Quantum Processors Market is Expected to Reach $5.01 Billion by 2033

31 May 2024

The Global Quantum Processors Market is undergoing rapid evolution, characterized by distinct phases of introduction, growth, maturity, and potential decline. In the introductory phase, pioneering companies and research institutions are driving innovation, developing prototypes, and exploring potential applications. As technological advancements and investments surge, the market enters a phase of rapid growth, marked by increasing demand from various sectors such as finance, healthcare, and cybersecurity. This growth phase sees the emergence of new players, intensified competition, and acceleration of commercialization efforts.

In the maturity phase, quantum processors become more mainstream, with established use cases and a growing customer base. Market saturation may occur as competition reaches its peak, leading to price stabilization and consolidation among key players.

However, innovation remains crucial to sustaining market momentum and staying ahead of competitors. The future trajectory of the quantum processors market depends on factors such as technological breakthroughs, regulatory environment, and market acceptance. While the potential for transformative impact is immense, challenges such as scalability, error correction, and cost-effectiveness need to be addressed to ensure sustained growth and market relevance.

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Quantum Processors Market Overview

The advent of quantum processors marks a revolutionary stride in computing technology, promising unprecedented capabilities that could redefine various industries. In finance, quantum processors can revolutionize complex calculations, optimizing trading strategies, risk assessment, and portfolio management.

As quantum computing continues to advance, its impact across industries is poised to reshape business operations, drive innovation, and unlock new avenues for growth and development.

Market Segmentation:

Segmentation 1: by Application

•    Quantum Computing
•    Cryptography
•    Quantum Simulation
•    Quantum Sensing and Metrology

The quantum computing segment is one of the prominent applications in the global quantum processors market.

Segmentation 2: by Type
•    Superconducting Qubits
•    Trapped-Ion Qubits
•    Topological Qubits
•    Quantum Dots
•    Photonic Qubits
•    Cell Assembly
•    Cold Atom Processor

The global quantum processors market is estimated to be led by superconducting qubits in terms of type.

Segmentation 3: by Business Model
•    Quantum Computing-as-a-Service
•    Computer Sales

The global quantum processors market is estimated to be led by the quantum computing-as-a-service segment in terms of business model.

Segmentation 4: by Region
•    North America - U.S., Canada, and Mexico
•    Europe - Germany, France, Italy, Spain, U.K., and Rest-of-Europe
•    Asia-Pacific - China, Japan, India, South Korea, Taiwan, and Rest-of-Asia-Pacific
•    Rest-of-the-World - Middle East and Africa and South America

In the quantum processors market, North America is anticipated to gain traction in terms of quantum processors, owing to the continuous growth in the quantum computing sectors.

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Demand Drivers and Limitations in Quantum Processors Market

Ongoing research efforts and investments in quantum computing infrastructure are expected to drive the market forward, unlocking new possibilities across industries and reshaping the computing landscape in the years to come.

The following are the demand drivers for the global quantum processors market:

•    Increasing Demand for Enhanced Computational Power
•    Advancements in Quantum Technology

The market is expected to face some limitations as well due to the following challenges:

•    High Cost of Development and Implementation
•    Lack of Talent in Quantum Computing

Key Market Players and Competition Synopsis

The global quantum processors market has been segmented by different types, among which superconducting qubits accounted for around 43.05%, trapped-ion qubits held around 20.29%, topological qubits accounted for approximately 2.76%, quantum dots held around 6.15%, photonic qubits held approximately around 20.94%, cell assembly held around 2.14% and cold atom processors held for around 4.69% of the total quantum processors market in 2022 in terms of value.

Some of the prominent established names in this market are:

Company Type 1 (by Type): Superconducting Qubits

•    Rigetti & Co, LLC.
•     Google Quantum AI
•     IBM
•     D-Wave Quantum, Inc.
•    Others

Company Type 2 (by Type):  Trapped-Ion Qubits

•     Quantinuum Ltd
•     IonQ, Inc.
•     Universal Quantum
•     eleQtron
•    Others

Company Type 3 (by Type):  Topological Qubits

•    Microsoft
•    Others

Company Type 4 (by Type):  Quantum Dots

•    Intel Corporation
•     Silicon Quantum Computing
•     Photonic Inc.
•     Quantum Motion
•    Others

Company Type 5 (by Type):  Photonic Qubits

•    PsiQuantum
•    Xanadu
•    Quantum Source
•    Orca Computing
•    Others

Company Type 6 (by Type):  Cell Assembly

•    Microsoft
•    Google Quantum AI
•    Others

Company Type 7 (by Type):  Cold Atom Quantum Processors

•    Atom Computing Inc.
•     QuEra Computing Inc.
•     Pasqal
•     ColdQuanta, Inc.
•    Others

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Analyst Thoughts

According to Debraj Chakraborty, Principal Analyst, BIS Research, “Quantum processors, with their ability to perform complex computations at speeds unattainable by classical computers, are poised to disrupt various industries. The market is witnessing increased investments from both established technology giants and emerging startups, indicating growing interest and confidence in quantum computing's commercial viability. Additionally, collaborations between academia, research institutions, and industry players are driving innovation and accelerating the development of quantum processors.

However, challenges such as scalability, error correction, and the high cost of implementation remain significant barriers to widespread adoption. Despite these challenges, the market outlook remains optimistic, fueled by advancements in quantum technology, rising demand for computational power across sectors such as finance, healthcare, and logistics, and government initiatives aimed at fostering quantum research and development. As the technology matures and solutions to existing challenges emerge, the global quantum processors market is expected to witness substantial growth and transformative impact across industries.”