24x increase in quantum computing revenues predicted in next decade

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 CAGR of 37.7%.

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.

In estment in QC vendors is growing again in 2024 after year-on-year declines in 2022 and 2023. In 2024, there have been large funding events, such as PsiQuantum’s raise of $617 million and Riverlane’s raise of $75 million.

The past year has seen progress in scaling qubit volumes and practical implementation of 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. NTT DoCoMo announced the operational use of quantum annealing for mobile infrastructure optimization starting in July 2024.

Omdia published its latest quantum computing market report in August 2024.