Quantum Computing to Grow by 48% Annually, but Commercial Hardware May Not Exist until after 2030, BCC Research Forecasts

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Nov 01, 2023, 06:58 ET

Quantum computing improvements create a new vendor landscape–as well as some serious cybersecurity challenges and a few international disputes.

BOSTON, Nov. 1, 2023 /PRNewswire/ -- IBM, Google, Microsoft, and Amazon are heavily invested in quantum computing, and the financial sector is already utilizing it. The industry aims to utilize quantum simulation, quantum-assisted machine learning, and quantum cryptography over the next decade.

The industry holds opportunities for entrepreneurs and small firms, not just the tech giants. Startups to watch include KETS (UK), CryptoNext (France) and Quantum Numbers Corp. (Canada).

KETS has developed a low-power quantum key distribution chip to enable safe communications and protect sensitive data. CryptoNext's cryptographic library offers quantum-safe signatures and key-exchanges that deploy a key encapsulation mechanism to meet Internet Engineering Task Force (IETF) standards. Quantum Numbers Corp's innovative quantum tunneling solution, the QNG2 chip, ensures high speed, true randomness and scalability at considerably lower cost than other currently available technologies.

The major technology companies have announced that they plan on using their quantum computers to offer quantum computing as a service. Cloud-based quantum computing would enable small businesses and individuals to "rent" the quantum computers and give them computing optimization that is comparable to big companies. Cloud access is important because quantum computers won't be commercially available for another decade.

Quantum solutions have major applications for global industries. Consumer industries will seek to adopt new quantum technologies while partnerships among developers will likely discontinue, data suggests.

BCC's report, Quantum Computing: Technologies and Global Markets to 2028, provides estimated market data and revenue forecasts over the next 5 years. The report examines quantum computing market sectors such as trapped ions, quantum annealing, applications, and end-users.

The report also digs into substantive cybersecurity challenges the market must address, as well as international tensions that cloud the market. For example, the U.S government has prohibited companies such as Nvidia and AMD from selling top-tier AI chips to China. The U.S and China are currently in a "race" to develop AI and quantum computer advancements.

With an expanding global market, quantum computing requires heavy, timely investments from businesses and governments to stay on top. Professionals working in banking/finance, IT, healthcare, research, academia, and cloud service will gain valuable insights on quantfum computing applications, growth potential, market data, trends, and driving factors.

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