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Unlocking the Quantum Revolution: Quantum Computing’s Impact Across Industries

In today’s rapidly advancing world of technology, we find ourselves in the midst of a “quantum race” – a race toward harnessing the incredible power of quantum computing. Governments worldwide, including the UK, US, China, Japan, and the European Commission, have invested tens of billions of dollars over the last decade to propel quantum technology into the commercial frontier.

Unpacking Quantum Technology

Quantum technology (QT) encompasses the practical applications of quantum mechanical properties, such as quantum entanglement, quantum superposition, and quantum tunneling, applied to quantum systems involving atoms, ions, electrons, photons, molecules, and various quasiparticles.

At the heart of quantum technology lies the quantum bit or “qubit,” which serves as the basic unit of quantum information. Unlike classical bits, where a bit can be either 0 or 1, qubits can exist in multiple states simultaneously, thanks to the phenomenon of superposition. Quantum entanglement, another remarkable feature, enables entangled particles to remain connected in such a way that the actions performed on one particle affect the other, regardless of the distance between them. Moreover, quantum information cannot be cloned, as per the no-cloning theorem. Quantum tunneling allows quantum particles to pass through energy barriers, even without sufficient energy to surmount them.

Quantum Computing Unleashed

Quantum computers are at the forefront of the quantum revolution, promising exponential performance enhancements over conventional computers. The qubit, equivalent to the classical binary bit, stands as the unit of quantum information. What makes qubits intriguing is their ability to superimpose 1s and 0s, enabling simultaneous parallel computations.

In classical computing, a bit is strictly 0 or 1. Quantum computers, however, introduce a third state, the superimposed 0 and 1. In simplified terms, this means operations can be executed using various values concurrently. Alongside well-designed algorithms, quantum computers match the performance of current supercomputers and are projected to surpass them exponentially in the future. This advancement brings the power of massive parallel computing to a single quantum chip.

The demand for quantum technologies is escalating, driven by pressing societal challenges such as enhanced security, medical advancements, and solving previously insurmountable computational problems. These quantum technologies have demonstrated proof of concept in areas like precision sensors, secure communication networks, and quantum computers. Their successful commercialization has the potential to fuel industry growth for years to come, boosting productivity and security in various sectors. This trend is reflected in the rapid increase in global investments in quantum technology, as private investors, businesses, and governments recognize their substantial economic potential.

In the realm of quantum computing, translating real-world problems into a format comprehensible to the physical hardware, a crucial step known as compiling, is essential for practical solutions. This process primarily adheres to two dominant computational models:

  1. Circuit (Gate) Models: Employed by tech giants like Google, IBM, and Rigetti, this model harnesses circuit-based quantum hardware.
  2. Adiabatic Quantum Computing (AQC): D-Wave’s distinctive hardware is the vanguard of AQC, providing an alternative approach to quantum computation.

Quantum Computer Advancements

The development of quantum computers is progressing rapidly and is expected to enter the mainstream within the next decade. Notable companies such as IBM, Intel, Microsoft, Google, and D-Wave Systems are all vying to commercialize this transformative technology.

In a significant breakthrough, Google’s quantum processor, Bristlecone, featuring a 72-qubit gate system, secured the title of the world’s most extensive quantum computer processor. Previously, IBM’s quantum processor with a 50-qubit gate system held this distinction. Google and NASA jointly celebrated a quantum supremacy milestone by solving a problem in just 200 seconds, a task that would take the world’s fastest supercomputer around 10,000 years to accomplish.

Chinese scientists have also made impressive strides by testing two quantum computers on more challenging tasks than Google’s Sycamore. These quantum machines showcased faster results, offering a glimpse of “unambiguous quantum computational advantage.”

One study involved Zuchongzi, which employed 56 superconducting qubits to complete a sampling task in just 1.2 hours, a task estimated to take Summit over 8.2 years. Another study introduced Jiuzhang 2.0, a photonic quantum computer, which exhibited remarkable speed in analyzing random data patches.

The field of Quantum Computing (QC) has seen considerable progress in recent years, both in the number of qubits that can be physically realized, and in the formulation of new quantum search and optimization algorithms. However, numerous challenges remain to be solved to usefully employ QC to solve real world problems. These include challenges of scale, environmental interactions, input/output, qubit connectivity, quantum memory, quantum state preparation and readout, and numerous other practical and architectural challenges associated with interfacing to the classical world.

An issue of particular interest is the potential impact of QC on “second wave” AI/ML optimization. ML has shown significant value in a broad range of real world problems, but the training time (due to the size and variety of the data needed for learning) and also network design space (due to a paucity of detailed analysis and theory for ML/deep learning (DL) systems) are large. It has been suggested that QC could significantly decrease training time of currently standard ML approaches by providing quantum speedup on optimization subroutines.

The Quantum Computing Landscape

The field of quantum computing has seen significant progress in recent years, marked by increasing qubit counts and the development of new quantum algorithms for search and optimization. Yet, several challenges persist in realizing the practical applications of quantum computing, spanning issues like scalability, environmental interactions, qubit connectivity, quantum memory, state preparation, and classical interfacing.

While the realization of full-scale quantum computers might require decades of research, we’re already witnessing the emergence of noisy intermediate-scale quantum (NISQ) computers composed of hundreds of imperfect qubits. Researchers are diligently crafting algorithms to harness quantum advantage across various domains, spanning physics, machine learning, quantum chemistry, and combinatorial optimization, despite the inherent imperfections. Additionally, they are striving to demonstrate the quantitative advantage of Quantum Information Processing (QIP) over classical methods, even in the absence of fully fault-tolerant quantum computers, highlighting the growing potential and urgency surrounding quantum technology.

Quantum computing is a rapidly ascending phenomenon in the Gartner Hype Cycle, poised to be one of the most significant technological disruptions of our time. It promises to revolutionize data processing, tackling massive datasets in mere seconds, and handling diverse risk calculations, including assessing the impact of natural disasters like hurricanes. The concept of quantum computing, initially conceived by Richard Feynman, is centered on solving immensely complex problems in quantum physics, chemistry, and materials, problems that classical computers struggle with. IBM Research’s Arvind Krishna believes that quantum computing holds transformative potential, particularly in materials and drug design, expanding its applications beyond cryptography.

Quantum Applications Transforming Industries

The surge in demand for quantum technologies is driven by a host of pressing societal challenges. Quantum technologies have the potential to revolutionize industries and address critical issues in inhospitable environments, security, healthcare, and more. From enabling firefighters to see through smoke to transforming computational tasks and optimizing transportation systems, quantum technology is paving the way for innovative applications.

Quantum Computing in Various Sectors

Computational Chemistry

Quantum computing holds the potential to revolutionize drug discovery and the development of new materials. These machines can simulate molecular structures with incredible precision, which can expedite the drug discovery process.

The immense potential power in quantum computing could enable machines to successfully map molecules and solve traditionally challenging issues – like removing carbon dioxide from our atmosphere for a better climate or even help to create solid-state batteries to solve many current energy storage problems.

“The first applications will probably be in things like quantum chemistry or quantum simulations,” said Jeff Welser, vice president and lab director at IBM Research Almaden. “People are looking for new materials, simulating molecules such as drug molecules, and to do that you probably only need to be at around 100 qubits. We’re at 50 qubits today. So we’re not that far off. It’s going to happen within the next year or two. The example I give is the caffeine molecule, because it’s a molecule we all love. It’s a fairly small molecule that has 95 electrons. To simulate the molecule, you simulate the electron states. But if you were to exactly simulate the 95 electrons on that to actually figure out the energy state configuration, it would take 10 exp(48) classical bits. There are 10 exp(50) atoms in the planet Earth, so there’s no way you’re ever going to build a system with 10exp(48) classical bits. It’s nuts. It would only require 160 qubits to do those all exactly, because the qubits can take on exactly all the quantum states and have all the right entanglements.”

Logistics and Supply Chain

Quantum computing can optimize logistics and supply chain management by processing vast amounts of data to reduce transportation costs and improve inventory management. Commercial quantum computers could help to optimize real-time dynamism and improve speed and accuracy in operational problems in the logistics industry. It is also likely to improve self-driving car technologies and could be turned to predicting and preventing traffic congestion.

Quantum Computing in Insurance

Quantum computing is poised to revolutionize the insurance sector by simplifying complex calculations and underwriting processes. Although not yet widely adopted for commercial use, insurtech companies are actively exploring its potential.

Quantum Computing in Retail

Quantum computing can expedite data analysis in the retail sector, helping businesses deliver highly personalized customer experiences, optimize supply chains, and gain a competitive edge.

Quantum Computing in Gaming

Quantum computing introduces new dimensions to game development, with applications in procedural content generation, random content generation, and more. But today it’s hampered by the fact that you need to make a game decisively solvable and this is going to be a lot easier with a quantum computer.

Quantum Computing in Healthcare

Quantum computing has the potential to accelerate drug discovery, enhance diagnostics, and transform precision medicine. Its ability to process vast datasets swiftly opens new possibilities in the healthcare industry. Quantum computing’s enhanced capabilities could enable clinicians to review CT scans more efficiently, facilitating early anomaly detection and improved precision medicine. Moreover, it has the potential to revolutionize drug discovery, reducing the costly trial-and-error approach by providing valuable insights into drug reactions and chemical structures.

 

Quantum Computing in Agriculture

Quantum computing can address challenges such as weed detection and fertilizer manufacturing, offering efficient solutions to agricultural issues.

Quantum computing holds significant potential for agriculture by offering advanced problem-solving capabilities. These computers can effectively detect and manage weeds using invasive weed optimization algorithms, allowing farmers to optimize fertilizer production. Since most fertilizers contain ammonia, efficient ammonia production or substitutes could reduce costs and energy consumption. Quantum computers excel in this context by rapidly analyzing and identifying optimal catalytic combinations, a task that surpasses the capabilities of even the most powerful supercomputers. This technology has the potential to revolutionize agricultural processes and contribute to more cost-effective and sustainable practices.

Quantum Computing in Financial Services

Banks and financial institutions are actively exploring quantum computing to optimize risk management, enhance trading models, and revolutionize credit scoring processes. Quantum computing’s increased speed is a major advantage, with the solution space of a quantum computer being orders of magnitude larger than traditional computers. The technology allows for more secure, efficient, and counterfeit-resistant financial systems, making it promising for finance.

Suhail Bin Tarraf, Group Chief Operations Officer at First Abu Dhabi Bank, suggests that quantum supercomputing will enhance banking capabilities, allowing the analysis of large sets of unstructured data for financial predictions, simulation of investment portfolios, and a deeper understanding of financial markets and economic trends. However, challenges such as scalability, cost, maintenance, legacy technology, and regulatory scrutiny need to be addressed for widespread adoption.

Quantum computing is set to revolutionize financial modeling by offering a robust framework for simulating market behaviors and optimizing investment strategies. Traditional computing methods are increasingly limited by bottlenecks, processing power restrictions, data storage issues, and algorithmic complexities, making quantum computing an attractive alternative.

Quantum computing can enhance risk analysis, securities valuation, portfolio optimization, and algorithmic trading in the financial sector, potentially leading to more accurate and timely investment decisions. Quantum banking can transform risk management by quickly and accurately analyzing complex financial information, such as credit risk assessment. As cyber risk becomes a top priority for Chief Risk Officers, quantum banking could offer solutions to manage a variety of risks in a rapidly changing landscape.

Quantum banking, a convergence of quantum computing and blockchain, has the potential to reshape the financial system by creating faster and more cost-effective payment mechanisms. Unlike traditional peer-to-peer payments, quantum banking eliminates intermediaries, leveraging quantum computing’s qubits to perform multidimensional algorithms in real time. The global quantum computing market is predicted to reach $1.77 billion by 2026, recording a compound annual growth rate exceeding 30%, according to MarketsandMarkets. Quantum banking offers significant advantages, with processing speeds up to 10 million times faster than supercomputers, enabling enhanced operational capabilities in extreme cold environments. A survey by Temenos indicates that 63% of banking executives believe new technologies, including quantum computing, will have the most significant impact on banks in the next five years, surpassing changing customer behaviors.

Financial services firms that seize the opportunities presented by quantum computing will gain an early advantage. Quantum computing is gaining attention in the financial services industry, particularly from leading banks like JPMorgan, Goldman Sachs, Barclays, Wells Fargo, and Bank of America. These institutions are actively exploring quantum computing’s potential to optimize financial modeling, enhance risk management and compliance, transform trading models, and streamline credit scoring and customer onboarding processes.

The technology’s exponential processing capabilities make it well-suited for tasks like option pricing, risk analysis, and predictive trading pattern identification, presenting a competitive advantage and improved client services for investment banks. Sensitive data in financial applications necessitates advanced security measures, and companies like Toshiba are experimenting with quantum cryptography to bolster data protection. Additionally, quantum computing’s speed is an asset in analyzing small but complex data sets, making it valuable for detecting and preventing financial fraud, a growing concern in the industry.

 

D-Wave, NASA and DOD  explore massive potential of Quantum Computers

From improving the logistics of retail supply chains to simulating new proteins for therapeutic drugs, through optimizing vehicles’ routes through busy city streets, D-Wave is currently counting 250 early quantum annealing applications from various different customers.

 

The D-Wave quantum annealer has been employed in solving the coloring problem, analyzing optimization of traffic flow, computing small molecules, and simulating real materials, among several other relevant problems. And Brownell described how Volkswagen is using the $15-million D-Wave 2000Q computer to route taxis in Beijing. “They started with data from Beijing and they developed technology that will basically send a command to a particular taxicab to take an alternate route with the goal of sort of smoothing out the traffic,” Brownell said.

 

Some applications for D-Wave’s quantum computer include machine learning, financial simulations, and coding optimization. For example, the quantum computers could be used to build classifiers for better speech recognition or labeling of images, Vern Brownell, D-Wave’s CEO said. Algorithms play a big role in making D-Wave’s quantum computers effective. “Our belief is that machine learning is the killer app for quantum computing,” Brownell said.

 

Protein design pioneer Menten AI has developed the first process using hybrid quantum programs to determine protein structure for de novo protein design with very encouraging results often outperforming classical solvers. Menten AI’s unique protein designs have been computationally validated, chemically synthesized, and are being advanced to live-virus testing against COVID-19.

 

Western Canadian grocery retailer Save-On-Foods is using hybrid quantum algorithms to bring grocery optimization solutions to their business, with pilot tests underway in-store. The company has been able to reduce the time an important optimization task takes from 25 hours to a mere 2 minutes of calculations each week. Even more important than the reduction in time is the ability to optimize performance across and between a significant number of business parameters in a way that is challenging using traditional methods.

 

Accenture, a leading global professional services company, is exploring quantum, quantum-inspired, and hybrid solutions to develop applications across industries. Accenture recently conducted a series of business experiments with a banking client to pilot quantum applications for currency arbitrage, credit scoring, and trading optimization, successfully mapping computationally challenging business problems to quantum formulations, enabling quantum readiness.

 

Volkswagen, an early adopter of D-Wave’s annealing quantum computer, has expanded its quantum use cases with the hybrid solver service to build a paint shop scheduling application. The algorithm is designed to optimize the order in which cars are being painted. By using the hybrid solver service, the number of color switches will be reduced significantly, leading to performance improvements.

 

In Nov 2019, at the WebSummit conference in Lisbon, D-Wave and Volkswagen teamed up to manage a fleet of buses using a new system that, among other things, used D-Wave’s quantum technology to help generate the most efficient routes. Unlike other players in the quantum computing market, D-Wave always bet on quantum annealing as its core technology. This technology lends itself perfectly to optimization problems like the kind of routing problem the company tackled with VW, as well as sampling problems, which, in the context of quantum computing, are useful for improving machine learning models, for example.

 

D-Wave Systems Inc. says their quantum computers can help solve climate change, too. In Dec 2018, the British Columbia government invested $2 million in Burnaby-based D-Wave, through the province’s Innovative Clean Energy fund, and Sustainable Technologies Development Canada gave the company $10 million to continue developing quantum computers, on the basis that they could save energy.

 

One of the toughest problems in mathematics is known as the traveling salesperson problem, which asks to find the shortest route between a list of cities.The traveling salesperson problem is also pervasive. Practically anytime you want to make a complex process more efficient, you need to do this kind of combinatorial optimization. Logistics businesses need to solve a version of it every time they plan a route. Semiconductor manufacturers encounter similar issues when they design and manufacture chips.

 

“D-Wave has begun to work with investment managers on the related problem of designing portfolios. In order to generate the maximum returns for a given risk profile, a fund manager needs to not only choose among the thousands of available securities, but also minimize transaction costs by achieving the most optimal portfolio in the minimum number of trades,” writes Greg Satell in Forbes.

 

In each case, D-Wave’s quantum systems allow us to swallow complexity whole, rather than using shortcuts that reduce efficiency. Jeremy Hilton, Senior Vice President, Systems, at D-Wave says “Complex processes are all around us. By using quantum computing to operate them more effectively, we can make just about everything we do run more smoothly.”

 

“Scientists at Harvard have found that quantum computers will allow us to map proteins much as we do genes today. D-Wave has also formed a partnership with DNA-SEQ to use its quantum computers to explore how to analyze entire genomes to create more effective therapies,” writes Greg Satell.

 

Current machine learning algorithms generate misclassification errors because of the limited capacity of conventional computers, data is lost in the training process. D-Wave is working with a number of partners, such as NASA, to help train artificial intelligence systems to reflect human thought processes far more completely than is possible with conventional computers, which will help to minimize mistakes.

 

Scientists at Google, NASA and USRA have been using it to explore the potential for quantum computing and its applicability to a broad range of complex problems such as web search, speech recognition, planning and scheduling, air-traffic management and robotic missions to other planets.

 

Computing giants believe quantum computers could make their artificial-intelligence software much more powerful and unlock scientific leaps in areas like materials science, according to MIT Technology Review. NASA hopes quantum computers could help schedule rocket launches and simulate future missions and spacecraft. NASA’s QuAIL team aims to demonstrate that quantum computing and quantum algorithms may someday dramatically improve the agency’s ability to solve difficult optimization problems for missions in aeronautics, Earth and space sciences, and space exploration.

 

D-Wave Systems Inc., the leader in quantum computing systems, software, and services,  announced in Mar 2019 that Los Alamos National Laboratory has upgraded their D-Wave quantum computer to the D-Wave 2000Q system.  Los Alamos and its research collaborators have built over 60 early quantum applications and conducted essential research in domains ranging from quantum mechanics, linear algebra, computer science, and machine learning, to earth science, biochemistry, sociology, and more. “Quantum computers enable us to use the laws of physics to solve intractable mathematical problems,” said Marcos de López de Prado, Senior Managing Director at Guggenheim Partners and a Research Fellow at Lawrence Berkeley National Laboratory’s Computational Research Division. “This is the beginning of a new era, and it will change the job of the mathematician and computer scientist in the years to come.”

 

The Space and Naval Warfare Systems Center Pacific in San Diego is working with one of the few quantum computers in existence to assess its applicability to military computing problems. “Some of those problems would be cooperative communication and ad hoc networks, time division multiple access message scheduling, or algorithms for data storage and energy data retrieval with underwater autonomous robots—optimization-type problems,”said Dr. Joanna Ptasinski, an electronics engineer at SPAWAR. SPAWAR provides the Navy and other military branches with essential capabilities in the areas of command and control, communications, computers, intelligence, surveillance, and reconnaissance.

 

 Worldwide Quantum Computing Market

International Data Corporation (IDC)  published in Nov 2021 its first forecast for the worldwide quantum computing market, projecting customer spend for quantum computing to grow from $412 million in 2020 to $8.6 billion in 2027. This represents a 6-year compound annual growth rate (CAGR) of 50.9% over the 2021-2027 forecast period. The forecast includes core quantum computing as a service as well as enabling and adjacent quantum computing as a service. In 2021, the global quantum computing market was valued at US$442.32 million and is anticipated to grow to US$3295.97 million by 2027.

 

Drivers

The factors such as growing government and private venture funding for quantum technologies, increasing R&D expenditure of major technology companies to develop quantum technologies, strategic collaboration, partnerships, and mergers for the quantum technologies are driving the quantum technologies global market.

 

One of the most important factors impacting quantum computing market dynamics is rising investments in quantum technology. Governments have been increasingly investing into QC research and development in recent years, as policymakers start to appreciate the disruptive potential of QCs. As part of the 14th five-year plan for quantum technology (2021-2025), China has announced the most public funding to date of any country, more than double the investments by EU and eight times more than US government investments.

 

Furthermore, the market has been growing over the past few years, due to factors such as increase in quantum computing start-ups, increasing number of strategic partnerships & collaborations, increase in demand for high performance computing, increasing use of quantum computing in drug development, etc.

 

IDC also expects investments in the quantum computing market will grow at a 6-year CAGR (2021-2027) of 11.3% and reach nearly $16.4 billion by the end of 2027. This includes investments made by public and privately funded institutions, government spending worldwide, internal allocation (R&D spend) from technology and services vendors, and external funding from venture capitalists and private equity firms.

 

Like any breakthrough technology of the last few decades, the industry will pour billions of dollars into making the technology common place and ready for mass adoption. The closest comparison is classical computing, the very technology that quantum computing is setting out to disrupt.

 

IDC anticipates that these investments will cause current limited quantum computing capabilities to be replaced by a new generation of quantum computing solutions, leading to the development of new use cases and market segments that will accelerate the adoption of quantum computing to gain a competitive advantage. As a result, the quantum computing market will see a surge in customer spend toward the end of the forecast period.

 

IDC sees 2021 as a pivotal year in the quantum computing industry. Strategic approaches implemented to reach quantum advantage became more defined as vendors published quantum computing roadmaps emphasizing methods for improving qubit scaling and error correction, sought new funding opportunities by going public or partnering with government, educational, or private entities, or merged in anticipation of offering a more full-stack approach. For most vendors, these approaches included the further development of the quantum ecosystem. This trend promises to continue into 2022 and beyond as quantum computing vendors progress towards quantum advantage and enterprise businesses seek a competitive advantage using current and emerging quantum technologies.

 

“For many critical problems, classical computing will run out of steam in the next decade and we will see quantum computing take over as the next generation of performance-intensive computing.”, said Peter Rutten, global research lead for performance intensive computing at IDC.

 

“Advances in quantum computing will be a drumbeat over time with the most distant advances being most relevant to the most complex problems. Organizations should start experimenting now using quantum road maps to guide their quantum journey,” added Heather West, senior research analyst, Infrastructure Systems, Platforms and Technologies Group at IDC.

 

The market is projected to grow at a fast pace during the forecast period, due to various latest trends such increasing adoption of cloud-based quantum computing, integration of quantum computing with IoT (internet of things), popularity of quantum mechanics in cryptography, technological advancement in quantum computing, etc. Quantum computing has started moving from the realm of computer science and research into something that enterprises might be able to use in the workplace. The emergence of quantum computing in the cloud has excited curiosity among tech buyers who are now looking at practical applications for this kind of computing.

 

Challenges

However, the market has been confronted with some challenges specifically, high cost of quantum computing solutions, stability and error-correction issues, lack of quantum computing talent, etc. Quantum computers require specialized parts that aren’t being produced at large scales. They must constantly be at nearly absolute zero operating temperatures to increase their stability, which drives up costs. The cost of developing a large-scale quantum computer with many qubits is still prohibitively expensive. The cost of qubits can exceed tens of thousands of dollars and has to be supported by specialized electronics. The high price of quantum computers is impeding the market’s expansion.

 

Complex technology, skillset limitations, lack of available resources, and cost deter some organizations from investing in quantum computing technology. To ease these concerns, quantum computing vendors, select cloud-service providers, and independent software vendors are offering quantum cloud-based solutions that allow organizations to experiment with this technology.

 

Market Segments

IDC states that major breakthroughs in quantum computing technology, a maturing quantum computing as a service infrastructure and platform market, and the growth of performance-intensive computing workloads suitable for quantum technology will drive the majority of the market growth over the forecast period.

  • By Component: The quantum computing market is divided into three segments based on component: Hardware, Software, and Services.
  • By Application: The quantum computing market is divided into three segments based on the application: Optimization, Machine Learning, and Material Simulation.
  • By Technology: The quantum computing market is divided on the basis of technology: Quantum Annealing, Superconducting, Trapped Ion, Quantum Dot, and Others.
  • By End-User: The quantum computing market is divided into twelve segments based on the end-user: Finance & Investment, Transportation & Logistics, Aerospace, Agriculture, Automotive, Energy, Healthcare, Information Technology, Life sciences, Manufacturing, Oil, Gas, and Mining, and Others. The agriculture quantum computing market is expected to grow at the highest CAGR.

 

Region Analysis:

North America is predicted to hold a large market share for quantum computing due to its early adoption of cutting-edge technology. Additionally, the existence of a competitive market and end-user acceptance of cutting-edge technology may promote market growth. Sales are anticipated to increase throughout Europe as a result of the rise of multiple startups, favourable legislative conditions, and the growing use of cloud technology. In addition, it is anticipated that leading companies’ company expansion will accelerate market growth. The market is anticipated to grow in Asia Pacific as a result of the growing need for quantum computing solutions for simulation, optimization, and machine learning.

 

Key Players include Amazon.Com, Inc. (Amazon Web Services, Inc.), Microsoft Corp. (Microsoft Azure), Alphabet Inc. (Google Cloud Platform), Alibaba Group (Alibaba Cloud), IBM, Intel Corporation, Nvidia Corporation, Toshiba Corporation, Rigetti Computing, Quantum Computing Inc., D-Wave Systems Inc., Zapata Computing, Xanadu Quantum Technologies Inc., QC Ware Corp.

 

Industry Developments

  • The first multi-chip quantum processor was introduced by Rigetti Computing in May 2021. It has a distinctive modular architecture that speeds up commercialization while overcoming key scaling issues for fault-tolerant quantum computers.
  • IBM announced in February 2021 that BP and the IBM Quantum Network have joined forces to support the use of quantum computing technologies in the power and energy sector.
  • In January 2021, Boehringer Ingelheim and Google Quantum AI (Google) established a partnership that will concentrate on implementing and researching novel quantum computing use cases in pharmaceutical research and development, particularly molecular dynamics simulations.

 

Quantum Computing – A Disruptive Force

Quantum computing is following the footsteps of classical computing, poised to disrupt traditional systems and catalyze a revolution in various industries. It presents a new realm of applications, offering solutions to previously insurmountable problems in fields like physics, chemistry, materials science, and drug design.

The potential for quantum computing to solve problems deemed impossible today is nothing short of transformative. Whether in cryptography, quantum chemistry, or materials science, quantum computing is on the brink of unlocking uncharted possibilities.

As quantum technologies continue to advance, their impact on industries will only grow, enabling us to address complex problems, achieve performance-intensive computing, and gain a competitive edge in a world where quantum computing is the new frontier. The journey has begun, and quantum computing promises to shape the future of innovation and discovery. Get ready for the quantum revolution!

 

References and Resources also include:

https://www.forbes.com/sites/forbestechcouncil/2021/02/19/quantum-commercialized-financial-services-likely-first-industry-to-take-advantage/?sh=29311ab74f3b

https://www.mantra.ai/blogs/business-applications-of-quantum-computing/

https://www.itproportal.com/features/the-quantum-computing-race-how-and-when-will-quantum-technology-impact-businesses/

https://www.businesswire.com/news/home/20221129005908/en/Global-Quantum-Computing-Market-Report-2022-Rising-Investments-in-Quantum-Technology-Fuel-Growth—ResearchAndMarkets.com

About Rajesh Uppal

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