Quantum Computing Market Growth & Forecast

Market Insights

The Quantum Computing Market is projected to grow from USD 435.4 million in 2020 to USD 2,190.1 million by 2026 at a CAGR of over 31.3% during the forecast period.

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What is Quantum Computing?

Quantum Computing is referred to as a type of advanced developing computer technology that is primarily based on quantum theory & quantum mechanics. The quantum computer has been used for quantum computing that follows the concepts of quantum physics. It is different from classical computing in terms of bits, speed, and data.

Key Players

The key players operating in the quantum computing market are-

• Qxbranch, Inc. (US)
• QC Ware Corp. (US)
• International Business Machines Corporation (IBM) (US)
• D-Wave Systems Inc. (Canada)
• 1qb Information Technologies Inc. (Canada)
• Cambridge Quantum Computing Ltd (UK)
• Station Q – Microsoft Corporation (US)
• River Lane Research (UK)
• Rigetti Computing (US)
• Research at Google – Google Inc. (US)

Market Dynamics

The growth of the quantum computing market is primarily driven by-

• Growing need for high-level computing performance, increasing preference for Software-as-a-Service (SaaS) business models, expanding datacenter workloads, rising complexity in processor design of classical binary computing systems.
• A classical binary computing system stores data in tiny transistors and these transistors primarily hold a single “bit” of information such as a 0 or a 1, whereas quantum computing usually operates on a phenomenon called superposition that is more powerful than classical-quantum computing system.

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Segment Analysis

Deployment Type

The market has been classified into on-premise and cloud. Under these, the cloud segment held a significant market share in 2020. With the advancement of powerful systems, the demand for cloud-based deployment of quantum computing systems & services is likely to surge.

This, in turn, is anticipated to lead to a major revenue source for service providers, with users paying for access to noisy intermediate-scale quantum (NISQ) systems which can solve real-world problems, thereby boosts the segment growth.

Regional Trends

The Asia Pacific market held the highest market share in 2020 and is projected to grow at a healthy CAGR in the coming years. This is ascribed to presence of several industries, including pharmaceuticals, BFSI, and chemicals which require quantum computing to resolve complications in simulation, optimization, and machine learning applications. Japan, China, and South Korea are the major manufacturers of consumer electronics, such as laptops, smartphones, and gaming consoles, which bolsters the regional market growth during the review period.

Target Audience

The target audience of the market includes-

• Quantum Computing companies
• Quantum Computing distributors
• Healthcare companies
• Government organizations

COVID-19 Impact

The COVID-19 pandemic has positively impacted the quantum computing industry. The pandemic has augmented the adoption of digital services to maintain the business operations during lockdown. Quantum computing enables organizations to update & shift their mission-critical workloads to the cloud with the integration of AI to enhance its decision-making capabilities. Also, quantum computers were widely employed to accelerate the drug discovery & drug development by providing high speed in drug target testing, thus spurred the market growth amid the pandemic.

Critical Questions Answered in the Report

• What are the key trends in the market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in next five years?
• What is the impact of COVID-19 on the market?
• What are the key strategies adopted by the major vendors to lead in the market?
• What is the market share of the top vendors?

Report Features

This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market. 

• Overview, industry life cycle analysis, supply chain analysis
• Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Trend and forecast analysis
• Segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, Technology launches, etc.
• Attractive segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.