Global Quantum Computing Market to Face Exponential Growth in the Coming Years

Quantum computing basically focuses on fostering computer technology by using quantum theory principles. These principles define the behavior of material and energy at subatomic and atomic level. Apart from this, the power of quantum computing comes from quantum bits or qubits that can be generated and manipulated. The main features of quantum computing are superimposition and entanglement and due to these features, quantum computers can run operations at a speed higher than the conventional computers at minimum energy.

Quantum computing is used in sectors like finance, intelligence, military, drug design & discovery, artificial intelligence, aerospace and many more.

Forecast Analysis of the Quantum Computing Market

The quantum computing market is expected to grow tremendously in the coming years mainly due to rise in cyber-attacks across the world. Quantum computing ensures safety and security by preventing such attacks. All software systems and applications that run on quantum computing are protected from attacks like phishing and ransomware. Moreover, some ventures are devising strategies for utilizing quantum computing in cyber security as well. These factors are considered to enhance the market growth. However, quantum computing market may face obstacles due to lack of awareness about quantum computing and shortage of skilled employees. Nevertheless, government intervention and investment are anticipated to overcome this hindrance.

Opportunities for quantum computing market can be witnessed in the field of agriculture for augmenting yield and efficiency of crops. Moreover, quantum computing can be used in developing chemicals for preparing energy rich fertilizers, thus widening prospects in the agricultural field.

As per a report by Research Dive, the global quantum computing market is predicted to garner significant revenue of $667.3 million by 2020. The European quantum computing market is anticipated to increase from $28.2 million in 2019 and surpass $221.2 million by 2027. Various sectors in Europe such as healthcare, utilities, chemicals, and pharmaceuticals are rushing toward quantum computing. Moreover, applications of quantum computing in fields like cryptography, development and discovery of new drugs, cyber security, and defense are expected to boost the market in the coming years.

The leading market players of the global quantum computing market are Google Inc., Anyon, D-Wave Systems Inc., International Business Machines Corporation, 1QB Information Technologies, Cambridge Quantum Computing Limited, QC Ware, Rigetti Computing, Corp., StationQ – Microsoft, and River Lane Research.

Recent Developments in the Quantum Computing Market

The businesses functioning in the quantum computing arena are implementing unique strategies with the help of which they are likely to gain a competitive edge in the global market. Some frequently utilized plans are acquisitions, partnerships and collaborations, novel product launches, investments in research and development.

In October 2020, IonQ, a quantum computing software and hardware company, revealed its next generation quantum computer system that consists of 32 qubits with minimum gate errors and quantum volume greater than 4,000,000. This product has random access to all-to-all gate operations for compiling software applications.

In September 2020, D-Wave systems, a quantum computing company of Canada, declared that its next generation quantum computing platform via Leap quantum cloud service is available. This platform integrates novel software, hardware, and tools to accelerate and enable in-production application of quantum computing.

In August 2020, Amazon, an American based multinational technology company, launched Amazon Braket that consists of quantum computing services on AWS in order to enhance research. Amazon Braket offers a space to design quantum algorithms that are tested on stimulated quantum computers and then run on various quantum computing hardware.

In October 2020, Honeywell, a multinational conglomerate company, announced the launch of System Model H1 which is a next generation quantum computer. This product includes 10 fully connected qubits, mid-circuit measurement, quantum volume of 128, and qubit reuse. 

Covid-19 Impact on the Quantum Computing Market

The coronavirus pandemic is anticipated to affect the quantum computing market positively. Quantum computing’s potential to offer enhanced optimization and carry out vital calculations rapidly is increasing its importance. Furthermore, quantum computing can help material science and pharmaceutical companies in developing methods for analyzing large molecules. Apart from this, due to quantum computing drugs can be developed and researched via a computer. These factors are driving the market forward.  

The quantum computing market is expected to bloom in the upcoming years due to its vast usage in several businesses. Moreover, frequent product launches by well-known companies are anticipated to propel the market further in the future.