Overview and Scope
Cloud-based quantum computing refers to the utilization of quantum computing resources and services that are accessible via cloud computing platforms. Cloud-based quantum computing allows companies and individuals to harness the power of quantum computers to experiment, develop, and run quantum algorithms and applications without the need for significant upfront investment in hardware or infrastructure.
Sizing and Forecast
The cloud-based quantum computing market size has grown exponentially in recent years. It will grow from $0.51 billion in 2023 to $0.66 billion in 2024 at a compound annual growth rate (CAGR) of 29%. The growth in the historic period can be attributed to growing interest in quantum computing, rise of quantum software tools, demand for quantum as a service, and need for quantum security solutions.
The cloud-based quantum computing market size is expected to see exponential growth in the next few years. It will grow to $1.86 billion in 2028 at a compound annual growth rate (CAGR) of 29.4%. The growth in the forecast period can be attributed to expansion of quantum software ecosystem, demand for industry-specific solutions, integration with classical cloud services, focus on quantum security, and growing quantum workforce. Major trends in the forecast period include emergence of industry-specific solutions, advancements in quantum hardware, and collaborative research and innovation.
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Segmentation & Regional Insights
The cloud-based quantum computing market covered in this report is segmented –
1) By Solution : Software, Services
2) By Technology : Trapped ions, Quantum Annealing, Superconducting Qubits, Other Technology
3) By Application : Optimization, Simulation And Modelling, Sampling, Other Application
4) By Vertical : Aerospace And Defense, Banking, Financial Services, And Insurance, Healthcare, Automotive, Energy And Power, Chemical, Government, Other Verticals
North America was the largest region in the cloud-based quantum computing market in 2023. The regions covered in the cloud-based quantum computing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing number of startups is expected to propel the cloud-based quantum computing market going forward. Startups refer to newly established businesses or companies, often characterized by innovation, growth potential, and a focus on disruptive technologies or business models. The rise in several startups is due to changing consumer behaviors, urbanization, sustainability concerns, and the proliferation of cloud computing and software-as-a-service (SaaS). Cloud-based quantum computing can provide startups with the tools, resources, and support to harness the power of quantum technology and drive innovation, ultimately enabling them to compete more effectively in the marketplace and achieve sustainable growth. For instance, in February 2024, according to the Startups. Co, a UK-based online startup accelerator, in 2023, new business establishments experienced a notable surge, rising by 19.5% with 39,966 new entities, marking a 6.5% increase compared to the same period in 2022. This growth stands out against the modest 2% year-on-year rise in overall incorporations last year, totaling 778,219 in 2022. Therefore, the increasing number of startups is driving the growth of the cloud-based quantum computing market.
Key Industry Players
Major companies operating in the cloud-based quantum computing market are Amazon.com Inc., Google LLC, Microsoft Corporation, Accenture plc, International Business Machines Corporation (IBM), Honeywell International Inc., Fujitsu Limited, Toshiba Corporation, PsiQuantum Corporation, Quantum Machines Ltd., Xanadu AI Limited, Super.tech, Zapata Computing Inc., Riverlane Limited, Q-CTRL Pty. Ltd., Rigetti & Co Inc. (Rigetti Computing), Cambridge Quantum Computing Limited, Seeqc Inc., Atos SE, D-Wave Systems Inc., Archer Materials Limited, QC Ware Corp., Quantum Benchmark Inc., Quantum Circuits Inc., Quantum Computing Inc.
The cloud-based quantum computing market report table of contents includes:
- Executive Summary
- Cloud-Based Quantum Computing Market Characteristics
- Cloud-Based Quantum Computing Market Trends And Strategies
- Cloud-Based Quantum Computing Market – Macro Economic Scenario
- Global Cloud-Based Quantum Computing Market Size and Growth
- Cloud-Based Quantum Computing Market Segmentation
- Cloud-Based Quantum Computing Market Regional And Country Analysis
……………
- Key Mergers And Acquisitions In The Cloud-Based Quantum Computing Market
- Cloud-Based Quantum Computing Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Cloud-Based Quantum Computing Market, Segmentation By Solution, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Cloud-Based Quantum Computing Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Cloud-Based Quantum Computing Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
………
Table 75: Amazon.com Inc. Financial Performance
Table 76: Google LLC Financial Performance
Table 77: Microsoft Corporation Financial Performance
Table 78: Accenture plc Financial Performance
Table 79: International Business Machines Corporation (IBM) Financial Performance
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