Dublin, May 27, 2019 (GLOBE NEWSWIRE) -- The "Quantum Computing Market by Offering (Systems and Consulting Solutions), End-User Industry, and Geography; QCaaS Market by Application (Optimization, Machine Learning, and Material Simulation) and Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

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. Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers Rising Incidences of Cybercrime Early Adoption of Quantum Computing in Defense and Automotive Industries Increasing Investments By Government Bodies Active Collaborations and Partnerships Between Start-Ups and Academic Universities, and Leading Companies to Develop Quantum Computing Applications
5.2.2 Restraints Presence of Substitute Technologies
5.2.3 Opportunities Use of Quantum Cryptography to Secure Mobile Transaction Surge in Adoption of Quantum Computing in Drug Discovery Ability of Quantum Computers to Solve Complex Problems That Traditional Or Supercomputers Cannot Solve
5.2.4 Challenges Lack of Highly Skilled Employees Lack of Awareness Regarding Quantum Computing Leading to Reluctance to Accept It 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
6.3 Systems

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

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

12 Competitive Landscape
12.1 Overview
12.2 Market Ranking Analysis
12.3 Competitive Leadership Mapping, 2018
12.4 Competitive Scenario

13 Company Profiles
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

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Related Topics: Computing