REPORT HIGHLIGHT
Quantum processing units (QPU) market size was valued at USD 620.9 Million in 2022, expanding at a CAGR of 28.7% from 2023 to 2030.
Quantum Processor Units (QPUs) are known as specialized computing devices designed to carry out calculations using quantum mechanics. Moreover, it also provides significant benefits while executing certain tasks including tackling complex optimization problems and simulating quantum systems. Furthermore, QPU is one of the crucial objectives of quantum computing, as it studies and development of high-performance. In addition, quantum computers use quantum qubits or bits, which can represent information such as 0, 1, or both simultaneously.
Quantum Processing Units (QPU) Market - Market Dynamics:
- The increasing adoption of quantum computing in the healthcare sector fuels the market growth
- Quantum computing is developing technology quickly that provides a practical solution to concerns that even the most powerful supercomputers of the current day cannot solve. In addition, researchers can find therapies and novel drugs faster with access to these new computational areas. Moreover, in biomedical research quantum computing, hybrid and AI cloud technologies with diverse objectives, such as extensive databases of drug targets and the exploration of genome sequencing discoveries. These advanced tools enable the identification of potential therapeutic interventions from existing drugs, as a result, they assist patients suffering from the disease like Alzheimer's and other ailments. Thereby, the rising utilization of quantum computing in healthcare research is driving the quantum processing units' market growth. However, quantum processing units are expensive to maintain and build to due to their specialized nature which slows down the market growth during the forecast period.
Quantum Processing Units (QPU) Market - Key Insights:
- As per the analysis shared by our research analyst, the global quantum processing units market is estimated to grow annually at a CAGR of around 28.7% over the forecast period (2023-2030)
- The quantum processing units industry is projected to grow at a significant rate due to the rise in usage of quantum computer in aerospace industry
- Based on offering segmentation, hardware was predicted to show maximum market share in the year 2022
- Based on technology segmentation, superconducting processors was the leading type
- On the basis of region, North America was the leading revenue generator in 2022
Quantum Processing Units (QPU) Market- Segmentation Analysis:
- The global quantum processing units (QPU) market is segmented on the basis of offering, technology, application, industry vertical, and region.
- The market is divided into three categories based on offering: services, hardware, and software. The hardware segment is likely to possess the largest market share. This is anticipated due to the advancements in algorithm development, quantum technology, and rising investment from both the government and private sector.
- The market is divided into two categories based on technology: superconducting processors, trapped ions, photonic processors, and others. The superconducting processors segment is accounted to witness the highest growth over the forecast period. Superconducting processors were a common choice for building quantum processors owing to their relative ease of scalability and manipulation. In addition, these processors are designed by cooling certain materials to very low temperatures, enabling them to exist in a state where electrical resistance is virtually removed.
- The market is divided into four categories based on application: environment monitoring, factory automation, cybersecurity, material science, and others. The cybersecurity segment is expected to maintain its dominance in the market. QPUs are able to disrupt the field of cybersecurity, especially in the realm of encryption. Additionally, various encryption methods presently employed in data protection and digital communication are based on mathematical issues that are hard to solve with classical computers.
- The market is divided into six two categories based on industry vertical: environment, logistics, chemicals, industrial, BFSI, automotive & transportation, and others. The logistics segment is anticipated to hold the largest market share. To optimize transportation logistics, routing, and supply chain management, quantum computers could be used. In line with this, they are able to handle hard optimization problems more efficiently which leads to reduced emissions, better fuel efficiency, and improved overall logistics planning.
Quantum Processing Units (QPU) Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Quantum Processing Units (QPU) Market- Competitive Landscape:
In quantum processing development, to overcome the challenges various market players were partnering with academic institutions and research labs to pool expertise and resources. Moreover, several research institutions and companies are actively involved in commercializing and developing quantum processing units to achieve quantum advantage. Furthermore, in quantum research and development governments were investing heavily, which aimed at error correction techniques, advancing qubit technologies, and software for quantum applications. For instance, in March 2023, NVIDIA announced a new system built with quantum machines. That offers a revolutionary new architecture for researchers working in low-latency and high-performance quantum-classical computing.
Recent Developments:
v For instance, in March 2023, HCL Technologies announced a partnership with Azure Quantum, Microsoft's quantum cloud computing service. Through this partnership, by using Microsoft's platform as the technology stack, HCLTech will provide businesses with cloud-based quantum computing services to its clients.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL QUANTUM PROCESSING UNITS (QPU) MARKET KEY PLAYERS
- Rigetti Computing, Inc.
- Accenture plc
- NVIDIA Corporation
- QuantWare
- Amazon Web Services, Inc.
- HCL Technologies
- D-Wave Quantum Inc.
- Fujitsu Limited
- Microsoft Corporation
- Intel Corporation
- International Business Machines Corporation
- Toshiba Digital Solutions Corporation
GLOBAL QUANTUM PROCESSING UNITS (QPU) MARKET, BY OFFERING
- Services
- Hardware
- Software
GLOBAL QUANTUM PROCESSING UNITS (QPU) MARKET, BY TECHNOLOGY
- Superconducting Processors
- Trapped Ions
- Photonic Processors
- Others
GLOBAL QUANTUM PROCESSING UNITS (QPU) MARKET, BY APPLICATION
- Environment Monitoring
- Factory Automation
- Cybersecurity
- Material Science
- Others
GLOBAL QUANTUM PROCESSING UNITS (QPU) MARKET, BY INDUSTRY VERTICAL
- Environment
- Logistics
- Chemicals
- Industrial
- BFSI
- Automotive & Transportation
- Others
GLOBAL QUANTUM PROCESSING UNITS (QPU) MARKET, BY REGION
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA