Cloud-based Quantum Computing Market

Cloud Quantum Computing Market Booms: Size, Share& Investment Drive Growth

The Cloud Based Quantum Computing Market is anticipated to develop at a compound annual growth rate (CAGR) of 38.5%, from an estimated USD 798 million in 2023 to USD 4,063 million by 2028. At a compound annual growth rate (CAGR) of 38.5%

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The cloud-based quantum computing market is poised for significant growth, driven by several key factors:

  • Increased Accessibility
  • Growing Demand for Advanced Computing
  • Rising Investments
  • Maturing Cloud Technology
  • Development of Industry-Specific Solutions

Increased Accessibility: Cloud platforms make quantum computing resources accessible to a wider range of users and organizations. Previously, the high cost and complexity of physical quantum computers limited access. Cloud-based models allow for pay-per-use options, eliminating the upfront investment barrier

Growing Demand for Advanced Computing: As data volumes and processing needs escalate across industries, the limitations of classical computers become more apparent. Quantum computers offer the potential to tackle complex problems in fields like materials science, drug discovery, and financial modeling, fueling market growth

Rising Investments: Governments and private companies are increasingly investing in quantum computing research and development. This financial backing accelerates innovation and the development of more powerful and efficient quantum hardware and software solutions

Maturing Cloud Technology: The existing infrastructure and scalability of cloud computing provides a robust foundation for delivering quantum computing services. Cloud providers are well-positioned to offer user-friendly interfaces and development tools, further propelling market growth

Development of Industry-Specific Solutions: Quantum algorithms are being tailored to address specific challenges in various industries. This specialization will lead to the creation of industry-specific cloud-based quantum computing solutions, catering to unique needs and driving adoption across diverse sectors

the confluence of increased accessibility, growing demand for advanced computing power, rising investments, and the leveraging of mature cloud technology are fueling the remarkable growth of the cloud-based quantum computing market.

Here's a summary of the market share and key offerings for major companies in the cloud-based quantum computing market:

  • IBM
  • Microsoft
  • AWS
  • Baidu
  • Huawei
  • Rigetti Computing
  • Xanadu
  • D-Wave Systems

IBM (US):

Market Share: IBM is a leading player in the cloud-based quantum computing market.

Key Offerings: IBM offers access to quantum computing through its IBM Quantum Experience and Qiskit, an open-source quantum computing framework. They also provide cloud access to multiple quantum computers, including those powered by their 127-qubit IBM Eagle processor?

Microsoft (US):

Market Share: Microsoft is a major contender in the quantum computing field.

Key Offerings: Microsoft’s Azure Quantum platform provides a comprehensive set of quantum solutions, including quantum hardware and software, development tools, and services. Their offerings include the Quantum Development Kit and the quantum programming language

Market Share: Google is a prominent player in the quantum computing market.

Key Offerings: Google provides quantum computing services through its Quantum AI division. They focus on developing quantum processors and algorithms, accessible via their cloud platform. Their notable hardware includes the Sycamore processor?

AWS (US):

Market Share: AWS is a significant player in the quantum computing market.

Key Offerings: AWS offers Amazon Braket, a fully managed quantum computing service that provides access to different types of quantum hardware, including quantum annealers and gate-based quantum computers. AWS also offers tools for developing and testing quantum algorithms?

Baidu (China):

Market Share: Baidu is a key player in the quantum computing market in China.

Key Offerings: Baidu provides cloud-based quantum computing services and focuses on developing quantum algorithms and applications through its Quantum Computing Institute?

Huawei (China):

Market Share: Huawei is another significant player in the quantum computing market in China.

Key Offerings: Huawei offers cloud-based quantum computing services and is involved in quantum research and development. Their offerings include access to quantum processors and related tools via their cloud platform?

Rigetti Computing (US):

Market Share: Rigetti is a notable player in the quantum computing market.

Key Offerings: Rigetti provides quantum computing services through its Quantum Cloud Services platform, which offers access to their superconducting quantum processors and related development tools?

Xanadu (Canada):

Market Share: Xanadu is an emerging player in the quantum computing market.

Key Offerings: Xanadu focuses on photonic quantum computing and offers cloud-based access to their quantum processors. Their platform includes development tools for creating and testing quantum algorithms?

D-Wave Systems (Canada):

Market Share: D-Wave is a pioneer in the quantum computing market.

Key Offerings: D-Wave offers quantum annealing-based quantum computing services through their Leap platform. Their offerings include access to quantum processors optimized for solving optimization problems? (MarketsandMarkets)?? (GlobeNewswire)?.

These companies are driving the growth and adoption of cloud-based quantum computing through their innovative technologies and extensive research and development efforts.

Related Reports:

Cloud-based Quantum Computing Market by Offering, Technology (Trapped Ions, Quantum Annealing, Superconducting Qubits), Application (Optimization, Simulation and Modeling, Sampling, Encryption), Vertical and Region - Global Forecast to 2028

 

Cloud-based Quantum Computing Market Size,  Share & Growth Report
Report Code
TC 8626
RI Published ON
6/18/2023
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