Quantum Computing Software Market

The size of the quantum computing software market globally was valued at USD 779.2 million in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 18.5% from 2024 to 2030. Development of bespoke quantum software for applications is flourishing across industries. For drug discovery, quantum chemistry software facilitates accurate simulations of molecule structure, and optimization algorithms concentrate on supply chain and logistics problems. In addition, quantum machine learning libraries are being developed to utilize the capabilities of quantum computing to enhance AI models. These tailored tools are made to address industry-level challenges and provide more precise and effective results than traditional computer methods,.

Component Insights
The components segment dominated the market and held 63.6% of global revenue in 2023. Cloud quantum computing services are fast growing, offering customers external access to quantum algorithms and resources. Companies are offering platforms that decrease the entry threshold for utilization of quantum technology by allowing developers and researchers to play with quantum algorithms. The initiative aims at faster development of quantum algorithms, foster innovation, and make access to quantum computers democratized.

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Technology Insights
Superconducting qubits technology generated the highest revenue market share in 2023. Quantum computing activities could have focused on augmenting qubit numbers while working on error rates and stability simultaneously. The counts of superconducting qubits in quantum computers could have improved with advancements in fabrication processes, materials, and control systems and possibly overcome the “noisy intermediate-scale quantum” (NISQ) era. Error-correcting strategies, such as surface codes or code-based techniques, might have been explored further to minimize errors and increase computation precision.

Application Insights
The optimization application represented the highest market revenue share in 2023. The optimization sector in the quantum computing environment is witnessing a remarkable growth owing to the widespread presence of optimization problems in various industries and business processes. Conventional computing approaches tend to fail to address these issues within acceptable time limits effectively, leading to the utilization of quantum computing technology as the best solution. Especially, quantum computing, using quantum annealing methods, shows outstanding superiority in resolving optimization issues that require finding global minimal point solutions in an instant. This trend represents increasing dependence on quantum annealing to solve intricate optimization problems more efficiently than conventional supercomputers are capable of, driving the acceptance of quantum computing in numerous industries for greater efficiency and problem-solving.

Key Companies & Market Share Insights
Certain of the market’s key players include Microsoft Corporation; IBM Corporation; QC Ware; and Google LLC (Alphabet Inc.).

IBM Corporation offers a wide set of quantum computing software solutions, led by Qiskit, which is an open-source quantum SDK that facilitates quantum program development and running. Additionally, IBM has Quantum Composer and Quantum Lab, which enable the creation and simulation of quantum circuits and encourage the development of quantum algorithms. These, together with IBM Quantum Experience, offer cloud access to quantum processors, making it possible to experiment and innovate in quantum computing

QC Ware provides an extensive portfolio of quantum computing software products such as quantum algorithms, optimization methods, and quantum machine learning software. With its quantum algorithm-making capacity, its key product, Forge, allows buyers to fulfill the industrial need for advanced computing options in diverse segments and provides simulation

Key Quantum Computing Software Companies:

• 1QBIT
• Accenture PLC
• AWS Inc.
• Cambridge Quantum Computing
• D-Wave Systems
• Fujitsu Ltd.
• Google LLC
• Honeywell Inc.
• Huawei Technology Co. Ltd.
• IBM Corporation
• Microsoft Corporation
• QC Ware
• Rigetti Computing
• Riverlane
• Zapata Computing

Quantum Computing Software Market, By End Use
Aerospace and defense
BFSI
Healthcare and Life Sciences
Energy and Utility
Chemical
Transportation and logistics
Government
Education
Others

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On the basis of End Use, The industry is divided into Aerospace and defense, BFSI, Healthcare and Life Sciences, Energy and Utility, Chemical, Transportation and logistics, Government, Education, and Others. The healthcare and life sciences segment is expected to be the strongest revenue driver in the worldwide industry in, and this strength is anticipated to prevail during the forecast period.

The growth of the industry is being driven by the advantages of healthcare solutions. This program can be utilized by researchers to create ultra-accurate and tailored pharmaceutical and diagnostic devices. Magnetic resonance imaging (MRI) systems can also employ these sensors to provide ultra-accurate readings. These advances can enhance healthcare service quality.

Quantum Computing Software Market, By Offering
Systems
Services
On the basis of Offering, The market is divided into Systems and Services. The services segment is anticipated to dominate the quantum computing industry. The growing number of startups that are investing in research and development activities related to quantum computing technology may be due to the growth of this services market. This technology is applied in simulation, optimization, and machine learning applications, leading to reduced operating expenses and improved operations across various industries.

Quantum Computing Software Market, By Geography
North America
Europe
Asia Pacific
Rest of the world
Based on Geography, The Global Quantum Computing Software Market is divided into North America, Europe, Asia Pacific, and the Rest of the world. APAC’s top producers of consumer electronics like cellphones, laptops, and gaming consoles include China, Japan, and South Korea. Throughout these industries, there exists a requirement to address challenges in optimization, simulation, and machine learning applications.

APAC’s fast developing economies and enhanced use of creative technology within manufacturing are fueling the progress of the region’s large and medium enterprises. As a result of this, demand for quantum computer services and solutions is on the increase in APAC.
The “Global Quantum Computing Software Market” research report will offer insightful information with a focus on the global market. The key players in the market include IBM Corporation, D-Wave Systems Inc, Cambridge Quantum Computing Ltd, Intel Corporation, Rigetti & Co, Inc, and Google LLC. The competitive landscape segment also comprises key development strategies, market share, and market ranking analysis of the mentioned players in the global market.