Enterprise Quantum Computing Market

Enterprise Quantum Computing Market Statistics: 2030

The global enterprise quantum computing market size was valued at $ 1,370.82 Million in 2020, and is projected to reach $ 18,336.45 Million by 2030, growing at a CAGR of 29.7% from 2021 to 2030.

The enterprise quantum computing market has witnessed growth in the past few years; however, due to the outbreak of the COVID-19 pandemic, the market has witnessed a slight decline in software revenue in 2020. This is attributed to implementation of lockdown by governments in majority of the countries and the shutdown of the cities to prevent the transmission of virus. Furthermore, various organizations across the Asian countries are adopting advanced computing technics to improve their business process and to increase their operational efficiency.

Quantum computer is fundamentally different than conventional & supercomputers and uses the technology based on quantum phenomena. Unlike classical computers, it uses quantum bits (qubits) to process the data. In addition, quantum computing performs complex calculations proficiently when compared with classical computers and this factor majorly fuels the growth of the enterprise quantum computing market.

Furthermore, it finds its application in aerospace & defense, BFSI, healthcare & life science, energy & utilities, manufacturing, IT & telecom, and other industries. For instance, the UK-based quantum computing company Cambridge Quantum Computing merged with the U.S.-based Honeywell Quantum Solutions to create the leading quantum computing company in the world.

On the basis of technology, the superconducting segment dominated the overall enterprise quantum computing industry in 2020, and is expected to continue this trend throughout the forecast period. This is due to an increase in the adoption of enterprise quantum computing by enterprises to gain strategic and competitive advantage over their competitors. Furthermore, many industry players are researching and developing qubits based on this technology to explore and overcome the limits of conventional computation methods, which fuels the market growth and is expected to provide major development opportunities for the enterprise quantum computing market growth in the near future. However, the Quantum dot segment is expected to grow the most, and this trend is expected to continue during the forecast period. Quantum dots can be used for lowering the electron tunneling block when two qubits couple. This majorly fuels the growth of the market. In addition, due to the advanced microfabrication and semiconductor technology it is being appraised as one of the promising technologies for a solid-state qubit. This is further anticipated to boost the growth of the enterprise quantum computing market.

Depending on deployment mode, the Cloud segment garnered the largest share in 2020, and is expected to continue this trend during the forecast period. This is attributed to numerous benefits provided by this on-premise deployment such as high level of data security and safety. However, the cloud segment is expected to witness highest growth in the upcoming years. As cloud deployment does not need any investment in IT infrastructure as all data is stored on cloud server, which increases the demand for geospatial analytics software in small and medium scale organizations. 

The report focuses on the growth prospects, restraints, and enterprise quantum computing market analysis. The study uses Porter’s five forces analysis of the enterprise quantum computing industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, the threat of new entrants, the threat of substitutes, and bargaining power of buyers on the enterprise quantum computing market trends.

Segment Review

The global enterprise quantum computing market analysis is segmented on the basis of component, deployment, technology, application, industry vertical, and region. Based on component, the market is classified into hardware, software, and services. As per deployment, the market is bifurcated into on-premise and cloud. In terms of technology, the market is divided into quantum annealing, superconducting, trapped ion, quantum dot, and others. Based on application, the market is categorized into machine learning/deep learning/AI, optimization, simulation & data modelling, cyber security, and others. Based on industry vertical, the market is categorized into, healthcare & life sciences, IT and telecom, manufacturing, BFSI, energy & utilities, aerospace & defense, and others. Based on region, market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Impact of COVID-19 on the Enterprise quantum computing market trends

As per enterprise quantum computing market forecast post COVID-19, the Enterprise quantum computing market size was valued at $ 1,761.50 Million in 2021 and is projected to reach $ 18,336.45 Million by 2030, growing at a CAGR of 29.7% from 2020 to 2030. 

This is owing to rise in adoption of modern agriculture technics across the globe, which is expected to drive the growth of the market in the pandemic situation. The enterprise quantum computing market has witnessed growth in the past few years; however, due to the outbreak of the COVID-19 pandemic, the market has witnessed a slight decline in software revenue in 2020. This was attributed to implementation of lockdown by governments in majority of the countries and the shutdown of the cities to prevent the transmission of virus. 

The enterprise quantum computing market share is projected to prosper in the upcoming years after the recovery from the COVID-19 pandemic. Furthermore, various organizations across the Asian countries are adopting advanced computing technics to improve their business process and to increase their operational efficiency. In addition, various countries have installed enterprise quantum computing applications and have adopted enterprise quantum computing solution for their healthcare and life sciences operation without any transmission of the virus among public.

Top Impacting Factors    

Top impacting factors highlight enterprise quantum computing market opportunity during the forecast period. The factors such as rise in investments in quantum computing technology, increase in demand for high performance computing, and growth in demand from medical research and financial markets are expected to boost the market growth. In addition, rise in need for secure computing platforms and increase in use of simulation and modeling in quantum computing are also expected to drive the growth of the enterprise quantum computing market. However, operational challenges and stability & error correction issues associated with quantum computing are expected to hamper the growth of the market during the forecast period. Furthermore, emergence of on-premises quantum computers for businesses and technological advancements in quantum computing are expected to provide opportunities for the growth of the market. 

Rise in investments in quantum computing technology

Increase in emergence of quantum technology and ongoing potential developments observed by major industries fuel the market growth. For instance, industry giants such as Lockheed Martin, NASA, Goldman Sachs Group., and other government organizations are investing in R&D of this technology. In addition, rise in investment by industry giants and government organizations in startups working in this technology are the major factors that fuel the market growth. For instance, in October 2019, Google LLC partnered with NASA, and Oak Ridge National Laboratory to provide the best quantum computing service in the world, also other major industries are investing heavily in quantum computing startups, such as D-Wave systems for R&D. Moreover, these companies are also leveraging the quantum computing platform provided by D-Wave. Furthermore, the U.S. Department of Energy’s Office of Science’s Advanced Scientific Computing Research Program is funding $42 million to Sandia National Laboratories. The project will be funded for four major developments in quantum computing technology, which is anticipated to drive the market growth. In addition, China has also invested in this emerging technology, as it is building National Laboratory for Quantum Information Sciences in Hefei worth $10 Million, which opened in 2020. Moreover, industrial giants who are already involved in the development of quantum computing technology are also supporting the universities, researchers, and startups by investing and providing funds for further R&D of the technology. For instance, Microsoft partnered with 14 different quantum computing software startups, which is anticipated to play a major role in adoption of quantum computing technology. Also, the partnership will provide an existing relationship of Microsoft’s collaboration with various universities and government labs to startups.

Key Benefits For Stakeholders

• The study provides an in-depth analysis of the market along with the current trends and future estimations to elucidate the imminent investment pockets.
• Information about key drivers, restraints, and opportunities and their impact analysis on the enterprise quantum computing market size is provided.
• Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the enterprise quantum computing market.
• The quantitative analysis of the enterprise quantum computing industry from 2020 to 2030 is provided to determine the enterprise quantum computing market potential.

 Enterprise Quantum Computing Market Report Highlights