Practical quantum computing applications
Quantum computing is a technology that could transform billions of lives by enabling humans to solve previously intractable problems. But, we still have a long way to go. Currently, there are several approaches to quantum computing including superconducting, neutral atoms, trapped ions, and photonics.
The quantum computing market is anticipated to grow from $472 million USD in 2021 to $1.765 billion USD by 2026, at a CAGR of 30.2 percent. The early use of quantum computing in the banking and finance industry is projected to boost the market's worldwide expansion. Other important factors driving market growth include increased government funding in research and development activities connected to quantum computing technology. Following COVID-19, some firms are concentrating on Quantum Computing As a Service (QCaaS). This, in turn, is likely to help the quantum computing business develop. However, difficulties with stability and error correction are anticipated to limit market development.
Quantum computing is gaining popularity in the finance sectors by accelerating trade operations, transactions, and data processing by orders of magnitude. Simulation is another important application. Quantum computing aids in the discovery of more effective and economical methods of managing financial risks. When conventional computers are employed, the processing time and costs rise exponentially. Quantum computers can perform fast operations for less money, resulting in cost reductions and new income potential.
Other markets helping drive adoption include healthcare and pharmaceutical, transportation and logistics, chemistry and material science, cybersecurity, academia and governments.
Image courtesy: Atom Computing
You can read more about the enablers that lead to this on our blogs and webinar:
- Quantum computing webinar
- Quantum computing blog post
- Quantum Internet & Cybersecurity “A Home For Quantum Cat Videos”