Quantum Computing Market Worth $283 Million by 2024 - Exclusive Report by MarketsandMarkets

According to the new market research report "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", published by MarketsandMarkets, the Quantum Computing Market is expected to grow from USD 93 million by 2019 to USD 283 million by 2024; it is estimated at a CAGR of 24.9%. Whereas, the market for QCaaS is expected to grow from USD 4 million by 2019 to USD 13 million by 2024 at a CAGR of 26.8%. The need for robust computing that has the potential to overcome complexities involved in cancer-specific drug discovery and in evaluating portfolio risk is a major factor contributing to the market growth. 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.