The Global Market for Quantum Computing 2023-2043

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Published March 2023 | 300 pages, 30 tables, 16 figures | Download table of contents

Quantum computing is still at an early stage, but the market is developing rapidly with public and private investment of over $40 billion to date. Large corporations, governments and start-ups are investing billions for what is expected to be a trillion dollar market within the report timeframe. 

Start-ups raised a total of $1.85 billion in 2022, up from $1.67 billion in 2021 with large-scale funding continuing into 2023, including:

  • Quantum Motion: £42 M
  • Quantum Brilliance: $18 M
  • PASQAL: €100 M
  • Welinq: €5 M
  • Quantum Machines: $20 M
  • Oxford Ionics: £30 M

 

Development of quantum computing will enable innovations in markets such as drug discovery, chemicals, supply chain management, financial services and telecommunications. As well as focusing on quantum computing, this report also covers related areas of quantum technologies including communications and sensing. 

Report contents include:

  • Analysis of quantum computing and related technologies. including hardware, software, cloud-based services, chemistry and AI for chemicals & biotech, quantum cryptography, quantum communications, and quantum sensing.
  • Market analysis of quantum computing in pharma, chemicals, automotive, financial services and other sectors.
  • Investment funding 2020-2023.
  • Industry developments 2020-2023. 
  • Market maps for quantum computing and quantum technologies.
  • Value chain.
  • Technology and market challenges. 
  • Global revenues 2023-2043. 
  • Profiles of 167 quantum computing and technologies companies. Companies profiled include Algorithmiq, Infleqtion, IonQ, Kipu Quantum, Multiverse Computing, Nu Quantum, Origin Quantum, Oxford Ionics, Oxford Quantum Circuits, Pasqal, Planqc, PsiQuantum,  Q-CTRL, QuantWare, Quantagonia, QuantrolOx, QuantrolOx, Quantum Bridge Technologies, Quantum Brilliance, Quantum Motion, Qunnect, SCALINQ, TuringQ and Welinq. 

 

 

1              RESEARCH METHODOLOGY        12

 

2              TERMS AND DEFINITIONS            13

 

3              TECHNICAL ANALYSIS    16

  • 3.1          What is quantum computing?    16
    • 3.1.1      Classical vs quantum computing 16
    • 3.1.2      Quantum computing technology               18
    • 3.1.3      Quantum algorithms       21
    • 3.1.4      Hardware            22
    • 3.1.5      Software             24
    • 3.1.6      Cloud-based services     26
  • 3.2          Quantum computers and processors       27
    • 3.2.1      Superconducting qubits 28
      • 3.2.1.1   Technology description 28
      • 3.2.1.2   Market players  30
    • 3.2.2      Optical qubits    32
      • 3.2.2.1   Technology description 32
      • 3.2.2.2   Market players  34
    • 3.2.3      Neutral atom qubits        36
      • 3.2.3.1   Technology description 36
      • 3.2.3.2   Market players  39
    • 3.2.4      Ion traps              40
      • 3.2.4.1   Technology description 40
      • 3.2.4.2   Market players  44
    • 3.2.5      Silicon spin qubit              45
      • 3.2.5.1   Technology description 45
      • 3.2.5.2   Market players  47
    • 3.2.6      Diamond-defect qubits 48
      • 3.2.6.1   Technology description 48
      • 3.2.6.2   Market players  50
    • 3.2.7      Topological qubits           52
      • 3.2.7.1   Technology description 52
      • 3.2.7.2   Market players  53
    • 3.2.8      Quantum annealers        53
      • 3.2.8.1   Technology description 54
      • 3.2.8.2   Market players  56
  • 3.3          Quantum computing software   58
    • 3.3.1.1   Technology description 59
    • 3.3.1.2   Market players  59
  • 3.4          Other crossover quantum technologies  60
    • 3.4.1      Quantum chemistry and AI          60
      • 3.4.1.1   Technology description 60
      • 3.4.1.2   Applications       61
      • 3.4.1.3   Market players  62
    • 3.4.2      Quantum cryptography 66
      • 3.4.2.1   Technology description 66
      • 3.4.2.2   Applications       67
      • 3.4.2.3   Market players  69
    • 3.4.3      Quantum communications           72
      • 3.4.3.1   Technology description 72
      • 3.4.3.2   Applications       73
      • 3.4.3.3   Market players  75
    • 3.4.4      Quantum sensing             77
      • 3.4.4.1   Technology description 77
      • 3.4.4.2   Applications       78
      • 3.4.4.3   Market players  81
  • 3.5          Technical challenges       84

 

4              MARKET ANALYSIS         86

  • 4.1          The market in 2023          86
  • 4.2          Markets and applications for quantum computing             88
    • 4.2.1      Pharmaceuticals               89
      • 4.2.1.1   Market overview             89
      • 4.2.1.2   Market players  91
    • 4.2.2      Chemicals            92
      • 4.2.2.1   Market overview             92
      • 4.2.2.2   Market players  94
    • 4.2.3      Automotive        94
      • 4.2.3.1   Market overview             94
      • 4.2.3.2   Market players  95
    • 4.2.4      Financial services             97
      • 4.2.4.1   Market overview             97
      • 4.2.4.2   Market players  97
    • 4.2.5      Other markets   99
  • 4.3          Investment funding        101
  • 4.4          Public funding of quantum computing, by country             104
  • 4.5          Quantum computing market map             106
  • 4.6          Quantum computing value chain               108
  • 4.7          Technology readiness level          109
  • 4.8          Industry developments 2020-2023            111
  • 4.9          Market map for quantum technologies companies            115
  • 4.10        Global market revenues, 2023-2043         117
  • 4.11        Market challenges           123

 

5              COMPANY PROFILES      127 (167 company profiles)

 

6              REFERENCES       291

 

List of Tables

  • Table 1. Classical vs quantum computing.              16
  • Table 2. Superconducting qubit market players. 30
  • Table 3. Optical qubit market players.     34
  • Table 4. Neural atom qubit market players.          39
  • Table 5. Ion traps market players.             44
  • Table 6. Silicon spin qubits market players.           47
  • Table 7. Diamond-defect qubits market players. 50
  • Table 8. Topological qubit market players.            53
  • Table 9. Quantum annealers market players.       56
  • Table 10. Quantum computing software market players. 59
  • Table 11. Applications in quantum chemistry and AI.        61
  • Table 12. Market players in quantum chemistry and AI.  62
  • Table 13. Applications in quantum cryptography.               67
  • Table 14. Market players in quantum cryptography.         69
  • Table 15. Applications in quantum communications.        73
  • Table 16. Market players in quantum communications.   75
  • Table 17. Applications in quantum sensors.          78
  • Table 18. Market players in quantum sensors.    81
  • Table 19. Technical challenges in quantum computing.    84
  • Table 20. Markets and applications for quantum computing.        88
  • Table 21. Market players in quantum computing for pharmaceuticals.      91
  • Table 22. Market players in quantum computing for chemicals.   94
  • Table 23. Market players in quantum computing for automotive.               95
  • Table 24. Market players in quantum computing for financial services      98
  • Table 25. Other markets for quantum computing.             99
  • Table 26. Quantum computing investment funding.         101
  • Table 27. Public funding of quantum computing, by country.        104
  • Table 28. Quantum computing industry developments 2020-2023.             111
  • Table 29. Global market for quantum computing, various scenarios, 2023-2043 (billions USD).      117
  • Table 30. Global market for other quantum technologies, various scenarios, 2023-2043 (billions USD).      121
  • Table 31. Market challenges in quantum computing.        123

 

List of Figures

  • Figure 1. Split-gate Transistor.    19
  • Figure 2. Superconducting quantum computer.  29
  • Figure 3. Neutral atoms (green dots) arranged in various configurations. 37
  • Figure 4. Ion-trap quantum computer.    41
  • Figure 5. Operating principle of RF Paul trap.        42
  • Figure 6. CMOS silicon spin qubit.             45
  • Figure 7. Silicon quantum dot qubits.      46
  • Figure 8. D-Wave quantum annealer.      55
  • Figure 9.  Quantum computing investment funding 2010-2022.    102
  • Figure 10. Quantum computing market map.       107
  • Figure 11. Quantum computing value chain.         108
  • Figure 12. Quantum computing TRL.        109
  • Figure 13. Market map for quantum computing industry.               116
  • Figure 14. Global market for quantum computing, various scenarios, 2023-2043 (billions USD).    120
  • Figure 15. Global market for other quantum technologies, various scenarios, 2023-2043 (billions USD).    121
  • Figure 16.  IBM Q System One quantum computer.           172

 

 

 

 

The Global Market for Quantum Computing 2023-2043
The Global Market for Quantum Computing 2023-2043
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The Global Market for Quantum Computing 2023-2043
The Global Market for Quantum Computing 2023-2043
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