The quantum computing market size was USD 392.5 million in 2020. The market is projected to grow from USD 486.1 million in 2021 to USD 3,180.9 million in 2028 at a CAGR of 30.8% during the 2021-2028 period.
Drivers and Restraints
Rising Government Investments and
Strategic Alliances to Drive Industry Growth
Governments make extensive investments in quantum computing technologies to boost its adoption. For example, the German Federal Ministry of Education and Research provided USD 50.3 million to fund the Ion Trap Computer development in December 2021. This factor may boost the adoption of the computing solution. Furthermore, increasing strategic alliances may fuel the development of better-quality computing solutions. Moreover, rapid digitization and reliance on the Internet of Things (IoT) may boost its sales. These factors may drive the quantum computing market growth.
North America
USD
171.4 Million
North America has seen rapid growth in the
market trend owing to the early adoption of advanced technologies and a highly
competitive landscape. The penetration of computing services in the region is
due to key market players. The readiness of end-users to adopt emerging
technologies has also encouraged key providers to develop advanced services.
Europe is expected to have significant
growth as start-ups are on the rise. Further, digital government initiatives
and regulatory environments and increased usage of cloud-based technology, are
also rising in the region that is anticipated to drive the growth of the market
and technology. Also, industry leaders focus on expanding their business in the
region. For instance, in December 2021, IQM Quantum Computer’s European
development continues, with a new French subsidiary focusing on IQM's co-design
customers in the aviation, space, and cybersecurity. Similarly, in December
2021, QuTech collaborated with Fraunhofer to develop a Pan-European Quantum
Network. The deployment of the projects will be a cross-border quantum key
distribution (QKD) network linking hubs in Germany and the Netherlands.
Rising Digitization Amid Pandemic to Propel Growth
The COVID-19 pandemic has positively impacted the Quantum Computing Market growth due to
rising digitization in several industries. Also, leading companies from various
sectors have adopted recent technologies to simplify their business operations
and ease the work process. Furthermore, the companies implemented recent
technologies to adopt work from home/remote work culture. These factors
bolstered the market growth and expansion during the pandemic.