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Enterprise Quantum Computing Market Trends

ID: MRFR//6081-HCR | 100 Pages | Author: Ankit Gupta| June 2024

Enterprise Quantum Computing Market Overview

The Enterprise Quantum Computing Market is projected to grow from USD 3.20 billion in 2024 to USD 16.58 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 22.83% during the forecast period (2024 - 2032). Additionally, the market size for Enterprise Quantum Computing was valued at USD 2.53 billion in 2023.

Increased health concerns and challenges have led to more expensive operations, and more bariatric procedures are the key market drivers enhancing the Enterprise Quantum Computing market growth.

Figure 1: Enterprise Quantum Computing Market Size, 2024 - 2032 (USD Billion)

Enterprise Quantum Computing Market Overview

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Enterprise Quantum Computing Market Trends

Financial support for quantum technologies & Usage is expanding as artificial intelligence development proceeds to drive market growth

Several government organizations in the worldwide space and military sectors are investing increasingly in developing quantum computing technology to employ quantum computers to perform different optimization and simulation techniques. Governments from many different countries are providing significant financial support to their research institutes to advance the field of quantum computing. Countries are pouring significant resources into researching and creating quantum computing technology. Thus, this factor is driving the Enterprise Quantum Computing market CAGR.

Businesses leverage AI-powered solutions to improve their operational, insight-driven, and strategic capacities. Artificial intelligence (AI) may boost productivity and enable automated data processing by automating hard and repetitive tasks. IT teams might use AI to manage and monitor crucial jobs. Thanks to the fusion of Big Data, AI, and Machine Learning, the companies providing cloud solutions and services continually concentrate on R&D activities, product enhancements, and cutting-edge product releases.

Governments and businesses are vying to create the first quantum computer, which has the potential to solve issues in real-time and have a variety of uses. Although there is disagreement on the practical efficiency of this product, successful testing has produced findings that have shown efficiency greater than the computers now in use, making it impossible to forecast the real utility of quantum computing. The first quantum computer in Finland, HELMI, was linked to LUNI, the fastest supercomputer in Europe, in December 2022 by the technology company VTT. This link's purpose was to use the Technology of both computers to produce the desired outcomes. Thus, this aspect is anticipated to accelerate Enterprise Quantum Computing market revenue globally.

Enterprise Quantum Computing Market Segment Insights

Enterprise Quantum Computing Component Insights

Based on type, the Enterprise Quantum Computing market segmentation includes Software, Service, and Hardware. The Hardware segment dominated the Enterprise Quantum Computing market, accounting for 35% of market revenue. The hardware industry accounted for the greatest sales share in 2022. Hardware is likely to rise since it is a significant bottleneck in the ecosystem. For quantum computing, several hardware platforms have been created. All commercially feasible quantum computers are built using highly complex superconducting circuits and trapped ions. Other potential platforms include photonic networks, neutral atoms, and spin qubits.

Enterprise Quantum Computing Deployment Insights

Based on Deployment, the Enterprise Quantum Computing market segmentation includes on-cloud, premise and hybrid. The on-cloud category generated the most income. This is due to the many advantages an on-premise deployment offers, including high data protection and safety. The cloud segment, however, is anticipated to increase at a faster rate in the future years. Because all data is kept on cloud servers, cloud deployment eliminates the need for IT infrastructure expenditure, which drives up the demand for geospatial analytics software in small and medium-sized businesses.

Figure 1: Enterprise Quantum Computing Market, by Deployment, 2022 & 2032 (USD billion)

Enterprise Quantum Computing Market, by Deployment, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Enterprise Quantum Computing End User Insights

Based on end users, the enterprise quantum computing industry has been segmented into automotive, BFSI, chemical, and medical. Medical held the largest segment share in 2022. The healthcare and medical sectors now treat illnesses and patients using a one-size-fits-all strategy. But, if the predicted benefits of quantum computing for healthcare are fulfilled, treatment programs may be developed for people much more effectively. Digital replicas of patients might be created using simulation and modeling, and these replicas could be used to test various medications and medicines before being administered to a patient. Due to these factors, it is predicted that quantum computing in healthcare and life science will increase by 15.5%.

Enterprise Quantum Computing Technology Insights

Based on technology, the enterprise quantum computing industry has been segmented into quantum annealing, superconducting, trapped ion, quantum dot, and others. In 2022, the superconducting category led the enterprise quantum computing market as a whole, and this trend is anticipated to remain for the whole forecast period. This is because businesses are using corporate quantum computing more frequently to outsmart their rivals strategically and competitively. Also, a number of market players are exploring and developing qubits based on this Technology to explore and overcome the constraints of conventional computation techniques, which propels market growth and is predicted to give important development chances for the corporate quantum computing market growth in the near future.

Enterprise Quantum Computing Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North America Enterprise, Quantum Computing market accounted for the largest region in 2022 and is expected to exhibit a significant CAGR growth during the study period. Universities and American technology firms are making significant investments in the growth of quantum computing and creating both the hardware and software for these systems. One of the first businesses to create a quantum computer was Google and IBM. These businesses are well-known worldwide and have the financial means to do research. Companies and academic institutions routinely make advancements and discoveries that support the growth of quantum computing. Owing to the factors above, the US held the largest market share (20.4%) for quantum computing in 2022.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.



Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Over the projection period, the European Enterprise Quantum Computing market was shown to be the second-largest market, encompassing a sizable territory. The size of the corporate quantum computing industry is growing due to specific government efforts in various countries. The European Union covered a market worth around USD 1.2 billion to make Europe the leader in quantum computing. During the review, the UK held a sizable market share for corporate quantum computing. The emergence of several rivals has aided the development of the market. Further, the Germany Enterprise Quantum Computing market held the largest market share, and the UK Enterprise Quantum Computing market was the fastest-growing market in the European Region.

Because of the high CAGR value, the Asia Pacific Enterprise Quantum Computing market area is growing rapidly. The market size has increased due to China and South Korea's adoption of cutting-edge technologies. Government programs have accelerated the development of quantum computing technology. In this nation, institutions and the government have organized several hackathons and contests, igniting interest in quantum computing and fostering the growth of companies based on Technology. Moreover, the China Enterprise Quantum Computing market held the largest market share, and the India Enterprise Quantum Computing market was the fastest-growing market in the Asia-Pacific region.

Enterprise Quantum Computing Key Market Players & Competitive Insights

Leading industry companies are investing significantly in R&D to broaden their product offerings, which will spur further expansion of the Enterprise Quantum Computing products market. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants also engage in several strategic actions to increase their worldwide presence. The Enterprise Quantum Computing industry must offer products at reasonable prices to grow and thrive in a more cutthroat and competitive environment.

One of the primary business strategies manufacturers employ in the worldwide Enterprise Quantum Computing industry to benefit customers and expand the market sector is local manufacturing to reduce operating costs. The Enterprise Quantum Computing industry has recently provided some of medicine's most important benefits. Major players in the Enterprise Quantum Computing market, including QRA Corp, Cisco Systems, Intel Corporation, Atos SE, D-Wave System Inc, Quantum Circuits Inc, Cambridge Quantum, Microsoft Corporation, Computing Ltd, Google, IBM Corporation, Qxbranch, QC Ware Corporation, Rigetgi and Co. Inc, and others, are attempting to increase market demand by investing in research and development operations.

A Canadian quantum computing business with headquarters in Burnaby, British Columbia, is called D-Wave Systems Inc. The first firm in the world to offer computers that used quantum effects was D-Wave. The Quantum QuickStartTM, the newest quantum acceleration package that includes cloud access and instruction in quantum programming, was published by D-Wave Systems Inc. in December 2021. This solution was developed to let developers construct quantum apps fast and easily using quantum hybrid resources and quantum computing. Also, this launch provides developers with a thorough training program and a month of live, unrestricted access to the quantum cloud.

With its headquarters in Armonk, New York, and operations in more than 175 nations, the International Business Machines Corporation, sometimes known as Big Blue, is an American technology company. IBM launched the most recent 433 qubits, sophisticated quantum hardware, and software in November 2022. With its clients and partners worldwide, this solution solves the most pressing issues.

Key Companies in the Enterprise Quantum Computing market include

Enterprise Quantum Computing Industry Developments

  • September 2022: With Microsoft's Azure Quantum platform, Rigetti Computing, Inc. introduced Rigetti QCSTM in Public Preview. With Microsoft's public cloud, this solution has access to the company's processor, which enables customers to improve their quantum computing capabilities and proceed to address their varied issues.

  • July 2022: A business engaged in post-quantum cryptography, CryptoNext Security SAS, teamed with ID Quantique. Through this alliance, the business offers users of mobile phones an effective and ongoing quantum-safe communication solution.

Enterprise Quantum Computing Market Segmentation

Enterprise Quantum Computing Component Outlook

  • Software

  • Service

  • Hardware

Enterprise Quantum Computing Deployment Outlook

  • On-cloud

  • Premise

  • Hybrid

Enterprise Quantum Computing End-User Outlook

  • Automotive

  • BFSI

  • Chemical

  • Medical

Enterprise Quantum Computing Technology Outlook

  • Quantum annealing

  • Superconducting

  • Trapped ion

  • Quantum dot

  • Others

Enterprise Quantum Computing Regional Outlook

  • North America

  • US

  • Canada

  • Europe

  • Germany

  • France

  • UK

  • Italy

  • Spain

  • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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