Global Quantum Computing Market Set for 32.9% CAGR Growth Through 2032 Amid Rising Industry Demand

According to the latest market research study published by P&S Intelligence, the global quantum computing market was valued at approximately USD 1.2 billion in 2024 and is projected to surge to USD 11.8 billion by 2032, reflecting a robust compound annual growth rate (CAGR) of 32.9% over the forecast period.

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This exceptional growth is being powered by rapid advancements in underlying quantum technologies, expanding use cases across industries, and significant investment and government support bolstering research and development. As enterprises and research institutions pursue next‑generation computational capabilities, quantum computing is fast progressing from experimental to applied phases. Trends such as optimized quantum algorithms, enhanced qubit stability, and scalable architectures are accelerating the transition toward commercial deployment. Regulatory frameworks and collaborative initiatives at national and international levels are further supporting the maturation of the market.

Key Insights

• The market is segmented by offering (hardware, software, services), deployment mode (on‑premises vs. cloud), technology type (e.g., superconducting qubits, trapped ions, quantum annealing), and application end‑uses (optimization, simulation, machine learning support). Each segment is witnessing tailored innovation and investment.
• On the regional front, North America leads due to its strong R&D base and government funding, while Asia-Pacific is gaining momentum—attracted by industrial digitization and supportive government programs. Europe also shows steady growth as public–private quantum projects expand.
• Technological progress is being driven by increased qubit coherence times, algorithmic development, error‑correction mechanisms, and integration with classical computing through hybrid systems. Such advances are enabling more robust and scalable quantum platforms.
• Competitive dynamics involve key players investing heavily in both hardware and software ecosystems. Emerging firms alongside established technology giants are positioning themselves for early mover advantages across enterprise, government and academic sectors.
• Applications in optimization (particularly supply chain and logistics), simulation (molecular modeling, materials discovery), and quantum‑enhanced machine learning present significant commercial opportunities. Growing industry awareness and pilot adoptions are opening new market avenues.
• The shift toward cloud‑based quantum services is lowering barriers to access, enabling organisations to experiment without direct investment in costly infrastructure. Cloud deployment is expected to gain larger share over time.
• Demand is being led by sectors such as pharmaceuticals, aerospace & automotive, financial services, and energy, where quantum computation promises transformative operational advantages.
• Government initiatives and public funding in quantum initiatives—often tied to national strategic interests—are fostering infrastructure development and collaborations, further accelerating the ecosystem.
• Despite rapid momentum, barriers such as scalability of qubit architectures, high error rates, and talent shortages in quantum algorithm development and hardware engineering remain and are being addressed through focused research and training programs.