas like generative AI, Cloud computing, and Artificial Intelligence. Patent filings related to quantum computing have surged, indicating a competitive landscape. Quantum mechanics and quantum theory are the foundational principles behind this revolutionary technology. Despite the progress, quantum computing still lags behind classical computers in terms of scalability and reliability. However, the potential quantum advantage is immense, and the race to build a functional quantum computer continues.
Market Research Overview
The quantum computing market is experiencing rapid growth as businesses and researchers explore the potential of this revolutionary technology. Quantum computing offers significant advantages over classical computers for data security, drug discovery, cryptography, and more. With the development of quantum processors and programming languages, quantum AI algorithms are being used for applications in various sectors, including finance, energy, and logistics. Quantum processors, such as those based on qubit stability and photonic quantum computing, are at the heart of this technology. Companies like Terra Quantum and AMD are leading the charge in quantum hardware development. Error correction techniques and suppression methods are crucial for qubit stability and quantum computing resources. Strategic balance and military affairs are also exploring quantum computing's potential, with partnerships and product innovation driving development. Quantum computing is expected to have a significant impact on high-performance computing, telecommunications, and electronics industries. However, security concerns are a major challenge, with quantum computing resources posing a threat to current encryption methods. Quantum networking and quantum communication technologies are being developed to address these concerns. The quantum computing market is expected to grow significantly in the coming years, with macroeconomic factors, consumer technology markets, and scientific accelerator platforms driving demand. Quantum initiatives in areas like machine learning, optimization, and biomedical simulations are also gaining traction. In conclusion, the quantum computing market is poised for significant growth, with applications ranging from data security and drug discovery to energy optimization and risk analysis. Companies and researchers are investing heavily in quantum computing hardware, software, and research to unlock the potential of this technology. Quantum computing's impact on industries like finance, energy, and logistics is expected to be transformative, with quantum-accelerated applications offering significant advantages over classical methods. The International Data Group and tech media are closely monitoring the development of this technology and its potential impact on technology decisions and business models.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
Safe and Secure SSL Encrypted
One user only.
Quick & easy download option
Unlimited user access (Within your organization).
Complimentary Customization Included
*For Enterprise license, go to checkout page
Get the report (PDF) sent to your email within minutes.
