Table of Contents
Quantum Computing Market Overview
Quantum computing, based on the principles of quantum mechanics, utilizes quantum bits (qubits), which can exist in multiple states simultaneously, allowing for parallel computations.
Qubits can also be entangled, enabling correlated operations. Quantum gates manipulate qubits to perform calculations, with algorithms like Shor’s and Grover’s designed for quantum systems.
Decoherence, caused by environmental noise, is a significant challenge in building practical quantum computers. Current quantum hardware includes superconducting qubits and trapped ions.
Despite challenges, quantum computing shows promise in cryptography, optimization, drug discovery, and materials science.
Market Drivers
The global quantum computing market is gaining momentum due to several factors. Firstly, there is a growing demand for advanced computing capabilities to address complex cryptography, optimization, and drug discovery challenges.
Increased investment in quantum computing R&D by governments, private entities, and academia is driving technological progress. Pursuing faster and more efficient computing solutions also spurs organizations to explore quantum technologies.
Moreover, the potential of quantum computers to transform industries such as finance, healthcare, and cybersecurity is fueling interest and adoption.
Lastly, collaborations between technology firms and research institutions facilitate the commercialization of quantum computing, further boosting market growth.
Market Size
The anticipated Global Quantum Computing Market size is set to surge to about USD 8,285.6 Million by 2033, a substantial increase from USD 719.3 Million in 2023, with an expected compound annual growth rate (CAGR) of 31.2% between 2024 and 2033.
List of Major Companies
These are the top ten companies operating in the Quantum Computing Market:
IBM
Company Overview
| Establishment Year | 1911 |
| Headquarter | New York, United States |
| Key Management | Arvind Krishna (Chairman & CEO) |
| Revenue (US$ Bn) | $ 61.8 Billion (2023) |
| Headcount | ~ 282,200 (2023) |
| Website | https://www.ibm.com/ |
About IBM Corporation
Based in New York, IBM Corporation is crucial in quantum computing research. Its IBM Quantum division provides cloud access to quantum processors through the IBM Quantum Experience platform, enabling users to experiment and create algorithms for quantum computing exploration.
Additionally, IBM Quantum develops the Qiskit open-source quantum software for algorithm creation. By partnering with academic and industry entities, IBM Quantum is dedicated to advancing quantum computing in chemistry, optimization, and machine learning to create scalable systems capable of solving intricate problems.
Geographical Presence
Based in Armonk, New York, IBM Corporation operates globally, with offices, research centers, and data facilities strategically placed worldwide to serve clients in over 170 countries.
Its presence is notable in North America, Europe, Asia Pacific, and Latin America, allowing for the delivery of technology solutions and services across various industries.
Furthermore, IBM fosters partnerships with local entities worldwide to spur innovation, economic development, and digital transformation efforts.
Recent Developments
- In March 2024, USC entered a new agreement with IBM, enhancing quantum research for faculty and students. This collaboration aims to solidify the university’s position as a frontrunner in quantum research and a premier educator for the nation’s tech workforce.
- In February 2024, LTIMindtree partnered with the IBM Quantum Network to delve into innovations in quantum computing.
Company Overview
| Establishment Year | 1998 |
| Headquarter | Mountain View, California, U.S. |
| Key Management | Sundar Pichai (CEO) |
| Revenue (US$ Bn) | $ 279.8 B (2022) |
| Headcount | ~ 178,234 (2022) |
| Website | https://about.google/ |
About Google
Google LLC, based in Mountain View, California, is actively involved in advancing quantum computing through its Quantum AI division.
Notable achievements include the development of the Bristlecone quantum processor and the Quantum Supremacy experiment. It demonstrated quantum advantage.
Google collaborates with academic institutions, publishes research papers, and strives to innovate in quantum computing. It aims to tackle complex cryptography, optimization, and machine learning issues.
Geographical Presence
Based in Mountain View, California, Google LLC showcases an extensive global footprint across North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa.
Google positions itself strategically to cater to a wide array of markets by establishing key operational centers such as Dublin, Ireland, and strategically located offices in major urban centers like New York City, Singapore, and São Paulo.
Its worldwide network of data centers, essential for sustaining its primary services and cloud solutions, solidifies its reputation as a premier global technology leader, fostering innovation and connectivity worldwide.
Recent Developments
- In March 2024, Google released a threat model concerning the emergence of quantum computers capable of breaking commonly used encryption systems like RSA and ECC.
- In March 2024, Google and XPRIZE initiated a $5 million competition to identify practical applications for quantum computers that could positively impact society.
Rigetti-Computing
Company Overview
| Establishment Year | 2013 |
| Headquarter | Berkeley, California, United States |
| Key Management | Subodh Kulkarni (CEO) |
| Revenue (US$ Bn) | $ 13 Million (2023) |
| Headcount | ~ 144 (2023) |
| Website | http://rigetti.com/ |
About Rigetti Computing
Rigetti Computing, based in Berkeley, California, is a leading figure in quantum computing research and development. Specializing in scalable quantum computers, Rigetti offers cloud-based access to its quantum resources via Quantum Cloud Services.
Their quantum processors, which use superconducting qubits, prioritize accuracy and reliability. Rigetti also focuses on quantum software and algorithm research, supported by the Forest quantum development platform, providing tools for programming and simulating quantum algorithms.
Through collaborations with academia and industry, Rigetti aims to advance quantum computing’s applications in optimization, drug discovery, and beyond, driving innovation in the field.
Geographical Presence
Rigetti Computing, headquartered in Berkeley, California, strategically positions itself at the epicenter of innovation in Silicon Valley. Rigetti extends its influence from this base through satellite offices and research facilities, fostering collaboration with top-tier researchers and industry partners.
This geographical presence also extends internationally, allowing Rigetti to tap into global talent pools and engage with diverse markets.
With a commitment to innovation and collaboration, Rigetti Computing emerges as a formidable player in the quantum computing landscape, poised to drive advancements and shape the future of computing worldwide.
Recent Development
- In February 2024, Riverlane and Rigetti joined a project with the US Department of Energy’s Oak Ridge National Laboratory (ORNL) to investigate the complexities of integrating a quantum computer with a large-scale supercomputing center.
- In January 2024, Rigetti received an Innovate UK grant under the Feasibility Studies in Quantum Computing Applications competition.
D-Wave-Systems
Company Overview
| Establishment Year | 1999 |
| Headquarter | Burnaby, British Columbia, Canada |
| Key Management | Alan Baratz (CEO) |
| Revenue (US$ Bn) | $7.2 Million (2022) |
| Headcount | ~ 215 (2022) |
| Website | https://www.dwavesys.com/ |
About D-Wave Systems
D-Wave Systems, based in Canada, is a prominent player in quantum computing. The company specializes in quantum annealing technology and has developed commercial quantum computers based on this approach.
D-Wave’s quantum processors, known as D-Wave Quantum Processing Units (QPUs), leverage quantum annealing to solve optimization problems. These machines are designed to tackle complex computational challenges across various industries, including finance, healthcare, and logistics.
D-Wave has partnered with academic institutions, research labs, and industry leaders to advance quantum computing research and explore new applications. With a focus on practical quantum computing solutions, D-Wave continues to push the boundaries of quantum technology and drive innovation in the field.
Geographical Presence
Based in Burnaby, British Columbia, Canada, D-Wave Systems has a global presence with offices strategically positioned across North America, Europe, and Asia-Pacific.
In North America, the company operates from California and Virginia, capitalizing on the tech hubs of Silicon Valley and Washington, D.C.
In Europe, D-Wave has offices in the UK, Germany, and Switzerland, fostering partnerships with academia and industry.
Additionally, the company is present in Japan and Australia in the Asia-Pacific, driving innovation in quantum computing. This widespread presence reflects D-Wave’s dedication to advancing quantum technologies worldwide.
Recent Development
- In March 2024, D-Wave introduced a new strategy to boost the adoption and implementation of commercial quantum technologies.
- In February 2024, NEC Australia and D-Wave launched two new quantum services in Australia, enriching their quantum computing solutions for businesses, government entities, and academic institutions.
Honeywell
Company Overview
| Establishment Year | 1906 |
| Headquarter | Charlotte, North Carolina, U.S. |
| Key Management | Vimal Kapur (CEO) |
| Revenue (US$ Bn) | $36.6 B (2023) |
| Headcount | ~ 95,000 (2023) |
| Website | http://honeywell.com/ |
About Honeywell
Honeywell, headquartered in Charlotte, North Carolina, has significantly advanced quantum computing through its Quantum Solutions division.
Specializing in trapped-ion quantum computing technology, Honeywell aims to develop scalable quantum computers capable of addressing real-world challenges.
The company has achieved notable milestones in hardware development, including record-setting quantum volume and qubit coherence times.
Alongside hardware efforts, Honeywell Quantum Solutions researches quantum software and algorithms, collaborating with academic and industry partners to drive innovation in the field.
Geographical Presence
Honeywell, a multinational conglomerate, maintains a robust global presence, with operations spanning over 70 countries across North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa.
Headquartered in Charlotte, North Carolina, USA, Honeywell strategically positions itself in critical regions such as Europe, with significant locations in Germany, the United Kingdom, France, and Switzerland, and dynamic economies like China, India, Japan, and Australia in the Asia-Pacific region.
This expansive geographic footprint enables Honeywell to serve diverse markets, leverage local talent and resources, and drive innovation, reaffirming its commitment to delivering value and driving growth worldwide.
Recent Developments
- In January 2024, Honeywell participated in a $300 million equity funding round for Quantinuum, an integrated quantum computing company, valuing it at $5 billion before the investment.
- In September 2023, Honeywell unveiled a groundbreaking initiative, becoming the first to incorporate quantum-computing-resistant encryption keys into smart utility meters. This innovation safeguards user data from sophisticated cyber threats.
Microsoft
Company Overview
| Establishment Year | 1975 |
| Headquarter | Redmond, Washington, U.S. |
| Key Management | Satya Nadella (Chairman & CEO) |
| Revenue (US$ Bn) | $ 211.9 Billion (2023) |
| Headcount | ~ 221,000 (2023) |
| Website | https://www.microsoft.com/ |
About Microsoft Corporation
Microsoft Corporation, headquartered in Redmond, Washington, is a global technology leader actively involved in quantum computing. The company focuses on developing scalable quantum hardware and software solutions through its Microsoft Quantum division.
Microsoft’s approach revolves around building a topological qubit-based quantum computer known for its stability and error correction capabilities.
Additionally, Microsoft Quantum researches quantum software and algorithms, offering the Quantum Development Kit for programming and simulating quantum algorithms using the Q# language.
Collaborating with academic institutions and industry partners, Microsoft aims to drive innovation in quantum computing and explore new applications across various fields.
Geographical Presence
Microsoft, headquartered in Redmond, Washington, USA, has a robust global presence across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, with strategically located offices, data centers, and research facilities.
Microsoft wields significant influence and ample resources in North America, including the US, Canada, and Mexico. Major European cities like London, Paris, Berlin, and Dublin serve as innovation hubs, enhancing Microsoft’s leadership in cloud computing and software solutions.
Microsoft spearheads digital transformation initiatives in the Asia-Pacific region, covering Japan, China, India, and Australia.
Latin America and the Middle East & Africa also benefit from Microsoft’s strategic investments and partnerships, reflecting its commitment to global innovation and sustainable growth.
Recent Developments
- In December 2023, Microsoft unveiled plans to construct its quantum supercomputer, leveraging the topological qubits its researchers have been developing over several years.
- In November 2023, Microsoft announced a deal with Photonic Inc. to work together to develop the power global quantum ecosystem.
Intel
Company Overview
| Establishment Year | 1968 |
| Headquarter | Santa Clara, California, U.S. |
| Key Management | Pat Gelsinger (CEO) |
| Revenue (US$ Bn) | $ 54.2 Billion (2023) |
| Headcount | ~ 124,800 (2023) |
| Website | https://intel.com/ |
About Intel Corporation
Intel Corporation, headquartered in Santa Clara, California, is actively involved in quantum computing. With a focus on developing scalable quantum hardware, including qubits and control electronics, Intel leverages its expertise in semiconductor manufacturing to tackle the challenges of scaling quantum systems.
Additionally, the company researches quantum software and algorithms, collaborating with academic institutions and industry partners to drive innovation in the field.
Intel envisions building a scalable quantum computing ecosystem to address real-world problems and foster industry advancements.
Geographical Presence
Intel Corporation, a leading semiconductor manufacturer, boasts a robust global presence with headquarters in Santa Clara, California, USA, and manufacturing facilities in key locations across the Americas, Asia-Pacific, and Europe, including Oregon, China, Ireland, and Malaysia.
The company also operates research and development centers and sales offices in major technology hubs worldwide, such as India, Japan, and Germany.
This extensive geographical footprint underscores Intel’s commitment to serving diverse markets and leveraging regional strengths to drive innovation and business growth on a global scale.
Recent Developments
- In March 2024, Intel launched version 1.1 of its Quantum Software Development Kit (SDK), bringing substantial improvements to support the implementation of quantum algorithms.
- In June 2023, Intel introduced its latest quantum chip and commenced its distribution to researchers and engineers in the quantum field for research purposes.
Toshiba
Company Overview
| Establishment Year | 1875 |
| Headquarter | Tokyo, Japan |
| Key Management | Taro Shimada (CEO) |
| Revenue (US$ Bn) | $ 24.8 Billion (2023) |
| Headcount | ~ 116,224 (2022) |
| Website | https://www.global.toshiba/ww/top.html |
About Toshiba Corporation
Toshiba Corporation, headquartered in Tokyo, Japan, is actively engaged in the development of quantum computing technologies.
Toshiba uses its semiconductor manufacturing and materials science expertise to build scalable quantum hardware, including qubits and control electronics, to achieve reliable and stable quantum operations.
Additionally, the company researches quantum software and algorithms and collaborates with academic and industry partners to explore new applications for quantum computing.
Toshiba aims to develop practical quantum computing systems capable of addressing real-world challenges and driving innovation across various sectors.
Geographical Presence
Toshiba Corporation, originating in Tokyo, Japan, in 1875, has expanded its global reach. With a strong foothold in Asia-Pacific, including Japan, China, South Korea, Australia, and India, it also maintains significant operations in North America, particularly in the United States, with offices in states like California and Texas.
In Europe, Toshiba has established offices and subsidiaries in the United Kingdom, Germany, France, and Italy while extending its presence into Latin America, focusing on Brazil and Mexico.
Additionally, the company has a growing presence in select countries in the Middle East and Africa. Toshiba’s expansive network delivers innovative products and services across various sectors worldwide.
Recent Development
- In September 2023, Toshiba invested strategically in quantum technology by launching a new product development and manufacturing facility in the UK.
- In June 2023, Toshiba and Classiq Technologies entered a technology collaboration agreement in gate-based quantum computing.
Hitachi
Company Overview
| Establishment Year | 1910 |
| Headquarter | Chiyoda-ku, Tokyo, Japan |
| Key Management | Toshiaki Higashihara (Executive Chairman) |
| Revenue (US$ Bn) | $ 80.4 Billion (2023) |
| Headcount | ~ 322,525 (2023) |
| Website | https://www.hitachi.com/ |
About Hitachi
Hitachi Ltd, headquartered in Tokyo, Japan, is actively exploring the potential of quantum computing. The company’s approach involves research and development efforts to leverage quantum principles to solve complex computational problems more efficiently.
Hitachi’s initiatives span hardware, software, and algorithm development, with collaborations with academic and industry partners to drive innovation in the field.
The company aims to develop scalable quantum computing systems that address real-world challenges across various industries.
Hitachi’s vision includes building a comprehensive quantum computing ecosystem to enable breakthroughs in science, technology, and business, ultimately contributing to societal advancement.
Geographical Presence
Hitachi Ltd., headquartered in Tokyo, Japan, has a widespread geographical presence spanning Asia, the Americas, Europe, and other regions.
In Asia, including key markets like China, India, and Southeast Asia, Hitachi offers a range of technology and industrial solutions, leveraging its home base in Japan.
In the Americas, particularly in the United States and Canada, Hitachi caters to various sectors such as IT, automotive, and healthcare.
The company operates in countries like the UK, Germany, and France in Europe, focusing on transportation, power generation, and digital solutions.
Hitachi also exists in Oceania, the Middle East, and Africa, contributing to economic growth and societal advancement.
This extensive global footprint enables Hitachi to adapt to diverse market conditions and capitalize on emerging opportunities across different regions.
Recent Developments
- In March 2024, Hitachi formed a strategic partnership with AWS to enhance hybrid cloud solutions.
- In February 2024, Hitachi Energy allocated more than 30 million euros to upgrade and expand its power transformer manufacturing facility in Germany.
AWS
Company Overview
| Establishment Year | 2002 |
| Headquarter | Seattle, Washington, U.S. |
| Key Management | Adam Selipsky (CEO) |
| Revenue (US$ Bn) | $ 80.1 Billion (2022) |
| Headcount | ~ 10,000 (2022) |
| Website | https://aws.amazon.com/ |
About Amazon Web Services
Amazon Web Services (AWS), a subsidiary of Amazon.com, is a critical player in cloud computing services. While AWS isn’t directly involved in quantum hardware development, it offers Braket, a cloud-based service supporting quantum computing research.
Braket provides access to quantum resources, allowing researchers to experiment with algorithms using simulators and real quantum hardware.
Additionally, AWS offers various cloud services and supports quantum developers through training and educational resources, contributing significantly to the quantum computing ecosystem.
Geographical Presence
Amazon Web Services (AWS), headquartered in Seattle, Washington, maintains a global presence with data centers and offices strategically located across various regions and countries.
While its primary base is in the United States, AWS serves customers worldwide, providing cloud computing services to businesses, government organizations, and individuals.
With an extensive network of data centers spanning significant regions such as North America, Europe, Asia Pacific, and South America, AWS ensures low-latency access and reliable service delivery to its global customer base.
Additionally, AWS has established a strong presence in emerging markets, further expanding its geographical footprint and market reach.
Recent Developments
- In November 2023, AWS unveiled a new quantum computer chip to improve error correction capabilities.
- In May 2023, AWS initiated two skill development programs for quantum computing in India, collaborating with educational institutions and learning platforms to integrate Amazon Braket, a fully managed quantum computing service, into the curriculum.
Discuss your needs with our analyst
Please share your requirements with more details so our analyst can check if they can solve your problem(s)
