Executive Summary

Market Opportunity & Growth Trajectory

The quantum technologies market presents an extraordinary growth opportunity, with projections indicating expansion from $1.17-1.3 billion in 2024 to $90-170 billion by 2040 – representing a phenomenal 36-48% CAGR and a 158x multiplier over the period. McKinsey projects the total quantum technology market could reach $198 billion by 2040, encompassing quantum computing ($28-72B by 2035), quantum communication ($11-15B), and quantum sensing ($7-10B).

Technology Pillars

Quantum Computing

Quantum Computing dominates growth expectations with the highest CAGR, driven by breakthrough achievements including Google’s Willow chip (performing calculations in 5 minutes that would take classical computers 10 septillion years) and IBM’s modular Quantum System Two.

Quantum Communications

Quantum Communications shows steady growth (22-25% CAGR), reaching $10.5-14.9 billion by 2035, with governments currently representing 57% of purchases, though telecommunications is expected to grow significantly.

Quantum Sensing

Quantum Sensing represents the most mature segment with existing deployments, projected to reach $1 billion by 2030 (15% CAGR), with defense and security applications leading adoption.

Critical Market Dynamics

Talent Crisis

• The workforce shortage poses an existential threat to scaling, with only 5,000 qualified workers available against 10,000 needed in 2025
• The White House has labeled this a “national security vulnerability”
• By 2030, the industry expects to create 250,000 new jobs, rising to 840,000 by 2035

Investment Landscape Shift

• Private funding declined 19% in 2024 despite overall investment growing 50% to $2 billion
• Government funding surged, accounting for 34% of total investment ($680 million in 2024)
• Market concentration intensifying with just two companies (PsiQuantum and Quantinuum) receiving 50% of venture funding
• Quantum-as-a-Service (QCaaS) emerging as a $48.3 billion market opportunity by 2033

Geographic Competition

• Asia accelerating: Japan announced $7.4 billion investment in 2025; five of 19 new startups founded in Asia in 2024
• North America’s dominance eroding: Market share dropped from 43.86% (2023) to 38% (2024), with projected 23.5% CAGR underperforming global averages
• Europe strengthening: UN designated 2025 as International Year of Quantum Science; Spain committed $900 million

Strategic Implications

• First-mover advantage critical as market matures rapidly with increasing consolidation
• Talent acquisition and development essential for competitive positioning
• QCaaS models offer accessible entry points without massive capital requirements
• Government partnerships increasingly vital as public funding grows
• Geographic diversification necessary as innovation clusters emerge globally

The quantum computing revolution is transitioning from experimental to practical applications, with 2024 marking a pivotal shift from “growing qubits to stabilizing qubits” – signaling readiness for mission-critical enterprise adoption.

Quantum Computing Market Values & Growth Rates

“ …by 2035, quantum computing could be worth $28 billion to $72 billion, quantum communication could be worth $11 billion to $15 billion, and quantum sensing could be worth $7 billion to $10 billion—for a total of as much as $97 billion… We predict that by 2040, the total QT market could reach $198 billion.” – McKinsey & Company

Quantum Computing Market Values – Past, Present & Projected

Growth rate projections vary greatly for the years 2035 through 2024. The assumption to be made here is that analysts don’t know what they don’t know. Quantum technologies are disruptive, meaning that quantum technologies lead to industrial disruption, which leads to economic unrest and volatility on change. While we can look to past industrial revolutions to predict the magnitude of the change, we cannot predict the final form of this technology.

Quantum computing market values over time:

• 2023: Market valued @ USD 885.4 million [1]
• 2024: Market valued @ USD 1.17 billion to USD 1.3 billion [2, 3, 4]
• 2025: Market valued @ USD 1.51 billion to USD 1.79 billion [2, 5]
• 2029: Market valued @ USD 5.3 billion [4]
• 2030: Market valued @ USD 7.08 billion [5]
• 2032: Market valued @ USD 12.6 billion [1]
• 2034: Market valued @ USD 20.5 billion [6]
• 2035: Market valued @ USD 28 billion to USD 72 billion [3]
• 2040: Market valued @ USD 90 billion to USD 170 billion [7]

Quantum Computing Market Growth Rate Projections – Phenomenal Growth Indicates Tremendous Demand

Below is a chart showing the quantum computing market value from 2023 through the projected 2040. Note that projections vary wildly amongst analysts, so averages are shown. Still, one must highlight the phenomenal expected annual growth rate of 48% for a 158x multiplier over the period.

Quantum Computing Market Characteristics

A Taxonomy & Recap Of The Quantum Technologies Marketplace

There are three core pillars of quantum technologies—quantum communication, quantum computing, and quantum sensing [3].

Quantum Communication – Market Recap, Categories & Verticals

The total quantum communication market size was USD 0.9 billion to USD 1.0 billion in 2023, $1.2 billion in 2024, and will reach $10.5 billion to $14.9 billion by 2035—representing a CAGR of 22-25% over the next decade, which is much lower than that of quantum computing (see above). Governments are currently the largest purchasers of quantum communication technologies, at approximately 57% of all purchases in 2024, but by 2035 the telecommunications sector is expected to account for 16-26% of overall spending on quantum communication products [3, 25].

Key Categories

The quantum communication landscape comprises three key categories—security, networks, and services.

• Security
  • Quantum-safe cryptography solutions
  • Quantum random number generation
  • Secure communication protocols
• Networks
  • Quantum network infrastructure
  • Quantum internet backbone
  • Metropolitan and regional quantum networks
• Services
  • Quantum communication as a service
  • Integration and consulting services
  • Managed quantum security services

Important Verticals

Within the three key categories, there are six important verticals—quantum key distribution solutions, post-quantum cryptography (PQC), modular interconnects, regional networks, quantum global internet, and quantum communication services. In 2024, the vertical with the most commercial maturity was PQC, which focuses on building algorithms to withstand attacks from quantum computers [3].

• Quantum Key Distribution (QKD) Solutions
• Post-Quantum Cryptography (PQC)
• Modular Interconnects
• Regional Networks
• Quantum Global Internet
• Quantum Communication Services

Quantum Computing – Market Recap, Categories & Verticals

From 2023 through 2040, quantum computing is projected to grow at a CAGR of 36-48% (or possible more) – as mentioned earlier, expectations vary wildly for quantum computing.

Key Categories

The quantum computing landscape comprises three categories – hardware & systems, software & services, and deployment models. The systems segment dominated the market with a share of over 63.91% in 2024, involving development and deployment of quantum computing hardware and associated systems. Specifically, superconducting qubits earned a 35.9% market share. However, the service segment is expected to grow at the fastest rate from 2025 to 2030, including consulting, quantum software development, quantum algorithm design, and quantum cloud services. Note that quantum cloud services are mentioned below in trends – with the “rise of Quantum Computing as a Service (QCaaS)” [5, 18, 19].

• Hardware & Systems
  • Quantum processors (various qubit technologies)
  • Control systems and cryogenics
  • Error correction hardware
  • Quantum memory systems
• Software & Services
  • Quantum algorithms and applications
  • Development tools and SDKs
  • Quantum cloud services (QCaaS)
  • Professional services and consulting
• Deployment Models
  • On-premises solutions 
  • Cloud-based quantum computing
  • Hybrid quantum-classical systems

Important Verticals

Within the three key categories there are six primary verticals – BFSI, aerospace & defense, healthcare & life sciences, optimization, machine learning & AI, and materials science & chemistry. The BFSI segment held a dominant position within the quantum computing software market, capturing more than 32.6% share in 2024, while aerospace & defense captured a 32.6% share that same year – primarily due to critical need for advanced computational capabilities in national security [5, 6, 18].

• Banking, Financial Services & Insurance (BFSI)
• Aerospace & Defense
• Healthcare & Life Sciences
• Optimization
• Machine Learning & AI
• Materials Science & Chemistry

Quantum Sensing – Market Recap Categories & Verticals

The quantum sensing market is notably more mature than other quantum technologies such as computing and communication, with applications already being deployed in various industries, particularly in defense, navigation, and precision measurement applications. Thus, the growth rate of quantum sensing is projected to be less than that of the other quantum technologies – the global quantum sensing industry was estimated at USD 311.4 million in 2023, and is projected to reach approximately USD 1 billion by 2030, for a CAGR of around 15% (depending on which analyst one follows). But, by 2035, the quantum sensing industry is expected to reach from USD 7 billion to USD 10 billion [3, 20, 21].

Key Categories

The quantum sensing landscape comprises three categories – measurement technologies, application domains, and integration & systems. Atomic clocks and cold-atom interferometry represent that largest shares of the global quantum sensing market, at approximately 32% and 45%, respectively, but sensing mechanisms – such as nitrogen-vacancy diamond sensors with room-temperature operation and biocompatibility for magnetocardiography, magnetoencephalography and nanoscale materials research – are seeing the fastest growth, at a 17.21% CAGR [22, 23].

• Measurement Technologies
  • Quantum magnetometry (SQUIDs, NV centers, atomic magnetometers)
  • Quantum gravimetry and accelerometry
  • Quantum clocks and timing
  • Quantum imaging and microscopy
• Application Domains
  • Navigation and positioning (GPS-free navigation, inertial sensing)
  • Medical and biological sensing (MRI enhancement, biomarker detection)
  • Defense and security (submarine detection, underground mapping)
  • Resource exploration (mineral detection, oil and gas surveying)
• Integration & Systems
  • Miniaturization and chip-scale quantum sensors
  • Sensor networks and arrays
  • Data fusion and processing systems
  • Commercial product integration

Important Verticals

Within the three key categories there are seven primary verticals – defense & security, healthcare & life sciences, automotive, oil & gas, agriculture & environmental monitoring, telecommunications, and space & satellite. Quantum sensing is ideally suited for imaging and diagnostics, navigation, fault analysis, and underground measurements. While the automotive segment dominated the market in 2021, driven by demand for autonomous vehicles, in 2024 the quantum sensors market shifted to domination by government spending in the defense and security arena. Further, the highest area of growth for quantum sensing over the next five years is expected to be found in defense spending on space and satellite applications, which is currently projected at a CAGR of 17.22% for the period.  [20, 22, 24].

• Defense & Security
• Healthcare & Life Sciences
• Automotive
• Oil & Gas
• Agriculture & Environmental Monitoring
• Telecommunications
• Space & Satellite

Core Pillar Highlights

The data above suggests that, while all three quantum technology sectors are experiencing remarkable growth, quantum computing is positioned to become the dominant market by value, likely driven by its broad applicability across industries from drug discovery to financial modeling and artificial intelligence.

• Quantum Computing shows the most explosive growth at 81.3x, growing from $885.4M to $72B – representing a compound annual growth rate (CAGR) of approximately 43.5%
• Quantum Sensing demonstrates strong 32.1x growth, expanding from $311.4M to $10B with a CAGR of about 33.3%
• Quantum Communication shows steady 14.9x growth, increasing from $1B to $14.9B with a CAGR of approximately 25.1%

The chart below uses a logarithmic scale to effectively display the different growth trajectories, as quantum computing’s growth is particularly dramatic compared to the other sectors.

The Existential Threat To Scaling & Adoption – A Lack Of Quantum-Skilled Workers

Tons Of Demand – But Not A Lot Of Supply

Quantum computing is still an emerging concept and there is an increasing worldwide talent shortage. The workforce gap has become so critical that the White House labeled it a “national security vulnerability,” urging efforts to train and attract more quantum specialists [9].

• In 2021, an estimated two-thirds of quantum-related jobs worldwide went unfilled due to lack of qualified professionals, and a National Academy of Sciences study found fewer than 20 universities globally had dedicated quantum computing degree programs. The situation wasn’t much better in 2022 – in 2022, about 50% of quantum positions remained vacant [9, 10]
• In 2025, there is a demand for around 10,000 quantum-skilled workers, but a supply of under 5,000 quantum-skilled workers [1]
• By 2030, the quantum computing industry is expected to create 250,000 new jobs, and by 2035, projections show up to 840,000 new jobs created by the quantum computing industry [9]

A Look At The Quantum Workforce By Role – A Reliance On STEM Skills

The top quantum roles, of course, are engineering, IT, and research [8]. As end-users shift, expectations are that sales, marketing, and education roles will increase.

Quantum Computing Market Trends

“In 2024, the QT industry saw a shift from growing quantum bits (qubits) to stabilizing qubits—and that marks a turning point. It signals to mission-critical industries that QT could soon become a safe and reliable component of their technology infrastructure.” – McKinsey & Company

Top quantum computing market trends include the following:

• Marketplace Concentration – Fewer Pure-Play Start-Ups, More Mergers & Acquisitions, Innovation In Clusters
• Venture Capital Flight To Quality – And The Reciprocal Rise Of Quantum Computing as a Service (QCaaS)
• Government Urgency – Increasing Public Funding Globally, Asia Making Up For Lost Time, North America Share Falling

Marketplace Concentration – Fewer Pure-Play Start-Ups, More Mergers & Acquisitions, Innovation In Clusters

The infographic below gives a global view of the quantum technologies market. Note that North America has the largest number of pure-play QT companies, but, overall, the Europe and Central Asia region has the largest number of quantum-related companies. It is also worth noting that quantum computing represents a mere 6% of the quantum stack company total – clearly an underrepresented vertical considering the importance of the technology [8]. 

According to the infographic, pure-play companies founded by year are declining, reflecting a maturing marketplace, increasing mergers and acquisitions, and concentration of venture funding on fewer, less risky firms and technologies [8]. 

Concentration makes sense, considering the existential threat mentioned above – the lack of quantum-skilled workers. In fact, taking concentration to perhaps an extreme, new start-ups are being created in innovation “clusters” that group together start-up accelerators, academic institutions, research centers, and investors. Quantum start-ups are actively partnering with regional and national authorities to create these clusters, and there are several emerging hubs in Abu Dhabi, Tel Aviv, Tokyo, and the United States [3].

Venture Capital Flight To Quality – And The Reciprocal Rise Of Quantum Computing as a Service (QCaaS)

In 2024, private sector funding from venture capital and private equity firms accounted for two-thirds of total investment in quantum technologies, or about $1.3 billion, a decline of 19% compared with 2023. Further, concentration of venture funding led to only two late-stage start-ups, PsiQuantum and Quantinuum, receiving half of total investment for the year [3].

In 2025, we again see a concentration of venture funding [12]:

• D-Wave is the most funded private quantum computing company with $216M in 19 rounds (Crunchbase)
• Rigetti Computing: $198.5M in 9 rounds(Crunchbase)
• The University of Oxford (UK) is the entity that has gained the most public funding: $117.59 M for 62 grants (PwC)
• IonQ: $52M in 3 rounds (Crunchbase)
• Silicon Quantum Computing: $66M (PwC)
• Cambridge Quantum Computing (CQC): $48M in 7 rounds (Crunchbase) – (note that CQC merged Honeywell Quantum and became Quantinuum)
• 1QBit: CA$45 in 4 rounds (Crunchbase)
• IQM: €29M in 3 rounds (Crunchbase)

As companies increasingly seek access to quantum computational resources, but find themselves unable to fund the significant specialized hardware and expertise investments as venture capital becomes more concentrated, we see the reciprocal rise of Quantum Computing as a Service (QCaaS) [14, 15].

In 2023, the QCaaS market, globally, was estimated at USD 2.3 billion. By 2033 the global QCaaS market is expected to be worth approximately USD 48.3 billion, for a CAGR of 35.6% during the period – in-line with expectations for the quantum technologies market more broadly – meaning that projections are for continued increasing demand combined with a continued lack of funding for proprietary systems [16, 17].

Government Urgency – Increasing Public Funding Globally, Asia Making Up For Lost Time, North America Share Falling

But, fewer companies in which to invest doesn’t mean less money to invest – necessarily. Let’s consider private vs. public investment over the last several years, shown in the chart below, for clarification as to the flow of the money [3].

In 2024, investors poured nearly $2.0 billion into QT start-ups worldwide, a 50% increase compared to $1.3 billion in 2023. However, as mentioned above, private sector funding from venture capital and private equity firms declined by 19% compared with 2023. Public funding took up the reins, increasing 19% relative to 2023 to account for 34% of 2024 funding, or $680 million. This shows increased urgency from governments to invest in QT’s potential [3]. 

Let’s consider a regional view of government investment in quantum technologies:

Asia – Japan Goes “Big Balls”

Five of the 19 new quantum technologies start-ups founded in 2024 were based in Asia, underscoring the region’s emerging dominance in the field [3].

• India: In 2023, India’s Union Cabinet announced the approval of the National Quantum Mission (NQM), costing Rs. 6,003.65 crore from 2023-24 to 2030-31 [5, 13].
• Japan: In 2025, Japan invested ¥30 billion (USD 280 million) in quantum information science and technology, supporting advancements in quantum communication, and announced a $7.4 billion bet on the quantum technologies sector. Japan’s National Institute of Advanced Industrial Science and Technology’s collaboration with QuEra and IonQ [2, 3].
• Singapore: In 2024, Singapore led Asian quantum technologies investments with an approximately $222 million investment in QT research and talent [3].

Europe – The Year Of Quantum Science & Technology

The United Nations has designated 2025 the International Year of Quantum Science and Technology, celebrating 100 years since the initial development of quantum mechanics [3].

• Australia: In 2023, Australia launched the First National Quantum Strategy. This strategy focuses on five priorities: investing in R&D and commercialization, securing infrastructure and materials, growing a skilled workforce, supporting national interests, and promoting a trusted, ethical, inclusive ecosystem. In 2024, the Australian government announced a $620 million financial package for PsiQuantum to build the world’s first utility-scale, fault-tolerant quantum computer in Brisbane [2, 3]
• Germany: In 2022, the German Aerospace Center (DLR) called for proposals for the improvement of quantum computing with solid-state spins [5]
• Spain: In 2025, Spain committed to investing $900 million in quantum technologies [3]
• United Kingdom: In 2024, the U.K. government disclosed a speculation of GBP 45 million (USD 48.4 million) for quantum computers and GBP 27 million (USD 29.0 million) for novel semiconductors [1]

Middle East – Late To The Race, And Moving Slowly

• Qatar: The Qatar Investment Authority’s partnership with Alice & Bob in 2025 are other examples of major investments in this space – French quantum computing startup Alice & Bob raised €100 million ($104m) in a Series B funding round with the aim of building the “world’s first useful quantum computer” by 2030 [3, 11]
• United Arab Emirates (UAE): The UAE launched the Quantum Security Initiative in 2024 to develop a nationwide quantum-secured network for government and defense applications [2]

North America – Dominance Slipping, But Impact Increasing

In 2018 the U.S. Congress passed a bill to accelerate quantum computing, and President Trump signed the National Quantum Initiative Act (NQI Act), which directed the Department of Energy (DOE), National Science Foundation (NSF), and National Institute of Standards and Technology (NIST) to support R&D and education in Quantum Information Science (QIS). [2]

Due to the early adoption of advanced technologies and a highly competitive market, North America held the largest quantum computing market share, at 43.86%, in 2023. In 2024, North America maintained its dominant position, capturing about a 38% share of the quantum computing market. With an expected CAGR of only 23.5% over the next ten years, the United States is projected by some analysts to underperform average global market growth rates, with attention shifting to Europe and Asia [1, 6].

To combat this shift away from North American quantum dominance, in December 2024, U.S. Senators proposed the National Quantum Initiative Reauthorization Act, authorizing USD 2.7 billion over five years to further practical uses in quantum technology and strengthen national security and economic competitiveness. Also in 2024, the State of Illinois announced a $500 million investment in the development of a quantum park [2, 3].

That said above, significant quantum computing strides have been recently made by several US-based companies [6]:

• IBM: IBM unveiled the Quantum System Two, a modular quantum computer designed for scalability and integration with classical systems, and launched the IBM Quantum Flex Plan, offering flexible access to its quantum systems, catering to research and development needs 
• Google: Google’s Quantum AI division achieved a breakthrough with the introduction of the superconducting qubit-based Willow quantum chip. This chip significantly reduces errors as it scales, marking a major advancement in quantum error correction. Willow performed a computation in under five minutes that would take a supercomputer 10 septillion years, demonstrating its potential for solving complex problems beyond the reach of classical computers 
• Microsoft: Microsoft introduced the Majorana 1 chip, the world’s first quantum chip powered by a new Topological Core architecture . This innovation is expected to lead to quantum computers capable of solving meaningful, industrial-scale problems in years, not decades. Microsoft also launched the Quantum Ready program, designed to help businesses prepare for the transformative impact of quantum computing 

Further, the leader in patents granted in 2024 was the United States, with IBM granted 191 patents (the highest number) and Google granted 168 patents [3].

Announced Government Investments In Quantum Technologies (2023-2025)

Overall, governments announced $1.8 billion in funding for all types of QT endeavors in 2024. Japan, with its over $7 billion quantum technologies investment announcement in 2025, looks to set the stage for the next ten years [3].

Appendix

Sources

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[2] straits research – ‘Quantum Computing Market Size, Share & Trends Analysis Report By Type (Software, Hardware), By Application (Machine Learning, Optimization, Biomedical Simulations, Financial Services, Electronic Material Discovery, Others (Traffic Optimization, Weather Forecasting, and Others)), By Deployment (On-premise, Cloud), By Verticals (Defense, Healthcare and Pharmaceuticals, Chemicals, Banking and Finance, Energy and Power, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2025-2033’ – https://straitsresearch.com/report/quantum-computing-market

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[13] Government Of India – National Quantum Mission (NQM) – https://dst.gov.in/national-quantum-mission-nqm

[14] Quantum Insider – ‘The Quantum Insider Projects $1 Trillion In Economic Impact From Quantum Computing By 2035’ – https://thequantuminsider.com/2024/09/13/the-quantum-insider-projects-1-trillion-in-economic-impact-from-quantum-computing-by-2035/

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[25] McKinsey Digital – ‘Quantum communication: Trends and outlook’ – https://www.mckinsey.com/~/media/mckinsey/business%20functions/mckinsey%20digital/our%20insights/quantum%20communication%20growth%20drivers%20cybersecurity%20and%20quantum%20computing/quantum-communication-trends-and-outlook.pdf?shouldIndex=false