The quantum computing market is projected to grow at a CAGR of 5.1%, with estimated market size of USD 395.4 million in 2021 and USD 532.91 million by 2028. The main reason propelling market expansion over the projection period is the spike in demand for quantum technology, particularly during coronavirus emergencies, since it offers exponential speed for amplified optimization and crucial calculations.The market is further influenced by integrating big data analytics and cloud computing to provide improved services to various sectors. Research and development (R&D) operations improve deep learning processing systems. Additionally, the market for quantum computing is positively impacted by rising urbanization, lifestyle changes, an increase in investments, and higher consumer spending.

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Rising investments in quantum computing technology by the government

The development of computing technology is receiving significant funding from governmental bodies engaged in the global military and space industries. Quantum computers will be used for various optimization tasks and simulation strategies. Many governments worldwide are making significant investments in their research institutions to promote the development of computing technologies. 

Key Market Players

The quantum computing market is dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the market are 1QB Information Technologies Inc., Accenture, Atos SE, Cambridge Quantum Computing Ltd, D-Wave Systems Inc., Fujitsu, Hewlett Packard Enterprise (H.P.), Hitachi Ltd, Honeywell Inc., IBM Corporation, Intel Corporation, Magiq Technologies Inc., QC Ware Corp., Quantum Circuits, Inc., Qxbranch, LLC, Google Research, Rigetti Computing, River Lane Research, Station Q - Microsoft Corporation and Toshiba Corporation.

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