Quantum Computing Market To Generate $5,274 Million Revenue by 2030

The quantum computing market size is expected to advance at a CAGR of 31.2% during 2021–2030, to reach $5,274 million by 2030.

The market is thriving because of the soaring investments in this technology by governments and private firms. In the last few years, especially after 2014, there has been a significant rise in the number of government initiatives supporting quantum information processing. Several governments are providing huge funding for R&D activities in the field of quantum computing.

Collaborations and Partnerships Are Biggest Industry Trend

Companies operating in the quantum computing market are actively involved in collaborations and partnerships to develop advanced solutions. For instance, in November 2022, IBM Corporation and Robert Bosch GmbH signed a strategic agreement to use their expertise to develop potential applications of quantum computing in the material science field.

Similarly, in October 2022, NXP Semiconductors N.V. entered into a collaboration with the German Aerospace Center (DLR) to develop ion-trap-based quantum computers. This center is expected to be launched in Q1 2023 in Hamburg, Germany.

Launch of Advanced Quantum Computing Solutions Is Providing Opportunities

A key driver for the revenue for the players is their continuous launch of advanced quantum computing hardware and software. One such recent service launch is D-Wave Systems Inc.’ AWS Marketplace, which offers the Leap quantum cloud service, quantum proof-of-concept, and quantum feature selection for machine learning (ML), in October 2022.

Moreover, in December 2019, Intel Corporation and Microsoft Corporation both introduced cryo-CMOS quantum control chips, which operate at near-zero temperatures, to provide a solution to the engineering problem of routing thousands of cables from room-temperature electronics to millikelvin temperatures at the qubit chip, for future quantum processors.

North America and Europe Contribute Significantly to Global Revenue

Together, North America and Europe are expected to hold almost 77% share in 2030. All the major investments in this field are being recorded in the U.S., Canada, Germany, the U.K., and Russia. In the U.S., the National Aeronautics and Space Administration (NASA), the National Security Agency (NSA), and the Los Alamos National Laboratory are involved in projects related to this technology. Furthermore, the regions are experiencing an accelerating number of partnerships and collaborations, along with a rising number of startups investing in quantum technologies.

Individually, North America is expected to continue to lead the market throughout the forecast period. Private companies are also heavily investing in the technology to gain a strong foothold in this market, which has a massive future potential. For instance, U.S.-based firms, such as Google LLC, IBM Corporation, and Microsoft Corporation, are vigorously working on the development and commercialization of the technology.

In the upcoming years, the European region is expected experience the fastest development. This is due to the region's accelerating economic growth, significant investments in information technology (IT), robust research and development (R&D) ecosystem, growing preference for cutting-edge technologies, and booming industrial and aerospace & defense sectors.

The most-significant quantum computing market players are IBM Corporation, Telstra Corporation Limited, IonQ Inc, Silicon Quantum Computing, Huawei Technologies Co. Ltd., Alphabet Inc., Rigetti & Co Inc., Microsoft Corporation, D-Wave Systems Inc., and Zapata Computing Inc.