ST. PAUL, Minn., Feb. 4, 2022 /PRNewswire/ -- A new study conducted by Hyperion Research and sponsored by the Quantum Economic Development Consortium (QED-C®) and QC Ware with assistance from the European Quantum Industry Consortium and Quantum Industry Canada today announced that the global quantum computing (QC) market earned an estimated $490 million in 2021. The market is anticipated to expand at an annual rate of 21.9 percent through 2024.

The estimate is strongly data-driven, drawn from a survey of 112 quantum computing vendors headquartered in North America, Europe, the Asia/Pacific Region, and the Middle East. Survey respondents spanned the range of the QC ecosystem, including QC algorithm and QC application software developers, QC hardware developers and product providers, and QC venture capital organizations.

"This newest market study confirms that the global quantum computing sector will exhibit stable and robust growth for at least the next few years. A growing list of QC-end users around the world likely will continue to fuel such growth, attracted by the increasing base of new and innovative QC- based applications and use cases critical to their overall advanced computing requirements," according to Bob Sorensen, Chief Analyst for Quantum Computing, Hyperion Research.  

Additional insights from the study included:

• Over the next three years, market revenues for QC software, both applications and middleware, is seen as the largest segment of the market at 35 percent, while QC hardware for both on-premises and cloud-based usage will comprise about 23 percent of the market. Cloud-based QC access by end users covered about 16 percent, followed closely by QC professional services at 14 percent.
• The most promising market segments for QC adoption cited by the QC suppliers surveyed were quantum computing development organizations, cybersecurity, the financial sector, and academia. However, the overall list of attractive application areas was broad and spanned over 16 major market segments.
• The main algorithms driving QC usage currently were machine learning (24 percent of respondents), optimization (19 percent), modeling/simulation (19 percent), cybersecurity (14 percent) and Monte Carlo processes (9 percent).
• Currently, the global QC supplier base is dominated by a few key players. Approximately 7 percent of the companies in the survey had estimated 2021 QC-related revenues of $10 million or more. In contrast, 49 percent of the companies surveyed had estimated 2021 revenues of less than $500K.

This study is the second annual QC market forecast by Hyperion Research and underwritten by QED-C and QC Ware. The findings, which were recently presented at the 2021 Q2B conference, will help inform decisions made by QC developers interested in rapidly changing QC market trends and opportunities; national-level policymakers tasked with QC-related R&D funding support, procurement policies, trade, and QC-specific security consideration; current and future QC end-users looking to gauge the pace and progress of the sector; and various corporate and venture capital entities assessing the technology and market potential of the sector. Regular updates to these studies will track the growth of the QC industry and help vendors, investors, and policymakers understand the evolving landscape of the quantum computing ecosystem. Future studies will be presented at the annual Q2B conference, held in the second week of December in California.

Celia Merzbacher, Executive Director of QED-C said, "This data-driven study provides a snapshot of where the industry is now and where it is headed in the next three to five years. With broader coverage compared to the survey one year ago, the consistent results year-over-year provide added confidence in the results."

"We believe that building practical quantum computing applications, which is our main mission, is not a zero-sum game," said Yianni Gamvros, Head of Business Development, QC Ware. "QC Ware is actively investing and cares deeply about the health of the entire quantum computing ecosystem. Support for this report is one of many community initiatives that we are undertaking to ensure the entire space is healthy, transparent, and growing as quickly as possible."

About Quantum Economic Development Consortium 
The Quantum Economic Development Consortium (QED-C) is an industry-driven consortium managed by SRI International with the mission to support a robust U.S. QIST industry and related supply chain. QED-C is supported by the National Institute of Standards and Technology (NIST) in the U.S. Department of Commerce and more than 160 members, including more than 110 U.S. corporations from across the quantum supply chain including component suppliers/manufacturers, software and hardware system developers, service providers and end users. (https://quantumconsortium.org/)

About QC Ware
QC Ware is a quantum software and services company focused on ensuring enterprises are prepared for the emerging quantum computing disruption. QC Ware specializes in the development of applications for near-term quantum computing hardware with a team composed of some of the industry's foremost experts in quantum computing. Its growing network of customers includes AFRL, Aisin Group, Airbus, BMW Group, Equinor, Goldman Sachs, and Total. QC Ware Forge, the company's flagship quantum computing cloud service, is built for data scientists with no quantum computing background. It provides unique, performant, turnkey quantum computing algorithms. QC Ware is headquartered in Palo Alto, California, and supports its European customers through its subsidiary in Paris. QC Ware also organizes Q2B, the largest annual gathering of the international quantum computing community. (https://www.qcware.com/)

About Hyperion Research
Hyperion Research provides data-driven research, analysis and recommendations for technologies, applications, and markets in high performance computing and emerging technology areas, such as quantum computing, to help organizations worldwide make effective decisions and seize growth opportunities. Research includes market sizing and forecasting, share tracking, segmentation, technology, and related trend analysis, and both user and vendor analysis for technical server technology used for traditional HPC, high performance data analysis, and AI workloads. Bob Sorensen (bsorensen@hyperionres.com) is Chief Analyst for Quantum Computing. (https://hyperionresearch.com/)

MEDIA CONTACT:
Artineh Aladadian, Interdependence PR
329197@email4pr.com
(949)- 777-2469

View original content to download multimedia:https://www.prnewswire.com/news-releases/new-study-estimates-more-than-20-percent-annual-growth-of-global-quantum-computing-marketplace-through-2024-301475790.html

SOURCE Hyperion Research