Cloud-Based Quantum Computing Market Trends and Share Analysis | Industry Forecast Report 2024-2033

The Business Research Company recently released a comprehensive report on the Global Cloud-Based Quantum Computing Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The cloud-based quantum computing market size has grown exponentially in recent years. It will grow from $0.51 billion in 2023 to $0.66 billion in 2024 at a compound annual growth rate (CAGR) of 29%. The growth in the historic period can be attributed to growing interest in quantum computing, rise of quantum software tools, demand for quantum as a service, and need for quantum security solutions.

The cloud-based quantum computing market size is expected to see exponential growth in the next few years. It will grow to $1.86 billion in 2028 at a compound annual growth rate (CAGR) of 29.4%. The growth in the forecast period can be attributed to expansion of quantum software ecosystem, demand for industry-specific solutions, integration with classical cloud services, focus on quantum security, and growing quantum workforce. Major trends in the forecast period include emergence of industry-specific solutions, advancements in quantum hardware, and collaborative research and innovation.

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Market Drivers and Trends:

The increasing number of startups is expected to propel the cloud-based quantum computing market going forward. Startups refer to newly established businesses or companies, often characterized by innovation, growth potential, and a focus on disruptive technologies or business models. The rise in several startups is due to changing consumer behaviors, urbanization, sustainability concerns, and the proliferation of cloud computing and software-as-a-service (SaaS). Cloud-based quantum computing can provide startups with the tools, resources, and support to harness the power of quantum technology and drive innovation, ultimately enabling them to compete more effectively in the marketplace and achieve sustainable growth. For instance, in February 2024, according to the Startups. Co, a UK-based online startup accelerator, in 2023, new business establishments experienced a notable surge, rising by 19.5% with 39,966 new entities, marking a 6.5% increase compared to the same period in 2022. This growth stands out against the modest 2% year-on-year rise in overall incorporations last year, totaling 778,219 in 2022. Therefore, the increasing number of startups is driving the growth of the cloud-based quantum computing market.

Companies operating in the cloud-based quantum computing market are advancing their cloud solutions with hybrid quantum-classical programming tools to enhance performance, scalability, and reliability. Hybrid quantum-classical programming tools refer to software frameworks, libraries, or languages designed to facilitate the development of applications that leverage both classical and quantum computing resources. For instance, Nvidia Corporation, a US-based developer of graphics processing units, launched the CUDA-Q quantum computing platform. CUDA-Q is an open-source platform facilitating the seamless integration and programming of quantum processing units (QPUs), GPUs, and CPUs, streamlining the development of hybrid quantum-classical applications through a unified programming model supporting C++ and Python. It allows users to develop and test new quantum algorithms and applications in the cloud, including powerful simulators and tools for hybrid quantum-classical programming. NVIDIA Quantum Cloud supports scientific investigation in quantum computing by breaking down boundaries and delivering powerful capabilities and third-party software integrations, such as the Generative Quantum Eigensolver and Classiq's CUDA-Q integration.

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Major Key Players of the Market:

Amazon.com Inc., Google LLC, Microsoft Corporation, International Business Machines Corporation (IBM), Honeywell International Inc., Fujitsu Limited, Toshiba Corporation, PsiQuantum Corporation, Quantum Machines Ltd., Xanadu AI Limited, Super.tech, Zapata Computing Inc., Riverlane Limited, Q-CTRL Pty. Ltd., Rigetti & Co Inc. (Rigetti Computing), Cambridge Quantum Computing Limited, Seeqc Inc., Atos SE, D-Wave Systems Inc., Archer Materials Limited, QC Ware Corp., Quantum Benchmark Inc., Quantum Circuits Inc., Quantum Computing Inc.

Cloud-Based Quantum Computing Market 2024 Key Insights:

• The cloud-based quantum computing market size is expected to see exponential growth in the next few years. It will grow to $1.86 billion in 2028 at a compound annual growth rate (CAGR) of 29.4%.
• Startups Fueling Growth in Cloud-Based Quantum Computing Market
• Advancements In Cloud-Based Quantum Computing The Role of Quantum Computing Platforms
• North America was the largest region in the cloud-based quantum computing market in 2023

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