The global quantum computing market was valued at approximately $650 million in 2022 and is forecasted to expand significantly, reaching nearly $8.79 billion by 2031. This growth represents a compound annual growth rate (CAGR) of 38.9% from 2024 to 2031. The increasing adoption of quantum computing technologies across various industries is driving this rapid market expansion.
Key players contributing to the development and commercialization of quantum computing include IBM Quantum, Google, Honeywell, Rigetti, IonQ, Microsoft, D-Wave, and Zapata Computing. These companies are investing in research and innovation to enhance quantum hardware and software capabilities.
**Why this matters**
Quantum computing has the potential to solve complex problems beyond the reach of classical computers, impacting fields such as cryptography, drug discovery, financial modeling, and materials science. The substantial market growth reflects rising interest and investment, indicating that quantum technologies may play a critical role in future technological advancements and economic development.
Source: NewsData