Cloud-based Quantum Computing Market To Reach $2.21 Billion By 2030

Cloud-based Quantum Computing Market Growth & Trends

The global cloud-based quantum computing market size is anticipated to reach USD 2.21 billion by 2030 and is anticipated to expand at a CAGR of 20.5% during the forecast period, according to a new report by Grand View Research, Inc. Quantum computing is a new field that has the potential to transform several businesses and computing paradigms. While the quantum computing business is dynamic and subject to quick change, it has been shaped by various worldwide growth trends.

Some of the reasons driving market expansion include the increasing use of cloud computing software and services across many verticals, as well as the expanding use of cloud technology with more digitalization. However, concerns with stability and error correction, as well as a lack of professional knowledge for establishing and utilizing cloud-based quantum computing technologies, are projected to stymie market growth. Managed services are significantly fueling the market growth. Managed services are when a corporation outsources its day-to-day operations in order to focus on its core business. Daily maintenance, administration, security, troubleshooting, data backup, onboarding, unified communications, and network monitoring are all part of managed services. Service providers offer quantum computing as a service to industries such as pharmaceutical, healthcare, aerospace, and defense. Quantum computing as a service (QCaaS) is a type of cloud computing service that gives users access to quantum computers and related technologies.

Investments from governments, tech giants, and venture capitalists in quantum research and development are crucial for the advancement of cloud quantum technology. These investments support research efforts, enable the development of cutting-edge hardware and software, and drive innovation across various industries. Cloud Quantum technology is highly complex and requires significant resources for research and development. These investments help accelerate progress by providing funding for experimental work, the recruitment of top talent, and access to advanced research facilities.

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Cloud-based Quantum Computing Market Highlights

• The software solutions segment dominated the market with a revenue share of 51.9% in 2023. Quantum computing technology is used in cloud-based quantum computing solutions to handle activities such as analytics, optimization, and simulation

• Trapped ions are the preferred method for creating qubits because to their excellent connection between qubits and low error rate, which translates to high gate fidelity

• Superconducting Qubits segment accounted to register a significant CAGR over a forecast period. Leading the charge in the quantum computing growth, Fujitsu Limited and the RIKEN Center for Quantum Computing have joined forces to take on the bold goal of creating superconducting quantum computers. Due to their outstanding adaptability and stability, superconducting qubits have emerged as one of the most viable choices for constructing usable quantum computers

• The optimization segment is one of the key application areas where quantum computing holds significant promise and is expected to have a substantial impact

• Cloud-based quantum computing has revolutionized the landscape of simulation and modeling, offering unprecedented computational power and scalability for tackling complex problems in diverse fields. Leveraging the principles of quantum mechanics, these systems harness the unique properties of qubits to perform computations at speeds unattainable by classical computers

Cloud-based Quantum Computing Market Segmentation

Grand View Research has segmented the global cloud-based quantum computing market on the basis of solution, technology, application, vertical, and region:

Cloud-based Quantum Computing Solution Outlook (Revenue, USD Million, 2018 - 2030)

• Software

• Services

Cloud-based Quantum Computing Technology Outlook (Revenue, USD Million, 2018 - 2030)

• Trapped Ions

• Quantum Annealing

• Superconducting Qubits

• Others

Cloud-based Quantum Computing Application Outlook (Revenue, USD Million, 2018 - 2030)

• Optimization

• Simulation and modelling

• Sampling

• Others

Cloud-based Quantum Computing Vertical Outlook (Revenue, USD Million, 2018 - 2030)

• Aerospace & Defense

• BFSI

• Healthcare

• Automotive

• Energy & Power

• Chemical

• Government

• Others

Cloud-based Quantum Computing Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • Germany

  • UK

  • France

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

• Latin America

  • Mexico

  • Brazil

• Middle East and Africa

  • Kingdom of Saudi Arabia (KSA)

  • UAE

  • South Africa

List of key players in the cloud-based quantum computing market

• Google LLC

• Microsoft Corporation

• IBM Corporation

• Amazon Web Services Inc. (AWS)

• Baidu. Inc

• Huawei Technologies Co., Ltd.

• Quantum Computing Inc

• Terra Quantum

• Spinq

• QpiCloud

• CERN