The global quantum computing market is anticipated to reach $4,24-billion by 2030, with a CAGR of 20,1% from 2024 to 2030, according to a new report by Grand View Research.

Quantum computing is an emerging field with the potential to revolutionise various industries and computing paradigms. While the market for quantum computing is dynamic and subject to rapid changes, several global growth trends have been shaping up its dynamics.

Investments from governments, tech giants, and venture capitalists in quantum research and development are crucial for the advancement of quantum technology. These investments support research efforts, enable the development of cutting-edge hardware and software, and drive innovation across various industries.

Quantum technology is highly complex and requires significant resources for research and development. These investments help accelerate progress by providing funding for experimental work, the recruitment of top talent, and access to advanced research facilities.

For example, in November 2023 the US Defense Advanced Research Projects Agency (DARPA) awarded Phase 2 funding to Rigetti Computing. This potential grant, amounting to $1,5-million, is intended to support Rigetti Computing in developing benchmarks for assessing the performance of large-scale quantum computers in real-world applications.

Quantum hardware, including quantum processors and qubit architectures, has been continuously improving. Researchers are working to increase the number of qubits and improve qubit quality – making quantum computers more powerful and reliable. Moreover, the hybrid approach – combining quantum and classic computing – has gained traction. This approach allows for practical problem-solving by harnessing the strengths of both quantum and classic computers.

Quantum cloud services have become more prevalent making quantum computing resources accessible to a wider audience. These services offer scalability, convenience, and affordability for researchers and businesses.

Quantum cloud services allow users to pay for quantum computing resources on a usage-based model similar to traditional cloud computing services. This pay-as-you-go approach can be more cost-effective than purchasing and maintaining quantum hardware, especially for organisations that have sporadic or variable quantum computing requirements.

North American tech giants including IBM, Google and Microsoft, and startups such as Rigetti and IonQ are actively involved in quantum computing research and development. These companies are competing to develop more powerful quantum hardware and software solutions. Quantum software development is a growing trend in the region. Developers and software companies in the region are actively engaged in creating quantum algorithms, programming tools, and applications for various industries.

Additional highlights from the report include:

* Based on offering, the system segment dominated the market with a revenue share of over 64,2% in 2023. The service segment, on the other hand, is expected to register the fastest CAGR during the forecast period, attributed to the increasing number of startups investing in R&D related to quantum computing technology.

* Based on deployment, the cloud segment is projected to account for a larger market share than the on-premises segment from 2024 to 2030.

* Based on application, the optimisation segment held the largest revenue share of 30,8% in 2023. By leveraging the power and speed of quantum computing, an organisation can optimise their operation, improve its decision-making, and reduce costs.

* Europe dominated the market with a revenue share of 34,2% in 2023. The region witnessed the emergence of several startup and spinoff companies focused on quantum computing.