The global quantum computing is being extensively used to perform calculations and solve the complex problems, with the utility of principals and attributes of quantum mechanics. This concept is highly driven by the yearning to escalate the capability of simulating and modeling complex data, advance the optimization and efficiency of systems or processes, and analyze problems with further precision. The potential of quantum computing far exceeded the current era of knowledge with the high applicability of the technology in various end-use industries. Healthcare and life science, manufacturing, BFSI, aerospace & defense, energy & utilities, IT & telecom, chemical, automotive, are some of the industries benefitted by quantum computing solutions and estimated to drive the quantum computing market growth. In the past few years, the advancement of quantum computers has experienced a significant upswing; notably, since prominent technological conglomerates are highly investing in and are committed to the technology.
Furthermore, quantum computing will be useful in increasing solution to challenge diverse fields as quantum computing has the impending to speed up pharmaceutical discoveries and to improve the accuracy of the atmospheric models to explain climate change and its effect. In addition, automotive, electronics, and aerospace industries are benefitted from advantageous strength to weight ratio of the material, higher energy densities batteries, and more effective catalytic and synthetic processes. For industrial goods, it is used for scheduling, planning, production distribution, and routing; chemical and enzyme design for chemical industry; trading strategies, portfolio optimization, asset pricing, fraud detection, and market simulation for the BFSI segment. The quantum computing market growth is also attributed in the energy & utility industry by oil well optimization, energy distribution, and network design. However, quite a few end-use industries outside the tech sector have notice of significant development in and the potential of quantum computing, so the numbers of investors and companies are joining forces with the tech players to explore potential use. For instance, the quantum computer software company 1QBit has taken in USD 68 million funding from investors that include the Royal Bank of Scotland, Accenture, Allianz, and Fujitsu.
Some of the key market participants in quantum computing markets are International Business Machines Corporation (IBM), QX Branch, D-Wave Systems Inc., Cambridge Quantum Computing Limited, 1QB Information Technologies, QC Ware, Corporation, StationQ- Microsoft, Rigetti Computing, Google Inc., River Lane Research, and others. With the increasing investment in the market, more players are expected to come into the industry. Cybersecurity, healthcare, and finance are some of the key industries in quantum computing market that are expected to gain high traction with the use of quantum computers. However, future quantum computers are estimated to be able to simulate component interactions within a complex hardware system, more comprehensively. For instance, the U.S. government took initiatives to prepare for the future possibilities of applied quantum computing breaking modern cryptography standards.
Conclusively, the activities around quantum computing have sparked a degree of interest, with outlay by established players, and funding for start-ups; such factors are projected to create sustainable growth opportunities in quantum computer market over the forecast period. For instance, in August 2018, ColdQuanta received venture financing of USD 6.75 million and announced sponsorship of research at the University of Wisconsin to increase commercialization of the quantum computing technology based on neutron atom. Also, in January 2018, a Singapore based start-up Horizon Quantum Computing was launched and it focuses on building software development tools to drive quantum computing revolution.
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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.