The global market for quantum computing will cross $1,866.8 million revenue by 2030, growing at a CAGR of 33.1% during 2020 and 2030, according to a market research report published by P&S Intelligence. Cloud-based quantum computer would combine the benefits of both technologies exponentially. In years to come, quantum cloud computing would become as far-reaching a technology as artificial intelligence (AI).
In 2030, North America and Europe are predicted to have a combined market share of over 78 percent in quantum computing. The United States, Canada, Germany, the United Kingdom, and Russia have all made significant investments. In addition, the areas are seeing an increase in partnerships and collaborations, as well as a rise in the number of start-ups investing in and developing quantum technology, according to P&S Intelligence.
Throughout the forecast period, North America is predicted to continue to lead the market, while the European market is likely to develop at the fastest rate.
Quantum computing is a highly competitive market with significant strategic stakes and product differentiation. IBM, Telstra, IonQ, Silicon Quantum Computing, Huawei, Alphabet, Rigetti Computing, Microsoft, D-Wave Systems, Zapata Computing, and Intel are some of the leading industry participants.
During the forecast period, the machine learning (ML) category in the application segment is predicted to increase at the quickest rate. This could be due to the great potential of machine learning technologies that can be integrated with quantum computing systems to improve their use cases.
Quantum Computer Engineering
The practical hurdles of putting quantum computing into practice are now enormous. Qubit quality, measurement problems, decoherence, noise and error control, and temperature measurement are just a few of the variables that are currently limiting the technology’s advancement and necessitate specific degrees of precision.
As a result of the high-physical constraints imposed on technology development, quantum computers are extremely difficult to engineer, build, and program. Many mistakes such as noise, defects, and quantum coherence loss would occur, all of which are detrimental to their function.
Quantum error correction algorithms do exist, but they consume so many qubits that only a small number of qubits are left for practical processing. This would reduce the computing task’s size to a fraction of what it could be with perfect hardware. Manipulation at the nanoscale and operation in a vacuum or at cryogenic temperatures are also not possible, which stymies the development of the technology and, as a result, market growth.
According to the P&S Intelligence report, quantum computing is being researched and developed by over 130 firms and academic institutes. Privately funded companies like D-Wave Systems and Rigetti Computing, as well as huge IT companies like Microsoft, Alphabet, and IBM have announced laboratory studies concentrating on the development of quantum computers. For example, utilizing quantum computers manufactured by D-Wave Systems, Google has been collaborating with NASA and the Universities Space Research Association to build a Quantum AI Laboratory.
Furthermore, cloud access to quantum processors will open the market to new players, promoting growth of the quantum computing ecosystem.
Last year, the first European public quantum computing platform was launched in the Netherlands. The platform, called Quantum Inspire has been developed by QuTech. The launch of Quantum Inspire marks an important step forward for European quantum computing, enabling researchers and developers to unlock the full potential of quantum technologies.
Quantum Inspire makes the quantum computer accessible online through the cloud to researchers and developers. Quantum technology would offer exceptional computing power for the cloud environment, with great potential to become a game-changer in solving challenges in energy, food supply, security, healthcare and other verticals. A quantum Internet would also enable a variety of unique uses, including unhackable communication and cloud computing with complete user anonymity, as well as high-precision timekeeping.