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Forecast Period
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2025-2029
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Market Size (2023)
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USD 24.17 Million
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Largest Market
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South India
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CAGR (2024-2029)
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18.65%
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Fastest Growing Segment
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Manufacturing
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India cloud based quantum computing market is anticipated to grow at a high CAGR
during the forecast period. Quantum computing, a revolutionary paradigm based
on quantum physics principles, can alter businesses, solve complicated issues,
and spur creativity. As quantum technologies evolve around the world, India has
emerged as a prominent player in the global quantum computing scene. With its
thriving digital sector, strong research institutions, and growing interest in
quantum technology, India is primed to push computing to new heights.
Cloud-based quantum computing holds enormous promise for democratizing access
to quantum resources, encouraging collaboration, and propelling quantum
research and development in the country. Recognizing quantum computing's
transformative potential, the Indian government has taken strong steps to
encourage and expedite quantum research and development. The National Mission
on Quantum Technologies and Applications (NM-QTA) aims to position India as a
global leader in quantum technologies. These projects provide money, foster
academic-industry cooperation, and aid in the development of quantum technology
ecosystems. Furthermore, rising investments in cloud data center development
will enhance the growth of the India cloud-based quantum computing market
during the forecast period.
Increasing Investments by Governments in Quantum Computing
Technology
Governments are recognizing the immense potential
of quantum computing and its impact on various sectors. As a result, they are
increasing their investments in quantum computing technology to boost economic
growth and maintain a competitive edge. This driver is expected to
significantly boost the India cloud-based quantum computing market. Governments
hope to stimulate creativity, drive research and development, and attract
investment by investing in quantum computing. These investments are critical
for the advancement of quantum technologies, such as cloud-based quantum
computing systems. The administration has shown a significant commitment to the
advancement of quantum technology. Initiatives such as India's National Mission
on Quantum Technologies and Applications (NM-QTA) demonstrate the country's
proactive commitment to building a quantum technology ecosystem. The
government's funding in quantum research and development fosters the rise of
cloud-based quantum computing in India. Government financing enables quantum
computing research and development activities such as the design and
development of quantum computers, algorithms, and software tools. This spurs
innovation, improves quantum system performance, and broadens the potential of
cloud-based quantum computing platforms. Governments make investments in the
creation of quantum research centers, quantum communication networks, and
specialized quantum hardware infrastructure. This infrastructure facilitates
the expansion of cloud-based quantum computing by providing the required
resources and a solid foundation for quantum research and commercialization. Such
factors are expected to drive the growth of the India cloud-based quantum
computing market during the forecast period.
Increasing Number of Strategic Alliances
In the India cloud-based quantum computing market,
strategic collaborations play a crucial role in driving market growth.
Companies and organizations are realizing the advantages of partnering up to
accelerate innovation, share resources, and manage the complex challenges
associated with quantum technology. By promoting the flow of knowledge,
insights, and best practices, strategic partnerships encourage collaboration
between partners. This fosters innovation and allows for the collective
improvement of the field of quantum computing. Local and foreign entities in
India cloud-based quantum computing business can benefit from strategic
partnerships, facilitating knowledge transfer and ecosystem growth. Partners
can expedite the development of quantum computing applications targeted to
specific sectors and use cases by collaborating on research and development. By
combining knowledge and resources, partners can develop unique solutions that
address real-world challenges, proving the utility of cloud-based quantum
computing and encouraging its adoption in India. Strategic collaborations are
critical to the growth of the India cloud-based quantum computing market, as
they encourage innovation, establish synergies, extend market reach, and
influence legislation. As the industry evolves, strategic collaborations will
continue to be important in unlocking the full potential of cloud-based quantum
computing in the country.
Access to Quantum Computing Power
Access to quantum computing power is a key driving
force behind the growth of the India cloud-based quantum computing market.
Quantum computing offers unparalleled computational capabilities that have the potential
to revolutionize various industries and solve complex problems. However,
developing and maintaining quantum hardware is a highly specialized and
resource-intensive endeavor. Cloud-based quantum computing platforms address
this challenge by providing remote access to quantum processors and resources,
democratizing the power of quantum computing and driving market growth. Quantum
computing is now available to a greater number of organizations and researchers
in India due to cloud-based platforms. They reduce the need for large
investments in constructing and maintaining quantum hardware, making quantum
computing accessible to startups, small and medium-sized companies (SMEs), and
academic institutions. This democratization encourages creativity, accelerates
research, and opens up a larger range of applications across multiple
industries. Researchers and developers in India can experiment with and build
quantum algorithms because to cloud computing capacity. They can explore novel
algorithms, optimize current ones, and tackle complicated computing problems
more efficiently by having hands-on experience using quantum processors. This
feature propels quantum algorithm advances and adds to the growth of the India
cloud-based quantum computing market.
Access to quantum computing capacity via the cloud
enables Indian enterprises to investigate and build solutions tailored to their
individual requirements. Quantum computing can be used to solve optimization
problems, simulate quantum systems, and improve machine learning algorithms in
industries such as banking, healthcare, logistics, and materials research. This
encourages industry-specific innovation, which creates opportunities for organizations
and contributes to the growth of the India cloud-based quantum computing
market. Cloud-based quantum computing provides a cost-effective and accessible
approach for Indian organizations. Instead of purchasing pricey quantum
hardware, they can use the cloud to access quantum resources on a pay-as-you-go
basis. This lowers the barrier to entry, making quantum computing more
economical and accessible to a broader spectrum of customers, pushing market
development even further. To summarize, access to quantum computing capacity is
a key driver of the India cloud-based quantum computing market. Access to
quantum computing power fuels innovation, expands market opportunities, and
accelerates the adoption of cloud-based quantum computing in India by
democratizing quantum computing, enabling quantum algorithm development,
facilitating collaboration and knowledge sharing, supporting scalability and
future developments, and driving industry-specific applications.
Increasing Use of Quantum Computing Technology Across
Multiple Industries
Quantum computing is increasingly being used in a
variety of industries. For example, Accenture Labs and 1QBit teamed with Biogen
to create a first-of-its-kind quantum-enabled molecular comparison application
that may greatly improve advanced molecular design and speed up drug discovery
for complicated neurological disorders such as multiple sclerosis. They
partnered to develop a novel application that adds quantum capabilities to
Biogen's existing molecular comparison approach. The new program offers fresh
insights into the chemical comparison process as well as considerably more detailed
contextual information about how, where, and why molecules match. Furthermore,
quantum computing is gaining pace in the banking, financial services, and
insurance (BFSI) industry, where corporations are speeding up trade activities,
transactions, and data processing.
Simulation is one of the potential uses of quantum
computing. Quantum computing helps to identify effective and efficient ways to
manage financial risks. High-quality solutions’ processing time and costs can
increase exponentially if financial institutions use conventional computers.
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Recent Developments
In June 2023, Salesforce and Google Cloud announced
an expanded strategic relationship to enable businesses use data and artificial
intelligence (AI) to provide more customized customer experiences, better
understand customer behavior, and conduct more effective campaigns at a reduced
cost across marketing, sales, support, and commerce.
Market Segmentation
The India cloud based quantum computing market is
divided into component, deployment, applications, and end-user. Based on component,
the market is divided into hardware, software, and services. Based on deployment,
the market is divided into on-premises and cloud. Based on application,
the market is divided into machine learning, optimization, biomedical
simulations, financial services, electronic material discovery, and others.
Based on end-user, the market is divided into IT & Telecom, BFSI, manufacturing,
healthcare, energy & utilities, and others.
Market Players
Major
market players of the India cloud based quantum computing
market are Tata Consultancy Services, Infosys Limited, Alphabet
Inc, Zenith InfoTech Limited, CipherCloud, Ctrls Datacenters Limited, Amazon
Web Services, SAP India Pvt. Ltd. and, Microsoft Azure. To achieve good market
growth, businesses that are active in the market employ organic tactics such
product launches, mergers, and partnerships.
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Attribute
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Details
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|
Base Year
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2023
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|
Historic Data
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2019 – 2022
|
|
Estimated Year
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2024
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Forecast Period
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2025 – 2029
|
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Quantitative Units
|
Revenue in USD Million, and CAGR for 2019-2023 and 2024-2029
|
|
Report coverage
|
Revenue forecast, company
share, growth factors, and trends
|
|
Segments covered
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Component
Deployment
Application
End-User
Region
|
|
Regional scope
|
East India, West India, North
India, South India
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|
Key companies profiled
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Tata Consultancy Services, Infosys Limited, Wipro Limited, Zenith
InfoTech Limited, CipherCloud, Amazon Web Services, Ctrls Datacenters Limited,
SAP India Pvt. Ltd., Alphabet Inc, Microsoft Azure
|
|
Customization scope
|
10% free report customization
with purchase. Addition or alteration to country, regional & segment
scope.
|
|
Pricing and purchase options
|
Avail customized purchase options to meet your exact research needs. Explore purchase options
|
|
Delivery Format
|
PDF and Excel through Email (We
can also provide the editable version of the report in PPT/Word format on
special request)
|
Report Scope:
In this report, the India cloud based quantum
computing market has been
segmented into following categories, in addition to the industry trends which
have also been detailed below:
- India Cloud Based Quantum Computing
Market, By Component:
o Hardware
o Software
o Services
- India Cloud Based Quantum Computing
Market, By Deployment:
o On-premises
o Cloud
- India Cloud Based Quantum Computing
Market, By Applications:
o Machine Learning
o Optimization
o Biomedical Simulations
o Financial Services
o Electronic material discovery
o Others
- India Cloud Based Quantum Computing
Market, By End User:
o IT & Telecom
o BFSI
o Manufacturing
o Healthcare
o Energy & utilities
o Others
- India Cloud Based Quantum Computing
Market, By Region:
o East India
o West India
o North India
o South India
Competitive Landscape
Company Profiles: Detailed analysis of the major companies
present in the India cloud based quantum computing market
Available Customizations:
India cloud based quantum computing market with the given market data, Tech Sci
Research offers customizations according to a company’s specific needs. The
following customization options are available for the report:
Company Information
- Detailed analysis and
profiling of additional market players (up to five).
India cloud based quantum computing market is an upcoming report to be released
soon. If you wish an early delivery of this report or want to confirm the date
of release, please contact us at [email protected]