Quantum Computing Industry Overview

The global quantum computing market size was estimated at USD 1.21 billion in 2023 and is expected to grow at a CAGR of 20.1% from 2024 to 2030.

The quantum computing ecosystem is expanding, with an increasing number of startups entering the market. These startups were focusing on various aspects of quantum technology, from hardware and software to applications. Furthermore, the market has been witnessing a surge in investments from both governments and private sectors. Governments were allocating substantial funds to quantum research and development to maintain a competitive edge in emerging technologies.

Gather more insights about the market drivers, restrains and growth of the Quantum Computing Market

Quantum computing is still considered an emerging technology with significant potential. Unlike classical computers that use bits, quantum computers use quantum bits or qubits, which can represent both 0 and 1 simultaneously due to the principles of quantum mechanics. This makes quantum computers well-suited for specific types of complex calculations.

Quantum computing has the potential to revolutionize various industries due to its unique and powerful computational capabilities, which arise from the principles of quantum mechanics. One of the most significant potential applications of quantum computing is in the field of cryptography. Quantum computers can efficiently solve certain mathematical problems that are currently the basis of modern encryption techniques.

Furthermore, the pharmaceutical industry can benefit significantly from quantum computing. Drug discovery involves simulating complex molecular interactions, which is a computationally intensive process. Quantum computers can accelerate the simulation of molecular structures and interactions, leading to faster drug discovery and the development of more effective medicines. This can potentially save both time and resources in the drug development process.

Quantum cloud services refer to cloud-based platforms that provide access to quantum computing resources and tools over the internet. Some companies were beginning to offer quantum cloud services, allowing researchers and developers to access quantum computing resources through the cloud. This democratized access to quantum computing power.  Quantum computers are highly specialized and expensive machines that require specialized expertise to operate. By offering quantum computing capabilities through the cloud, more researchers, businesses, and developers can access these resources without the need for significant investments in hardware, infrastructure, or in-house expertise.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

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Quantum Computing Software Market Report Segmentation

Grand View Research has segmented the global quantum computing software market based on component, deployment, technology, application, end-use, and region:

Quantum Computing Software Component Outlook (Revenue, USD Million, 2017 - 2030)

• Solution
• Services

Quantum Computing Software Deployment Outlook (Revenue, USD Million, 2017 - 2030)

• On-Premises
• Cloud

Quantum Computing Software Technology Outlook (Revenue, USD Million, 2017 - 2030)

• Superconducting Qubits
• Trapped Ions
• Quantum Annealing
• Others

Quantum Computing Software Application Outlook (Revenue, USD Million, 2017 - 2030)

• Optimization
• Simulation
• Machine Learning
• Others

Quantum Computing Software End-Use Outlook (Revenue, USD Million, 2017 - 2030)

• Aerospace Defense
• BFSI
• Healthcare
• Automotive
• Energy Power
• Chemical
• Government
• Others

Quantum Computing Software Region Outlook (Revenue, USD Million, 2017 - 2030)

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
• Asia Pacific
  • Japan
  • China
  • India
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East Africa
  • South Africa
  • KSA
  • UAE

Key Companies profiled:

• 1QBIT
• Accenture PLC
• AWS Inc.
• Cambridge Quantum Computing
• D-Wave Systems
• Fujitsu Ltd.
• Google LLC
• Honeywell Inc.
• Huawei Technology Co. Ltd.
• IBM Corporation
• Microsoft Corporation
• QC Ware
• Rigetti Computing
• Riverlane
• Zapata Computing

Key Quantum Computing Insights

Some of the key players operating in the market include Microsoft Corporation; IBM Corporation; QC Ware; and Google LLC (Alphabet Inc.).

• IBM Corporation presents a comprehensive range of quantum computing software solutions, highlighted by Qiskit, an open-source quantum software development kit (SDK) aiding in quantum program creation and execution. Moreover, IBM offers Quantum Composer and Quantum Lab, allowing users to design and simulate quantum circuits and promoting advancements in quantum algorithms research. These tools, coupled with IBM Quantum Experience, provide cloud-based access to quantum processors, fostering experimentation and innovation in quantum computing
• QC Ware offers and extensive array of quantum computing software products including quantum algorithms, optimization techniques, and quantum machine learning applications. With the ability to create quantum algorithms, its main product, Forge, enables customers to meet industrial demands for sophisticated computing solutions in a variety of areas and facilitates simulations

Recent Developments

• In November 2022, Microsoft introduced the Azure Quantum Resource Estimator, a tool aimed at aiding quantum algorithms developers in crafting and refining algorithms intended for future quantum computing systems
• In September 2022, Intel unveiled the Intel Quantum SDK, empowering developers to create novel quantum algorithms capable of operating qubits through simulations and potentially on actual quantum hardware in future times

Order a free sample PDF of the Quantum Computing Market Intelligence Study, published by Grand View Research.