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Quantum computing market is expected to grow at a CAGR of 24.9%, while the QCaaS market is estimated to grow at a CAGR of 26.8% during 2019–2024.
The overall quantum computing market is expected to grow from USD 93 million by 2019 to USD 283 million by 2024 at a CAGR of 24.9%. The QCaaS market is expected to grow from USD 4 million by 2019 to USD 13 million by 2024 at a CAGR of 26.8%. The market growth is attributed to the increasing demand for quantum computing in industries such as space and defense, automotive, chemicals, energy and power, healthcare, and banking and finance.
The material simulation application is expected to register high growth in the overall quantum computing market during the forecast period. Automotive companies such as Volkswagen AG (Germany) are using material simulation applications to simulate the chemical structure of batteries on quantum computers. This is important for the development of high-performance electric vehicle batteries. Moreover, various end-user industries are using quantum computers as well as adopting QCaaS to simulate material structures.
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Automotive industry to lead quantum computing market during forecast period
The automotive industry uses optimization, machine learning, and simulation applications for problem-solving. Major automotive companies are adopting this new technology to make their offerings more efficient. For example, Daimler AG (Germany) joined other automotive companies experimenting with the potential applications of quantum computing. Also, Ford Motor Company (US) signed an agreement with NASA to access their D-Wave quantum computer, improve the efficiency of fleet vehicles, optimize driving routes, and improve the structure of batteries for electric vehicles. Volkswagen AG (Germany) has developed a quantum-computing-based traffic management system that could be offered as a commercial service. The company is also interested in developing more advanced batteries.
Material simulation application to register highest CAGR in quantum computing market for consulting solutions during forecast period
Material simulation is used in various industries such as healthcare, automotive, entertainment, banking and finance, and defense. Companies such as D-Wave Systems Inc. (Canada), 1QB Information Technologies Inc. (Canada), and QxBranch, LLC (US) are working toward providing a platform to enhance the availability, usability, and accessibility of quantum computers in the material simulation applications in the near future. QxBranch LLC (US) has launched quantum computing simulator for the Commonwealth Bank of Australia. Moreover, Atos SE (France) has launched the highest-performing quantum simulator named Atos Quantum Learning Machine’ (Atos QLM); such developments are expected to drive the growth of the quantum computing market for the simulation application.
APAC to lead quantum computing market for consulting solutions during forecast period
The quantum computing market, by geography, has been broadly segmented into North America, Europe, and APAC. In terms of value, North America accounted for the largest share of 45% of the quantum computing market for consulting solutions in 2018. This growth is attributed to key players based in this region as well as the increase in the adoption of quantum computing applications in distinct industries such as defense, chemicals, and banking and finance.
The quantum computing market for consulting solutions in APAC is expected to grow at the highest CAGR during 2019–2024. This growth can be attributed to the escalating demand for quantum computing applications from emerging economies such as China and South Korea, especially in industries such as defense, healthcare, and energy and power, in the coming years.
Breakdown of profiles of primary participants:
- By Company Type: Tier 1 – 18%, Tier 2 – 22%, and Tier 3 – 60%
- By Designation: C-Level Executives – 21%, Manager Level – 35%, and Others – 44%
- By Region: North America – 45%, Europe – 38%, and APAC – 17%
The major players operating in the quantum computing market include D-Wave Systems Inc. (Canada), QX Branch (US), International Business Machines Corporation (US), Cambridge Quantum Computing Limited (UK), 1QB Information Technologies (Canada), QC Ware, Corp. (US), StationQ - Microsoft (US), Rigetti Computing (US), Google Inc. (US), River Lane Research (US).
- The market by offering, covers consulting solutions and systems
- The market for consulting solutions by end-user industry covers space & defense, automotive, healthcare, chemicals, energy & power, and banking & finance.
- The market for consulting solutions by application covers optimization, machine learning, and material simulation.
- The QCaaS market by application covers optimization, machine learning, and material simulation.
- The geographic analysis is based on 3 major regions?North America, Europe, and APAC.
Key Benefits of Buying Report:
The report will help leaders/new entrants in this market by providing information on the closest approximations of the revenue numbers for the overall quantum computing market and its subsegments. It will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies. It will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.