Quantum Computing Market

D-Wave Systems Inc. (Canada) and IBM (US) are Top Two Players in Quantum Computing Market

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 is attributed to the increasing demand for quantum computing in industries such as automotive, space and defense, healthcare, energy & power, and chemicals. Material simulation application is expected to register high growth in the overall 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.

The quantum computing market is mainly driven by the adoption of quantum computers and QCaaS by the space and defense industry. The presence of key players such as D-Wave Systems Inc. (Canada), IBM (US), and Rigetti Computing (US) in North America is propelling the growth of quantum computing in this region. Moreover, the adoption of quantum computing has been increasing in the medicinal research as various researchers, e.g., those at the University of Bristol (UK), are using quantum computers for discovering new pharmaceutical drugs to achieve accelerated process drug designing. The presence of substitute technologies such as high-performance computing and optical computing has a considerable impact on the market for quantum computing technology and is acting as a major restraint for the quantum computing market.

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The quantum computing market is highly competitive owing to the investments across major regions and increasing number of startups. Partnerships and collaborations have been the major strategies adopted by the leading players in this market to strengthen their position, expand their global presence, and increase their market share. 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).

Top 2 players in quantum computing market:

D-Wave Systems Inc. (Canada) is one of the global leaders manufacturing and providing quantum computing systems and software; currently, it is the only provider of commercial quantum computing systems. D-Wave has been granted ~160 US patents and has published more than 100 peer-reviewed papers in leading scientific journals. The company released its first commercial system—the D-Wave One quantum computer—in 2010. In successive generations, D-wave doubled the number of qubits, shipping the 512-qubit D-Wave Two system in 2013 and 1000+ qubit D-Wave 2X system in 2015. In 2017, the company released the D-Wave 2000Q system with 2000 qubits and advanced control features. D-Wave Systems Inc. is a leading company in the US and Canada, which are the key countries in the quantum computing market. D-Wave System Inc. focuses on North America as it is home to key quantum computing customers. The company has experience of 17 years in this market, and as a result, it has achieved cost-efficiency in developing quantum computing-related hardware.

IBM (US), under its Research division, has started the Quantum Experience, a set up where the researchers carry out research on the IBM quantum computer over the cloud. The company offers its quantum computers to industries such as medicine and materials, supply chain and logistics, financial services, artificial intelligence, and cloud security. Furthermore, the company has heavily invested in new technologies such as non-silicon computer chips, quantum computing research, and computers that mimic the human brain. IBM (US) has a strong geographic presence across the globe. The company caters to its clients in more than 170 countries. It mainly focuses on bringing innovation in products as it is launching quantum computers with different qubits. It has launched a quantum computer with 5-qubit along with 16-qubit and 17-qubit quantum processors. Moreover, the company has been working on a 50-qubit quantum computer.

Related Reports:

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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