Quantum Computing Software Market To Reach $2.51 Billion By 2030

Quantum Computing Software Market Growth & Trends

The global quantum computing software market size is anticipated to reach USD 2.51 billion by 2030 and is anticipated to expand at a CAGR of 18.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. The potential of quantum computing in tackling sustainability and climate change issues is examined in this new trend. Utilizing quantum algorithms, researchers hope to improve environmental forecasts, optimize energy allocation, and simulate intricate climate models. This movement aims to speed up scientific progress in sustainability by utilizing the computational capacity of quantum computing to provide innovative solutions for resource optimization and environmental conservation.

The healthcare sector is projected to experience the most significant compound annual growth rate (CAGR) in the upcoming period. Quantum computing technology enables scientists to create ultra-precise and ultra-personalized medicinal and diagnostic instruments. Moreover, magnetic resonance imaging (MRI) devices can employ quantum sensors to provide incredibly accurate readings. Improved healthcare services can be a result of these improvements. Within the healthcare sector, quantum computing finds several uses in areas such as targeted cancer therapeutic therapies, protein modeling, DNA analysis, and radiotherapy treatment optimization.

The European market anticipates a consistent and rapid surge in revenue growth throughout the projected period. The trend toward quantum cloud services has begun to gain momentum in Europe, where several businesses are providing cloud platforms for remote access to quantum computing resources. By enabling researchers, companies, and developers to experiment with quantum algorithms and applications without needing on-site infrastructure, these services seek to democratize access to quantum computing. Larger companies like IBM and Microsoft, as well as startups like Xanadu, are setting the standard for cloud-based quantum computing resource distribution throughout Europe, encouraging creativity and teamwork.

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Quantum Computing Software Market Report Highlights

• The service segment dominated the component segment with more than 63.0% share in 2023 and has noticed an increase in the demand for specialized quantum algorithm development services for customized industry applications

• The optimization segment held the largest market share in 2023. The optimization segment of the market is witnessing a prominent trend toward hybrid approaches that combine classical and quantum methodologies

• The BFSI segment held the largest market in 2023 in the end-use segment. The BFSI segment of the market is seeing a rise in the creation of quantum-resistant cryptography solutions because of worries about data security

• North America’s market's revenue growth is witnessing a surge in the creation of quantum algorithms tailored to the finance, logistics, and cybersecurity sectors

• In June 2021, Honeywell revealed plans for the merger of Cambridge Quantum Computing (CQC) and Honeywell Quantum Solutions (HQS) to establish a leading standalone quantum computing enterprise globally. This move is poised to pave the way for the projected growth of a quantum computing industry valued at USD 1 trillion within the next thirty years

Quantum Computing Software Market Report Segmentation

Grand View Research has segmented the global quantum computing software market based on component, deployment, technology, application, end-use, and region:

Quantum Computing Software Component Outlook (Revenue, USD Million, 2017 - 2030)

• Solution

• Services

Quantum Computing Software Deployment Outlook (Revenue, USD Million, 2017 - 2030)

• On-Premises

• Cloud

Quantum Computing Software Technology Outlook (Revenue, USD Million, 2017 - 2030)

• Superconducting Qubits

• Trapped Ions

• Quantum Annealing

• Others

Quantum Computing Software Application Outlook (Revenue, USD Million, 2017 - 2030)

• Optimization

• Simulation

• Machine Learning

• Others

Quantum Computing Software End-Use Outlook (Revenue, USD Million, 2017 - 2030)

• Aerospace & Defense

• BFSI

• Healthcare

• Automotive

• Energy & Power

• Chemical

• Government

• Others

Quantum Computing Software Region Outlook (Revenue, USD Million, 2017 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • France

• Asia Pacific

  • Japan

  • China

  • India

  • South Korea

  • Australia

• Latin America

  • Brazil

  • Mexico

• Middle East & Africa

  • South Africa

  • KSA

  • UAE

List of Key Players in the Quantum Computing Software Market

• 1QBIT

• Accenture PLC

• AWS Inc.

• Cambridge Quantum Computing

• D-Wave Systems

• Fujitsu Ltd.

• Google LLC

• Honeywell Inc.

• Huawei Technology Co. Ltd.

• IBM Corporation

• Microsoft Corporation

• QC Ware

• Rigetti Computing

• Riverlane

• Zapata Computing