PUBLISHER: The Business Research Company | PRODUCT CODE: 1513228
PUBLISHER: The Business Research Company | PRODUCT CODE: 1513228
Quantum computing software encompasses a suite of tools, languages, and frameworks designed to leverage the principles of quantum mechanics for algorithm development and simulation of quantum systems. It facilitates computations on quantum hardware, offering quantum programming languages, simulators, development environments, and error correction solutions.
The primary components of quantum computing software include solutions and services. Solutions are comprehensive packages or systems tailored to address specific computational challenges or needs. In the realm of quantum computing, these solutions may involve algorithms, software frameworks, and hardware configurations optimized for particular tasks. Various technologies such as superconducting qubits, trapped ions, and quantum annealing, are deployed either through cloud platforms or on-premises infrastructure. These solutions find applications across diverse domains including optimization, machine learning, simulation, and others, catering to end-users in sectors such as aerospace and defense, banking, financial services and insurance (BFSI), healthcare, automotive, energy and power, chemical, government, and others.
The quantum computing software market research report is one of a series of new reports from The Business Research Company that provides quantum computing software market statistics, including quantum computing software industry global market size, regional shares, competitors with a quantum computing software market share, detailed quantum computing software market segments, market trends and opportunities, and any further data you may need to thrive in the quantum computing software industry. This quantum computing software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 observed during the historic period can be attributed to several factors, including the growing need for quantum computing solutions, government support for the development and deployment of this transformative technology, increasing demand for quantum computing equipment and services, a rising number of strategic alliances for research and development in this field, and the growing adoption of quantum computing software in the banking, financial services, and insurance (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 anticipated growth in the forecast period can be attributed to several factors, including the increasing availability of cloud-based platforms for quantum computing, a rise in the adoption of quantum computing technology for drug discovery applications, and increased investment in digital transformation initiatives. Key trends expected during this period include the development of tailored quantum software solutions, the incorporation of quantum development kits to facilitate easier programming, ongoing product innovation in the quantum computing space, collaborations between well-established technology companies to advance quantum computing capabilities, and the introduction of hybrid classical-quantum solutions to address complex computational challenges.
The anticipated surge in investments in quantum computing startups is poised to drive the growth of the quantum computing software market. Quantum computing startups specialize in developing and commercializing quantum computing technology, with increasing investments attributed to government support and the potential for disruptive innovation. The rise in investments in these startups is driven by their revolutionary potential to unlock new commercial opportunities and generate economic value across various industries. For instance, in October 2023, according to FINRA, investments in quantum computing startups (both hardware and software) reached record highs of $2.35 billion in 2022, marking a significant increase compared to the previous two years. Consequently, the escalating investments in quantum computing startups are fueling the growth of the quantum computing software market.
Key players in the quantum computing software market are prioritizing technological advancements such as cloud-based quantum computing services to maintain a competitive edge. Cloud-based quantum computing offers enterprise customers access to hybrid quantum computing capabilities, including quantum-powered AI, optimization, and machine learning. For example, in March 2024, Oracle Corporation, a US-based technology company, introduced a cloud quantum enterprise software service. This service enables customers to explore new industrial use cases of hybrid quantum computing, which combines classical high-performance computing with quantum computing to deliver robust processing capabilities. Utilizing Oracle Cloud Infrastructure (OCI), powered by Nvidia A100 Tensor Core GPU clusters and the Nvidia CUDA Quantum open-source hybrid quantum computing platform.
In May 2022, ColdQuanta, a US-based quantum technology company, acquired Super. tech for an undisclosed amount. This integration combines ColdQuanta's hardware capabilities with Super. tech's software applications and algorithms, expected to accelerate the time-to-value of customers' quantum computing projects. Super. tech, a US-based quantum software company, provides the quantum software stack.
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
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.
The countries covered in the quantum computing software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The quantum computing software market includes revenues earned by entities by subscription-based models, licensing fees, consulting services, cloud-based access to quantum computing resources, and customized solutions. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Quantum Computing Software Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on quantum computing software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for quantum computing software? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The quantum computing software market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.