Global Quantum Computing Market to grow at a USD 5,714.80 million by 2032, with a remarkable CAGR of 19.1% from 2024 to 2032 : Polaris Market Research

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The Global Quantum Computing Market, a rapidly growing sector, was valued at USD 1,187.92 million in 2023. It is projected to surge, generating an estimated revenue of USD 5,714.80 million by 2032, with a remarkable CAGR of 19.1% from 2024 to 2032.

New york, May 02, 2024 (GLOBE NEWSWIRE) — Market Overview

Quantum computing Market is a multidisciplinary field that includes characteristics of computer physics, science, and mathematics. It uses quantum mechanics to solve difficult problems more quickly than traditional computers. The field includes application development and hardware research. These computers can also solve specific sorts of issues faster than classical computers by taking advantage of quantum mechanical products, such as quantum interference and superposition.

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Moreover, simulation of physical systems, optimization, and machine learning (ML) are a few places where quantum computers can deliver such a speed improvement. Potential applications include portfolio optimization in finance and chemical system simulation, which would involve tackling issues that are currently impossible for even the most powerful supercomputers available.

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Market’s Key Players

  • Accenture
  • Google LLC
  • Intel Corporation
  • IBM Corporation
  • IonQ, Inc.
  • Microsoft Corporation
  • IQM
  • Rigetti & Co, LLC
  • Riverlane Ltd
  • ZAPATA COMPUTING INC.
  • Xanadu
  • Quantinuum Ltd.

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Quantum Computing Market Details

Report Attributes Details
Market value in 2024 USD 1,410.65 million
Market value in 2032 USD 5,714.80 million
CAGR 19.1% from 2024 – 2032
Base year 2023
Historical data 2019-2022
Forecast period 2024-2032

Key Takeaways from the Report:

  • Widespread applications of quantum computing and increased machine learning implementation are the main factors propelling the market’s expansion.
  • The quantum computing market analysis is mainly based on the deployment, offering, end-user, technology, application, and region.
  • In 2023, Europe dominated the market with the largest market share.

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Market Dynamics:

Growth Drivers:

  • With companies and academic organizations aiming to solve intricate computational issues that surpass the capabilities of traditional computers, the market for quantum computing is anticipated to grow significantly.
  • The need for quantum computing skills has increased due to the growing worries about data security and encryption weaknesses. This has led to a spike in interest in quantum-resistant cryptography solutions.

Trends:

  • The need for quantum computing solutions grows as companies struggle with issues like optimization, cryptography, and drug development. Quantum computers could resolve these problems tenfold more quickly than conventional computers, opening up new possibilities for creativity, problem-solving, and scientific research.

Challenges:

  • The scaling limits and technological complexity of existing quantum hardware are impeding the quantum computing market. Many real-world obstacles, such as qubit coherence times, noise, and error rates, still need to be addressed in the creation of dependable and scalable quantum processors.

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Regional Analysis

Europe dominated the global market for quantum computing in 2023. Because of their strong academic institutions, research organizations, and government programs that support a favorable environment for quantum research and development, European nations have long been at the forefront of scientific research and technological growth.

Moreover, the quantum computing market in Asia Pacific is expected to grow significantly due to the region’s growing population of tech-savvy individuals and nations’ increasing focus on research and development. The governments of nations like as China, Japan, South Korea, and India are aggressively advancing quantum research and development by means of strategic investments and partnerships with industry participants.

 

Segmentation Overview

By Offering Outlook

  • System
  • Services

By Deployment Outlook

  • On-Premises
  • Cloud

By Application Outlook

  • Machine Learning
  • Optimization
  • Simulation
  • Others

By Technology Outlook

  • Photonic Networks
  • Quantum Annealing
  • Superconducting Qubits
  • Trapped lons
  • Others

By End-User Outlook

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

By Region Outlook

  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea, Australia)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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About Polaris Market Research:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.
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