Product Code: SE 5490
"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.
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 the 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.
TABLE OF CONTENTS
- 1.1 STUDY OBJECTIVES
- 1.2 DEFINITION
- 1.3 STUDY SCOPE
- 1.3.1 MARKETS COVERED
- 1.3.2 GEOGRAPHIC SCOPE
- 1.3.3 YEARS CONSIDERED
- 1.4 CURRENCY
- 1.5 STAKEHOLDERS
2 RESEARCH METHODOLOGY
- 2.1 RESEARCH DATA
- 2.1.1 SECONDARY DATA
- 18.104.22.168 Secondary sources
- 2.1.2 PRIMARY DATA
- 22.214.171.124 Primary sources
- 126.96.36.199 Key industry insights
- 188.8.131.52 Breakdown of primaries
- 2.2 MARKET SIZE ESTIMATION
- 2.2.1 BOTTOM-UP APPROACH
- 2.2.2 TOP-DOWN APPROACH
- 2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
- 2.4 RESEARCH ASSUMPTIONS
- 2.5 LIMITATIONS
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
- 4.1 ATTRACTIVE OPPORTUNITIES IN QUANTUM COMPUTING MARKET
- 4.2 QUANTUM COMPUTING MARKET FOR CONSULTING SOLUTION, BY APPLICATION
- 4.3 QUANTUM COMPUTING AS A SERVICE MARKET, BY APPLICATION
- 4.4 QUANTUM COMPUTING CONSULTING SOLUTION MARKET SHARE, BY REGION (2019 VS. 2024)
- 4.5 QUANTUM COMPUTING AS A SERVICE MARKET SHARE, BY REGION (2019 VS. 2024)
- 4.6 QUANTUM COMPUTING AS A SERVICE MARKET, BY APPLICATION
- 4.7 QUANTUM COMPUTING MARKET FOR CONSULTING SOLUTION, BY GEOGRAPHY
- 4.8 QUANTUM COMPUTING AS A SERVICE MARKET, BY GEOGRAPHY
5 MARKET OVERVIEW
- 5.1 INTRODUCTION
- 5.2 MARKET DYNAMICS
- 5.2.1 DRIVERS
- 184.108.40.206 Rising incidences of cybercrime
- 220.127.116.11 Early adoption of quantum computing in defense and automotive industries
- 18.104.22.168 Increasing investments by government bodies
- 22.214.171.124 Active collaborations and partnerships between start-ups and academic universities, and leading companies to develop quantum computing applications
- 5.2.2 RESTRAINTS
- 126.96.36.199 Presence of substitute technologies
- 5.2.3 OPPORTUNITIES
- 188.8.131.52 Use of quantum cryptography to secure mobile transaction
- 184.108.40.206 Surge in adoption of quantum computing in drug discovery
- 220.127.116.11 Ability of quantum computers to solve complex problems that traditional or supercomputers cannot solve
- 5.2.4 CHALLENGES
- 18.104.22.168 Lack of highly skilled employees
- 22.214.171.124 Lack of awareness regarding quantum computing leading to reluctance to accept it
- 126.96.36.199 Requirement of low temperature conditions
- 5.3 UPCOMING REVENUE POCKETS
- 5.3.1 INTRODUCTION
- 5.3.2 MACHINE LEARNING
- 5.3.3 PATTERN RECOGNITION
- 5.3.4 BUSINESS ANALYTICS
- 5.3.5 MANUFACTURING AND LOGISTIC INFRASTRUCTURE
- 5.3.6 ENERGY AND POWER-CLEAN ENERGY
- 5.4 KEY TECHNOLOGIES RELATED TO QUANTUM COMPUTING
6 QUANTUM COMPUTING MARKET, BY OFFERING
- 6.1 INTRODUCTION
- 6.2 CONSULTING SOLUTIONS
- 6.2.1 GROWTH IN COMPANIES TO DEVELOP APPLICATIONS USING QUANTUM COMPUTERS OR QCAAS AS PER THE CUSTOMER REQUIREMENT
- 6.3 SYSTEMS
- 6.3.1 EXTENSIVE R&D FOR BUILDING A QUANTUM COMPUTER BY VARIOUS COMPANIES SUCH
7 QUANTUM COMPUTING MARKET FOR CONSULTING SOLUTION, BY APPLICATION
- 7.1 INTRODUCTION
- 7.2 OPTIMIZATION
- 7.2.1 NEED TO SOLVE OPTIMIZATION PROBLEMS SUCH AS SYSTEMS DESIGN, MISSION PLANNING, AND FINANCIAL ANALYSIS
- 7.3 MACHINE LEARNING
- 7.3.1 USE OF MACHINE LEARNING APPLICATION INCLUDING MONTE CARLO METHOD ACROSS VARIOUS END-USER INDUSTRIES
- 7.4 MATERIAL SIMULATION
- 7.4.1 PARTNERSHIPS AND COLLABORATIONS FOR THE DEVELOPMENT OF MATERIAL SIMULATION APPLICATION
8 QUANTUM COMPUTING MARKET FOR CONSULTING SOLUTION, BY END-USER INDUSTRY
- 8.1 INTRODUCTION
- 8.2 SPACE AND DEFENSE
- 8.2.1 USE OF QUANTUM COMPUTING IN SPACE & DEFENSE TO PERFORM MULTIPLE OPERATIONS SIMULTANEOUSLY
- 8.3 AUTOMOTIVE
- 8.3.1 AUTOMOTIVE INDUSTRY USES OPTIMIZATION, AND SIMULATION APPLICATIONS FOR PROBLEM-SOLVING TO MAKE THEIR OFFERINGS MORE EFFICIENT
- 8.4 HEALTHCARE
- 8.4.1 REQUIREMENT OF A ROBUST AND AGILE COMPUTING TECHNOLOGY FOR DRUG SIMULATION IN AN EFFICIENT AND TIMELY MANNER
- 8.5 CHEMICALS
- 8.5.1 QUANTUM COMPUTING CAN COMPARE LARGE/LARGER MOLECULES, THEREBY PROVIDING A MODERNIZED APPROACH FOR THE MOLECULAR COMPARISON PROCESS
- 8.6 BANKING AND FINANCE
- 8.6.1 SIMULATION OFFERS ASSISTANCE IN INVESTMENT RISK ANALYSIS AND DECISION-MAKING PROCESS IN BANKING & FINANCE
- 8.7 ENERGY AND POWER
- 8.7.1 NEED TO DEVELOP NEW ENERGY SOURCES AND ENHANCE THE ENERGY DELIVERY PROCESS USING OPTIMIZATION
9 QUANTUM COMPUTING MARKET FOR CONSULTING SOLUTION, GEOGRAPHIC ANALYSIS
- 9.1 INTRODUCTION
- 9.2 NORTH AMERICA
- 9.2.1 US
- 188.8.131.52 Early adopter of quantum computing, as US is a highly developed economy and technologically advanced country.
- 9.2.2 CANADA
- 184.108.40.206 Heavy investment by Canadian government fueling the development of market
- 9.3 EUROPE
- 9.3.1 UK
- 220.127.116.11 Development in industries to bring significant changes in the adoption rate of the market
- 9.3.2 GERMANY
- 18.104.22.168 The German Federal Ministry of Education and Research (BMBF) is spreading awareness about the importance of quantum computing for the economy
- 9.3.3 FRANCE
- 22.214.171.124 Growing demand for advanced technologies for secure communications in various industries
- 9.4 APAC
- 9.4.1 CHINA
- 126.96.36.199 Substantial investments in the development of quantum computers by China
- 9.4.2 JAPAN
- 188.8.131.52 Focus on emerging technologies to make the country technologically advanced.
- 9.4.3 SOUTH KOREA
- 184.108.40.206 Quantum computing technology development project and next-generation information computing technology development project for 2019 have been finalized
10 QUANTUM COMPUTING AS A SERVICE MARKET, BY APPLICATION
- 10.1 INTRODUCTION
- 10.2 OPTIMIZATION
- 10.2.1 USE OF QCAAS BY VARIOUS END-USER INDUSTRIES SUCH AS AUTOMOTIVE, SPACE AND DEFENSE, AND HEALTHCARE
- 10.3 MACHINE LEARNING
- 10.3.1 CAPABILITY OF ELIMINATING MOST DIAGNOSTIC ERRORS RELATED TO IMAGE READING WITH MACHINE LEARNING APPLICATION
- 10.4 MATERIAL SIMULATION
- 10.4.1 THE GROWING AUTOMOTIVE INDUSTRY WITH MORE FOCUS ON ELECTRIC VEHICLES
11 QUANTUM COMPUTING AS A SERVICE MARKET, GEOGRAPHIC ANALYSIS
- 11.1 INTRODUCTION
- 11.2 NORTH AMERICA
- 11.2.1 US
- 220.127.116.11 US is a potential markets for QCaaS as it is home to many major players including IBM Corporation (US) and Rigetti Computing (US).
- 11.2.2 CANADA
- 18.104.22.168 Presence of D-wave and other companies to collaborate with the key player is helping Canada to be at the forefront.
- 11.3 EUROPE
- 11.3.1 UK
- 22.214.171.124 The presence of world-class researchers and facilities has enabled the country to achieve a deep understanding of quantum science
- 11.3.2 GERMANY
- 126.96.36.199 Investment by German government for the advancement in quantum technologies
- 11.3.3 FRANCE
- 188.8.131.52 Focus on the development of advanced technologies in various industries such as healthcare, banking, and automotive
- 11.4 APAC
- 11.4.1 CHINA
- 184.108.40.206 China raised an investment for the development of Laboratory for Quantum Information Sciences
- 11.4.2 JAPAN
- 220.127.116.11 QCaaS can enable industry players in this country to perform efficient operations and solve complex problems.
- 11.4.3 SOUTH KOREA
- 18.104.22.168 Government initiatives and adoption of quantum computing by key consumer electronic players
12 COMPETITIVE LANDSCAPE
- 12.1 OVERVIEW
- 12.2 MARKET RANKING ANALYSIS
- 12.3 COMPETITIVE LEADERSHIP MAPPING, 2018
- 12.3.1 VISIONARY LEADERS
- 12.3.2 DYNAMIC DIFFERENTIATORS
- 12.3.3 INNOVATORS
- 12.3.4 EMERGING COMPANIES
- 12.4 COMPETITIVE SCENARIO
- 12.4.1 PARTNERSHIPS AND COLLABORATIONS
- 12.4.2 PRODUCT LAUNCHES AND PRODUCT DEVELOPMENTS
- 12.4.3 EXPANSIONS
- 12.4.4 OTHERS
13 COMPANY PROFILES
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)*
- 13.1 INTRODUCTION
- 13.2 KEY PLAYERS
- 13.2.1 D-WAVE SYSTEMS INC.
- 13.2.2 INTERNATIONAL BUSINESS MACHINES CORPORATION (IBM)
- 13.2.3 RIGETTI COMPUTING
- 13.2.4 QC WARE CORP.
- 13.2.5 1QB INFORMATION TECHNOLOGIES INC.
- 13.2.6 QXBRANCH, INC.
- 13.2.7 CAMBRIDGE QUANTUM COMPUTING LTD
- 13.2.8 STATION Q - MICROSOFT CORPORATION
- 13.2.9 RESEARCH AT GOOGLE - GOOGLE INC.
- 13.2.10 RIVER LANE RESEARCH
- 13.3 OTHER COMPANIES
- 13.3.1 HEWLETT PACKARD ENTERPRISE (HP)
- 13.3.2 NIPPON TELEGRAPH AND TELEPHONE CORPORATION (NTT)
- 13.3.3 HITACHI LTD
- 13.3.4 INTEL CORPORATION
- 13.3.5 NORTHROP GRUMMAN CORPORATION
- 13.3.6 TOSHIBA CORPORATION
- 13.3.7 ACCENTURE
- 13.3.8 FUJITSU
- 13.3.9 QUANTUM CIRCUITS, INC.
- 13.3.10 EVOLUTIONQ INC.
- 13.3.11 ABD PROF
- 13.3.12 QUANTICA COMPUTACAO
- 13.3.13 MDR INC.
- 13.3.14 ZAPATA COMPUTING, INC.
- 13.3.15 XANADU
- 13.3.16 IONQ
Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View might not be captured in case of unlisted companies.
- 14.1 INSIGHTS OF INDUSTRY EXPERTS
- 14.2 DISCUSSION GUIDE
- 14.3 KNOWLEDGE STORE: MARKETSANDMARKETS' SUBSCRIPTION PORTAL
- 14.4 AVAILABLE CUSTOMIZATIONS
- 14.5 RELATED REPORTS
- 14.6 AUTHOR DETAILS