Quantum Computing Market by Offering (Systems and Consulting Solutions) Global Forecast to 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%. 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.
The
key applications used in quantum computing for consulting solution are
optimization, machine learning, and material simulation. Of these, optimization
is the largest contributor to the overall quantum computing market, accounting
for the largest share of the market in 2018. The demand for optimization and
material simulation applications on quantum computers is likely to increase
rapidly in the coming years. The demand to solve complex problems with simultaneous
operations as well as to simulate molecules and materials to gain an accurate
output is helping these applications to find opportunities in industries such
as automotive, chemicals, energy and power, and healthcare.
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Among the
end-user industries considered, space and defense is the largest contributor to
the overall quantum computing market, and it is expected to account for the largest
share of the market by 2019. The need for secure communications and data
transfer, with the demand in faster data operations, is expected to boost the
demand for quantum computing consulting solutions for this industry. The market
for the automotive industry is expected to grow at the highest CAGR from 2019
to 2024.
The quantum computing
market, by geography, has been broadly classified into North America, Europe, and
APAC. North America accounted for the largest share, followed by APAC,
in 2018 in the quantum computing market for consulting solutions. In the quantum
computing as a service market, North America accounted for the largest share,
followed by Europe, in 2018.
North America is
an early adopter of quantum computing solutions as well as QCaaS due to the
presence of large corporations with a technological edge and abundant capital
in the region. Various government initiatives have also greatly contributed to
the development of the quantum computing market in this region.
Among the 3
major regions, the quantum computing consulting solution market in APAC is
expected to grow at the highest CAGR during the forecast period. Also, the
quantum computing as a service market in APAC is expected to grow at the
highest CAGR during the forecast period. APAC is a leading hub for several
industries, including healthcare, banking, automotive, and chemicals. This
region is the largest automobile producer in the world. Also, countries such as
China, Japan, and South Korea are leading manufacturers of consumer electronics
devices, including smartphones, laptops, and gaming consoles, in this region. There
is a need to solve various complications related to application such as
optimization, material simulation, and machine learning across these
industries. Thus, to cater to these complex problems, key players in the market
are conducting extensive R&D for the development of the quantum system and
applications/algorithms that could help these industries to work efficiently.
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MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
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