Quantum Computing as a Service (QCaaS) Market Rising Trends, Technology Research and Precise Outlook 2021-2030

Conventional computers operate on binary bits that can either be1 or0. Whereas, quantum computers use Quantum bits (Qubits), which can achieve a mixed state, known as “superposition” where they are both 0 and 1 at the same time. Due to this, Quantum computers can store, process andtransfer vast amount of information in a quick span of time. Quantum Computing as a service (QCaaS) is a cloud-based service that provides access to quantum computing platforms whenever required. Key benefits of QCaaS includes reduce operational and administrative resources & costs, eliminate unplanned capital spend & forklift upgrades, reduce downtime, and achieve better performance among others. QCaaS is also extensively used to develop artificial intelligence (AI) functionality, that requires huge computational capabilities.

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Competitive Landscape

The QCaaS market is comprised of various market players such as International Business Machines Corporation, D-Wave Systems, Inc., Microsoft Corporation, Amazon Web Services, Inc., Rigetti Computing, Google LLC, 1QB Information Technologies Inc., Cambridge Quantum Computing Ltd, QC Ware Corp., and Cambridge Quantum Computing Ltd. Some of the other key players includes Honeywell International Inc., AvanetixIonQ, Quantum Circuits, Inc., Toshiba Corporation, and others. Some of the players are launching and adopting key development strategies to garner high consumer base. For instance, on 8 July 2021, Oxford Quantum Circuits (OQC) launched Quantum Computing-as-a-Service for businesses exploring the commercial and technical benefits of quantum computing. In addition, the OQC’s proprietary technology is available to the enterprise via its private cloud, which in turn provides additional security to the enterprises.

Market Dynamics and Trends

Increasing adoption of Software as a service (SaaS) business model and growing need for high-performance computing among major tech companies across the globe are factors expected to drive the QCaaS market growth during the forecast period. In addition, rise in cloud adoption and growing demand for data centers due to burgeoning data workloads across industry verticals are also other factors expected to propel the QCaaS market growth. Moreover, increased investments in quantum research and developments, coupled with adoption of collaboration strategies among major market players for the development of quantum computing platforms are some of the key factors expected to boost the market growth.

However, the QCaaS market faces challenges such as high cost of installation which in turn could restrain the market growth to a certain extent. As quantum computers are developed with high-tech devices and complex software environments, the need for technical assistance increases significantly. Thus, lack of skilled workforce could also hinder the market growth during the forecast period.

On the contrary, growing adoption of quantum computing technology in healthcare industry and investments in quantum computing technology by the emerging countries are opportunistic factors that could advent the growth of the market in the coming years.

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Geographical Analysis

Asia-Pacific QCaaS market will witness significantgrowth in terms of CAGR in the coming years due to increasing government initiatives in the countries such as Japan, China, and India. For example, in Japan, the Quantum Technology Innovation Strategy established in 2020 has allocated approximately USD 470 million to help build the roadmap for technological and integrated innovation areas in the field of biotechnology and AI, which in turn increased the demand of QCaaS.

On the other hand, North America QCaaS market holds the highest revenue share in 2020. This is attributed to favorable government policies and initiatives in this region. Also, top players such as IBM, Google, and Honeywell, and startups, such as Rigetti and IonQ are focusing on developing machines that are expected to solve real-time intractable problems with increasing applications spanning across chemical modeling, hedge fund portfolio-strategizing, drug discovery, and A.I. advancements.

Furthermore, Europe QCaaS market is expected to show a steady growth as the countries in the region are witnessing high demand for quantum computing applications. For instance, on July, 2021, Oxford Quantum Circuits (OQC) launched UK’s first commercially accessible Quantum Computing-as-a-Service built entirely using its proprietary technology. This signified a milestone in unlocking the potential of quantum computing in Europe.

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