The quantum computing market is projected to grow 500% by 2028

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WESTFORD, U.S., Aug. 30, 2022 (GLOBE NEWSWIRE) — Quantum computing is being touted as the next big thing in computing. Heavy reliance on quantum computing could mean we’re about to enter a new era of artificial intelligence, ubiquitous sensors, and more efficient drug discovery. While quantum computers are still in their earliest stages of development, growing interest in their capabilities means they are likely to become a central part of future computing systems. This has created a growing demand for Quantum computer market and software, with vendors already reporting strong demand from major customers.

The promise of quantum computing is that it can solve complex problems much faster than traditional computers. Because quantum computers can take advantage of the properties of subatomic particles such as photons, which can transport information extremely quickly. So far, the quantum computing market has witnessed a demand that came mainly for scientific and research purposes.

However, this will soon change as the demand for quantum computing for various applications such as artificial intelligence (AI), machine learning and data analysis grows. Artificial intelligence (AI) is an application that could benefit greatly from the speed and accuracy of quantum computing. AI relies on algorithms trained on large data sets, able to learn and improve their skills through repeated use. However, classical computer databases can take hours or even days to train an AI algorithm.

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Since 2001, just 4 countries have been responsible for 86% of total funding

The quantum computing market is heating up. Companies like Google and IBM are racing to develop the technology that could one day lead to massive improvements in artificial intelligence and other areas of cybersecurity. According to SkyQuest’s analysis, $1.9 billion in public funding was announced in the second half of 2021, which in turn increased total global funding to $31 billion as of 2001, which comes only from the US, accounting for around 49% of private financing, followed by the UK (17%), Canada (14%) and China (6%).

In 2021, the global quantum computing market was invested around US$3 billion, of which US$1.9 billion came in the second year. All of this investment is coming from both the private and public sectors to celebrate the upcoming opportunity to generate roughly $41 billion in revenue at a greater than 30% CAGR by 2040. The market is predicted to witness a substantial increase in demand for quantum sensing and quantum communication in the coming years. As a result, investors have started investing money to take advantage of the fast-growing field. For example, in 2021 alone, $1.1 billion out of $3 billion was invested in these two technologies. $400 million and $700 million, respectively, to be precise.

SkyQuest has conducted in-depth studies of public and private investments flowing into the global quantum computing market. This will help the market participants to understand who the main investors are, what their area of ​​interest is, what drives them to invest in the technology, investors profile analysis, investment pockets and much more.

IonQ, Rigetti and D-Wave are emerging players in the global quantum computing market

As the quantum computing market becomes more mainstream, companies like IonQ, Rigetti and D-Wave are quickly proving that they are the emerging top players in the space. IonQ has been working on the development of ionic quantum computing technology for several years. IonQ’s flagship product is the IonQ One, a single-core quantum computer capable of processing quantum information.

The IonQ One has already been deployed at a number of institutions in the global quantum computing market, including NASA.

Rigetti is another company that has made significant strides in the development of quantum computing technology. Rigetti’s flagship product is the Rigetti Quilter, 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 made significant strides in the development of quantum computing technology. D-Wave’s flagship product is the D-Wave Two, a five-qubit quantum computer. The D-Wave Two was recently used by Google physicists to speed up the discovery of new phenomena in physics.

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Regetti has secured approximately $298 million in total funding through 11 rounds through 2022 in the global quantum computing market. According to our analysis, the company has secured its latest post-IPO equity financing. The main investors in the company are Bessemer Venture Partners and Franklin Templeton Investments.

According to SkyQuest’s findings, these three organizations combined generated approximately $32 million in revenue in 2021 with a market cap of more than $3 billion. At the same time, however, they face heavy losses. For example, in 2021 they suffered a total loss of over $150 million. Our observation has also found that billions of dollars are being poured into building the quantum computers, however, most of the market players are not making huge revenues in terms of ROI.

SkyQuest has released a report on the global Quantum Computing Market, tracking all the latest developments, market revenue, company’s growth plans and strategies, its ROI, SWOT analysis and value chain analysis. Apart from that, that provides insights into market dynamics, competitive landscape, market share analysis, opportunities and trends, among others.

Machine learning generated over $189 million in revenue in 2021

Today, machine learning is heavily used to train artificial intelligence systems using data. The quantum computing market can help 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 that rely on fast FFT algorithms to compare data sets.

A huge market potential for quantum computing has led to the development of several machine learning applications using quantum computing. Some of these applications include fraud detection, drug research, and speech recognition. According to SkyQuest, the fraud detection and drug discovery markets were valued at approximately $25.1 billion and $75 billion, respectively. This represents a huge revenue stream for the quantum computing market.

This technology has been used for a variety of purposes, including predicting the stock market and automating tasks like decision making and recommendations. In machine learning, generating revenue through traditional processing is a major challenge. Whereas conventional computer processing can only process a small amount of data at a time. This limits the amount of data that 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 simultaneously. This makes it possible to process huge amounts of data and make accurate predictions. As a result, quantum computing has already started revolutionizing the machine learning market.

SkyQuest has prepared a report on the global quantum computing market. The report has segmented the market by application and performed an in-depth analysis of each application in terms of revenue generation, market forecast, growth factors, and top players by application, among others. The report would help to understand the potential of the global market by application and how other players in each segment are performing and generating revenue.

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Top development in the global Quantum Computing market

  • In August 2022, Baidu launched the world’s first cross-platform super quantum computer called Qian Shi. The computer offers 10 qubits of power, while other commercially available quantum computers max out at 7
  • In August 2022, Baidu also announced a plan to develop a 36-qubit quantum chip
  • In July 2022, Fujitsu planned to launch a 64-qubit machine by 2023, followed by a 1,000-qubit machine after March 2027.
  • In 2021, IBM demonstrated its 127-qubit quantum computer, but the company aims to reach the 4,000-qubit goal by 2025

Major players in the global Quantum Computing Market

  • IBM Corporation (USA)
  • D-Wave System Inc. (Canada)
  • Cambridge Quantum Computing Ltd. (Great Britain)
  • Intel Corporation (USA)
  • Rigetti & Co, Inc. (US)
  • Google LLC (USA)
  • Quantica Computacao (India)
  • Dematic (USA)
  • Krones AG (Germany)
  • Zapata Computing (USA)
  • Xanadu (Canada)
  • Accenture Plc. (Ireland)

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