Summary

The quantum computing market is experiencing a transformative phase, marked by significant technological advancements and increasing commercial interest. This growth is driven by multiple factors, including substantial government investments, private sector participation, and accelerating technological breakthroughs. In the current market landscape, hardware development commands the largest share of investment, particularly in superconducting qubits and trapped ion systems. Major technology companies like IBM, Google, and Microsoft continue to advance their quantum programs, while specialized companies such as IonQ, Rigetti, and PsiQuantum are making significant strides in their respective technologies. The market is also seeing increased activity in quantum software and applications, with companies developing quantum algorithms and use-case-specific solutions for industries including finance, pharmaceuticals, and logistics.

Cloud-based quantum computing services represent a rapidly growing market segment, enabling broader access to quantum capabilities without requiring direct hardware investment. Amazon Braket, IBM Quantum, and Microsoft Azure Quantum are leading this transformation, making quantum computing resources available to enterprises and researchers worldwide. This "quantum-as-a-service" model is expected to drive significant market growth in the near term.

Looking toward the future, the quantum computing market is expected to undergo several crucial transitions. The achievement of quantum advantage in specific applications will likely drive increased enterprise adoption, particularly in industries where quantum computing can provide significant competitive advantages. Financial services, drug discovery, and materials science are expected to be among the first sectors to realize practical quantum advantages. The market is also witnessing a shift from purely research-focused activities to more commercial applications. While early-stage quantum computers currently serve primarily research purposes, the development of error-corrected quantum systems in the coming years will enable more practical applications. This transition is expected to dramatically expand the market, particularly in the 2025-2030 timeframe.

Government investments continue to shape the market landscape, with major initiatives like the US National Quantum Initiative, China's quantum strategy, and the EU Quantum Flagship providing substantial funding and strategic direction. These programs, along with private sector investments, are creating a robust ecosystem for quantum technology development. Industry consolidation and specialization are expected to become more prominent features of the market as it matures. While some companies focus on full-stack quantum solutions, others are specializing in specific components of the quantum computing stack, from hardware components to application-specific software solutions.

The development of the quantum computing supply chain represents another crucial market aspect. Companies are investing in specialized component manufacturing, from control electronics to cryogenic systems, creating new market opportunities and potential bottlenecks. The market for quantum-specific components and materials is expected to grow significantly as quantum computers scale up. Despite these positive trends, the market faces several challenges. Technical hurdles in achieving fault-tolerant quantum computing, the need for skilled quantum workforce development, and the challenge of identifying near-term commercially viable applications all impact market growth. However, these challenges are driving innovation and creating opportunities for companies offering solutions to these specific problems.

The quantum computing market stands at an inflection point, with technological progress and commercial interest converging to create significant growth opportunities. While the path to widespread quantum computing adoption may be complex, the market's fundamental drivers remain strong, suggesting continued expansion and evolution in the coming years.

The Global Market for Quantum Computing 2025-2045 provides a comprehensive analysis of the quantum computing industry, market trends, technologies, and key players shaping this transformative sector. The report examines the evolution from the first to second quantum revolution and provides detailed insights into the current quantum computing landscape, including technical progress, persistent challenges, and key market developments. This extensive study covers the complete quantum computing ecosystem, from fundamental technologies and hardware architectures to software platforms and end-user applications. The report includes detailed analysis of various qubit technologies including superconducting, trapped ion, silicon spin, topological, photonic, and neutral atom approaches, with comprehensive SWOT analyses for each technology platform.

Key market segments analyzed include pharmaceuticals, chemicals, transportation, financial services, and automotive industries. The report delivers in-depth analysis of quantum chemistry, AI applications, quantum communications, and quantum sensing technologies, highlighting crossover opportunities and synergies between these fields. Detailed coverage of materials for quantum computing encompasses superconductors, photonics, silicon photonics, optical components, and various nanomaterials including 2D materials, carbon nanotubes, diamond, and metal-organic frameworks. The report examines material requirements, challenges, and opportunities across the quantum technology stack.

The market analysis section provides comprehensive investment data, including venture capital activity, M&A developments, corporate investments, and government funding initiatives. Global market forecasts from 2025 to 2045 cover hardware, software, and services, with detailed projections for installed base, pricing trends, and revenue streams. The report includes extensive profiling of over 205 companies across the quantum computing value chain, from hardware manufacturers and software developers to end-use application providers. Company profiles include detailed information on technologies, products, partnerships, and market positioning. Companies profiled include A* Quantum, AbaQus, Aegiq, Agnostiq GmbH, Airbus, Aliro Quantum, Alice&Bob, Alpine Quantum Technologies (AQT), Anyon Systems, Archer Materials, Arclight Quantum, Arctic Instruments, ARQUE Systems, Atlantic Quantum, Atom Computing, Atom Quantum Labs, Atos Quantum, Baidu, BEIT, BlueFors, BlueQubit, BosonQ Ps, C12 Quantum Electronics, CAS Cold Atom, Classiq Technologies, ColibriTD, Crystal Quantum Computing, D-Wave Systems, Delft Circuits, Diatope, Dirac, Diraq, Duality Quantum Photonics, EeroQ, eleQtron, Elyah, Entropica Labs, Ephos, EvolutionQ, Fujitsu, Good Chemistry, Google Quantum AI, g2-Zero, Haiqu, HQS Quantum Simulations, HRL, Huayi Quantum, IBM, Icosa Computing, ID Quantique, InfinityQ, Infineon Technologies, Infleqtion, Intel, IonQ and many others (complete list in report).

Key features of the report include:

• Comprehensive analysis of quantum computing technologies and architectures
• Detailed market forecasts 2025-2045
• Analysis of government initiatives and funding landscape
• Examination of quantum computing infrastructure requirements
• In-depth material analysis and supply chain considerations
• Extensive company profiles and competitive landscape analysis
• Assessment of market challenges and opportunities
• Analysis of key application areas and end-user industries

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Table of Contents

1 EXECUTIVE SUMMARY 17

1.1 First and Second quantum revolutions 17
1.2 Current quantum computing market landscape 19
1.2.1 Technical Progress and Persistent Challenges 20
1.2.2 Key developments 20
1.3 Investment Landscape 22
1.4 Global Government Initiatives 24
1.5 Market Landscape 27
1.6 Challenges for Quantum Technologies Adoption 38
1.7 Market Map 38
1.8 Market Challenges 40
1.9 SWOT analysis 42
1.10 Quantum Computing Value Chain 42
1.11 Market Outlook 43
1.12 Quantum Computing and Artificial Intelligence 44
1.13 Global market forecast 2018-2045 44
1.13.1 Revenues 45
1.13.2 Quantum Computing Installed Base Forecast (Number of Systems) 46
1.13.3 Pricing 47

2 INTRODUCTION 48

2.1 What is quantum computing? 48
2.2 Operating principle 49
2.3 Classical vs quantum computing 50
2.4 Quantum computing technology 52
2.4.1 Quantum emulators 55
2.4.2 Quantum inspired computing 55
2.4.3 Quantum annealing computers 55
2.4.4 Quantum simulators 56
2.4.5 Digital quantum computers 56
2.4.6 Continuous variables quantum computers 56
2.4.7 Measurement Based Quantum Computing (MBQC) 56
2.4.8 Topological quantum computing 56
2.4.9 Quantum Accelerator 57
2.5 Competition from other technologies 57

3 QUANTUM ALGORITHMS 60

3.1 Quantum Software Stack 60
3.1.1 Quantum Machine Learning 61
3.1.2 Quantum Simulation 61
3.1.3 Quantum Optimization 62
3.1.4 Quantum Cryptography 62
3.1.4.1 Quantum Key Distribution (QKD) 63
3.1.4.2 Post-Quantum Cryptography 63

4 QUANTUM COMPUTING HARDWARE 65

4.1 Qubit Technologies 66
4.1.1 Overview 66
4.1.2 Noise effects 67
4.1.3 Logical qubits 68
4.1.4 Quantum Volume 69
4.1.5 Algorithmic Qubits 69
4.1.6 Superconducting Qubits 70
4.1.6.1 Technology description 70
4.1.6.2 Materials 71
4.1.6.3 Market players 74
4.1.6.4 Swot analysis 75
4.1.7 Trapped Ion Qubits 76
4.1.7.1 Technology description 76
4.1.7.2 Hardware 78
4.1.7.3 Materials 78
4.1.7.3.1 Integrating optical components 79
4.1.7.3.2 Incorporating high-quality mirrors and optical cavities 79
4.1.7.3.3 Engineering the vacuum packaging and encapsulation 80
4.1.7.3.4 Removal of waste heat 80
4.1.7.4 Market players 81
4.1.7.5 Swot analysis 82
4.1.8 Silicon Spin Qubits 83
4.1.8.1 Technology description 83
4.1.8.2 Quantum dots 84
4.1.8.3 Market players 87
4.1.8.4 SWOT analysis 87
4.1.9 Topological Qubits 88
4.1.9.1 Technology description 88
4.1.9.1.1 Cryogenic cooling 89
4.1.9.2 Market players 90
4.1.9.3 SWOT analysis 90
4.1.10 Photonic Qubits 91
4.1.10.1 Technology description 91
4.1.10.2 Hardware Architecture 94
4.1.10.3 Market players 94
4.1.10.4 Swot analysis 95
4.1.11 Neutral atom (cold atom) qubits 96
4.1.11.1 Technology description 96
4.1.11.2 Market players 99
4.1.11.3 Swot analysis 100
4.1.12 Diamond-defect qubits 101
4.1.12.1 Technology description 101
4.1.12.2 SWOT analysis 104
4.1.12.3 Market players 105
4.1.13 Quantum annealers 106
4.1.13.1 Technology description 106
4.1.13.2 SWOT analysis 108
4.1.13.3 Market players 109
4.2 Architectural Approaches 110

5 QUANTUM COMPUTING INFRASTRUCTURE 111

5.1 Infrastructure Requirements 111
5.2 Hardware agnostic platforms 111
5.3 Cryostats 112
5.4 Qubit readout 113

6 QUANTUM COMPUTING SOFTWARE 114

6.1 Technology description 114
6.2 Cloud-based services- QCaaS (Quantum Computing as a Service). 114
6.3 Market players 115

7 MARKETS AND APPLICATIONS 119

7.1 Pharmaceuticals 120
7.1.1 Market overview 120
7.1.1.1 Drug discovery 120
7.1.1.2 Diagnostics 120
7.1.1.3 Molecular simulations 121
7.1.1.4 Genomics 121
7.1.1.5 Proteins and RNA folding 121
7.1.2 Market players 122
7.2 Chemicals 123
7.2.1 Market overview 123
7.2.2 Market players 123
7.3 Transportation 124
7.3.1 Market overview 124
7.3.2 Market players 126
7.4 Financial services 127
7.4.1 Market overview 127
7.4.2 Market players 128
7.5 Automotive 129
7.5.1 Market overview 129
7.5.2 Market players 130

8 OTHER CROSSOVER TECHNOLOGIES 132

8.1 Quantum chemistry and AI 132
8.1.1 Technology description 132
8.1.2 Applications 132
8.1.3 Market players 133
8.2 Quantum Communications 133
8.2.1 Technology description 133
8.2.2 Types 134
8.2.3 Applications 134
8.2.4 Market players 135
8.3 Quantum Sensors 138
8.3.1 Technology description 138
8.3.2 Applications 139
8.3.3 Companies 139

9 MATERIALS FOR QUANTUM COMPUTING 144

9.1 Superconductors 144
9.1.1 Overview 144
9.1.2 Types and Properties 145
9.1.3 Temperature (Tc) of superconducting materials 146
9.1.4 Superconducting Nanowire Single Photon Detectors (SNSPD) 146
9.1.5 Kinetic Inductance Detectors (KIDs) 147
9.1.6 Transition Edge Sensors (TES) 148
9.1.7 Opportunities 149
9.2 Photonics, Silicon Photonics and Optical Components 149
9.2.1 Overview 149
9.2.2 Types and Properties 150
9.2.3 Vertical-Cavity Surface-Emitting Lasers (VCSELs) 151
9.2.4 Alkali azides 151
9.2.5 Optical Fiber and Quantum Interconnects 151
9.2.6 Semiconductor Single Photon Detectors 151
9.2.7 Opportunities 152
9.3 Nanomaterials 153
9.3.1 Overview 153
9.3.2 Types and Properties 153
9.3.2.1 2D Materials 154
9.3.2.2 Transition metal dichalcogenide quantum dots 154
9.3.2.3 Graphene Membranes 154
9.3.2.4 2.5D materials 155
9.3.2.5 Carbon nanotubes 155
9.3.2.5.1 Single Walled Carbon Nanotubes 155
9.3.2.5.2 Boron Nitride Nanotubes 156
9.3.2.6 Diamond 156
9.3.2.7 Metal-Organic Frameworks (MOFs) 157
9.3.3 Opportunities 157

10 MARKET ANALYSIS 159

10.1 Key industry players 159
10.1.1 Start-ups 159
10.1.2 Tech Giants 160
10.1.3 National Initiatives 160
10.2 Investment funding 160
10.2.1 Venture Capital 162
10.2.2 M&A 163
10.2.3 Corporate Investment 163
10.2.4 Government Funding 164

11 COMPANY PROFILES 166 (208 company profiles)

12 RESEARCH METHODOLOGY 299

13 TERMS AND DEFINITIONS 300

14 REFERENCES 303

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List of Tables/Graphs

List of Tables

Table 1. First and second quantum revolutions. 17
Table 2. Applications for Quantum Computing. 18
Table 3. Quantum Computing Business Models. 19
Table 4. Quantum Computing Investments (2018-2024). 22
Table 5. Global government initiatives in quantum technologies. 24
Table 6. Quantum computing industry developments 2020-2025. 28
Table 7. Business Models in Quantum Computing. 37
Table 8. Market challenges in quantum computing. 40
Table 9. Quantum computing value chain. 42
Table 10. Global market for quantum computing-by category, 2023-2045 (billions USD). 45
Table 11. Global Revenue from Hardware Sales (Billions USD). 46
Table 12. Installed Base Forecast (2025-2045)-Units. 46
Table 13. Installed Base by Technology (2025-2045)-Units. 46
Table 14. Quantum Computer Pricing Forecast (Millions USD). 47
Table 15. Quantum Computer Architectures. 48
Table 16. Applications for quantum computing 49
Table 17. Comparison of classical versus quantum computing. 51
Table 18. Key quantum mechanical phenomena utilized in quantum computing. 52
Table 19. Types of quantum computers. 52
Table 20.Comparison of Quantum Computer Technologies. 54
Table 21. Comparative analysis of quantum computing with classical computing, quantum-inspired computing, and neuromorphic computing. 58
Table 22. Different computing paradigms beyond conventional CMOS. 58
Table 23. Applications of quantum algorithms. 60
Table 24. QML approaches. 61
Table 25. Commercial Readiness Level by Technology. 66
Table 26. Qubit Performance Benchmarking. 67
Table 27. Coherence times for different qubit implementations. 67
Table 28. Quantum Computer Benchmarking Metrics. 68
Table 29. Logical Qubit Progress. 69
Table 30. Superconducting qubit market players. 74
Table 31. Initialization, manipulation and readout for trapped ion quantum computers. 77
Table 32. Ion trap market players. 81
Table 33. Initialization, manipulation, and readout methods for silicon-spin qubits. 85
Table 34. Silicon spin qubits market players. 87
Table 35. Initialization, manipulation and readout of topological qubits. 89
Table 36. Topological qubits market players. 90
Table 37. Pros and cons of photon qubits. 92
Table 38. Comparison of photon polarization and squeezed states. 92
Table 39. Initialization, manipulation and readout of photonic platform quantum computers. 93
Table 40. Photonic qubit market players. 94
Table 41. Initialization, manipulation and readout for neutral-atom quantum computers. 98
Table 42. Pros and cons of cold atoms quantum computers and simulators 99
Table 43. Neural atom qubit market players. 100
Table 44. Initialization, manipulation and readout of Diamond-Defect Spin-Based Computing. 102
Table 45. Key materials for developing diamond-defect spin-based quantum computers. 103
Table 46. Diamond-defect qubits market players. 105
Table 47. Commercial Applications for Quantum Annealing. 106
Table 48. Pros and cons of quantum annealers. 107
Table 49. Quantum annealers market players. 109
Table 50. Quantum Computing Infrastructure Requirements. 111
Table 51. Modular vs. Single Core. 112
Table 52. Quantum computing software market players. 115
Table 53. Markets and applications for quantum computing. 119
Table 54. Total Addressable Market (TAM) for Quantum Computing. 119
Table 55. Market players in quantum technologies for pharmaceuticals. 122
Table 56. Market players in quantum computing for chemicals. 123
Table 57. Automotive applications of quantum computing, 124
Table 58. Market players in quantum computing for transportation. 126
Table 59. Quantum Computing in Finance. 128
Table 60. Market players in quantum computing for financial services 128
Table 61. Automotive Applications of Quantum Computing. 129
Table 62. Applications in quantum chemistry and artificial intelligence (AI). 132
Table 63. Market players in quantum chemistry and AI. 133
Table 64. Main types of quantum communications. 134
Table 65. Applications in quantum communications. 134
Table 66. Market players in quantum communications. 135
Table 67. Comparison between classical and quantum sensors. 138
Table 68. Applications in quantum sensors. 139
Table 69. Companies developing high-precision quantum time measurement 139
Table 70. Materials in Quantum Technology. 144
Table 71. Superconductor Value Chain in Quantum Technology. 145
Table 72. Superconductors in quantum technology. 145
Table 73. SNSPD Players companies. 147
Table 74. Single Photon Detector Technology Comparison. 148
Table 75. Photonics, silicon photonics and optics in quantum technology. 150
Table 76. Materials for Quantum Photonic Applications. 152
Table 77. Nanomaterials in quantum technology. 153
Table 79. Synthetic Diamond Value Chain for Quantum Technology. 156
Table 80. Quantum technologies investment funding. 161
Table 81. Top funded quantum technology companies. 162

List of Figures

Figure 1. Quantum computing development timeline. 19
Figure 2.Quantum investments 2012-2024 (billions USD). 23
Figure 3. National quantum initiatives and funding 2015-2023. 24
Figure 4. Quantum computing Market Map. 40
Figure 5. SWOT analysis for quantum computing. 42
Figure 6. Global market for quantum computing-Hardware, Software & Services, 2023-2035 (billions USD). 45
Figure 7. An early design of an IBM 7-qubit chip based on superconducting technology. 49
Figure 8. Various 2D to 3D chips integration techniques into chiplets. 51
Figure 9. IBM Q System One quantum computer. 55
Figure 10. Unconventional computing approaches. 59
Figure 11. 53-qubit Sycamore processor. 62
Figure 12. Interior of IBM quantum computing system. The quantum chip is located in the small dark square at center bottom. 65
Figure 13. Superconducting quantum computer. 71
Figure 14. Superconducting quantum computer schematic. 72
Figure 15. Components and materials used in a superconducting qubit. 73
Figure 16. Superconducting Hardware Roadmap. 73
Figure 17. SWOT analysis for superconducting quantum computers:. 75
Figure 18. Ion-trap quantum computer. 76
Figure 19. Various ways to trap ions 77
Figure 20. Trapped-Ion Hardware Roadmap. 78
Figure 21. Universal Quantum’s shuttling ion architecture in their Penning traps. 79
Figure 22. SWOT analysis for trapped-ion quantum computing. 82
Figure 23. CMOS silicon spin qubit. 83
Figure 24. Silicon quantum dot qubits. 85
Figure 25. Silicon-Spin Hardware Roadmap. 86
Figure 26. SWOT analysis for silicon spin quantum computers. 88
Figure 27. Topological Quantum Computing Roadmap. 90
Figure 28. SWOT analysis for topological qubits 91
Figure 29 . SWOT analysis for photonic quantum computers. 96
Figure 30. Neutral atoms (green dots) arranged in various configurations 97
Figure 31. Neutral Atom Hardware Roadmap. 98
Figure 32. SWOT analysis for neutral-atom quantum computers. 101
Figure 33. NV center components. 101
Figure 34. Diamond Defect Supply Chain. 104
Figure 35. Diamond Defect Hardware Roadmap. 104
Figure 36. SWOT analysis for diamond-defect quantum computers. 105
Figure 37. D-Wave quantum annealer. 108
Figure 38. SWOT analysis for quantum annealers. 109
Figure 39. Quantum software development platforms. 114
Figure 40. Tech Giants quantum technologies activities. 160
Figure 41. Quantum Technology investment by sector, 2023. 161
Figure 42. Quantum computing public and industry funding to mid-2023, millions USD. 164
Figure 43. Archer-EPFL spin-resonance circuit. 173
Figure 44. IBM Q System One quantum computer. 200
Figure 45. ColdQuanta Quantum Core (left), Physics Station (middle) and the atoms control chip (right). 203
Figure 46. Intel Tunnel Falls 12-qubit chip. 204
Figure 47. IonQ's ion trap 205
Figure 48. IonQ product portfolio. 206
Figure 49. 20-qubit quantum computer. 207
Figure 50. Maybell Big Fridge. 214
Figure 51. PsiQuantum’s modularized quantum computing system networks. 236
Figure 52. SemiQ first chip prototype. 279
Figure 53. Toshiba QKD Development Timeline. 289
Figure 54. Toshiba Quantum Key Distribution technology. 290