The global quantum computing market is expected to grow at a CAGR 29.5% during the forecast period, 2023–2031.
In quantum computing, operations use qubit, a quantum state of an object. A qubit is an undefined state of an object before it has been detected, such as the spin of an electron or the polarization of a photon. Classical computers carry out logical operations using binary, which are operations are based on one of two positions. A single state represented by 1 or 0 is called a bit. On the other hand, a quantum computer requires holding an object in a superposition state long enough to carry out various processes on it.
Growth in quantum computers could spur the development of new breakthroughs in science, medications to save lives, machine learning methods to diagnose illnesses, materials to make more efficient devices and structures, financial strategies, and algorithms to quickly direct resources such as ambulances. In light of the benefits of technology, the global quantum computing market is anticipated to witness significant growth during the forecast period.
Current advancements in quantum computing offer growth potential for imaginative concepts to concrete computing options for several enterprises through public and private initiatives. With advancing research in quantum computing, leading companies plan to make quantum hardware and software available for purchase. On the other hand, some organizations are working to provide a cloud-based computing platform and software applications to end-users.
Software plays a key role in providing the finest results for addressing various aspects, including applications and programming, execution and run-time, and architecture design of quantum computing. As per the Quantum Computing Institute of Oak Ridge National Laboratory, the software was one of the leading obstacles in previous execution models as it was a simple approach for run-time compilation with fast and reliable operations. Furthermore, various start-up companies and research institutions such as 1QBit, QxBranch, and QCWare are bridging the gap between experimental researches and large enterprises.
With the rapid development of quantum hardware technologies, it can be expected that quantum computers will operate in qubits number for solving problems that are beyond the scope of classical supercomputers. As per IBM Research, there are three basic types of quantum computers: Quantum Annealer, Analog Quantum, and Universal Quantum. However, their manufacturing is extremely challenging due to hardware-specific properties and requirements. For instance, D-Wave Systems Inc., one of the manufacturers of commercial adiabatic quantum computers, has estimated that its next-generation quantum computer would have a speed of 2000 qubits. Apart from D-Wave, other leading players such as Google, MIT Lincoln Laboratory, and Intelligence Advanced Research Projects Activity (IARPA) are dealing with hardware devices for quantum computing.
Quantum technologies are likely to work with several existing technologies, intermixed with policies of national governments, and international agreements to enhance or weaken peace, stability, and economic developments. Moreover, in some cases, regulations may become essential for addressing risks where governments will play a crucial role in leading research in the right direction. For instance, Networked Quantum Information Technologies (NQIT), one of the four-quantum computing research hubs, is funded by the U.K. government for National Quantum Technologies Programme, which is worth around USD 324 million.
Quantum computing can be useful in various healthcare applications such as radiotherapy, drug research, drug interactions, diagnosis using artificial intelligence, disease screening, imaging, genomic medicine, and protein folding. As per D-Wave Systems Inc., this technology can be applied to radiotherapy and protein folding, and it has completed an initial radiotherapy study in a research facility in New York, the U.S. Radiotherapy is the most commonly used treatment for cancer along with chemotherapy. With the growing use of a quantum computer, the horizon of possibilities that can be considered for each simulation will get broader, enabling the running of multiple simulations simultaneously at high speeds.
With quantum computing, it has become possible to compare larger molecules, which can be beneficial for pharmaceutical advancement and holds the potential to save the development time and money required for bringing drugs to the market. Several applications are possible once development in the research of quantum computing reaches its final stages. Automotive, transportation and logistics, machine learning, and teleportation are among the key sectors expected to benefit.
In December 2017, DENSO Corporation and Toyota Tsusho Corporation announced plans to test a quantum computer for processing data from a traffic IoT platform. This technology can be helpful in the future if vehicles and mobility systems need to process large amounts of data in real-time. The test conducted for commercial vehicles in Thailand collected and analyzed location information through cloud-based quantum computer devices developed by the Canada-based D-Wave Systems Inc.
With large-scale public and private R&D investments, North America dominates the global quantum computing market. Governments in the region are significantly investing in building the infrastructure and resources needed for quantum dominance. Thus, governments are fostering the development and growth of quantum technologies by supporting basic and applied research in government and non-government laboratories and universities.
In December 2018, the U.S. Congress passed a bill to accelerate quantum computing, and President Trump signed the National Quantum Initiative Act (NQI Act), which directs the Department of Energy (DOE), National Science Foundation (NSF), and National Institute of Standards and Technology (NIST) to support R&D and education in Quantum Information Science (QIS). The act also offers more specific directions for each NQI agency, including setting program goals and facilitating partnerships among federal laboratories, universities, companies, and other entities.
Europe is a key contributor to research on quantum computing technology and ranks in publications, patents, and companies engaged in developing quantum technologies. The European Union and the U.K. have developed national strategies or programs aimed at accelerating research on quantum computing technologies. For instance, the Institute for Defense Analyses (IDA) estimates that the European Union spent USD 361 million per year on quantum science and technology research during 2013–2015.
Chinese quantum computing technology has been experiencing significant improvements and innovations and racing to hold the second-largest share in the quantum computing field, which has historically been dominated by American researchers. Additionally, quantum information science research is one of the four mega projects of China’s 15-Year (2006–2020) Science and Technology Development Plan. The Chinese government is channelizing notable efforts for developing quantum communications and quantum computing. Recently, it spent USD 10 billion for building the National Laboratory for Quantum Information Sciences in Hefei, which is slated to open by 2020.
Are among the key players operating in the global quantum computing market.
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