Topological Quantum Computing Market Trends

Growth Drivers

• Growing Popularity of Smartphones– Systems for medical imaging, LEDs, lasers, and chips for computers and smartphones are all based on quantum mechanics-based technology. In 2023, around 86% of the world’s population have smartphones, currently, there are 9 billion smartphone users and it is expected that nearly 90% of people are likely to have smartphones.

• Higher Adoption of Advanced Technology – With the helps topological quantum computing, technologies, such as blockchain and AI can function to its full capacity. Around 65% of businesses are eager to adopt new technologies, and more than 77% of those who have previously done so report being above-averagely satisfied.

• Rising Effort to Boost Quantum Technology – More than half (58%) of the quantum-focused firms reported that they had recently acquired C-level backing for their activities. Moreover, given lengthy product development cycles in their industries, seven out of ten enterprises working on quantum concurred.

• Rise in the Number of Bank Accounts and Digital Payments – Technology can help banking sector to get real time data and open numerous opportunities for the sector. According to data from the World Bank, 76% of adults globally now have an account with a bank, another financial institution, or a mobile money provider, up from 68% in 2017 and 51% in 2011. In addition, besides China, over 40% of individuals in low- and middle-income nations paid a merchant in person or online using a card, phone, or the internet.

• Rising Penetration of Digitization – this computing can be leveraged to further boost the digital transformation by bring revolutionary changes IT sector. While 55% of startups have adopted a digital-first firm strategy, around 90% of all enterprises have already done so or have plans to do so.

Challenges

• Lack of Professionals with the Right Set of Skills- the implementation of topological quantum computing needs highly technical skills and expert professionals. therefore, a shortage of people with the right skill set is likely to hamper the market growth. However, both the public and private sectors are trying to increase the number of people who are willing to learn the skills.
• Concern Associated with Data Security and Privacy
• Rising Complexity of Topological Quantum Computing