Quantum computing market estimated CAGR of 23.5% through 2033

This prognosis signifies a substantial CAGR of 23.5%, indicating significant progress compared to its projected value of $784 million in 2023.

Quantum computing is an emerging technology with immense potential to transform various industries by tackling intricate challenges at an accelerated pace. This trend reflects the prevailing dynamics in the global quantum computing industry.

The increasing adoption of quantum computing in the banking and finance sector is primarily fuelling market expansion. The escalating threat of cybercrime and the growing prevalence of Software as a Service business models are also positively impacting the adoption of quantum computing.

Governments across the world are undertaking substantial investments in quantum computing. They aim to promote the utilisation of quantum technologies by companies and end-users. Moreover, they are assuring significant funding to drive advancements in quantum technologies within their own countries.

The field of quantum computing is a dynamic and advancing area of high-tech innovation. In recent years, there has been a rapid surge in patent filings related to quantum technologies. Additionally, greater adoption of quantum computing as a service is crucial to facilitate market growth. Quantum computers execute complex calculations within seconds. This makes them invaluable in accelerating operations across various sectors.

The market has witnessed notable benefits as quantum computing is increasingly used in optimisation, simulation, and machine learning applications across diverse industries. The development of network quantum information technologies is anticipated to accelerate the incorporation of optimisation methods.

North America is expected to dominate the global market throughout the forecast period, with the United States playing a significant role as the key contributor. The growth can be attributed to the presence of robust infrastructure that fosters the development of quantum computing systems.

Key takeaways:

• The quantum computing industry in the US is predicted to reach $2.1 billion by 2033
• The quantum computing industry in the UK is estimated to expand at a CAGR of 22.6% between 2023 and 2033
• During the forecast period, the quantum computing industry in China is expected to reach a market valuation of $554.7 million 
• The quantum computing industry in Japan is predicted to boom at a 22.9% CAGR through 2033
• South Korea's quantum computing industry is predicted to achieve a market revenue of $261.4 million by 2033

Competitive landscape

Apart from augmenting their investments in quantum technologies, quantum computing market players are actively seeking collaborations and partnerships to drive advancements in computing. By adopting this approach, companies leverage the strengths of their quantum concepts and capabilities together with established partners and technologies. This collaborative strategy empowers companies to create superior solutions on a larger scale and at a faster pace.

Recent developments

• In November 2022, IBM introduced its highly powerful quantum computer, known as Osprey, boasting an impressive 433 qubits. This new system represents a significant upgrade from the previous Eagle machine released by the company, which had three times fewer qubits compared to Osprey.
• In February 2022, Rigetti Holdings unveiled the commercial availability of its 80-qubit quantum system, known as Aspen-M. Rigetti has forged partnerships with numerous commercial and public sector clients, including NASDAQ, Deloitte, DARPA, and the US Department of Energy, to provide support and collaboration for Aspen-M.