The global quantum computing market size was valued at around USD 457.9 million in 2021 and is predicted to reach around USD 5274.9 million by 2030 while growing at a compound annual growth rate (CAGR) of roughly 31.21% between 2022 and 2030.
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➤ The immense potential of quantum computers to stimulate market demand
The global quantum computing market is expected to expand as a result of the significant potential that quantum computing technology and the associated computer possess to address intricate problems that are presently unsolvable by commercial computers. Quantum physics and its mechanics are regarded as one of the most challenging, promising, and captivating branches of physics, and it is anticipated that they will provide answers to the questions that have plagued humanity since the inception of science and technology. While the quantum computers that are presently in existence are comparable to traditional computers, there is a critical distinction.
➤ The expansion of the market is restricted by the complexity of constructing quantum computers.
Quantum computation is exclusively possible on quantum computers, which are exceedingly challenging to construct or design. The present versions are replete with external errors, such as defects, loss of quantum coherence, and excessive noise. These factors result in the computers collapsing prior to the program’s successful execution. Decoherence, which is also referred to as “loss of coherence,” is a consequence of electromagnetic waves, temperature fluctuations, vibrations, and interactions with the external environment.
➤ New growth opportunities in pharmaceuticals to be provided by quantum computing
The current comprehension of the world that humanity possesses can be significantly altered by quantum computing. The pharmaceutical industry is anticipated to be the most profitable market segment in the coming years, as the use of quantum computers is anticipated to enable drug manufacturers to simulate chemical systems such as drugs and their reactions with other proteins at the molecular level. This has the potential to assist pharmaceutical companies in the discovery of cures for medical conditions that have been persistent for an extended period.
➤ Managing pollution to pose a significant challenge
The administration of interactions between the environment and the qubits of quantum computers is one of the primary challenges encountered in quantum computing systems. The quantum mechanical equivalent of the classical bit is referred to as a qubit. The interaction results in noise, which causes the qubit to be unable to maintain a superposition state. This significant issue is currently being addressed by engineers who are striving to identify an accurate solution.
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The Global Quantum Computing Market is segmented based on product, application and region
Global Quantum Computing Market: Product Segment Analysis
● Trapped Ions
● Quantum Dots
● Quantum Annealing
Global Quantum Computing Market: Application Segment Analysis
● Machine Learning
● Optimization
● Sampling
● Simulation & Data Problems
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The global Quantum Computing market profiles key players such as:
● Huawei Technologies Co. Ltd.
● Rigetti & Co Inc
● D-Wave Systems Inc.
● IBM Corporation
● Microsoft Corporation
● Telstra Corporation Limited
● Zapata Computing Inc.
● IonQ Inc.
● Silicon Quantum Computing
???? Recent Developments:
• While discussing its vision for quantum computing, the International Business Machines Corporation (IBM) disclosed several new innovative developments in quantum software and hardware at the IBM Quantum Summit 2022. The annual event witnessed the company’s diverse array of partners, clients, and developers uniting to effect significant change in the quantum world.
• The Osprey, a 433-qubit quantum computer, was introduced by IBM as the company’s most capable quantum computer. The system is an improvement over the preceding Eagle machine, which was introduced by the same company and contained three times fewer qubits than the Osprey. According to the company’s director, the organization is currently engaged in the development of a computer that is endowed with 1000 qubits, necessitating the implementation of a novel methodology.
➤ North America is expected to dominate the global market growth.
North America is anticipated to dominate the global quantum computing market during the forecast period, with the United States serving as the majority shareholder. The presence of the requisite infrastructure to promote and facilitate quantum computing systems is anticipated to drive regional growth.
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