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CHICAGO, April 28, 2023 /PRNewswire/ --The global Cloud-Based Quantum Computing Market is projected to grow from an estimated USD 798 million in 2023 to USD 4,063 million by 2028, at a CAGR of 38.5% from 2023 to 2028 according to report by MarketsandMarkets.The growing adoption of quantum computing solutions across several verticals and the increasing accessibility of quantum computers by the cloud drive market growth.

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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.

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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.

Key Players

The major vendors in cloud-based quantum computing include IBM (US), Microsoft (US), Google (US), AWS (US), Baidu (China), Rigetti Computing (US), Xanadu (Canada), Oxford Quantum Circuits (UK), IonQ (US), and Zapata Computing (US).

MarketsandMarkets segments the Cloud-Based Quantum Computing Market by offering, technology, application, verticals, and region. The report's scope covers detailed information about the major factors, such as drivers, restraints, opportunities, and challenges, influencing the market's growth. A detailed analysis of key industry players was carried out to provide insights into their business overviews, solutions & services, key strategies, product launches, mergers and acquisitions, partnerships, agreements, collaborations, and recent developments associated with the Cloud-Based Quantum Computing Market.

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Cloud-Based Quantum Computing Market worth $4,063 million by 2028 - Exclusive Report by MarketsandMarkets - Yahoo Finance