The quantum computing market size is valued at USD 866 Million in 2023 and is anticipated to be USD 4,375 Million by 2028; growing at a CAGR of 38.3% from 2023 to 2028. Factors such as the rising adoption of quantum computing technology in various industries and sectors, and increasing investments in quantum computing technology are driving the growth of the market during the forecast period.
Key players in the quantum computing market include IBM (US), D-Wave Quantum Inc. (Canada), Microsoft (US), Amazon Web Services (US), Rigetti Computing (US), Fujitsu (Japan), Hitachi (Japan), Toshiba (Japan), Google (US), Intel (US), Quantinuum (US), Huawei (China), NEC (Japan), Accenture (Ireland), Nippon Telegraph and Telephone (Japan), Bosch (Germany), Quantum Circuits (US), IonQ (US), QC Ware (US), PsiQuantum (US), Alpine Quantum Technologies GmbH (Tyrol), Xanadu (Canada), ABDProf (Spain), Zapata Computing (US), and Northrop Grumman (US).
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These companies have employed a variety of growth approaches, such as product launches and development, expansions, collaborations, and acquisitions, to compete in the quantum computing market. Partnerships and acquisitions have been the key strategy of players from 2019 to 2022 for expanding their customer base and strengthening their product portfolio.
IBM provides information technology products, computer solutions, and services worldwide. It has various divisions: IBM Global Services, IBM Smartcamp, and IBM Research. Under its IBM Research division, the company has started the Quantum Experience, a setup wherein researchers carry out research on IBM quantum computers through the cloud. IBM offers numerous real quantum devices and simulators accessible through the cloud. These devices are accessed/used through Qiskit, an open-source quantum SDK, and IBM Q Experience, which offers a virtual interface for coding a quantum computer. IBM is leading in terms of the number of research and development activities related to quantum computing. The company provides its quantum computers for medicine and materials, supply chain and logistics, financial services, artificial intelligence, and cloud security applications. It is highly investing in developing new technologies such as non-silicon computer chips, quantum computing, and computers that mimic the human brain. IBM has operations in more than 175 countries across the world. IBM’s clients and partners comprise more than 210 Fortune 500 companies, academic institutions, national labs, and startups. The company focuses on product innovations and allocates significant budgets for research and development activities. It is a leader in quantum-related research and development. The company invested USD 6.4 billion in research and development in 2021.
AMAZON WEB SERVICES (AWS)
Amazon Web Services (AWS) provides cloud computing services to organizations in the US and internationally. The company primarily offers on-demand cloud computing platforms and APIs to people, businesses, and governments on a pay-as-you-go basis. These cloud computing web services through AWS server farms provide distributed computing processing capability and software tools. Its product portfolio includes compute, storage, databases, analytics, networking, mobile, developer tools, augmented reality and virtual reality, robotics, game tech, machine learning, management tools, content delivery, media services, customer engagement, app streaming and security, identity, and compliance. The strategically balanced product offerings of Amazon Web Services reduce its business risks and enable it to tap the opportunities in new and existing markets. The company focuses on its growth and, as such, is expanding its business in emerging economies. This will increase the company’s revenue and expand its customer base outside the domestic market. Amazon has a broad geographic presence across the world. A major portion (~67%) of its revenue is generated from North America. Amazon Web Services has adopted cloud computing to analyze data from devices of other companies. It offers QCaaS to design, develop, and test solutions, helping companies to manage, track, report, and secure their products.
Microsoft develops different software, services, devices, and solutions and offers after-sales support. Its product offerings include operating systems, cross-device productivity applications, server applications, business solution applications, management tools for desktops and servers, software development tools, and video games. The company also designs, manufactures, and sells devices, such as personal computers, tablets, gaming and entertainment consoles, other intelligent devices, and related accessories. It has completely transformed quantum computing by integrating it with software applications, cloud services, and business network providers. The company has a geographic presence in more than 190 countries worldwide. It invests a major portion of its annual revenue in research and development activities. In 2022, Microsoft invested 12% of its total revenue in research and development activities to strengthen its foothold in the quantum computing market. Microsoft offers integrated quantum computing services, software, and solutions. It plans to enhance its business solutions by leveraging resources to expand its product portfolio and develop high-value systems and services that meet the specific requirements of its customers. The company is focusing on increasing the adoption of QCaaS for data center applications by partnering with companies offering quantum systems.
Quantum Computing Market by Offering, Deployment (on-Premises and Cloud), Application (Optimization, Simulation, Machine Learning), Technology (Trapped Ions, Quantum Annealing, Superconducting Qubits), End User and Region- Global Forecast to 2028
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