The global quantum computing market is expected to hit USD 2,930.67 Million by 2028, growing at a CAGR of 30.70% from 2021. This massive growth will be driven by increasing demand for applications in AI, machine learning, and data analytics, as well as investments in quantum sensing and communication technologies.
Quantum computing is making waves as the next big thing in the world of computing, and the numbers are here to back it up. A recent report by SkyQuest Technology Consulting Pvt. Ltd. shows that the global quantum computing market, valued at USD 490.51 Million in 2021, is expected to reach a staggering value of USD 2,930.67 Million by 2028. That's a mind-blowing 497% growth in just seven years, with a CAGR of 30.70% over the forecast period (2022-2028).
This incredible growth is largely attributed to the increasing demand for quantum computing in various applications such as artificial intelligence (AI), machine learning, and data analytics. AI, in particular, could greatly benefit from the speed and accuracy offered by quantum computing, as classical computers can take hours or even days to train an AI algorithm. Quantum computers, on the other hand, are able to solve complex problems much faster due to their ability to exploit the properties of subatomic particles like photons.
Investors have been quick to recognize the potential of quantum computing, with the market witnessing an investment of around $3 billion in 2021 alone. SkyQuest's analysis reveals that out of this, $1.9 billion was announced in the second half of the year, taking the total global funding to $31 billion since 2001. The majority of this funding comes from the US (49%), followed by the UK (17%), Canada (14%), and China (6%). With a projected revenue of $41 billion by 2040 at a CAGR of over 30%, it's no wonder that investors are eager to take advantage of this rapidly expanding field.
