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(MoneyNewsWire.Net, March 05, 2025 ) Global Quantum Computing Market reached US$ 650.1 million in 2022 and is expected to reach US$ 8,788.8 million by 2031, growing with a CAGR of 38.9% during the forecast period 2024-2031.
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Market Drivers
Government Investments Driving Quantum Technology Growth
The increasing investment in quantum technology by governments worldwide is a key driver of growth in the quantum computing market. Recognizing the transformative potential of quantum technologies, governments are allocating substantial funds to support research, development, and commercialization efforts. These investments are channeled into academic institutions, research organizations, and private companies working on advancements in quantum computing.
According to Qureca (2023), global funding for quantum research and innovation has surpassed US$ 38.6 billion, reflecting a strong commitment to quantum science and technology. The global quantum technology market is projected to reach US$ 106 billion by 2040, highlighting the rapid pace of innovation in this field. Notably, Australia has invested US$ 85.4 million through federal funding to accelerate the development of quantum technologies, underscoring the strategic importance of this sector in driving future technological advancements.
Market Segments
• By Offering (Hardware, Software, Service) By Deployment Type (On-premises, Cloud-based)
• By Technology (Quantum Dots, Trapped Ions, Quantum Annealing)
• By Application (Optimization, Simulation and Data Problems, Sampling, Machine Learning, Others)
• By End-User (Banking, Financial Services and Insurance, Aerospace & Defense, Manufacturing, Healthcare, IT & Telecom, Energy & Utilities, Others)
• By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa)
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Market Regional Share
Rapid Industrial Growth Driving North America's Quantum Computing Market
North America holds the largest market share of 39.12% in the global quantum computing market, driven by rapid industrial expansion and a strong ecosystem of leading quantum computing companies. The region is home to industry giants such as IBM, Google, Microsoft, and Rigetti Computing, whose continuous investment in research and development significantly contributes to market growth.
North America also attracts substantial investment and funding in the quantum computing sector, supported by government initiatives, private investments, and venture capital funding. Mergers and acquisitions are a key strategy for companies looking to expand their presence in the quantum market.
For example, on August 2, 2023, Airbus, BMW Group, and Quantinuum collaborated to develop a hybrid quantum-classical workflow aimed at accelerating future research. This partnership focuses on leveraging quantum computing to simulate quantum systems, further solidifying North America's leadership in quantum technology innovation.
Key Market Players
Key players are IBM Quantum, Google, Honeywell, Rigetti Computing, 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.
Recent Developments
• On August 15, 2023, StackPath, a leading Quantum Computing platform launched StackPath Edge Compute Virtual Machine and Container instances featuring higher virtual CPU (vCPU) core counts and included RAM.
• On March 21, 2023, NVIDIA, announced a new system to accelerate Quantum-Classical Computing. It has the potential to build extraordinarily powerful applications that combine quantum computing with state-of-the-art classical computing, enabling calibration, control, quantum error correction and hybrid algorithms.
DataM Intelligence
Sai Kiran
+1 877 441 4866
pr@datamintelligence.com
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