What Is The Overview Of The Global Cloud-Based Quantum Computing Market?
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.
Cloud-Based Quantum Computing Global Market Report 2024 provides data on the global cloud-based quantum computing market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The cloud-based quantum computing market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Forecasted Market Size And Growth Rates For Cloud-Based Quantum Computing ?
The market for cloud-based quantum computing has experienced remarkable growth in recent years. It expanded from $0.51 billion in 2023 to $0.66 billion in 2024, representing a compound annual growth rate (CAGR) of 29%. Historical growth was driven by increased interest in quantum computing, advancements in quantum software tools, rising demand for quantum as a service, and the need for quantum security solutions. Projections indicate continued exponential growth, reaching $1.86 billion by 2028 at a CAGR of 29.4%. This future growth is attributed to the expanding quantum software ecosystem, rising demand for industry-specific solutions, integration with classical cloud services, a focus on quantum security, and the development of a skilled quantum workforce. Key trends for the coming years include industry-specific solutions, advancements in quantum hardware, and increased collaboration in research and innovation.
What Factors Are Driving Growth In The Cloud-Based Quantum Computing Market?
The rising number of startups is anticipated to boost the cloud-based quantum computing market. Startups, known for their innovation and disruptive business models, are on the rise due to changing consumer preferences, urbanization, sustainability concerns, and the proliferation of technologies like cloud computing and SaaS. These businesses benefit from cloud-based quantum computing by accessing advanced tools to drive innovation and remain competitive in the market. For example, in February 2024, data from Startups.co revealed a 19.5% surge in new business establishments in 2023, with 39,966 new entities—an increase of 6.5% compared to the same period in 2022. This growth contrasts with the modest 2% annual rise in total incorporations, which reached 778,219 in 2022. Consequently, the growth of startups is fueling the expansion of the cloud-based quantum computing market.
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What Are The Main Segments Of The Global Cloud-Based Quantum Computing Market?
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
What Emerging Trends Are Influencing The Growth Of The Cloud-Based Quantum Computing Market?
Companies in the cloud-based quantum computing market are improving their cloud offerings with hybrid quantum-classical programming tools to boost performance, scalability, and reliability. These tools are software frameworks, libraries, or languages that enable the development of applications utilizing both classical and quantum computing resources. For example, Nvidia Corporation, a US-based GPU manufacturer, introduced the CUDA-Q quantum computing platform. CUDA-Q is an open-source platform that integrates quantum processing units (QPUs), GPUs, and CPUs, providing a unified programming model for C++ and Python. It allows users to create and test quantum algorithms in the cloud and includes tools for hybrid quantum-classical programming. NVIDIA Quantum Cloud enhances quantum computing research by removing barriers and offering powerful capabilities, including integrations like the Generative Quantum Eigensolver and Classiq’s CUDA-Q integration.
What Is The Largest Region In The Cloud-Based Quantum Computing Market?
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.
