“Global Cloud-based Quantum Computing Market to reach a market value of USD 2.1 Billion by 2030 growing at a CAGR of 19.9%”
The Global Cloud-based Quantum Computing Market size is expected to reach $2.1 billion by 2030, rising at a market growth of 19.9% CAGR during the forecast period.
The aerospace and defense sector places a high premium on communication security, and quantum computing holds promise for enhancing cryptographic methods. Consequently, the aerospace and defense segment captured $48.52 million revenue in the market in 2022. As per the International Trade Administration, the aerospace sector in the United Kingdom is export-driven and ranks second largest globally, after the United States. Civil aerospace revenue in the United Kingdom reached an estimated $34.5 billion in 2022. The defense industry achieved an approximate turnover of $29 billion in 2022, of which $15 billion was allocated for exports.
Ongoing research and development efforts have resulted in designing and fabricating more powerful and stable quantum processors. Progress in quantum software development includes the creation of quantum programming languages, compilers, and simulators. Quantum algorithms, tailored for specific applications, have been refined and optimized, demonstrating improved performance on evolving quantum hardware. Therefore, these aspects can lead to increased demand for cloud-based quantum computing.
Additionally, the escalating demand for quantum computing capabilities across a spectrum of industries underscores the transformative potential of quantum technology. The increasing number of Small and Medium Enterprises (SMEs) globally has been a notable trend in recent years. For instance, as per the data from Statistics Canada, small- and medium-sized businesses contribute significantly to the Canadian economy, making up 98.1% of all employer businesses in Canada in 2021.
However, by carrying out computations at speeds unmatched by classical computers, quantum computers utilize the principles of quantum mechanics. As the number of qubits and the intricacy of quantum algorithms increase, preserving the delicate quantum states necessary for computation becomes significantly more difficult. This sensitivity introduces a layer of complexity when deploying quantum computing services in the cloud. Thus, these factors can hamper the growth of the market.
Based on solution, the market is segmented into software and services. In 2022, the services segment garnered a 47.02% revenue share in the market. The intricate nature of quantum computing necessitates specialized expertise for effective implementation and utilization. Organizations, both large enterprises and smaller entities, are increasingly seeking services that provide expert consultation on quantum algorithms, programming, and optimization.
On the basis of technology, the market is divided into trapped ions, quantum annealing, superconducting qubits, and others. In 2022, the superconducting qubits segment witnessed the 40.82% revenue share in the market. Superconducting qubits have demonstrated remarkable performance characteristics, including high coherence times, low error rates, and scalability potential.
Based on application, the market is divided into optimization, simulation & modelling, sampling, and others. In 2022, the simulation and modelling segment witnessed a substantial revenue share in the market. The material science sector has contributed significantly to the demand for quantum simulation and modeling.
On the basis of vertical, the market is divided into aerospace & defense, BFSI, healthcare, automotive, energy & power, chemical, government, and others. The BFSI segment recorded the 28.85% revenue share in the market in 2022. Financial institutions leverage quantum computing to optimize investment portfolios and risk management strategies. Quantum algorithms can efficiently handle the complexities of large-scale financial data, providing faster and more accurate solutions for portfolio optimization.
Free Valuable Insights: Global Cloud-based Quantum Computing Market size to reach USD 2.1 Billion by 2030
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. In 2022, the Europe segment acquired a 28.78% revenue share in the market. Europe has a rich academic excellence and scientific research tradition, and the rising demand for cloud quantum computing is closely tied to collaborative efforts between universities, research institutions, and industry partners.
The market is characterized by fierce competition among industry giants like IBM, Google, Microsoft, and Amazon, who are leveraging their resources and expertise to develop and commercialize quantum computing solutions. Startups are also entering the fray, contributing to innovation and disruption. Partnerships between academia and industry further fuel advancements, offering customers a plethora of options with distinct features and capabilities, while factors like performance, scalability, and pricing models shape purchasing decisions in this rapidly evolving landscape.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 500.22 Million |
| Market size forecast in 2030 | USD 2.1 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 19.9% from 2023 to 2030 |
| Number of Pages | 302 |
| Number of Tables | 500 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Distribution Channel, Application, Region |
| Country scope |
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| Companies Included | Google LLC (Alphabet Inc.), Microsoft Corporation, IBM Corporation, Amazon Web Services, Inc. (Amazon.com, Inc.), Baidu, Inc., Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), Terra Quantum AG, SpinQ Technology Co., Ltd., QpiCloud Technologies, CERN |
By Solution
By Technology
By Application
By Vertical
By Geography
The Market size is projected to reach USD $2.1 billion by 2030.
Emergence of quantum cloud service providers are driving the Market in coming years, however, Challenges pertaining to quantum hardware limitations restraints the growth of the Market.
Google LLC (Alphabet Inc.), Microsoft Corporation, IBM Corporation, Amazon Web Services, Inc. (Amazon.com, Inc.), Baidu, Inc., Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), Terra Quantum AG, SpinQ Technology Co., Ltd., QpiCloud Technologies, CERN
The Optimization segment is generating the maximum revenue in the Market by Application in 2022; thereby, achieving a market value of $779 million by 2030.
The Software segment is leading the Market by Solution in 2022; thereby, achieving a market value of $1.1 billion by 2030.
The North America region dominated the Market by Region in 2022; thereby, achieving a market value of $851.6 million by 2030.
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