GVR Report cover Quantum Computing Market Size, Share & Trends Report

Quantum Computing Market Size, Share & Trends Analysis Report By Deployment (Cloud, On-premises), By Offering (System, Services), By End-user (BFSI, Chemical), By Application (ML, Simulation), By Region, And Segment Forecast, 2023 - 2030

  • Report ID: GVR-4-68040-155-1
  • Number of Pages: 100
  • Format: Electronic (PDF)
  • Historical Range: 2017 - 2021
  • Industry: Technology

Quantum Computing Market Size & Trends

The global quantum computing market size was estimated to be USD 1,050.4 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 19.6% from 2023 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 was 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.

Europe Quantum Computing market size and growth rate, 2023 - 2030

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.

End-user Insights

The BFSI segment dominated the market with a revenue share of 21.9% in 2022. Rising demand for quantum computing stems from its rapid data processing capabilities, which provide substantial advantages to the BFSI sector. It equips the financial industry to conduct faster data analysis, specifically for tasks, such as fraud detection, understanding customer behavior, and facilitating decision-making. This prevalent tendency revolves around harnessing the swiftness of quantum computing to extract invaluable insights from extensive datasets, ultimately amplifying the efficiency of diverse financial procedures.

Global Quantum Computing market share and size, 2022

Quantum computing represents a groundbreaking advancement in the field of drug discovery. It facilitates highly accurate simulations of intricate molecular interactions, significantly expediting the identification of potential drug candidates by predicting molecular behaviors with precision. Quantum algorithms offer profound insights into molecular structures, aiding researchers in the more efficient and cost-effective development of medications. This technology holds the promise of expediting the delivery of life-saving drugs to the global population, ultimately benefiting patients across the world.

Regional Insights

Europe dominated the market with a share of over 34.6% in 2022. The advancement of quantum computing technologies necessitates a profound grasp of fundamental physics and applied engineering. As a result, there is a rising pattern of cooperation between the industrial and academic sectors within the Europe regional market. This collaboration is expediting the progression of fresh quantum computing technologies and applications. Numerous European quantum computing enterprises are partnering with universities and research institutions to create novel quantum algorithms and software solutions.

Quantum Computing Market Trends, by Region, 2023 - 2030

One of the key trends in quantum software development across Asia Pacific is the emphasis on creating open-source quantum software. This strategy contributes to enhancing the accessibility and affordability of quantum software for companies, regardless of their size. Another notable trend involves the creation of quantum software tailored to sectors, such as healthcare, finance, and materials science. This approach plays a pivotal role in expediting the integration of quantum computing within these industries.

Offering Insights

The system segment dominated the market with a share of over 64.5% in 2022. This segment involves the development and deployment of quantum computing hardware and associated systems. Quantum hardware, including quantum processors, qubit architectures, and quantum interconnects, was experiencing rapid development. Companies were working on increasing the number of qubits, improving qubit quality, and enhancing error correction techniques. Advancements in hardware were crucial for achieving quantum supremacy and tackling practical problems.

The service segment is expected to register the fastest growth rate from 2023 to 2030. This segment includes a range of services related to quantum computing, such as consulting, quantum software development, quantum algorithm design, and quantum cloud services. Consulting firms specializing in quantum computing were in high demand. These firms provided guidance to businesses and organizations on how to assess the potential impact of quantum computing on their operations. They helped clients identify quantum-ready applications and develop strategies for incorporating quantum technology into their existing workflows.

Deployment Insights

The on-premises segment dominated the market with a revenue share of 50.3% in 2022. Some enterprises and research institutions were opting for on-premises quantum computing solutions, where they maintained and operated their own quantum hardware. This approach provided greater control and security for sensitive applications. Quantum software deployment was becoming more common as organizations sought to integrate quantum algorithms into their existing software infrastructure. This involved the development and deployment of quantum software solutions for specific tasks or industries.

Quantum cloud services were gaining popularity for deployment. These services allowed users to access quantum computing resources remotely via the cloud, eliminating the need for on-premises quantum hardware. Quantum cloud providers were expanding their offerings to cater to a broader range of industries and applications. Many organizations were focusing on deploying hybrid quantum-classical computing solutions. These systems combine classical computing resources with quantum processors to leverage the strengths of both types of computing. Hybrid deployment is practical for solving complex problems that require a combination of quantum and classical algorithms.

Application Insights

The optimization segment dominated the market with a revenue share of 31.6% in 2022. The optimization segment is one of the key application areas where quantum computing holds significant promise and is expected to have a substantial impact. Quantum computing's ability to solve complex optimization problems more efficiently than classical computers has led to various growth trends in this segment. Quantum computing is being applied to optimize supply chain and logistics operations. It can help businesses find more efficient routes for transportation, reduce shipping costs, minimize inventory holding costs, and improve overall supply chain efficiency. This is particularly valuable in industries with complex distribution networks.

A prominent trend involves the increasing fusion of quantum computing and machine learning, with Quantum Machine Learning (QML) utilizing quantum algorithms and hardware to bolster ML operations. This trend is primarily motivated by the capacity of quantum computing to drastically accelerate intricate computations, providing substantial benefits for activities, such as optimization, data analytics, and training of AI models. As quantum technology becomes more readily available and robust, the ML sector is expected to witness greater exploration and adoption of QML, potentially leading to significant advancements in the area of AI and data science. Collaboration and research at the juncture of quantum computing and ML are well-positioned to fuel innovation and progress in both domains.

Key Companies & Market Share Insights

The market is marked by intense competition, with a small number of global competitors holding substantial market share. The primary emphasis is on creating innovative products and fostering collaboration among the key industry participants. For instance, in April 2023, Moderna unveiled a partnership with IBM to investigate the use of quantum computing and AI for advancing and speeding up mRNA research & scientific progress. In March 2023, the Cleveland Clinic, collaborating with IBM, introduced the inaugural installation of an IBM-managed quantum computer on-site in the U.S. within private sector, primarily for healthcare research.

Key Quantum Computing Companies:

  • Accenture Plc.
  • D-WaveSystem Inc.
  • Google LLC
  • IBM Corporation
  • Intel Corporation
  • Microsoft Corporation
  • Quantinuum Ltd.
  • Rigetti & Co, Inc.
  • Riverlane
  • Zapata Computing

Quantum Computing Market Report Scope

Report Attribute


Market size value in 2023

USD 1,213.2 million

Revenue forecast in 2030

USD 4,243.3 million

Growth rate

CAGR of 19.6% from 2023 to 2030

Base year for estimation


Historical data

2017 - 2021

Forecast period

2023 - 2030

Quantitative units

Revenue in USD million and CAGR from 2023 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, trends

Segments covered

Offering, deployment, application, end-user, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; UK; Germany; China; India; Japan; South Korea; Australia; Brazil; Mexico; KSA; UAE; South Africa

Key companies profiled

Accenture Plc.; D-WaveSystem Inc.; Google LLC; IBM Corp.; Intel Corp.; Microsoft Corp.; Quantinuum Ltd.; Rigetti & Co., Inc.; Riverlane; Zapata Computing

Customization scope

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Global Quantum Computing Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the quantum computing market report based on offering, deployment, application, end-user, and region:

  • Offering Outlook (Revenue, USD Million, 2017 - 2030)

    • System

    • Services

  • Deployment Outlook (Revenue, USD Million, 2017 - 2030)

    • On-Premises

    • Cloud

  • Application Outlook (Revenue, USD Million, 2017 - 2030)

    • Optimization

    • Simulation

    • Machine Learning

    • Others

  • End-use Outlook (Revenue, USD Million, 2017 - 2030)

    • Aerospace & Defense

    • BFSI

    • Healthcare

    • Automotive

    • Energy & Power

    • Chemical

    • Government

    • Others

  • Regional Outlook (Revenue, USD Million, 2017 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • UK

      • Germany

      • France

    • Asia Pacific

      • China

      • India

      • Japan

      • South Korea

      • Australia

    • Latin America

      • Brazil

      • Mexico

    • Middle East & Africa

      • KSA

      • UAE

      • South Africa

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