Quantum Computing for Business Leaders
Quantum computing is ready for public usage in the near future. Quantum computing evolved from the branch of quantum mechanics, that describes the behaviour of particles such as atoms, photons, and electrons.
Quantum technologies are expected to enable innovations in multiple fields. According to Prescient & Strategic Intelligence, the quantum computing market captured USD 458 million in revenue in 2021, which is projected to rise at a CAGR of 31.2% to surpass USD 5,274 million in 2030.
Precedence Research predicts that the global quantum computing market size is projected to hit around USD 125 billion by 2030 and is poised to reach a CAGR of 36.89% from 2022 to 2030.
Market Dynamics
Based on the software cycle, the market is categorised into hardware, software, and services. Hardware is expected to grow significantly, as hardware is a prime bottleneck in the quantum ecosystem. Tech giants like ColdQuanta, Rigetti, IonQ, IBM, Microsoft, Google, and other corporations are constantly working to generate high performance quantum computers. Some countries have already formed alliances with manufacturers of quantum computing infrastructure (both software and hardware). Canada is to commercialise the world’s first photonic based quantum computer with the help of Xanadu Quantum Technologies Inc.
The software and services segments are anticipated to grow in the near future due to the rise in the number of start-ups around the world, and huge investments in R&D activities.
The cloud segment is expected to lead the market by the year 2030. The need for cloud-based computing solutions and services is likely to increase as more robust systems are developed. CSPs such as Google, AWS, and Microsoft will compete for a quantum advantage.In addition to the CSP specific solutions, several alternative methodologies to implement quantum computers are being provided through the cloud.
Artificial intelligence and machine learning segments will share the majority of the market by the year 2030. It enables users to discover the estimation of quantum systems, error-correcting codes, and the development of algorithms.
To support the expansion of the quantum computing industry, more enterprises should use quantum computing as a service (QCaaS). The services category is anticipated to control a large portion of the market.
This is due to the increasing use of quantum computing as a service (QCaaS) in a variety of industries, including finance, chemicals, defense, and the pharmaceutical and healthcare industries. Calculations can be completed by quantum computers in a matter of seconds. As a result, they are widely used to speed up operations in a variety of industries, particularly BFSI.
Way Forward
It’s time for the technology giants, government bodies, and early start-ups to invest in the race to achieve quantum breakthroughs in different segments like Hardware, Software, Computing & Deployment and Services to support the upcoming requirements and get the market ready to grab the opportunities.
