The 21st century is the age of computation. But we have made great leaps in that technology and have incorporated AI and Robotics in this genre as well, with the power of superbly functional and small-sized computers. With an efficient and small board computer making the headway in the field of AI, Robotics, Machine Learning, and IoT in the new millennium, a radically new wave of computing called Quantum Computing has also emerged.
Forecasts about market size:
With a lot of market research going on the latest technological trend of Quantum Computing and major players like IBM opening their newest division to cater to this emerging trend, it is imperative to understand where we are headed in the future years.
The global Quantum Computing market is growing at a massive pace of around 30% CAGR from 2017 to 2025. According to MarketWatch’s market research reports, this sector is evolving from a USD 89 million industry in 2016 to an estimated USD 949 million in 2025.
According to another astonishing business data published by McKinsey Consultancy Company, we would have at least 2000 to 3000 quantum computers worldwide within 2030. It would result in the adoption of more secure pathways of the transaction and customized data encryption, or else someone could end up losing all their vital data amidst this rapidly evolving technological trend.
Market adoption of Quantum Computing:
Since this genre of computing’s potential is immense, market adoption of the concerned technology is also going to be vigorous. Quantum Computing can eternally change the prospects of computing and build more intelligent machines from scratch.
The applications of this latest sector are immense. It can also be integrated with the AI, ML, and IoT sectors to drive massive upheaval in the entire smart computing industry. According to McKinsey’s market research report, the automotive industry will be a high value-pool for the Quantum Computing industry. It will create a high impact that can be noticed within 2025. The market research giants have also forecasted that there will be a significant economic impact worth USD 2 billion to USD 3 billion of related technologies for the automotive industry. And it is all set to happen by 2030.
Hence, there has been a tremendous furor in the software and smart computing sector about Quantum Computing innovations. Though one of the major players in this sector is IBM, which remains one of the forefathers of computing, maximum are startups and universities. According to a detailed market research report by PwC, about 40% of Quantum Computing-related developments are happening across startups. The contribution of the colleges and universities lies at 33%.
Applications of Quantum Computing:
From the evolution of a small board computer to chipsets to nanocomputers to Quantum Computing, this industry’s growth and development has happened at a blitzkrieg pace across ages. There are several applications and proven use cases of Quantum Computing, and we are listing them below one after the other in terms of importance.
● Finance and fintech
● Global energy and materials
● Advanced tech sectors
● Medical products and pharmaceuticals
● Telecom, media services, and associated technologies
● Public and professional sectors
● Healthcare systems and services
● Travel, logistics, and transport
● Consumer goods.
Finance and fintech will dominate the Quantum Computing solutions and will constitute about 28% of the use cases. In comparison, global energy and materials will be a close second with 16% of Quantum Computing demands.
Technological progress has been rapid. We should be tolerant enough to allow these technologies to make the headways and pave the path for an efficient and seamless future. Our sustainable efforts will enable the upcoming generations to invest in these solutions more and continuously innovate for a better future.