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The global quantum computing industry is being driven by the increased adoption of quantum computing in the banking and finance sector to carry out speedy operations at optimised costs. The banking and finance sector has a history of successfully applying technology to help solve its thorniest problems. Over the forecast period, quantum technology is expected to be used in the handling of financial risks and uncertainty, further increasing the speed of trade activities, transactions, and data processing manifolds. This factor is likely to propel the market growth. Meanwhile, the technological advancements in the healthcare sector are expected to provide further impetus to the market growth.
In February 2021, scientists of Microsoft Corporation (NASDAQ: MSFT) reached a milestone by developing a chip that can handle thousands of qubits. Qubit is the basic unit of quantum information. This chip is known to be the most advanced integrated circuit ever built to operate at deep cryogenic temperatures. After the development of this chip, quantum computers will be able to execute any function faster. Therefore, such developments are expected to aid the market in the coming years.
In terms of region, the Asia Pacific is likely to account for a significant share in the market owing to the rising demand for quantum technology in small, medium, and large enterprises. The technological advancements in the healthcare industry, especially after the outbreak of the COVID-19 pandemic, are anticipated to propel the demand for quantum computing to accelerate diagnostic processes, provide precise medications, and optimise insurance premiums and pricing, thus, aiding the market.
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The major players in the global quantum computing market are Microsoft Corporation, IBM Corporation, Intel Corporation, Google Inc. and D-Wave Systems Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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