The cloud-based quantum computing market is expected to expand from USD 798 million in 2023 to USD 4,063 million by 2028, achieving a CAGR of 38.5%. This growth is driven by the enhanced accessibility of quantum computers via cloud platforms. Additionally, accelerated digitalization across various countries is anticipated to further propel market development in the years ahead.
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By vertical, research, and academia to account for the largest market size during the forecast period.
Quantum computing is a research area combing quantum physics and computer science. Researchers from academia and the quantum computing field are expected to work together in the coming years to speed up fundamental research. Additionally, several use cases of cloud-based quantum computing exist in research and academia. Teachers can use cloud-based quantum computing to help students better understand quantum mechanics and test quantum algorithms. Scientists and researchers can use cloud-based quantum resources to test quantum information theories and compare architectures. Various partnerships took place in the cloud-based quantum computing market. In May 2021, IBM announced that it partnered with 11 top-tier academic institutions, including the IISc and IIT Kharagpur, to allow over-the-cloud access to its systems to accelerate advanced training and research in quantum computing.
By service, professional services to grow at a higher CAGR during the forecast period.
Professional services are typically offered on-demand or are project-based. They provide various services, including digital transformation, business strategy, management consulting, data architecture and visualization, UX/UI design, and more. An organization might choose professional services in consulting, cloud migration, deployment, and advanced troubleshooting. Consulting services are provided by consultants and industry experts that assist clients in recognizing new business values by implementing cloud-based quantum computing technology. They also offer customized roadmaps to help clients in adopting the solutions. For instance, IBM offers consulting services, along with quantum computers and QCaaS. 1QBit provides consulting services to customers to solve large-scale and complicated computational problems using complex algorithms and software development tools. These complex algorithms and software development tools use classical methods, quantum computers, and quantum annealing hardware.
By region, North America accounts for the largest market size during the forecast period.
North America is one of the most advanced regions regarding security technology adoption and infrastructure. It is experiencing a rise in the use of technologies such as artificial intelligence(AI) and cloud-based applications. This region is a key market for cloud-based quantum computing software & services as it is home to several key players, such as IBM, Microsoft, Google, and AWS. Several standards and regulations also govern the cloud-based quantum computing market in the North American region, specially in countries like US and Canada. The implementation of such privacy laws has prompted organizations to adopt cloud-based quantum computing solutions. Additionally, in recent years, the region witnessed several partnerships and initiatives between organizations and governments concerning cloud-based quantum computing offerings.
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Unique Features in the Cloud-based Quantum Computing Market
A defining feature of the cloud-based quantum computing market is its ability to make quantum resources widely accessible. By leveraging the cloud, users across different sectors can access powerful quantum computers without needing specialized hardware.
Cloud-based quantum computing provides scalable infrastructure, enabling users to access computing power as needed. This flexible, pay-as-you-go model allows organizations to utilize quantum resources on demand, which is both cost-effective and efficient.
Another unique feature is the seamless integration of quantum and classical computing resources in cloud environments. Many cloud-based quantum platforms offer hybrid computing solutions, allowing users to run quantum and classical tasks simultaneously.
The cloud-based quantum computing market is supported by a growing ecosystem of software tools, frameworks, and development environments. Major cloud providers are continuously developing user-friendly platforms, quantum programming languages, and libraries that make it easier to design, test, and deploy quantum algorithms.
Cloud-based quantum platforms often act as hubs for collaboration, enabling researchers, academic institutions, and companies to work together on quantum projects. This collaborative environment fosters innovation, as users can share insights, access educational resources, and contribute to open-source quantum projects.
Major Highlights of the Cloud-based Quantum Computing Market
A key highlight is the role of cloud-based quantum computing in accelerating research and development. Scientists, researchers, and developers can access quantum resources remotely, enabling faster experimentation and progress in fields like pharmaceuticals, materials science, and artificial intelligence.
Cloud platforms are supporting hybrid quantum-classical computing, allowing users to combine quantum processing with traditional computing power. This integration is a game-changer, as it enables more efficient data processing and facilitates complex computations that cannot be completed by quantum or classical computing alone.
Security is a major focus in the cloud-based quantum computing market. As quantum computing evolves, so does the need for quantum-safe encryption methods to safeguard data against future quantum threats.
The market is also expanding through the development of industry-specific quantum applications. Cloud-based quantum platforms offer solutions for fields like healthcare, finance, and logistics, enabling users to tackle specific challenges such as drug discovery, risk analysis, and supply chain optimization.
The ecosystem of quantum software, development tools, and programming languages is rapidly growing, supported by major cloud providers. These tools make it easier for users to develop, test, and deploy quantum algorithms, even without deep expertise in quantum mechanics.
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Top Companies in the Cloud-based Quantum Computing Market
Major players in this market are based in North America and Asia Pacific. IBM (US), Microsoft (US), Google (US), AWS (US), Baidu (China), and Huawei (China) are among a few leading players operating in the cloud-based quantum computing market. These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and product development activities to expand their presence in the cloud-based quantum computing market. For instance, in March 2023, T-Systems and IBM announced a partnership in cloud-based quantum computing. T-Systems can now provide its customers with cloud access to IBM’s quantum systems, including multiple quantum computers powered by the 127-qubit IBM Eagle processor. Additionally, T-Systems will offer dedicated quantum know-how and training.
Microsoft develops and supports software, services, devices, and solutions, including computer software, consumer electronics, personal computers, and related services, and in this market, it provides Azure Quantum. Azure Quantum offers innovative quantum computing and optimization solutions in a single cloud service. Also, it provides an open ecosystem to write and run code on diverse quantum hardware, offers flexibility to use development tools with support for Cirq and Qiskit, and preparation and refining of solutions to run on scaled quantum computers with the resource estimation tool. It serves verticals including automotive, financial services, healthcare, manufacturing, defense and intelligence, and energy. The Microsoft partner network helps expand the company’s presence. The company has a geographical presence in North America, Europe, the Middle East & Africa, Asia Pacific, and Latin America. The company engages in partnerships, collaborations, business expansions, and acquisitions to help expand its global presence. In April 2021, Ally Financial, a fintech company, partnered with Microsoft on Azure Quantum solutions to develop quantum computing skills and explore how new algorithms and future quantum hardware could improve customer experience.
Amazon Web Services (AWS) provides solutions in analytics, application integration, blockchain, business applications, cloud financial management, computing, containers, developer tools, the Internet of Things(IoT), machine learning, and more. The cloud-based quantum computing market; offers Amazon Braket, a fully managed quantum computing service designed to help speed up scientific research and software development for quantum computing. Its use cases include researching quantum computing algorithms, testing quantum hardware, building quantum software, and developing open-source software. The company caters to verticals, including aerospace and satellite, automotive, education, energy, financial services, healthcare, life sciences, manufacturing, power, and utilities. AWS Cloud spans 96 availability zones within 30 geographic regions worldwide, with announced plans for 15 more availability zones and five more AWS regions in Australia, Canada, Israel, New Zealand, and Thailand. AWS has a geographical presence in North America, Europe, Asia Pacific, the Middle East& Africa, and Latin America, thus featuring a network of 1,00,000 partners from more than 150 countries. The company is taking several initiatives in the cloud-based quantum computing market. In April-2021, AWS announced a partnership with the Hebrew University of Jerusalem. Through the AWS Cloud Credit for Research Program, AWS supports independent research using Amazon Braket, which enables research organizations to explore quantum, classical high-performance computing (HPC), and quantum-inspired approaches to problems from the same console.
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