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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

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Date: 17-May-2019
No. of pages: 139
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Quantum computing market is expected to grow at a CAGR of 24.9%, while the QC aaS 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).

Research Coverage:


  • 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 on3 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 sub segments. 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.

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

Table of Contents

1 Introduction
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
2.1.1.1 Secondary Sources
2.1.2 Primary Data
2.1.2.1 Primary Sources
2.1.2.2 Key Industry Insights
2.1.2.3 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
5.2.1.1 Rising Incidences of Cybercrime
5.2.1.2 Early Adoption of Quantum Computing in Defense and Automotive Industries
5.2.1.3 Increasing Investments By Government Bodies
5.2.1.4 Active Collaborations and Partnerships Between Start-Ups and Academic Universities, and Leading Companies to Develop Quantum Computing Applications
5.2.2 Restraints
5.2.2.1 Presence of Substitute Technologies
5.2.3 Opportunities
5.2.3.1 Use of Quantum Cryptography to Secure Mobile Transaction
5.2.3.2 Surge in Adoption of Quantum Computing in Drug Discovery
5.2.3.3 Ability of Quantum Computers to Solve Complex Problems That Traditional Or Supercomputers Cannot Solve
5.2.4 Challenges
5.2.4.1 Lack of Highly Skilled Employees
5.2.4.2 Lack of Awareness Regarding Quantum Computing Leading to Reluctance to Accept It
5.2.4.3 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
9.1 Introduction
9.2 North America
9.2.1 US
9.2.1.1 Early Adopter of Quantum Computing, as US is A Highly Developed Economy and Technologically Advanced Country.
9.2.2 Canada
9.2.2.1 Heavy Investment By Canadian Government Fueling the Development of Market
9.3 Europe
9.3.1 UK
9.3.1.1 Development in Industries to Bring Significant Changes in the Adoption Rate of the Market
9.3.2 Germany
9.3.2.1 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
9.3.3.1 Growing Demand for Advanced Technologies for Secure Communications in Various Industries
9.4 APAC
9.4.1 China
9.4.1.1 Substantial Investments in the Development of Quantum Computers By China
9.4.2 Japan
9.4.2.1 Focus on Emerging Technologies to Make the Country Technologically Advanced.
9.4.3 South Korea
9.4.3.1 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
11.2.1.1 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
11.2.2.1 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
11.3.1.1 The Presence of World-Class Researchers and Facilities has Enabled the Country to Achieve A Deep Understanding of Quantum Science
11.3.2 Germany
11.3.2.1 Government of Germany, Allocated USD 735 Million for Quantum Technologies in 2018.
11.3.3 France
11.3.3.1 Focus on the Development of Advanced Technologies in Various Industries Such as Healthcare, Banking, and Automotive
11.4 APAC
11.4.1 China
11.4.1.1 China Raised an Investment of USD 10 Billion in the Construction of the National Laboratory for Quantum Information Sciences
11.4.2 Japan
11.4.2.1 QCaaS Can Enable Industry Players in This Country to Perform Efficient Operations and Solve Complex Problems.
11.4.3 South Korea
11.4.3.1 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 Appendix
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

List of Tables

Table 1 Assumptions of Study
Table 2 Limitations for the Study
Table 3 Quantum Computing Market, By Offering, 2016–2024 (USD Million)
Table 4 Quantum Computing Market for Consulting Solution, By Application, 2016–2024 (USD Million)
Table 5 Consulting Solutions Market for Optimization, By Region, 2016–2024 (USD Thousand)
Table 6 Consulting Solutions Market for Machine Learning, By Region, 2016–2024 (USD Thousand)
Table 7 Consulting Solutions Market for Material Simulation, By Region, 2016–2024 (USD Million)
Table 8 Quantum Computing Market for Consulting Solution, By End-User Industry, 2016–2024 (USD Million)
Table 9 Consulting Solutions Market for Space & Defense, By Region, 2016–2024 (USD Thousand)
Table 10 Consulting Solutions Market for Automotive, By Region, 2016–2024 (USD Million)
Table 11 Consulting Solutions Market for Healthcare, By Region, 2016–2024 (USD Thousand)
Table 12 Consulting Solutions Market for Chemicals, By Region, 2016–2024 (USD Million)
Table 13 Consulting Solutions Market for Banking & Finance, By Region, 2016–2024 (USD Million)
Table 14 Consulting Solutions Market for Energy& Power, By Region, 2016–2024 (USD Thousand)
Table 15 Global Quantum Solution Market for Computing Consulting, By Region, 2016–2024 (USD Million)
Table 16 Quantum Computing Patents
Table 17 Quantum Computing Market for Consulting Solution in North America, By Country, 2016–2024 (USD Million)
Table 18 Quantum Computing Market for Consulting Solution in North America, By Application, 2016–2024 (USD Million)
Table 19 Quantum Computing Market for Consulting Solution in North America, By End-User Industry, 2016–2024 (USD Million)
Table 20 Focus Area of Quantum Computing Technology in Europe in Coming Years
Table 21 Quantum Computing Market for Consulting Solution in Europe, By Country, 2016–2024 (USD Million)
Table 22 Quantum Computing Market for Consulting Solution in Europe, By Application, 2016–2024 (USD Million)
Table 23 Quantum Computing Market for Consulting Solution in Europe, By End-User Industry, 2016–2024 (USD Million)
Table 24 Quantum Computing Market for Consulting Solution in North America, By Country, 2016–2024 (USD Million)
Table 25 Quantum Computing Market for Consulting Solution in APAC, By Application, 2016–2024 (USD Million)
Table 26 Quantum Computing Market for Consulting Solution in APAC, By End-User Industry, 2016–2024 (USD Million)
Table 27 Quantum Computing as a Service Market, By Application, 2016–2024 (USD Million)
Table 28 Quantum Computing as a Service Market for Optimization, By Region, 2016–2024 (USD Million)
Table 29 Quantum Computing as a Service Market for Machine Learning, By Region, 2016–2024 (USD Million)
Table 30 Quantum Computing as a Service Market for Material Simulation, By Region, 2016–2024 (USD Million)
Table 31 Quantum Computing as a Service Market, By Region, 2016–2024 (USD Million)
Table 32 Quantum Computing as a Service Market in North America, By Country, 2016–2024 (USD Million)
Table 33 Quantum Computing as a Service Market in North America, By Application, 2016–2024 (USD Million)
Table 34 Quantum Computing as a Service Market in Europe, By Country, 2016–2024 (USD Million)
Table 35 Quantum Computing as a Service Market in Europe, By Application, 2016–2024 (USD Thousand)
Table 36 Quantum Computing as a Service Market in APAC, By Country, 2016–2024 (USD Thousand)
Table 37 Quantum Computing as a Service Market in APAC, By Application, 2016–2024 (USD Thousand)
Table 38 Market Ranking Analysis – Quantum Computing Market (2018)
Table 39 Partnerships and Collaborations (2016 – 2019)
Table 40 Most Recent Product Launches and Product Developments (2016–2019)
Table 41 Expansions (2017-2019)
Table 42 Others (2016-2018)

List of Figures

Figure 1 Quantum Computing Market Segmentation
Figure 2 Quantum Computing Market: Process Flow of Market Size Estimation
Figure 3 Quantum Computing Market: Research Design
Figure 4 Data Triangulation Methodology
Figure 5 Quantum Computing Market for Consulting Solution, By End-User Industry, 2019 vs 2024 (USD Million)
Figure 6 Quantum Computing Market for Consulting Solution ,For Material Simulation Application to Grow at Highest CAGR During 2019–2024
Figure 7 Quantum Computing Market for Consulting Solution, By Region, 2018
Figure 8 Quantum Computing as a Service Market, By Region, 2018
Figure 9 Increasing Investments By Government Bodies Drive Quantum Computing Market Growth
Figure 10 Quantum Computing Market for Consulting Solution for Material Simulation to Grow at Highest CAGR During Forecast Period
Figure 11 Quantum Computing as a Service Market for Material Simulation to Grow at Highest CAGR During Forecast Period
Figure 12 North America to Account for Largest Share of Quantum Computing Market By 2024
Figure 13 North America to Account for Largest Share of Quantum Computing as a Service Market By 2024
Figure 14 Optimization and Material Simulation Together to Account for More Than 83% Share of Quantum Computing as a Service Market By 2019
Figure 15 Quantum Computing Market for Consulting Solution in South Korea to Grow at Highest CAGR During Forecast Period
Figure 16 Quantum Computing as a Service Market in South Korea to Grow at Highest CAGR During Forecast Period
Figure 17 Growing Government Initiatives for Development of Quantum Computing is Driving Quantum Computing Market
Figure 18 Upcoming Revenue Pockets of Quantum Computing Market
Figure 19 Quantum Computing Market for Consulting Solution, By Application
Figure 20 Quantum Computing Market for Consulting Solution in China to Witness Highest CAGR During 2019–2024
Figure 21 North America: Quantum Computing Market for Consulting Solution Snapshot
Figure 22 Europe: Quantum Computing Market for Consulting Solution Snapshot
Figure 23 APAC: Quantum Computing Market for Consulting Solution Snapshot
Figure 24 Quantum Computing as a Service Market, By Application
Figure 25 China to Witness Highest CAGR in Quantum Computing as a Service Market During 2019–2024
Figure 26 North America: QCaaS Market Snapshot
Figure 27 Europe: QCaaS Market Snapshot
Figure 28 APAC: QCaaS Market Snapshot
Figure 29 Organic Growth Strategies Majorly Adopted By Leading Players
Figure 30 Quantum Computing Market (Global) Competitive Leadership Mapping, 2018
Figure 31 IBM: Company Snapshot

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