The quantum computing market involves platforms, processors, and chipsets that rely upon quantum theory, which deals with physical phenomena at the nano-scale. One of the most important aspects of quantum computing is the quantum bit (qubit), a unit of quantum information that exists in two states (horizontal and vertical polarization) at the same time, thanks to the superposition principle of quantum physics.
While quantum computing does not utilize a faster clock-speed than classical computing, it is much faster than traditional computing infrastructure for solving certain problems as quantum computers can handle exponentially larger data sets. Accordingly, the quantum computing market is well-positioned for certain industry verticals and problems such as cybersecurity and cryptocurrencies that rely upon prime factoring. Current classical computing technologies would take an inordinate amount of time to break-down prime factors to support cryptology and blockchain technology.
Quantum Computing Market Dynamics
Like many emerging technologies, quantum computing is not immune from the hype cycle. While there is a bright future for the quantum computing market, the technology will remain subservient to classical High Performance Computing (HPC) for most general computing problems. In fact, HPC will be used for the set-up portion for problems, prior to commencement of quantum computation.
It is important to also understand that quantum computing is very good at problems that have many possible outcomes or states. This is why it is so useful for certain industry verticals such as materials science where it will solve molecular modeling and simulation problems that classical computing cannot. Conversely, quantum computing struggles with certain types of problems that involve many I/O iterations. This is one of the reasons why HPC will be required for some problems exclusively or to assist quantum computation.
In addition, quantum computing platforms have physical challenges. To enable processing, most quantum computing platforms require a vacuum state and superconductivity, which requires cryogenic cooling. This is to keep the quantum state from breaking down – a state referred to as decoherence. Even the best systems today still need error checking to ensure the accuracy of results.
Currently, quantum computers are purpose-built (e.g. not general purpose as classical HPC platforms), and are built with specific problem solving in mind and computational models such as optimizing unstructured databases search via Grover’s Algorithm or identifying prime factors via Shor’s Algorithm. These two examples represent quantum computers built to support big data analytics and cryptography respectively.
Unlike general-purpose computers that may be easily updated via software, quantum computers must be adapted to new algorithms to solve different types of problems such as unstructured search vs. prime factoring. In other words, a completely different quantum computer would be required to optimize big data analytics than one used to support cryptocurrency or cybersecurity.
There are also different structural approaches to building a quantum computer, which align with how Qubits may be created either via electrons, photons, or super-conducting magnets. Accordingly, there are different quantum computing platform variations including: Ion Trap, Nuclear Magnetic Resonance, Optical Method, Quantum Annealing, Quantum Dot Computing, Superconducting and Topological methods.
Despite the challenges, there is a bright future for the quantum computing market in many industry verticals and applications. Like many advancements in classical computing, it is expected to initially support a few key areas of pure research including crypotography, data science, materials science, and molecular physics. Breakthroughs in these areas will lead to significant value creation in many industry verticals such as aviation, cybersecurity, financial services, and healthcare. For example, quantum chemistry is anticipated to facilitate substantial innovation in drug discovery for the pharmaceutical industry.
The quantum computing market will also be important to other technologies and solutions such as edge computing and artificial intelligence (AI). In the case of the former, quantum computing support of multi-access edge computing represents a $7.7 billion global market by 2023. Quantum computing will work hand-in-hand with AI, providing the speed needed to make decisions quickly, facilitating a global market opportunity of nearly $1.3 billion by 2023.
Quantum Computing Market Report
This report assesses the technology, companies/organizations, R&D efforts, and potential solutions facilitated by quantum computing. It also evaluates the impact of quantum computing upon other major technologies and solution areas including AI, chipsets, edge computing, blockchain, IoT, big data analytics, and smart cities. The report provides global and regional forecasts as well the outlook for quantum computing impact on hardware, software, applications, and services from 2018 to 2023.
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