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 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 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 market growth.
Automotive To Lead Quantum Computing Market For Consulting Solutions During Forecast Period
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 a maximum share of the market in 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 in this industry. The market for the automotive industry is expected to grow at the highest CAGR from 2019 to 2024.
Material simulation application is expected to lead quantum computing market for consulting solutions during forecast period
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, and simulate molecules and materials to gain an accurate output is helping these applications to find opportunities in end-user industries such as automotive, chemicals, energy and power, and healthcare. The extensive R&D and growth strategies adopted by the companies and research labs operating in the ecosystem are likely to foster the growth of the quantum computing market in the coming years.
APAC to lead the quantum computing market during forecast period
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. 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. The large-scale development exhibited by the emerging economies in APAC 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 growth.