Many North American companies such as International Business Machines (IBM) Corporation, Microsoft Corporation, and Google LLC are making huge investments in the quantum computing technology, mainly for commercializing it and gaining a foothold in the industry. Similarly, in China, Alibaba Group Holding Limited, one of the leading e-commerce companies in the world, is constructing a quantum research laboratory.

Furthermore, the government is building a $10 billion national quantum research laboratory in Hefei, that will become operational by 2020 and allow major R&D in quantum computing technology in the country. In addition to making huge investments, the governments of many countries, including the U.S. are also launching several initiatives for encouraging the commercialization of the technology.

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For instance, the National Quantum Initiative Act was enacted in the U.S. in December 2018, under which, the U.S. House of Representatives allocated $1.2 billion to the National Quantum Initiative Program for accelerating the development of quantum computing technology and QIS (quantum information science) applications in the country. Thus, with the growing adoption of quantum computing technology all over the world, the global quantum computing market will grow from $89.6 million to $1,866.8 million from 2019 to 2030, exhibiting a CAGR of 33.1% between 2020 and 2030.

This technology is extensively used in banking, financial services, and insurance (BFSI), manufacturing, information technology (IT) and telecom, healthcare, energy and utilities, and aerospace and defense industries. Amongst these, the BFSI industry recorded the highest adoption of the quantum computing technology in the last few years, because of the ballooning requirement of streamlined business processes in banks and other financial institutions.

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Geographically, the quantum computing market will register the highest growth in North America in the future years. Further, the market is predicted to exhibit the fastest growth in Europe in the forthcoming years, as per the estimates of the market research firm, P&S Intelligence. This is primarily ascribed to the tremendous investments being made in the U.K., the U.S., Russia, Germany, and Canada for the development of quantum computing technology.