Westford, USA, Aug. 30, 2022 (GLOBE NEWSWIRE) -- Quantum computers touted as next big thing in computing. Major reliance on quantum computers could mean we're soon entering a new era of artificial intelligence, ubiquitous sensors, and more efficient drug discovery. While quantum computers are still in the earliest stages of development, growing interest in their capabilities means that they are likely to become a central part of future computing systems. This has created a growing demand for quantum computing market and software, with providers already reporting strong demand from major customers.
The promise of quantum computing is that it can solve complex problems much faster than traditional computers. This is because quantum computers are able to exploit the properties of subatomic particles such as photons, which are able to ferry information around extremely fast. So far, quantum computing market has been witnessing a demand coming mainly for scientific and research purposes.
However, this is set to change soon as there is growing demand for quantum computers market for various applications such as artificial intelligence (AI), machine learning and data analytics. Artificial intelligence (AI) is one application that could benefit greatly from the speed and accuracy of quantum computing. AI relies on algorithms that are trained on large data sets and are able to learn and improve upon their skills with repeated use. However, classical computer databases can take hours or even days to train an AI algorithm.
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Only 4 Countries are Responsible for 86% of Total Funding Since 2001
Quantum computing market is heating up. Companies like Google and IBM are racing to develop the technology, which could one day lead to massive improvements in artificial intelligence and other areas of cybersecurity. As per SkyQuest’s analysis, $1.9 billion public funding was announced in the second half of the year 2021, which, in turn, took the total global funding to $31 billion from year 2001. It was also observed that most of the private and public funding is coming from the US only, which account for around 49% of the private fundings, which is followed by UK (17%), Canada (14%), and China (6%).
In 2021, the global quantum computing market witnessed an investment of around $3 billion, out of which $1.9 billion came in the second of the year. All this investment is coming from both private and public domain to feast on the upcoming opportunity of generating around $41 billion revenue by the year 2040 at a CAGR of more than 30%. The market is projected to experience a significant surge in the demand for quantum sensing and Quantum communication in the years to come. As a result, investors have started pouring money to take advantage of rapidly expanding field. For instance, in 2021 alone, $1.1 billion out of $3 billion were invested in these two technologies. To be precise, $400 million and $700 million respectively.
SkyQuest has done deep study on public and private investment coming into global quantum computing market. This will help the market participants in understanding who are the major investors, what is their area of interest, what makes them to invest in the technology, investors’ profile analysis, investment pockets, among others.
IonQ, Rigetti, and D-Wave are Emerging Players in Global Quantum Computing Market
As quantum computing market becomes more mainstream, companies like IonQ, Rigetti and D-Wave are quickly proving they are the top emerging players in the field. IonQ is has been working on developing ionic quantum computer technology for several years now. IonQ’s flagship product is the IonQ One, which is a single-core quantum computer that can process quantum information.
The IonQ One has already been deployed at a number of institutions around the global quantum computing market including NASA.
Rigetti is another company that has been making significant strides in the development of quantum computing technology. Rigetti’s flagship product is the Rigetti Quilter, which is a scalable two-qubit quantum computer. The Rigetti Quilter is currently undergoing Phase II testing at NASA’s Ames Research Center. D-Wave has also been making significant progress in the development of quantum computing technology. D-Wave’s flagship product is the D-Wave Two, which is a five-qubit quantum computer. The D-Wave Two was recently deployed at Google physicists to help accelerate the discovery of new phenomena in physics.
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Regetti has secured a total funding of around $298 million through 11 rounds until 2022 in the global quantum computing market. As per our analysis, the company has secured its last funding through post IPO equity. Wherein, Bessemer Venture Partners and Franklin Templeton Investments are the major investor in the company.
As per SkyQuest’s findings, these three organizations have collectively generated revenue of around $32 million in 2021 with market cap of more than $3 billion. However, at the same time, they are facing heavy loss. For instance, in 2021, they faced collective loss of over $150 million. Our observation also noticed that billions of dollars are poured into building the quantum computers, but most of the market players are not earning much in revenue in terms of ROI.
SkyQuest has published a report on global quantum computing market and have tracked all the current developments, market revenue, company’s growth plans and strategies, their ROI, SWOT analysis, and value chain analysis. Apart from this, the provides insights about market dynamics, competitive landscape, market share analysis, opportunities, trends, among others.
Machine Learning Generated Revenue of Over $189 Million in 2021
Today, machine learning is heavily used for training artificial intelligence systems using data. Quantum computing market can help to speed up the process of training these systems by vastly increasing the amount of data that can be processed. This potential advantage of quantum computing is the ability to perform Fast Fourier Transform (FFT) calculations millions of times faster than classical computers. This is important for tasks like image processing and machine learning, which rely on fast FFT algorithms for comparing data sets.
A huge potential of quantum computing market has led to the development of several machine learning applications that use quantum computers. Some of these applications include fraud detection, drug discovery, and speech recognition. As per SkyQuest, fraud detection and drug discovery market were valued at around $25.1 billion and $75 billion, respectively. This represents a huge revenue opportunity for quantum computing market.
This technology has been used for a variety of purposes, including predicting the stock market and automating tasks such as decision making and recommendations. In machine learning, generating revenue is a major challenge through traditional processing. Wherein, traditional computer processing can only handle a small amount of data at a time. This limits how much data can be used in machine learning projects, which in turn limits the accuracy of the predictions made by the ANNs.
Quantum computing solves this problem by allowing computers to perform multiple calculations at the same time. This makes it possible to process vast amounts of data and make accurate predictions. As a result, quantum computing has already begun to revolutionize machine learning market.
SkyQuest has prepared a report on global quantum computing market. The report has segmented the market by application and done in-depth analysis of each application in revenue generation, market forecast, factors responsible for growth, and top players by applications, among others. The report would help to understand the potential of global market by application and understand how other players performing and generating revenue in each segment.
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Top Development in Global Quantum Computing Market
- In August 2022, Baidu launched world’s first all platform super quantum computer called Qian Shi. The computer offers 10 qubits of performance whereas other commercially available quantum computers are maxed at 7
- In August 2022, Baidu also announced a plan to develop a 36-qubit quantum chip
- In July 2022, Fujitsu planned to start its a 64-qubit machine by 2023, which is followed by a 1,000-qubit machine after March 2027.
- In 2021, IBM demonstrated its 127-qubit quantum computer, but the company is aiming to reach the goal of 4,000 qubit by 2025
Top Players in Global Quantum Computing Market
- IBM Corporation (US)
- D-Wave System Inc. (Canada)
- Cambridge Quantum Computing Ltd. (UK)
- Intel Corporation (US)
- Rigetti & Co, Inc. (US)
- Google LLC (US)
- Quantica Computacao (India)
- Dematic (US)
- Krones AG (Germany)
- Zapata Computing (US)
- Xanadu (Canada)
- Accenture Plc. (Ireland)
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