Quantum Computing Market Trends

Growth Drivers

• Rising Investment in Quantum Computing Technology - Quantum computing technology is becoming increasingly important for industries, such as finance and healthcare, as it offers enhanced speed, accuracy, and reliability for computing tasks. As a result, more and more companies are investing in this technology, which is driving the market expansion.
• Continual Development of Quantum Computers and Processors - For instance, a 53-qubit quantum computer was developed by IBM in 2019 for broad commercial use, and a quantum computer with 128 qubits has been announced by Rigetti Computing. Also, Bristlecone, a 72-qubit processor, was released by the Quantum Artificial Intelligence Laboratory, which is supported by NASA, Google, and the Universities Space Research Association. Quantum computers and processors are essential for quantum computing, which is expected to offer much higher levels of speed and accuracy than the current technology.
• New Opportunities for Developing New Medicines with Quantum Technology - For instance, the National Science Foundation has awarded a USD 1.2 million grant to research the use of quantum artificial intelligence to speed and reduce the cost of developing effective pharmaceuticals.
• Rapid Growth in the Machine Learning Industry - The increasing number of Machine Learning applications such as speech recognition and natural language processing, and the need for better accuracy and faster processing is driving the demand for quantum computing.

Challenges

• Inadequacy of quantum computing standards - Without proper standards and protocols in place, quantum computing systems cannot be properly developed, tested, and deployed. Without them, businesses and other organizations are hesitant to invest in quantum computing technology, as they are uncertain of its reliability and security.
• Shortage of skilled professionals and high quantum computing hardware costs
• Challenges associated with quantum algorithms development