LONDON, August 12, 2024: Omdia forecasts that quantum computing (QC) vendors will see their global revenue rise from $1.1 billion in 2023 to $28.2 billion in 2033, for a compound annual growth rate of 37.7% over this ten-year period. North America and Europe are expected to be the leading regional markets, with Asia & Oceania a close third. Cloud-based access services will make up the largest share of revenue, followed by hardware, consulting, and software.
Crucially, investment in QC vendors is growing again in 2024 after year-on-year declines in 2022 and 2023. R&D in deep-tech sectors like QC requires significant funding and mainstream revenue is still years away. In 2024, there have been large funding events, such as PsiQuantum’s raise of $617 million and Riverlane’s raise of $75 million. Investment growth is a strong signal that the industry will have the resources needed to make QCs commercially useful.
Likewise, the past year has seen a rising cadence of announcements by vendors and other researchers highlighting progress in scaling qubit volumes and practically implementing key aspects of the quantum error correction cycle, at least on small scales. These improve confidence that QCs will at least start to provide economic benefits in the near term, even as we wait for full “quantum computational advantage.” Japanese operator NTT DoCoMo announced the operational use of quantum annealing for mobile infrastructure optimization starting in July 2024.
“Achieving fault-tolerant scaled quantum computing would help humanity solve key challenges related to climate change, developing new pharmaceuticals and materials, and bringing important advances to artificial intelligence.” says Sam Lucero, Chief Analyst for Quantum Computing at Omdia. “But the industry has a long road ahead to fully achieving this goal.”
