Study Estimates Global Quantum Computing Market Earned $490M in 2021

February 4, 2022

ST. PAUL, Minn.Feb. 4, 2022 — 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 AmericaEurope, 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. Visit 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. Visit 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 ([email protected]) is Chief Analyst for Quantum Computing. Visit https://hyperionresearch.com.


Source: Hyperion Research

Subscribe to HPCwire's Weekly Update!

Be the most informed person in the room! Stay ahead of the tech trends with industry updates delivered to you every week!

Google Announces Sixth-generation AI Chip, a TPU Called Trillium

May 17, 2024

On Tuesday May 14th, Google announced its sixth-generation TPU (tensor processing unit) called Trillium.  The chip, essentially a TPU v6, is the company's latest weapon in the AI battle with GPU maker Nvidia and clou Read more…

ISC 2024 Student Cluster Competition

May 16, 2024

The 2024 ISC 2024 competition welcomed 19 virtual (remote) and eight in-person teams. The in-person teams participated in the conference venue and, while the virtual teams competed using the Bridges-2 supercomputers at t Read more…

Grace Hopper Gets Busy with Science 

May 16, 2024

Nvidia’s new Grace Hopper Superchip (GH200) processor has landed in nine new worldwide systems. The GH200 is a recently announced chip from Nvidia that eliminates the PCI bus from the CPU/GPU communications pathway.  Read more…

Europe’s Race towards Quantum-HPC Integration and Quantum Advantage

May 16, 2024

What an interesting panel, Quantum Advantage — Where are We and What is Needed? While the panelists looked slightly weary — their’s was, after all, one of the last panels at ISC 2024 — the discussion was fascinat Read more…

The Future of AI in Science

May 15, 2024

AI is one of the most transformative and valuable scientific tools ever developed. By harnessing vast amounts of data and computational power, AI systems can uncover patterns, generate insights, and make predictions that Read more…

Some Reasons Why Aurora Didn’t Take First Place in the Top500 List

May 15, 2024

The makers of the Aurora supercomputer, which is housed at the Argonne National Laboratory, gave some reasons why the system didn't make the top spot on the Top500 list of the fastest supercomputers in the world. At s Read more…

Google Announces Sixth-generation AI Chip, a TPU Called Trillium

May 17, 2024

On Tuesday May 14th, Google announced its sixth-generation TPU (tensor processing unit) called Trillium.  The chip, essentially a TPU v6, is the company's l Read more…

Europe’s Race towards Quantum-HPC Integration and Quantum Advantage

May 16, 2024

What an interesting panel, Quantum Advantage — Where are We and What is Needed? While the panelists looked slightly weary — their’s was, after all, one of Read more…

The Future of AI in Science

May 15, 2024

AI is one of the most transformative and valuable scientific tools ever developed. By harnessing vast amounts of data and computational power, AI systems can un Read more…

Some Reasons Why Aurora Didn’t Take First Place in the Top500 List

May 15, 2024

The makers of the Aurora supercomputer, which is housed at the Argonne National Laboratory, gave some reasons why the system didn't make the top spot on the Top Read more…

ISC 2024 Keynote: High-precision Computing Will Be a Foundation for AI Models

May 15, 2024

Some scientific computing applications cannot sacrifice accuracy and will always require high-precision computing. Therefore, conventional high-performance c Read more…

Shutterstock 493860193

Linux Foundation Announces the Launch of the High-Performance Software Foundation

May 14, 2024

The Linux Foundation, the nonprofit organization enabling mass innovation through open source, is excited to announce the launch of the High-Performance Softw Read more…

ISC 2024: Hyperion Research Predicts HPC Market Rebound after Flat 2023

May 13, 2024

First, the top line: the overall HPC market was flat in 2023 at roughly $37 billion, bogged down by supply chain issues and slowed acceptance of some larger sys Read more…

Top 500: Aurora Breaks into Exascale, but Can’t Get to the Frontier of HPC

May 13, 2024

The 63rd installment of the TOP500 list is available today in coordination with the kickoff of ISC 2024 in Hamburg, Germany. Once again, the Frontier system at Read more…

Synopsys Eats Ansys: Does HPC Get Indigestion?

February 8, 2024

Recently, it was announced that Synopsys is buying HPC tool developer Ansys. Started in Pittsburgh, Pa., in 1970 as Swanson Analysis Systems, Inc. (SASI) by John Swanson (and eventually renamed), Ansys serves the CAE (Computer Aided Engineering)/multiphysics engineering simulation market. Read more…

Nvidia H100: Are 550,000 GPUs Enough for This Year?

August 17, 2023

The GPU Squeeze continues to place a premium on Nvidia H100 GPUs. In a recent Financial Times article, Nvidia reports that it expects to ship 550,000 of its lat Read more…

Comparing NVIDIA A100 and NVIDIA L40S: Which GPU is Ideal for AI and Graphics-Intensive Workloads?

October 30, 2023

With long lead times for the NVIDIA H100 and A100 GPUs, many organizations are looking at the new NVIDIA L40S GPU, which it’s a new GPU optimized for AI and g Read more…

Choosing the Right GPU for LLM Inference and Training

December 11, 2023

Accelerating the training and inference processes of deep learning models is crucial for unleashing their true potential and NVIDIA GPUs have emerged as a game- Read more…

Shutterstock 1606064203

Meta’s Zuckerberg Puts Its AI Future in the Hands of 600,000 GPUs

January 25, 2024

In under two minutes, Meta's CEO, Mark Zuckerberg, laid out the company's AI plans, which included a plan to build an artificial intelligence system with the eq Read more…

AMD MI3000A

How AMD May Get Across the CUDA Moat

October 5, 2023

When discussing GenAI, the term "GPU" almost always enters the conversation and the topic often moves toward performance and access. Interestingly, the word "GPU" is assumed to mean "Nvidia" products. (As an aside, the popular Nvidia hardware used in GenAI are not technically... Read more…

Nvidia’s New Blackwell GPU Can Train AI Models with Trillions of Parameters

March 18, 2024

Nvidia's latest and fastest GPU, codenamed Blackwell, is here and will underpin the company's AI plans this year. The chip offers performance improvements from Read more…

Some Reasons Why Aurora Didn’t Take First Place in the Top500 List

May 15, 2024

The makers of the Aurora supercomputer, which is housed at the Argonne National Laboratory, gave some reasons why the system didn't make the top spot on the Top Read more…

Leading Solution Providers

Contributors

Shutterstock 1285747942

AMD’s Horsepower-packed MI300X GPU Beats Nvidia’s Upcoming H200

December 7, 2023

AMD and Nvidia are locked in an AI performance battle – much like the gaming GPU performance clash the companies have waged for decades. AMD has claimed it Read more…

Eyes on the Quantum Prize – D-Wave Says its Time is Now

January 30, 2024

Early quantum computing pioneer D-Wave again asserted – that at least for D-Wave – the commercial quantum era has begun. Speaking at its first in-person Ana Read more…

The GenAI Datacenter Squeeze Is Here

February 1, 2024

The immediate effect of the GenAI GPU Squeeze was to reduce availability, either direct purchase or cloud access, increase cost, and push demand through the roof. A secondary issue has been developing over the last several years. Even though your organization secured several racks... Read more…

Intel Plans Falcon Shores 2 GPU Supercomputing Chip for 2026  

August 8, 2023

Intel is planning to onboard a new version of the Falcon Shores chip in 2026, which is code-named Falcon Shores 2. The new product was announced by CEO Pat Gel Read more…

The NASA Black Hole Plunge

May 7, 2024

We have all thought about it. No one has done it, but now, thanks to HPC, we see what it looks like. Hold on to your feet because NASA has released videos of wh Read more…

GenAI Having Major Impact on Data Culture, Survey Says

February 21, 2024

While 2023 was the year of GenAI, the adoption rates for GenAI did not match expectations. Most organizations are continuing to invest in GenAI but are yet to Read more…

How the Chip Industry is Helping a Battery Company

May 8, 2024

Chip companies, once seen as engineering pure plays, are now at the center of geopolitical intrigue. Chip manufacturing firms, especially TSMC and Intel, have b Read more…

Q&A with Nvidia’s Chief of DGX Systems on the DGX-GB200 Rack-scale System

March 27, 2024

Pictures of Nvidia's new flagship mega-server, the DGX GB200, on the GTC show floor got favorable reactions on social media for the sheer amount of computing po Read more…

  • arrow
  • Click Here for More Headlines
  • arrow
HPCwire