Due to the increasing investments by various private and government firms, the popularity of quantum computing is growing rapidly across the world. Moreover, the increasing implementation of several government programs supporting the development of the quantum information processing technology is facilitating the development of quantum computing in various countries around the world. Many government bodies are also launching programs and funding quantum-related research and development (RD) projects for commercializing the quantum computing technology. 

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For instance, the National Quantum Initiative Act was enacted in the U.S. in December 2018. Under this Act, the U.S. House of Representatives allocated $1.2 billion to the National Quantum Initiative Program for establishing the priorities and goals for a 10-year plan in order to speed-up the development of the various applications of quantum information science (QIS) and technology. Furthermore, many organizations are increasingly focusing on developing various standards for quantum technology.

For example, the IEEE Standards Association Quantum Computing Working Group is developing standards such as those regarding nomenclature and definitions for bringing commonality to the performance benchmarks and metrics and the language used for this technology in order to make the measurement of the performance of the quantum computers against classical computers possible. Besides these factors, the rapid expansion of the aerospace defense and manufacturing industries is also fueling the demand for quantum computing technology across the world.

The above-mentioned factors are driving the progress of the quantum computing market. The market was valued at $89.6 million in 2019 and is predicted to generate a revenue of $1,866.8 million by 2030. Furthermore, the market is predicted to advance at a CAGR of 33.1% between 2020 and 2030. Out of the quantum computing services, software, and hardware, the demand for hardware was found to be the highest in the past years.