The Quantum Computing Software market size is projected to grow from USD 0.11 billion in 2021 to 0.43 USD billion in 2026, at a Compound Annual Growth Rate (CAGR) of 30.5% during the forecast period. The major factors driving the growth of the Quantum Computing Software market include the growing adoption of quantum computing software in the BFSI vertical, government support for the development and deployment of the technology, and the increasing number of strategic alliances for research and development.
Based on component, the service segment is expected to lead the quantum computing software market during the forecast period
Among component segment, the services segment is leading the quantum computing software market in 2021. The growth of the services segment can be attributed to the increasing investments by start-ups in research and development related to quantum computing technology. Quantum computing software and services are used in optimization, simulation, and machine learning applications, thereby leading to optimum utilization costs and highly efficient operations in various industries.
Based on deployment mode, the cloud segment is expected to lead the quantum computing software market during the forecast period
Among deployment mode, the cloud segment is projected to dominate the global quantum computing software market in terms of market share. The cloud-based approach is expected to become a significant revenue source for quantum computing software and service providers, with users paying for access to noisy intermediate-scale quantum (NISQ) systems that can solve real-world problems. High costs and complexity of the quantum computing system, software, and services are influencing enterprises to deploy cloud-based machines.
Based on vertical, the healthcare & life sciences vertical segment is expected to grow at a higher CAGR during the forecast period
The healthcare & life sciences vertical is expected to grow at the highest CAGR during the forecast period. Quantum computing technology enables scientists to develop medical and diagnostics tools that are ultra-precise and ultra-personalized. Moreover, quantum sensors can be used in magnetic resonance imaging (MRI) machines for ultra-precise measurements. These developments can enhance the quality of healthcare services. Various applications of quantum computing in the healthcare industry include optimization of radiotherapy treatments, creation of protein models, generation of targeted cancer drug therapies, and analysis of DNA.
APAC is expected to grow at a higher CAGR during the forecast period
APAC is projected to be the fastest-growing region in the quantum computing software market due to the increase in adoption of new technologies, rising investments for digital transformation, and growing GDP in APAC countries. A majority of the potential economies in the region include Australia, Singapore, China, and India, which are rapidly investing in technological transformations.
- By Company Type: Tier 1 – 62%, Tier 2 – 23%, and Tier 3 – 15%
- By Designation: C-level – 38%, Directors – 30%, and Others – 32%
- By Region: North America – 40%, Europe – 15%, APAC – 35%, MEA – 5%, Latin America– 5%.
Some prominent players profiled in the study include IBM Corporation (US), Microsoft Corporation (US), Amazon Web Services, Inc. (US), D-Wave Systems Inc (Canada), Rigetti Computing (US), Google LLC (US), Honeywell International Inc. (US), QC Ware (US), 1QBit (US), Huawei Technologies Co., Ltd. (China), Accenture plc (Ireland), Cambridge Quantum Computing (England), Fujitsu Limited (Japan), Riverlane (UK), Zapata Computing (US), Quantum Circuits, Inc. (US), Quantica Computacao (India), XANADU Quantum Technologies (Canada), VeriQloud (France), Quantastica (Finland), AVANETIX (Germany), Kuano (England), Rahko (UK), Ketita Labs (Estonia), and Aliro Quantum (US).
The market study covers the quantum computing software market across different segments. It aims at estimating the market size and the growth potential of this market across different segments, such as component (software and services [Quantum as a Service and consulting services]), deployment mode (cloud and on-premises), organization size (SMEs and large enterprises), application (optimization, machine learning, simulation, and others), technology (superconducting qubits, trapped ions, quantum annealing, and other technologies), and vertical (aerospace & defense, BFSI, healthcare & life sciences, energy & utility, chemical, transportation & logistics, government, and education). The regional analysis of the quantum computing software market covers North America, Europe, APAC, and RoW. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
The report is expected to help the market leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the overall quantum computing software market and its segments. This report is also expected to help stakeholders understand the competitive landscape and gain insights to improve the position of their businesses and plan suitable go-to-market strategies. The report also aims at helping stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.