Quantum Computing Market Recent Trends, Developments, Challenges and Opportunities

The escalating investments from governments and private firms for the development of quantum science and technology will drive the quantum computing market at 33.1% CAGR during 2020–2030. The market stood at $89.6 million in 2019 and it is expected to reach $1,866.8 million by 2030. Moreover, the government organizations are extending immense support for commercialization of quantum computing by undertaking various initiatives to promote the same. Industry experts are also recognizing the vitality of developing a coordinated strategy to offer financial help to quantum-related education and research activities.

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The quantum computing market is at an infant stage, where players are posing intense competition to each other for commercializing quantum computing systems. These advanced systems would be extremely powerful than the traditional computers, in terms of speed and accuracy. In the coming years, this futuristic technology would coexist with the classical computers. Some of the key players working toward the development of this next-generation computing system include Intel Corporation, IBM Corporation, Huawei Investment & Holding Co. Ltd., Alphabet Inc., Zapata Computing Inc., Silicon Quantum Computing, and Microsoft Corporation.

These companies are taking strategic measures, such as product innovations and partnerships, to gain a competitive edge in the quantum computing market. Over 130 research institutes and companies are currently engaged in researching this technology. For example, Alpine Quantum Technologies and IBM Corporation, together, created a new variant of Qiskit (version 0.13) that supports ion trap devices. This new version is offered with a wide range of applications and algorithms and is available through cloud on the Innsbruck quantum devices.

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Geographically, North America held the largest share in the quantum computing market in 2019. This is primarily due to the hefty investments by private firms and governments for the development of this technology. For instance, the U.S. Congress passed the National Quantum Initiative, in January 2019, to authorize around $1.2 billion investment in quantum technology over the next 5–10 years. Furthermore, D-Wave Systems Inc., a Canadian company, was the first to commercialize quantum computing computer, with the launch of D-Wave One system. Also, it has developed fourth generation quantum systems.

Therefore, the huge investments from private firms and governments in R&D of quantum science and technology will boost the market growth in the coming years.

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This release was published on openPR.