- Material simulation application to register highest CAGR in quantum computing market.
- Optimization application held the largest size of quantum computing market.
- Quantum Computing Market worth $283 million by 2024.
The overall quantum computing market is expected to grow from $93 million by 2019 to $283 million by 2024 at a CAGR of 24.9%. The QCaaS market is expected to grow from $4 million by 2019 to $13 million by 2024 at a CAGR of 26.8%. The need for robust computing that has the potential to overcome the difficulties involved in discovering drugs to target specific cancers and evaluating portfolio risk prominently contributes to the market growth.
Material simulation application to register highest CAGR in quantum computing market for consulting solutions during forecast period
Quantum computing is used for material simulation 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. QxBranch LLC (US) has launched quantum computing simulator for the Commonwealth Bank of Australia; such developments are expected to drive the growth of the quantum computing market for the simulation application. Moreover, Atos SE (France) launched the highest-performing quantum simulator named Atos Quantum Learning Machine’ (Atos QLM).
Optimization application held the largest size of quantum computing market for consulting solutions in 2018
Quantum computing is one of the most accurate solutions facilitating quicker optimization of complex problems. Protein Folding is one such immensely complex optimization problem. With the help of quantum computers, the researchers succeeded to find the ground-state conformation of 6-amino acid lattice protein models. These models provide useful insights into the energy landscapes of real proteins.
The use of quantum computers could help key industries such as automotive, defense, logistics, finance, and energy solve these problems easily. For instance, Volkswagen AG (Germany) is working on a project for traffic flow optimization. Furthermore, companies such as D-Wave Systems Inc. (US), Cambridge Quantum Computing Limited (UK), QC Ware, Corp. (US), and 1QB Information Technologies Inc. (Canada) are working on the development of quantum computing systems for the optimization application.
APAC projected to be the largest quantum computing market by 2024
The test and measurement equipment market, by geography, has been broadly classified into North America, Europe, and APAC. In terms of value, North America is estimated to account for the largest share of the market in 2018 owing to the fact that a majority of the leading industry players have a presence in this region. The market in APAC is expected to grow at the highest CAGR between 2019 and 2024.
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, 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. The large-scale development exhibited by the emerging economies in this region with the use of advanced technologies adopted in the manufacturing sector is contributing to the development of large and medium enterprises, which is also boosting the quantum computing market growth.
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).