The quantum computing market is expected to surge from roughly $3.5 billion in 2025 to over $20 billion by 2030, reflecting a remarkable 41.8% compound annual growth rate (CAGR), according to a recent MarketsandMarkets projection.

This aligns closely with other industry reports, including McKinsey’s analysis, which envisions the broader quantum technology market could reach $100 billion by 2035. Quantum computing alone is estimated to generate revenues between $28 billion and $72 billion, propelled by advances in hardware, software and cloud-based access. Key sectors driving demand include chemicals, life sciences, finance, and mobility, where quantum-powered optimization, simulation, and machine learning are anticipated to deliver transformative breakthroughs.

Maryland is well-positioned to benefit from the projected quantum computing boom.

Microsoft’s collaboration at the University of Maryland’s Quantum Research Center and a local company, College Park-headquartered IonQ, forebode exciting times for the region. In addition, Darpa’s Underexplored Systems for Utility-Scale Quantum Computing (US2QC) program — examining the prospects of using non-conventional methods to build a fault-tolerant, utility-scale quantum computer faster than traditional predictions — throws up interesting possibilities.

Amazon’s federal projects also add another dimension. The cloud computing leader is engaged in federal projects via its Quantum Embark program and defense partnerships, spotlighting its dual role as a commercial and government quantum player. Leveraging its Amazon Web Services (AWS) quantum division, the company has introduced its proprietary Ocelot chip, boasting “cat qubits” technology that enhances error correction while potentially slashing costs by 90%.

NEA-Backed Local Giant

IonQ was founded in 2015 by Chris Monroe of the University of Maryland and Jungsang Kim of Duke University with $2 million in seed funding from New Enterprise Associates (NEA), and licenses to technology developed by the two at their respective universities. The company later raised about $75 million from Google’s venture arm GV, AWS and NEA, and built two quantum computers. Its other investors include Samsung and Mubadala, the sovereign wealth fund of Abu Dhabi.

IonQ completed an initial public offering in 2021 and earlier this month amassed $2 billion from an additional sale of shares, adding to $372 million it raised in March.

The company is led by CEO Niccolo de Masi, a former JPMorgan and Siemens executive. He earned Physics degrees from Cambridge University, where he specialized in quantum mechanics and next-generation electron beam lithography.

IonQ, considered a pure-play quantum hardware firm, has gained traction through collaborations with the U.S. Department of Energy on space-based quantum networks. It has also been selected for Darpa’s Quantum Benchmarking Initiative, emphasizing its security and innovation credentials. It also has two quantum networking contracts with the U.S. Air Force Research Laboratory (AFRL), and another with the Applied Research Laboratory for Intelligence and Security (ARLIS) to build and install quantum network infrastructure. IonQ also has signed a $22 million deal with EPB, an energy and communications company in Chattanooga, Tenn., to establish the first quantum computing and networking hub in the United States.

The company’s technologies have been deployed at national quantum-safe networks projects in Singapore and South Korea. In addition, it has international initiatives within the European Union’s quantum communications infrastructure. IonQ’s quantum technologies are available via the cloud in partnerships with Microsoft and Amazon Web Services.

Enter Microsoft

Microsoft is to run a cutting-edge quantum research center within the University of Maryland’s Discovery District, signaling a significant step forward in the state’s ambitious “Capital of Quantum” initiative. This collaboration between Microsoft, the University of Maryland Enterprise Corp. (UMEC) and the state of Maryland aims to position the region as a leading hub for next-generation quantum technology development. The center will focus on both hardware and software innovations. It will notably showcase a prototype of Microsoft’s topological quantum computer, which utilizes the Majorana 1 quantum chip. This design is intended to enhance error resistance in quantum systems, a key challenge in advancing practical quantum computing.

The research center is strategically located near Darpa and will facilitate direct collaboration and testing capabilities, notably in the defense agency’s US2QC program.

Maryland Gov. Wes Moore announced the “Capital of Quantum” initiative earlier this year. The ambitious public-private partnership seeks to catalyze more than $1 billion in investments to elevate the state as a global leader in quantum information science and technology. The initiative includes an initial $27.5 million state investment, which has since expanded to incorporate $52.5 million, and additional commitments projected in the state’s 2026 budget.

These funds support a range of quantum-focused infrastructure, notably a planned $244 million facility at the University of Maryland, designed with advanced quantum laboratories. The initiative also encourages the growth of quantum technology companies, exemplified by IonQ’s plans to expand its headquarters within the Discovery District, generating high-paying job opportunities across diverse disciplines.

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