Overview and Scope
Quantum computing as a service (QCaaS) serves an essential function in the technology sector, providing an innovative approach to computing capabilities. It offers cloud-based access to quantum computing resources and functionalities, altering the landscape of computational power for enterprises. QCaaS vendors provide a variety of services, from quantum algorithm development to execution, allowing businesses to capitalize on the power of quantum computing without requiring considerable in-house equipment.
Sizing and Forecast
The quantum computing as a service (QCaaS) market size has grown exponentially in recent years. It will grow from $2.01 billion in 2023 to $3 billion in 2024 at a compound annual growth rate (CAGR) of 49.1%. The growth in the historic period can be attributed to increased demand for quantum computing capabilities, growth in cloud computing infrastructure, increased investment in quantum computing research, increased awareness of the potential benefits of quantum computing, increased focus on quantum computing security.
The quantum computing as a service (QCaaS) market size is expected to see exponential growth in the next few years. It will grow to $14.85 billion in 2028 at a compound annual growth rate (CAGR) of 49.2%. The growth in the forecast period can be attributed to increasing focus on quantum computing for drug discovery, rising demand for cloud-based quantum computing services, rise in the investment for digital transformation, growing demand for data centers, increasing number of startups. Major trends in the forecast period include cloud-based solutions, technological advancements, quantum security solutions, cybersecurity solutions, hybrid quantum-classical algorithms.
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Segmentation & Regional Insights
The quantum computing as a service (QCaaS) market covered in this report is segmented –
1) By Type: Gate-Based Quantum Computing, Annealing-Based Quantum Computing
2) By Enterprise Size: Small And Medium Enterprises, Large Enterprises
3) By Applications: Data Optimization and Analysis, Design Verification, Object Recognition, Pattern Recognition, Simulation, Other Applications
4) By Industry Verticals: Healthcare And Life Sciences, Banking, Financial Services and Insurance, Information Technology And Telecommunication, Retail And E-commerce, Energy And Utilities, Transportation And Logistics, Government, Other Industry Verticals
Asia Pacific was the largest region in the quantum computing as a service (QCaaS) market in 2023. The regions covered in the quantum computing as a service (QCaaS) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rise in cloud adoption is expected to propel quantum computing as a service (QCaaS) growth going forward. Cloud computing is the distribution of computing resources such as servers, storage, databases, networking, software, and analytics via the internet, providing on-demand access to shared pools of programmable resources that can be swiftly provided and scaled with low administration effort. The rise in cloud adoption can be attributed to several factors, including heightened emphasis on security, the imperative for enhanced accessibility, and the proliferation of remote work dynamics. Quantum computing as a service (QCaaS) reduces entry barriers, improves scalability and cost-effectiveness, and encourages experimentation and innovation in quantum computing applications. This results in increased adoption of cloud services as businesses seek to leverage quantum capabilities for competitive advantage. For instance, according to the Flexera 2022 State of the Cloud report, a US-based software company, a survey of 753 respondents regarding cloud adoption revealed a notable uptick in year-over-year spending on cloud services. The findings indicated that 53% of respondents allocated $1.2 million for cloud expenditures in 2022, a significant rise from the 38% reported in 2021. Therefore, the increase in cloud adoption is driving the growth of the quantum computing as a service (QCaaS) market.
Key Industry Players
Major companies operating in the quantum computing as a service (QCaaS) market are Google LLC, Microsoft Corporation, Amazon Web Services Inc., Intel Corporation, International Business Machines Corporation, Fujitsu Limited, Toshiba Corporation, Rigetti Computing Inc., Quantinuum, Pasqal SAS, Multiverse Computing S.L., Riverlane Research Limited, Zapata Computing Inc., Atom Computing Inc., Cambridge Quantum Computing Limited, Seeqc US LLC, IonQ Inc., Quantum Motion Technologies Inc., QCI Quantum Computing Inc., D-Wave Systems Inc., Oxford Quantum Circuits Limited, Classiq Technologies Inc., QC Ware Corp., Quantum Circuits Inc., Strangeworks Inc., ColdQuanta Inc
The quantum computing as a service (qcaas) market report table of contents includes:
1. Executive Summary
2. Quantum Computing as a Service (QCaaS) Market Characteristics
3. Quantum Computing as a Service (QCaaS) Market Trends And Strategies
4. Quantum Computing as a Service (QCaaS) Market – Macro Economic Scenario
5. Global Quantum Computing as a Service (QCaaS) Market Size and Growth
..
31.D-Wave Systems Inc.
32. Global Quantum Computing as a Service (QCaaS) Market Competitive Benchmarking
33. Global Quantum Computing as a Service (QCaaS) Market Competitive Dashboard
34.Key Mergers And Acquisitions In The Quantum Computing as a Service (QCaaS) Market
36. Appendix
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