Market Size – The quantum computing software market size has grown exponentially in recent years. It will grow from $0.40 billion in 2023 to $0.50 billion in 2024 at a compound annual growth rate (CAGR) of 24.9%. The growth in the historic period can be attributed to need for quantum computing solutions, government support for the development and deployment of the technology, demand for this equipment and services, the increasing number of strategic alliances for research and development, rising adoption of this software in the BFSI segment.
The quantum computing software market size is expected to see exponential growth in the next few years. It will grow to $1.23 billion in 2028 at a compound annual growth rate (CAGR) of 25.3%. The growth in the forecast period can be attributed to increasingly offering cloud-based platforms, rise in the adoption of quantum computing technology in drug discovery, rise in the investment for digital transformation. Major trends in the forecast period include development of tailored quantum software, incorporation of quantum development kits, product innovation, collaborations between well-established technology, introduction of hybrid classical-quantum solutions.
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Scope Of Quantum Computing Software MarketThe Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Quantum Computing Software Market Overview
Market Drivers –The rising investments in quantum computing startups are expected to propel the growth of the quantum computing software market going forward. Quantum computing startups specialize in developing and commercializing quantum computing technology. The increasing investments in quantum computing startups are due to government support and the potential for disruptive innovation. The growing investments in quantum computing startups stem from its revolutionary potential to unlock new commercial opportunities and generate economic value across various industries. For instance, in October 2023, according to the FINRA, a US-based non-profit organization that regulates the financial sector in the United States, the investments in quantum computing startups (hardware and software) reached record highs of $2.35 billion in 2022, which is a significant increase compared to previous two years. Therefore, the rising investments in quantum computing startups are driving the growth of the quantum computing software market.
Market Trends – Major companies operating in the quantum computing software market are focused on technological advancements such as cloud-based quantum computing services, to gain a competitive edge. Cloud-based quantum computing provides enterprise customers access to hybrid quantum computing capabilities, including quantum-powered AI, optimization, and machine learning. For instance, in March 2024, Oracle Corporation, a US-based technology company, launched a cloud quantum enterprise software service. This will enable customers to explore new industrial use cases of hybrid quantum computing, which combines classical high-performance and quantum computing to deliver powerful processing capabilities. The service will use Oracle Cloud Infrastructure (OCI), powered by Nvidia A100 Tensor Core GPU clusters and the Nvidia CUDA Quantum open-source hybrid quantum computing platform.
The quantum computing software market covered in this report is segmented –
1) By Component: Solution, Services
2) By Technology: Superconducting Qubits, Trapped Ions, Quantum Annealing, Other Technologies
3) By Deployment: Cloud, On-Premises
4) By Application: Optimization, Machine Learning, Simulation, Other Applications
5) By End-User: Aerospace And Defense, Banking, Financial Services And Insurance (BFSI), Healthcare, Automotive, Energy And Power, Chemical, Government, Other End-Users
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Regional Insights – North America was the largest region in the quantum computing software market in 2023. The regions covered in the quantum computing software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies – Major companies operating in the quantum computing software market are Alphabet Inc., Microsoft Corporation, Huawei Technology Co. Ltd., Amazon Web Services Inc., Accenture PLC, International Business Machines Corporation, Oracle Corporation, Honeywell International Inc., SAP SE, Salesforce.com Inc., Fujitsu Ltd., Kronos Incorporated, 1QB Information Technologies Inc., Zapata Computing Inc., Rigetti Computing Inc., QC Ware Corp., D-Wave Quantum Systems Inc., Cambridge Quantum Computing Ltd., Riverlane Limited, Algorithmiq Inc., Strangeworks Inc., Phasecraft Limited, Entropica Labs Pte. Ltd., ProteinQure Inc., Quantum Circuits Inc
Table of Contents 1. Executive Summary2. Quantum Computing Software Market Report Structure3. Quantum Computing Software Market Trends And Strategies4. Quantum Computing Software Market – Macro Economic Scenario5. Quantum Computing Software Market Size And Growth…..27. Quantum Computing Software Market Competitor Landscape And Company Profiles28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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