The quantum computing market is projected to surge from approximately $3.5 billion in 2025 to over $20 billion by 2030, representing a remarkable 41.8% compound annual growth rate according to MarketsandMarkets. This aligns with broader industry projections, including McKinsey’s analysis suggesting the quantum technology market could reach $100 billion by 2035, with quantum computing alone generating between $28 billion and $72 billion in revenue. The growth is driven by advances in hardware, software, and cloud-based access across key sectors including chemicals, life sciences, finance, and mobility where quantum-powered optimization, simulation, and machine learning promise transformative breakthroughs.
Maryland stands to benefit substantially from this quantum computing expansion through strategic corporate partnerships and government initiatives. Microsoft’s collaboration at the University of Maryland’s Quantum Research Center and the presence of College Park-based IonQ signal the region’s growing importance in quantum technology development. The state’s proximity to defense agencies provides additional advantages, particularly through Darpa’s Underexplored Systems for Utility-Scale Quantum Computing program which explores non-conventional methods to build fault-tolerant quantum computers faster than traditional predictions.
IonQ, founded in 2015 by University of Maryland’s Chris Monroe and Duke University’s Jungsang Kim with initial funding from New Enterprise Associates, has emerged as a significant player in the quantum hardware space. The company completed an initial public offering in 2021 and recently raised $2 billion through additional share sales. Under CEO Niccolo de Masi, a former JPMorgan and Siemens executive with physics degrees from Cambridge University, IonQ has secured multiple government contracts including work with the U.S. Department of Energy on space-based quantum networks and selection for Darpa’s Quantum Benchmarking Initiative. The company also maintains quantum networking contracts with the U.S. Air Force Research Laboratory and the Applied Research Laboratory for Intelligence and Security, along with a $22 million agreement with EPB to establish the nation’s first quantum computing and networking hub in Chattanooga, Tennessee.
Microsoft’s establishment of a quantum research center within the University of Maryland’s Discovery District represents another major development for the region. The center will feature Microsoft’s topological quantum computer prototype utilizing the Majorana 1 quantum chip, designed to enhance error resistance in quantum systems. This collaboration between Microsoft, the University of Maryland Enterprise Corporation, and the state of Maryland supports Governor Wes Moore’s ‘Capital of Quantum’ initiative, which aims to catalyze over $1 billion in investments to position Maryland as a global leader in quantum information science. The initiative includes substantial state funding, with initial investments of $27.5 million expanding to $52.5 million and additional commitments projected in the 2026 state budget. These resources support infrastructure development including a planned $244 million facility at the University of Maryland with advanced quantum laboratories, while encouraging quantum technology company growth and high-paying job creation across multiple disciplines.