DUBLIN, May 18, 2023 /PRNewswire/ — The “Global Cloud-based Quantum Computing Market by Offering, Technology (Trapped Ions, Quantum Annealing, Superconducting Qubits), Application (Optimization, Simulation & Modeling, Sampling, Encryption), Vertical, and Region – Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global cloud-based quantum computing market is projected to grow from USD 798 million in 2023 to USD 4,063 million by 2028 at a CAGR of 38.5%.
Some factors driving the market growth include the growing adoption of cloud technology with increasing digitalization and the increasing use of quantum computing software and services across various verticals.
However, stability and error correction issues and limited skilled expertise for deploying and using cloud-based quantum computing solutions are expected to hinder the market growth.
BFSI to grow at highest CAGR during the forecast period
Quantum computing is gaining interest in financial services, which aims to increase manifold, trade speed, transactions, and data processing. Some use cases of quantum computing in financial services include targeting and prediction, trading optimization, and risk profiling.
Several partnerships and collaborations are taking place in the cloud-based quantum computing market in the BFSI industry. In 2018, MUFG Bank and Mizuho Financial Group joined as members of the IBM Q Hub at Keio University. Keio University worked with IBM to help organizations explore quantum applications important to business and science.
Managed Services to grow with significant CAGR during the forecast period
Managed services are when the organization outsources its day-to-day operations to focus on its core business. Managed services include daily maintenance, troubleshooting, security, administration, data backup, unified communications, onboarding, and network monitoring.
Quantum computing service providers cater to industries’ requirements such as healthcare, pharmaceutical, and aerospace & defense by providing them with quantum computing as a service (QCaaS). Quantum computing as a service (QCaaS) is a cloud computing service that provides access to quantum computers and its associated technologies.
QCaaS allows users to access quantum computers via a web browser or an application programming interface (API). The QCaaS enables businesses and researchers to access quantum computing power without purchasing and maintaining their quantum computers.
For instance, Amazon Braket is 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 different quantum hardware, building quantum software faster, and developing open-source software.
Asia-Pacific to grow at highest CAGR during the forecast period
The Asia-Pacific is expected to be one of the most significant contributors to the cloud-based quantum computing market size. In 2021, IBM and the University of Tokyo unveiled Japan’s most powerful quantum computer as a collaboration to advance Japan’s exploration of quantum science, business, and education.
The IBM Quantum System One provides users access to repeatable and predictable performance from high-quality qubits and high-precision control electronics, with quantum resources tightly controlled with classical processing. In India, the Union Budget 2020-21 proposed to spend USD 1.2 billion on the newly launched National Mission on Quantum Technologies and Applications (NMQTA).
It would focus on the five domains of quantum technology: communication, simulation, computation, sensing, and metrology. Additionally, several initiatives and partnerships are being taken up by the regional governments and organizations, which has driven the cloud-based quantum computing market in the region.
Market Dynamics
Drivers
- Accessibility of Quantum Computers Using Cloud Technology
- Rapid Digitalization to Increase Use of Cloud-based Quantum Computing
Restraints
- Stability and Error Correction Issues
- Limited Skilled Expertise for Deployment and Usage of Cloud-based Quantum Computing Solutions
Opportunities
- Growing Adoption of Quantum Computing Solutions Across Several Verticals
- Emergence of Startups to Provide Cloud-based Quantum Computing Solutions
Challenges
- Lack of Standardization
Use Cases
- OTI Lumionics to Accelerate Material Design Using Microsoft Azure Quantum
- CERN Partners with IBM Quantum to Seek New Ways of Patterns in LHC Data
- Microsoft Collaborates with Willis Towers Watson to Transform Risk-Management Solutions
Companies Mentioned
- Arqit
- AWS
- Baidu
- CERN
- ColdQuanta
- D-Wave Systems
- Huawei
- IBM
- IonQ
- Microsoft
- OTI Lumionics
- Oxford Quantum Circuits
- Pasqal
- Qilimanjaro
- QpiCloud
- Quandela
- Quantum Computing Inc.
- Rigetti Computing
- Spinq
- Terra Quantum
- Willis Towers Watson
- Xanadu
- Zapata Computing
For more information about this report visit https://www.researchandmarkets.com/r/ews6oq
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