The market is primarily witnessing growth due to the rising funding by private and government firms. After 2014, an increasing number of government programs are supporting quantum information processing. In addition to this, private organizations are also investing widely in the technology for gaining advantages of attaining increased market share. Moreover, simulation work is gaining popularity in the domain.

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The companies in the domain are working on developing numerical simulation of quantum systems, as it is important for further comprehension of natural phenomena. The global quantum computing market is predicted to attain a value of $1,866.8 million by 2030, increasing from $89.6 million in 2019, exhibiting a 33.1% CAGR during the forecast period (2020–2030). On the basis of application, the market is categorized into machine learning, optimization, sampling, and simulation & data problems.

Out of these, the optimization application accounted for the largest share of the market in 2019, owing to the fact that the majority of problems in enterprises revolve around streamlining business processes that need optimization solution. Because of this, players in the domain are focusing on developing solutions which can be applied for optimization purposes. According to a report by P&S Intelligence, the quantum computing market is categorized into service, hardware, and software, on the basis of offering.

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Among these, the hardware category dominated the market in 2019, which can be attributed to the fact that the domain is still in the developmental phase and companies are investing for the development of hardware equipment. The major industries which are making use of these solutions are healthcare, banking, financial services, & insurance, energy & utilities, aerospace & defense, IT & telecom, and manufacturing.

Hence, the demand for quantum computing is growing due to the increasing investment in the technology by both private and government organizations.