Major private quantum players include IBM, Google, Microsoft, Rigetti, D‑Wave, IonQ, Honeywell and Amazon Web Services.

Google announced in 2019 that its Sycamore processor performed a task far faster than a classical supercomputer, a milestone described as quantum supremacy.

IBM has built superconducting processors and documented roadmaps with devices named Eagle, Osprey, Condor and Kookaburra and plans targeting over 1,300 qubits by 2025.

China is a leading national competitor and McKinsey estimated at least $15.3 billion in public funding for Chinese quantum research while Chinese labs unveiled a 504‑qubit chip.

The U.S. Department of Commerce added several Chinese quantum entities to its Entity List to restrict their access to U.S. technologies.

Australia has a strong quantum ecosystem with near‑billion‑dollar government commitments and active groups and startups such as UNSW spinoffs, Quantum Brilliance and funding for PsiQuantum.

Market reports show North America dominates the cloud‑based quantum market and list many vendors while forecasting rapid market growth with a cloud CAGR near 35.5% to 2030.

Analysts project a larger quantum market by 2032 and report major players investing heavily in hardware, software and services.

Lessons include that multiple hardware approaches (superconducting, trapped ions, photonic, silicon and diamond) are pursued and that noise, error correction and scaling remain major technical challenges.

Conclusion: The United States and China are the principal competitors, with heavy investments in North America, China and significant programs in Australia; advances in scaling, error correction and export controls will shape the quantum arms race.

Major private quantum players include IBM, Google, Microsoft, Rigetti, D‑Wave, IonQ, Honeywell and Amazon Web Services.

Title:

Content: Cloud-based Quantum Computing Market projected to reach USD 6,289.8 Million by 2030, growing at a CAGR of 35.5% during the forecast period of 2023-2030 - says MarketDigits in its latest study

The Global Cloud-based Quantum Computing Market was valued USD 750 Million in 2023 and projected to reach USD 6,289.8 Million by 2030, growing at a CAGR of 35.5% during the forecast period of 2023-2030

Richmond, Jan. 02, 2024 (GLOBE NEWSWIRE) -- According to a research report "Cloud-based Quantum Computing Market, by Offering (Service, Software), Technology (Trapped Ions, Quantum Annealing, Superconducting Qubits, Other Technologies, Others), Application (Encryption, Optimization, Sampling, Simulation), Industry Vertical (BFSI, Healthcare and Pharmaceuticals, Aerospace and Defense, Research and Academia, Manufacturing, Transportation and Logistics, Others), and Region - Global Forecast to 2030.

Global Cloud-based Quantum Computing Market Report Scope:

Report Details
Market size value in 2023 USD 750 Million
Market size value in 2030 USD 6,289.8 Million
CAGR (2023-2030) 35.5%
Forecast Period 2023–2030
Historic Data 2019
Forecast Units Value (USD Million/USD Billion)
Segments Covered Offering, Technology, Application, End User and Region
Geographies Covered North America, Europe, Asia Pacific, and RoW

  • Accenture

  • AWS (Amazon Web Services)
Sample of Companies Covered
  • Baidu

  • Cambridge Quantum Computing

  • D-Wave Quantum Inc.

Download the Sample - https://www.marketdigits.com/request/sample/1108

TOC Covers in Depth & Breath on Cloud-based Quantum Computing Market
170 - Market Data Tables
65 - List of Figures
225 – Pages

The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.

Market Overview

Cloud-based quantum computing enables remote access to quantum processors and algorithms, revolutionizing computation for diverse applications via online platforms. The cloud-based quantum computing market is experiencing unprecedented growth as organizations seek to harness the immense computational power of quantum processors through convenient and scalable cloud services. This market evolution marks a paradigm shift in computing capabilities, with leading tech companies investing heavily in quantum research and development. Quantum computing leverages the principles of superposition and entanglement to perform complex calculations at speeds unattainable by classical computers. Cloud-based offerings democratize access to quantum resources, allowing businesses to explore and experiment without the need for extensive on-premises infrastructure. As a result, a diverse range of industries, including finance, healthcare, and logistics, are exploring quantum solutions for optimization, simulation, and machine learning applications. The market's trajectory is driven by a convergence of technological advancements, increased investments, and a growing ecosystem of quantum developers and users, positioning cloud-based quantum computing as a transformative force in the future of information processing.

Major Vendors In The Global Cloud-Based Quantum Computing Market:

  • Accenture
  • Amazon Web Services (AWS)
  • Baidu
  • Cambridge Quantum Computing
  • D-Wave Quantum Inc.
  • D-Wave Systems
  • Fujitsu
  • Google
  • Honeywell
  • Huawei Technologies Co.
  • IBM
  • 1QBIT
  • Microsoft
  • QC Ware
  • Riverlane
  • Rigetti Computing
  • T-Systems International GmbH
  • Zapata Computing

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Increasing demand for advanced computational capabilities

The escalating demand for advanced computational capabilities stands as a pivotal driver propelling the cloud-based quantum computing market into prominence. As traditional computing architectures face limitations in solving complex problems, organizations across various sectors are turning to quantum computing to address challenges that were once deemed insurmountable. Cloud-based quantum computing offers a scalable and accessible solution, allowing businesses to harness the extraordinary processing power of quantum processors without the need for significant on-premises infrastructure investments. This surge in demand is fueled by the recognition that quantum algorithms have the potential to outperform classical counterparts in areas such as optimization, cryptography, and machine learning. The advent of cloud-based services democratizes access to quantum resources, empowering a diverse range of industries to explore novel solutions and stay at the forefront of technological innovation in the pursuit of solving complex problems more efficiently and effectively.

Market Dynamics

Drivers:

  • Increasing demand for advanced computational capabilities
  • Growing demand for faster data operations, secure data transfer, and communications

Opportunities:

  • Recent advances in cloud-based quantum computing
  • Growing adoption of quantum computing solutions across several verticals

Recent advances in cloud-based quantum computing

Recent advances in cloud-based quantum computing present a significant opportunity for the quantum computing market, opening new frontiers in computation and problem-solving. The integration of cutting-edge technologies into cloud services has enhanced the accessibility and usability of quantum computing resources. Cloud providers are actively investing in infrastructure, algorithms, and developer tools, making quantum computing capabilities more user-friendly and scalable. This progress is fostering a conducive environment for experimentation and innovation, attracting a broader spectrum of users from diverse industries. As cloud-based quantum computing platforms evolve, they offer businesses the chance to explore and harness the potential of quantum algorithms without the need for substantial in-house expertise or infrastructure. This opportunity not only accelerates the adoption of quantum technologies but also democratizes access, empowering organizations to leverage the transformative power of quantum computing to solve complex problems and gain a competitive edge in the rapidly advancing digital landscape.

The market for Cloud-based Quantum Computing is dominated by North America.

North America stands as the dominant force in the Cloud-based Quantum Computing market, with the United States and Canada playing pivotal roles. The region's leadership is attributed to the robust presence of major quantum computing players, significant research and development initiatives, and a burgeoning tech ecosystem. In the United States, companies like IBM, Google, and Rigetti Computing have spearheaded quantum advancements, while Canada boasts prominent players like D-Wave. The strategic collaboration between academia, government, and industry in North America has positioned the region as a global hub for quantum computing innovation, solidifying its preeminence in driving the growth and development of cloud-based quantum computing solutions.

The research and academia Segment is Anticipated to Hold the Largest Market Share During the Forecast Period

Based on Industry Vertical the Cloud-based Quantum Computing Market is segmented into BFSI, Healthcare and Pharmaceuticals, Aerospace and Defense, Research and Academia, Manufacturing, Transportation and Logistics, Others. The research and academia segment is poised to maintain its dominance, holding the largest market size in the Cloud-based Quantum Computing sector throughout the forecast period. This prominence can be attributed to the active involvement of research institutions and academic entities in advancing quantum technologies. These stakeholders play a crucial role in driving innovation, developing quantum algorithms, and educating the workforce. Cloud-based platforms offer an accessible environment for researchers and students to experiment with quantum computing, fostering collaboration and knowledge exchange. As a result, the research and academia segment continues to lead, shaping the trajectory of Cloud-based Quantum Computing's market growth.

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What countries and blocs are leading in developing quantum computing?

Google announced in 2019 that its Sycamore processor performed a task far faster than a classical supercomputer, a milestone described as quantum supremacy.

Title:

Content: Chandeliers, ‘qubits’ and Schrödinger’s cat: Inside the bizarre world of quantum computing

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Chandeliers, ‘qubits’ and Schrödinger’s cat: Inside the bizarre world of quantum computing

In the quantum realm, the laws of physics are different. Now its mind-bending tech could soon transform our lives. How does it work?

It was 2009, and a group of scientists had crowded around a tiny monitor in a Sydney physics laboratory. The team, led by electrical engineer Andrea Morello, held their collective breath and peered at a single flat line on the screen. Then, in the blink of an eye, the line changed: it was a series of blips, like a heartbeat. They’d hit paydirt. “When you see that symbol, you’re in the game,” recalls physicist Charles Tahan.

Welcome to the quantum world, a subatomic realm – yes, smaller than an atom – where the laws of physics are, well, different. The experiment made Morello and his team the first in the world to show that a quantum computer could be made using not diamonds, not the superconductor niobium, but everyday silicon. “To show you could do that, 100 different things had to go right,” says Tahan.

Quantum computing is one of the key technologies defining this century. Its proponents say it will do for computers what the car did to the horse and buggy. It will upend encryption and molecular biology. In theory, it could even possibly find cures for cancer. Australia is among the world leaders in a quantum computing gold rush, with Prime Minister Anthony Albanese saying his government is “serious about building a strong quantum ecosystem” and investing nearly a billion dollars.

Yet despite eye-watering outlays worldwide, quantum computing is still in its infancy, part of a mind-bending world that physicists are only beginning to fully grasp. What is it? And how will it make a difference to our lives?

How does a quantum computer work (and why did Alice in Wonderland have the jump on it?)

It’s often remarked that it looks like a beautiful chandelier, or a wedding cake. And IBM’s quantum computer, one of the world’s largest, is certainly an intriguing object, an intricate dome of golden wires and graceful tubes suspended from a ceiling.

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The part we can see, though, is really just the control and support system for a microchip (currently a version called Condor) buried deep inside. The glittering exoskeleton is there to keep its tiny heart as cold as possible – a hundred times colder than the coldest depths of space – and to feed information in and out, the process that makes it a “computer” and not just a science experiment.

The chip itself is smaller than a postage stamp, with several layers of circuitry and metal sandwiched in a tiny square, cooled to improve conductivity and to eliminate “noise”, the bugbear of many such devices. But even what we see here is not where the action happens. For that, we have to go deeper still, down into the chip and well beyond what’s visible through even the most powerful microscope, beyond the layers of individual atoms, into the atoms themselves.

‘The truth is the universe doesn’t run by the rules that we see every day – gravity, you bounce a ball and it falls. It runs on these other rules: quantum mechanics.’

In the subatomic realm of electrons, protons and photons, things happen very differently. Indeed, these tiny particles have no use for Newton’s laws of physics, nor even many of Einstein’s. “The truth,” says Tahan, “is the universe doesn’t run by the rules that we see every day – gravity, you bounce a ball and it falls. It runs on these other rules: quantum mechanics.”

Why these particles behave as they do in the quantum realm is a difficult concept to get your head around. Even Einstein resisted aspects of it, famously arguing that “God does not play dice with the Universe”. It was a misstep. “Because he didn’t believe in the completeness of quantum mechanics,” says Morello, “he lost a lot of productive years because he didn’t understand how it is possible that this thing is true.”

Many leading physicists investigated the concept from the early 1900s, including some familiar from popular culture today, notably Einstein and Neils Bohr (portrayed in Oppenheimer), Werner Heisenberg (whose name Walter White stole for his drug-chemist alter ego in Breaking Bad) and Viennese physicist Erwin Schrödinger, of the famous cat experiment (explained below).

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Lewis Carroll, meanwhile, may have had the jump on quantum physics with his ideas in the Alice books, as James Renner observed in The Wall Street Journal in 2015. “We speak of going down the wormhole into a mysterious world that defies Newtonian physics, where once Alice went down the rabbit hole into a mysterious world that had much the same effect. Now we speak of quantum particles being in two places at once or even Schrödinger’s cat being alive and dead at the same time, long after the Cheshire Cat’s grin was magically displaced from its body.”

The quantum realm has only truly begun to reveal itself to us relatively recently. In 1964, the Irish-born physicist John Bell published one of the most important theorems, which, according to Professor Andrew Whitaker in Physics World, “opened up the possibility of experimental philosophy, the study of what are normally thought of as philosophical issues in experiments. Not only do these experiments probe the deepest and most profound aspects of quantum theory, they also provide information on the fundamental nature of the universe.”

At the time, Bell’s theorem could not be tested in a lab. That would come in the late 1960s and early 1970s when experimentalists such as John Clauser began to show that the weirdness Bell had described on paper actually occurred in the real world. Which, at the time, was considered quite rude. One eminent physicist “was highly offended by my impertinent effort and told me that it was tantamount to professing a disbelief in quantum physics,” Clauser later recalled.

He and other apostates continued their work because he found some of the predictions “sufficiently bizarre that I could not accept them without seeing experimental proof”. Working with leftover lab equipment – “physics department scrap” – he went on to provide experimental evidence that refuted even Einstein’s theories. “I was very sad to see that my own experiment had proven Einstein wrong,” he said. Clauser would go on to win the 2022 Nobel Prize for Physics alongside Alain Aspect and Anton Zeilinger for their groundbreaking experiments with so-called “entangled” particles.

Quantum physicists still despair at the difficulties of explaining their weird world to outsiders. “Many writers fall back on boilerplate that makes physicists howl in agony,” wrote computer scientist Scott Aaronson in The New York Times in 2019. Unfortunately, says Gerard Milburn, a quantum physicist from the University of Queensland, “The quantum world lies beyond the reach of natural language.”

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But we’ll give it a go. Chiefly, particles in the quantum realm aren’t tied down to being in one place or state in the way bigger things are in the outside world, such as cats, which tend to be in one place at once. They obey different rules entirely. The first way to understand this oddness harks back to high-school science and how light can behave as both a particle and a wave. Photons – bursts of light – can act like ball bearings, with position and momentum. Yet light also behaves like a wave washing over a beach in a way that a ball bearing can’t. That’s a quantum physics party trick.

What is Schrödinger’s cat?

The most famous primer for quantum mechanics is the paradox of Schrödinger’s cat, a mind experiment devised by Schrödinger in 1935. A hypothetical cat goes into a box with a vial of poison gas, which has a 50-50 chance of killing it. You close the box and can’t see inside. So, without opening the box, you can’t know whether the poison has killed the cat or not. Therefore, posited Schrödinger, puss is neither dead nor alive but both – until you open the box.

In quantum mechanics, this state is called “superposition”. It’s impossible to describe properly without a background in higher-level mathematics, which we lack, but it generally means not knowing whether, say, an electron is over here, or over there, or – cat-like – in both places at the same time. Another way of looking at it is to visualise a coin spinning on its side. Until it stops and lands on one side or another, it’s not heads or tails but both.

At least, kind of.

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“Every explanation we give in lay terms is in some way wrong,” says Stephen Bartlett, a theoretical quantum physicist and director of the University of Sydney Nano Institute. “People often say a quantum superposition is in the value zero and the value one at the same time. That’s sort of right, and sort of not right.” Says Morello: “This is where language is failing us, right? If you’re trying to say that in plain English, it sounds really weird. But if you actually think about, you know, the mathematics of it, and the actual physical embodiment of that, it actually makes perfect sense.” Suffice to say, a real cat cannot find itself in “superposition”: this is a state that can exist only in the subatomic world.

How is this useful (and what’s a qubit)?

In a conventional computer, information is encoded as voltages that pass around the system thanks to millions of tiny transistors – essentially, gates or switches that turn on and off. A quantum computer is similar except that instead of using transistors as switches it uses subatomic particles, such as electrons or photons, that can have many more states than simply on or off, according to their position, momentum, spin direction and polarisation. Once harnessed – and there are many ways of doing that – these particles-as-switches are called “qubits”, a play on the word “bit”, the smallest unit of data that a computer can process and store.

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Information can be encoded on qubits in various ways: for his computers, Morello uses silicon and strong magnetic fields like those found in MRI machines. “The stuff that I build in my lab is actually a small silicon chip the size of a fingernail,” he says, “but the whole infrastructure around it is quite fancy. It’s a very powerful refrigerator that cools down the chip to [just] above absolute zero.

Critically, qubits can relate to other qubits in a state called “entanglement”. This enables quantum computers to perform multiple calculations simultaneously – which is their superpower. Schrödinger described entanglement as “the characteristic trait of quantum mechanics, the one that enforces its entire departure from classical lines of thought”. Sceptical Einstein called entanglement “spooky action at a distance”. Gerard Milburn says entanglement is great for building a computer “because if you want to have all these switches, having them strongly correlated is exactly what you want. And if you can control those correlations, you can do computation.”

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It’s these characteristics that have scientists and engineers excited. Not because quantum computers will necessarily take over from the conventional miracles we so rely on today but because they can do some particular things that transistor-based machines either struggle with or fail at completely. Today’s supercomputer might try to simulate molecular behaviour with “brute force”, says IBM’s quantum department. “But as it moves past the simplest, most straightforward molecules available, the supercomputer stalls. Quantum algorithms take a new approach to these sorts of complex problems, creating multidimensional computational spaces.”

‘Calculations that are completely impossible … would rapidly become possible on a quantum computer.’

This might include modelling how a drug might affect a virus, how new materials in aeroplanes might react to stress, or the exact process necessary to create a perfect chemical reaction.

“Calculations that are completely impossible – not just on present-day conventional computers but any conceivable future conventional computer – would rapidly become possible on a quantum computer,” says Andrew Doherty, professor of physics at Sydney University. “These are things where the application of that computer would be transformative to people’s lives without every home, you know, having a laptop quantum computer.”

Whether quantum computing will also revolutionise artificial intelligence is less certain. AI works by drawing from a huge amount of data, which is not something that naturally fits on a quantum computer, says Morello. “The problem with quantum computers in general and, in particular, with applications to AI is that loading data into them and reading data out of them is slow and cumbersome and prone to errors. It’s a bottleneck.”

Why is it so hard to build quantum machines?

Creating the qubits is hard, whatever material you start with. Interfacing with them via tiny wires like the golden lattice in IBM’s machines is hard. Getting accurate information from them is hard: “noise”, in the form of vibration or spurious electromagnetic signals, makes them behave badly and give poor results – “decoherence”, in physics speak.

Much of Andrew Doherty’s team’s work these days is in figuring out how to reduce this noise to acceptable levels and compensating for the errors that noise produces. “Compared to our conventional computers, quantum technology [computers] are very noisy devices,” he says. “They go wrong one time in 1000 as opposed to one time in an astronomically huge number of uses of [normal computers].”

Teams around the world are working on multiple approaches both to building the machines and compensating for their eccentricities, from labs in Australia to the tech giants Google, Microsoft and IBM – its Quantum Lab relies on superconducting qubits made from aluminium and niobiumand the Chinese government.

Some versions, such as IBM’s and Morello’s, chill the atoms to keep them as stable as possible. In contrast, the Australian company Quantum Brilliance is working with synthetic diamonds because they work at room temperature. “Unlike other materials,” says co-founder Marcus Doherty (no relation to Andrew), “diamond’s incredible hardness means that even at room temperature, there isn’t enough thermal energy in the environment to create vibrations that destroy the quantum properties of qubits.”

‘People are working really hard to try to find different mathematical problems that they think maybe quantum computers can’t crack.’

Another key moment in the quantum timeline came in 1994 when US mathematician Peter Shor showed that a quantum computer could crack encryption standards safeguarding everything from national intelligence systems to bank accounts. “He devised an algorithm, in theory, that he would need to run on a quantum computer,” says Bartlett. “And if you could build a quantum computer of sufficient size, then yeah, all information security falls apart.” Cybersecurity experts call that scenario Q-Day. “At the moment, people are working really hard to try to find different mathematical problems that they think maybe quantum computers can’t crack,” says Bartlett.

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In 2001, IBM made a seven-qubit device controlled through radio frequency pulses to demonstrate Shor’s Theorem. IBM’s prototype wasn’t given a huge task, managing to calculate that three times five was … wait for it ... 15. Yet this was considered a great success, even if it had shades of the famous supercomputer Deep Thought from Douglas Adams’ Hitchhiker’s Guide to the Galaxy, which ponders the question of “life, the universe and everything” for thousands of years before giving the answer: 42.(Adams also dreamed up the Infinite Improbability Drive for a spaceship called the Heart of Gold, which used quantum theory to allow it to cross through every point in the universe simultaneously, allowing interstellar travel without all that “tedious mucking about in hyperspace”.)

Then, in 2019, Google claimed its 54-qubit Sycamore processor had performed a calculation in 200 seconds that would have taken the world’s most powerful supercomputer 10,000 years – a breakthrough some breathlessly likened to the Wright brothers’ first flight in 1903. Others were more sceptical, saying it would be many more years before quantum computers would have enough qubits – and be stable enough – to do anything actually useful. IBM said it could simulate Google’s experiment in two-and-a-half days on a “normal” computer, albeit if it had access to the Oak Ridge Summit supercomputer, a beast occupying an area the size of two basketball courts. IBM’s shimmering Eagle, meanwhile, had just 127 qubits; its successors, Osprey and now Condor, have pushed the bar to over 1000 and it plans for 1386 qubits in its Kookaburra in 2025.

Yet most of these devices are still basically proofs of concept, says Morello, the first step to manufacturing and miniaturising, as we saw with today’s transistor-based computers, which started out as rooms full of valves and cables. In the post-World War II era, says Andrew Doherty, “computers took up office floors of buildings in Manhattan and people put paper cards into them to program them. Out came numbers that even my childhood pocket calculator could have calculated right.” Many hundreds of billions of dollars have gone into developing computer technology, in packaging it for convenience and getting the components to work reliably, he says. “That whole engineering thing has got to grow up around these quantum technologies.”

Already, Marcus Doherty’s Quantum Brilliance has installed a quantum computer at the Pawsey Supercomputing Centre in Perth and is about to export computers, at this stage for customers to experiment with quantum computing and work out how to make it useful. In the future, finding commercial applications for a quantum computer will require tailoring it, at least initially, says UNSW’s Maja Cassidy, a former quantum researcher for Microsoft. “People have to go in and understand a company’s problem, how they’re using classical computing and … work out what section might be enhanced by the quantum computer.”

Who is leading the quantum race?

China is the only other nation giving the United States a run for its money. Its leader, Xi Jinping, put accelerating quantum technology in his 2021 five-year plan. McKinsey & Company estimates China has spent at least $15.3 billion in public funds on quantum research. That partly came to fruition in April with the Chinese Academy of Science’s unveiling of a 504-qubit chip, still half the size of IBM’s biggest.

For its part, Australia got a head start with quantum research in the 1990s. Today, two major spinoffs from UNSW research are pursuing silicon-based quantum computing: Silicon Quantum Computing (SQC), led by Professor Michelle Simmons, and Diraq, led by Professor Andrew Dzurak. SQC’s approach involves embedding phosphorus atoms within a wafer of silicon. Dzurak’s approach involves trapping electrons on silicon transistors. Both have the advantage of silicon chips already being ubiquitous. “Today, in our phones and our laptops, the silicon chips that are in those have upwards of a billion transistors on them,” says Dzurak. “The benefit of the technology that we’ve developed is that we are also able to get millions, and ultimately billions, of quantum bits onto a single silicon chip.”

‘Computers as we know them today are an absolutely mind-blowing achievement. So any technology that has the ambition of being an alternative or being better than that has a phenomenally high bar to clear.’

Other leading players in Australia include Q-CTRL, which is working on controlling and enhancing quantum hardware; quantum security company QuintessenceLabs; and Doherty’s Quantum Brilliance, which used its synthetic diamonds in the world-first integration of a two-qubit quantum device into a supercomputer at room temperature in 2022.

Meanwhile, out of the University of Queensland came early gains in “photonic” quantum computing, which harnesses particles of light – photons – as qubits. In April, the federal and Queensland governments jointly set aside $940 million in share purchases, grants and loans for PsiQuantum, a Silicon Valley company whose founders include Australian professors Jeremy O’Brien and Terry Rudolph. Unlike ions or electrons, photons are not charged, Bartlett says, so are not sent haywire by electromagnetic forces – but they are hard to manipulate and measure.

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Another approach involves “trapped ion” quantum computing, pursued by US company IonQ: physicists take an atom, flick off an electron so it is positively charged, then suspend the resulting ion within an electromagnetic field and manipulate the ion with lasers. But Bartlett says this approach will be hard to scale, given the technology to suspend millions of ion qubits doesn’t yet exist.

In April, the federal government also announced $18 million for the University of Sydney to establish Quantum Australia, a research consortium between several universities headed by Bartlett. “It used to be a small research community,” he says. “You absolutely needed to speak the common language of everyone else, which were the rules of physics. Now we are really seeing quite a bit of specialisation.”

Even if quantum computers develop practical uses, they will likely live in vast, super-cooled server farms where land and power are cheap. We’ll communicate with them through our everyday devices, much as we download and upload data from cloud servers, Netflix, TikTok, DropBox, whatever, today. The real challenge for quantum computing, says Morello, is that the alternative is “really, really good”. “Computers as we know them today are an absolutely mind-blowing achievement. So any technology that has the ambition of being an alternative or being better than that has a phenomenally high bar to clear.”

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Title:

Content: The quantum leap: Quantum computing breakthroughs to watch

The classical computer has been the bedrock of computing for over 50 years. That’s going to change soon. quantum computing, which was once a concept limited to fringe scientific papers, is now becoming a mainstream topic.

We’re seeing significant breakthroughs in the headlines which are stoking the flames of conjecture. The truth is, that this technology will bring with it much more than hype and opportunities to breathe life into sci-fi creations. In this article, we’re going to dive into some of the milestones of quantum computing, future goals and, of course, the challenges that we still have to overcome.

The Quantum Paradigm

Classical computers began as room-sized machines. Computer scientists from the 1950s would be completely flummoxed to see the powerful gaming or AI training rigs of today. That said, computers process information using bits -- either a 0 or a 1. quantum computers break the mold by using quantum bits, or qubits. They’re built upon the principles of quantum mechanics, which allow us to conceptualize that a qubit can exist in a state of 0, 1, or both at the same time (this is known as superposition in quantum theory).

As a result of this state, quantum computers are able to measure vast quantities of possibilities at the same time and exponentially increase their computing power compared to classical machines.

Significant Milestones in Quantum Computing

As with everything groundbreaking, quantum computing has been the subject of much fanfare, which has caused tangible advancements to slip through the cracks. This includes:

The Rise of Quantum Supremacy

The idea of "quantum supremacy" once seemed rather farfetched. That was until Google demonstrated with its Sycamore processor exactly what quantum machines could do. Sycamore was given a calculation that would have taken a classical computer 10,000 years to complete. It completed it in 200 seconds. quantum supremacy is now a modern reality and not just a hypothesis.

Innovations in Quantum Error-Correction

The inherently fragile nature of qubits means they're prone to errors from even the smallest environmental interference. Over the years, researchers have been laser-focused on tackling this problem, giving rise to various quantum error-correction protocols. Among the most prominent are the "surface code" and "cat code" methods, which deploy specialized qubit arrangements and extra layers of computational checks to detect and correct errors in real time.

Development of Quantum Algorithms

Unsurprisingly, with the growth of quantum processors has come an increase in quantum algorithms being developed. Algorithms like Shor's (for integer factorization) and Grover's (for database searching) have proven quantum computing's superiority over classical methods.

quantum algorithms have more granular applications as well, especially for devs and larger organizations. They could drastically reduce the time it takes to render documents in a React PDF viewer, particularly those that are large or contain complex elements like high-resolution images or intricate designs. Imagine one day sending petabytes of multimedia files without delay.

In a fraction of a second, teams could edit, compare, and merge files, all on their native platform, without having to wait until all the documentation is ready for analysis or sending.

This is just a microcosm of how massive quality-of-life (QoL) improvements from quantum computing will actually be. Aside from document readers, artists will also be able to render entire films in a matter of seconds, as there will be no resolution too high to be processed instantly. The same goes for 4K video calls without lags, VR gaming, and so much more.

Quantum Potential

What makes quantum computers so powerful is their ability to solve the problems that have simply been out of reach for classical machines, This includes:

  • Cryptography: Certain mathematical problems (like factorizing large prime numbers) are difficult for modern classical computers. quantum computers, however, are able to solve these problems much faster due to their parallel processing capabilities. Modern digital security rests on the assumption that these problems prevent computers from solving them quickly, and so quantum computing will be incredibly disruptive to modern cryptography. "Revolutionary" won’t even begin to define it.
  • Drug Discovery and Material Science: Another difficult task for classical computers is simulating and understanding complex molecular structures. With quantum computing, molecular simulations will be turbo-charged and lead to important breakthroughs in medicine and material science at a blistering pace.
  • Optimization Challenges: Be it traffic management, financial modeling, or supply chain optimization, problems involving multiple variables and constraints could benefit immensely from quantum computing's prowess, resulting in more efficient and optimal solutions.
  • Machine Learning and Big Data: Data is the new oil. And companies everywhere are drilling. quantum computers can process and analyze vast datasets swiftly and can send machine learning models to the stratosphere. This will lead to more accurate predictions and insights.

Navigating Quantum Challenges

The dream of a large-scale, fault-tolerant quantum computer is still just a dream for now, due to certain technical hurdles.

The first is maintaining the quantum state of qubits over extended durations. The term for this is ‘quantum coherence’, and it is not an easy task. External disturbances such as cosmic rays or nearby electronic devices can disrupt its state and prevent long computations.

Of course, one must also ponder about scalability. Scaling from a few qubits to thousands or even millions which are needed for more complex tasks will need further innovations in quantum error correction (and system architecture for that matter).

For now, computer scientists have gotten around this by using extremely low temperatures to maintain qubit stability, but this is not something companies or organizations without vast resources can accomplish.

Another aspect to consider is the software ecosystem. quantum computers will need their own kind of software, along with unique programming languages and tools. This will take years and possibly decades of collaboration between physicists, computer scientists, and industry stakeholders before a barebones system is achieved. QApplications in Diverse Domains

quantum computing is going to massively change many sectors. That said, some stand to benefit sooner than the rest:

  • Financial Modeling: The financial sector is an obvious winner when it comes to having more computing power -- the sector is already using AI to its advantage. quantum algorithms will allow traders and analysts to evaluate vast numbers of scenarios extremely quickly, giving those companies with quantum machines an extraordinary advantage.
  • Climate Modeling: Predicting the Earth’s climate involves accounting for a ton of variables and how they interact with each other. quantum computers will allow more accurate climate models and better insights into climate change which will hopefully help us develop better strategies for mitigating it.
  • Logistics and Supply Chain: Efficient solutions to the traveling salesman problem -- a challenge that involves finding the shortest possible route through multiple cities -- could revolutionize logistics, saving time and reducing costs for businesses worldwide.

The Interplay Between Quantum and Classical Systems

While you may think that quantum computers will eventually replace classical computers, the truth is the future more likely has them together in a symbiotic relationship. This is because quantum machines will be used for tasks they’re better at, namely more advanced computational needs, while classical computers will be kept for more routine tasks and for user interfaces. An example of this already exists in cloud-based quantum computing platforms -- where users can send a certain task to a quantum machine and receive the result through their own classical machine.

Looking Towards the Quantum Future

The next decade promises a slew of breakthroughs. Today’s quantum computers are being compared to the classical computers of the 1950s, which is probably accurate considering they’re still in their nascent stage of development and haven’t even begun realizing their full potential.

quantum computing promises an increase in computation power for sure, but it offers much more than that. It promises a massive shift across many industries -- from healthcare to finance, energy and transportation. We live in exciting times as we stand on the precipice of a new era in technology, one that previously only belonged to the pages of science fiction.

Image credit: plotplot/Shutterstock

Lee Li is a project manager and B2B copywriter with a decade of experience in the Chinese fintech startup space as a PM for TaoBao, MeitTuan, and DouYin (now TikTok).

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What advantages do quantum computers have over conventional computers?

extremely complex calculations
extremely fast calculations

What are important areas in quantum research?

What companies are leading in developing quantum computing?

What have been the landmark achievements in quantum computing?

Google's Sycamore quantum supremacy experiment

What advantages do quantum computers have over conventional computers?

extremely complex calculations
extremely fast calculations

What are important areas in quantum research?

What companies are leading in developing quantum computing?

What have been the landmark achievements in quantum computing?

Google's Sycamore quantum supremacy experiment

IBM has built superconducting processors and documented roadmaps with devices named Eagle, Osprey, Condor and Kookaburra and plans targeting over 1,300 qubits by 2025.

What are important areas in quantum research?

What companies are leading in developing quantum computing?

What countries and blocs are leading in developing quantum computing?

What seminal quantum computers/ processors have been developed?

China is a leading national competitor and McKinsey estimated at least $15.3 billion in public funding for Chinese quantum research while Chinese labs unveiled a 504‑qubit chip.

How much have countries and blocs invested in quantum computing?

What countries and blocs are leading in developing quantum computing?

The U.S. Department of Commerce added several Chinese quantum entities to its Entity List to restrict their access to U.S. technologies.

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Content: Skip to main content

U.S. Blacklists Chinese Quantum Computing Groups

The U.S. Department of Commerce has placed several quantum computing entities from China into its Entity List preventing them from access to quantum technologies developed in the U.S. Quantum computing technologies could be used to modernize capabilities of the People's Liberation Army as well as facilitate the decryption of U.S. encryption technologies. In addition, the DoC blacklisted 19 entitles from Pakistan, Japan, Singapore, and Russia.

In recent years Chinese researchers have made quite a number of quantum computing breakthroughs, which could provide the country and the PLA with the capability to build counter-stealth and counter-submarine applications, to break U.S. encryption technologies and/or develop unbreakable encryption. The U.S. believes that such capabilities contradict with the country's national security and foreign policy interests, which is why it added Hefei National Laboratory for Physical Sciences at Microscale, QuantumCTek, and Shanghai QuantumCTek to the Entity List.

Quantum computing is a relatively new technology that promises to increase the performance of computers by orders of magnitude. Along with performance come new applications that computers can be used for, so getting these technologies into the hands of potentially hostile nations is clearly not in the U.S. interest.

But many of China's quantum computing efforts have been enabled by technologies and machinery made in the USA. Requiring American companies to obtain export licenses (which will be denied in most cases) in order to sell their products to certain entities. This may be an efficient instrument for the U.S. government to at least slowdown development of Chinese quantum computing capabilities.

"This is a sensible move and an important reminder of the scope and scale of China’s efforts to achieve technological breakthroughs that erode U.S. national security,” Martijn Rasser, a former CIA official who heads the technology and national security programme at the Center for a New American Security think-tank, told Financial Times.

In addition to the Chinese entities, the U.S. blacklisted 13 companies from Pakistan that contributed to the country's unsafeguarded nuclear activities and ballistic missile programs. Also, it put the Moscow Institute of Physics and Technology to the Entity List since the organization develops military end-use products.

"Today's actions will help prevent the diversion of U.S. technologies to the PRC's and Russia's military advancement and activities of non-proliferation concern like Pakistan's unsafeguarded nuclear activities or ballistic missile program," said Gina M. Raimondo, U.S. Secretary of Commerce. "The Department of Commerce is committed to effectively using export controls to protect our national security."

Along with three Chinese quantum computing entities, the U.S. DoC put several aerospace and semiconductor companies into the Entity List as they assisted China or Pakistani military efforts. In total, there are 12 new Chinese companies (and two of their subsidiaries in Japan and Singapore) in the Entity List:

  • Hefei National Laboratory for Physical Sciences at Microscale
  • QuantumCTek
  • Shanghai QuantumCTek
  • Xi'an Aerospace Huaxun Technology
  • Peaktek Company
  • Poly Asia Pacific
  • Shaanxi Zhi En Electromechanical Technology
  • Corad Technology (Shenzhen, Singapore, Japan)
  • Hangzhou Zhongke Microelectronics
  • New H3C Semiconductor Technologies
  • Hunan Goke Microelectronics
  • Yunchip Microelectronics

China claims that the U.S. exercises its ability to blacklist Chinese companies due to political and economical, but not national security reasons.

"The US has repeatedly generalized the concept of national security and cracked down on Chinese companies by abusing its state power," said Chinese Foreign Ministry spokesperson Zhao Lijian, reports GlobalTimes. "The action has seriously hurt Chinese firms' interests, broken the international order and free trade rules, as well as seriously threatened the global industry and supply chains."

Australia has a strong quantum ecosystem with near‑billion‑dollar government commitments and active groups and startups such as UNSW spinoffs, Quantum Brilliance and funding for PsiQuantum.

Market reports show North America dominates the cloud‑based quantum market and list many vendors while forecasting rapid market growth with a cloud CAGR near 35.5% to 2030.

What countries and blocs are leading in developing quantum computing?

Analysts project a larger quantum market by 2032 and report major players investing heavily in hardware, software and services.

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Content: Quantum Computing Market was valued at nearly USD 234.06 billion by 2032

Prudour Private Limited

Updated · Mar 06, 2023

Quantum Computing Market Overview

Published Via 11Press: Quantum computing is a rapidly developing market that is revolutionizing how we approach computing and data processing. By employing principles of quantum mechanics to perform computations, quantum computers are capable of solving problems that classical computers may find impossible or impracticable to resolve.

The global quantum computing market size is forecast to reach USD 234.06 billion by 2032 from USD 10.13 billion in 2022, rising at a compound annual growth rate (CAGR) of 36.89% during the forecast period.

At present, the quantum computing market is dominated by a few major players such as IBM, Google, Microsoft, and Honeywell. These firms are investing heavily in quantum computing research and development as well as creating quantum computing hardware and software systems.

The quantum computing market is expected to have a profound effect on industries such as healthcare, finance, logistics, and energy. Some key applications of quantum computing include drug discovery, supply chain optimization, financial modeling, and climate modeling.

Though the quantum computing market is promising, it still faces several obstacles such as high costs of hardware, a shortage of skilled experts in this area, and technical difficulties when building large-scale quantum computers. With ongoing research and development efforts, however, these problems should be overcome within the coming years, leading to even greater growth and innovation in this space.

Key Takeaways

  • The global quantum computing market size was valued at USD 234.06 billion in 2022 and is expected to grow at a CAGR of around 36.89% from 2022 to 2032.
  • Quantum computing is capable of solving problems that would be intractable or impossible for classical computers to solve.
  • The quantum computing market is dominated by a few major players, including IBM, Google, Microsoft and Honeywell.
  • The quantum computing market is expected to have a profound effect on numerous industries, such as healthcare, finance, logistics and energy.
  • Quantum computing has many important applications such as drug discovery, supply chain optimization, financial modeling and climate modeling.
  • The quantum computing market remains plagued by several obstacles, such as the high cost of quantum computing hardware, lack of qualified quantum computing experts and technical difficulties in building and running large-scale quantum computing systems.
  • Research and development are expected to overcome these obstacles within the next couple of years, propelling even greater growth and innovation in the quantum computing market.

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Regional Snapshot

  • North America: North America is currently the leading market for quantum computing, with the United States playing a major role. Major companies such as IBM, Google, and Microsoft are driving this growth through their presence and investment in research and development activities related to quantum computing. This region boasts numerous key players such as IBM, Google, and Microsoft which are driving demand within this region.
  • Europe: Europe is an increasingly important market for quantum computing, with countries such as the UK, Germany, and France investing heavily in research and development. Through partnerships between quantum computing companies and other technology firms as well as the growing adoption of quantum computing across various industries, this region’s market is experiencing rapid expansion.
  • Asia Pacific: The quantum computing market in Asia Pacific is expected to experience significant growth over the coming years due to increased investments in research and development by countries like China, Japan, and South Korea. Furthermore, there have been an increasing number of collaborations between companies using quantum computing with academic institutions as well as its increasing adoption across industries like healthcare and finance – all contributing factors for market expansion within this region.
  • The Rest of the World: Countries such as Brazil, South Africa, and the UAE are expected to experience significant growth in the quantum computing market over the coming years due to increased investments in research and development efforts as well as the growing adoption of quantum computing across various industries. These factors are fueling this region’s meteoric rise in this region.

Drivers

  • Quantum Computing Gaining Adoption in Various Industries: Quantum computing is seeing an uptick in popularity across a range of industries, such as healthcare, finance, logistics, and energy – as companies seek to use their power to solve complex problems and gain an edge in competition.
  • Investments in Quantum Computing Research and Development: Governments, academic institutions, and private companies have made substantial investments in quantum computing research and development, spurring innovation and progress within the field.
  • Growing Number of Partnerships and Collaborations: There has been an uptick in partnerships and collaborations between quantum computing companies and other technology firms, as well as academic institutions and research organizations. This trend is propelling the development of new quantum computing hardware and software systems, as well as its adoption across various industries.
  • Increasing Access to Cloud-Based Quantum Computing Services: The growing availability of cloud-based quantum computing services is making it simpler for companies and researchers to utilize this cutting-edge technology, spurring adoption and innovation within the field.

Restraints

  • Limited Access to Qualified Quantum Computing Experts: Unfortunately, there is currently a shortage of highly experienced quantum computing specialists, making it challenging for companies to construct and sustain quantum computing systems.
  • Technical Challenges in Building and Maintaining Large-Scale Quantum Computing Systems: The development of large-scale quantum computing systems is still in its early stages, so there are numerous technical obstacles that must be overcome, such as noise reduction, error correction, and scalability.
  • Limited Quantum Computing Applications: Although the list of potential applications for quantum computing is growing, the number of practical ones that have been developed and implemented remains limited. This can make it challenging for companies to justify investing in quantum computing technology.
  • Regulatory Challenges: Quantum computing technology may face regulatory restrictions, particularly around data privacy and security. This could create additional obstacles to the adoption and investment in the technology.

Opportunities

  • Growing Number of Partnerships and Collaborations: The growing number of partnerships and collaborations among quantum computing companies, other technology firms, academic institutions, and research organizations is creating opportunities for the development of new quantum computing hardware and software systems as well as its adoption across various industries.
  • Advancements in Quantum Computing Hardware and Software: With the rapid progress being made in the development of quantum computing hardware and software, new opportunities will present themselves for applying this technology across various industries and fields.
  • The growing availability of cloud-based quantum computing services: Cloud-based quantum computing services are making it simpler for companies and researchers to access and utilize quantum computing technology, spurring adoption and innovation within the field.
  • Growth of Quantum Computing as a Service: As more companies and researchers embrace the potential of quantum computing, cloud-based quantum computing services are creating exciting new business opportunities for those offering these solutions.
  • Potential for Breakthroughs in Areas such as Drug Discovery, Finance, and Energy: Quantum computing holds the potential to unravel complex issues in fields like drug discovery, finance, and energy – leading to major breakthroughs and advances. This presents companies with unique opportunities for those who can develop and implement quantum computing solutions in these sectors.

Challenges

  • Technical Challenges in Constructing and Running Large Quantum Computing Systems: As quantum computing systems continue to emerge, numerous technical obstacles must be overcome such as noise reduction, error correction, and scalability. These issues make it challenging for companies to construct and run these massive quantum computers efficiently.
  • Limited Access to Qualified Quantum Computing Experts: There is currently a shortage of highly experienced quantum computing professionals, making it difficult for companies to construct and maintain quantum computing systems. This shortage could potentially restrict the growth of this industry in the coming years.
  • Quantum computing Applications: While quantum computing has many potential uses, the number of practical applications that have been created and implemented remains limited. This could make investing in quantum computing technology and research on practical applications an attractive prospect.

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Recent Developments

  • Google Claims Quantum Supremacy: In 2019, Google claimed to have achieved quantum supremacy by performing a calculation on its quantum computer that even the most powerful supercomputers would take thousands of years to complete. This was seen as an important milestone in the advancement of quantum computing technology.
  • IBM Launches Quantum Computing Program for Students: In 2020, IBM unveiled a quantum computing program specifically tailored towards students that provides them with access to IBM’s resources and tools, as well as a platform for learning and collaboration.
  • Honeywell Achieves Quantum Computer Record Performance: On March 20, 2021, Honeywell revealed its creation of a quantum computer with an astonishing quantum volume of 512. This feat marked an amazing advancement in quantum computing technology and demonstrated how rapidly progress has been made since then.
  • Amazon Web Services Announces Quantum Computing Service: On June 2021, Amazon Web Services (AWS) announced the launch of its own quantum computing service called Amazon Bracket. This offering gives customers access to various vendors’ hardware as well as tools and resources for developing and testing quantum algorithms.

Key Market Segments

Type

  • Hardware
  • Software
  • Services

Application

  • Defense
  • Healthcare & pharmaceuticals
  • Chemicals
  • Banking & Finance
  • Energy & power

Key Market Players

  • D-Wave Systems
  • Google
  • IBM
  • Intel
  • Microsoft
  • 1QB Information Technologies
  • Anyon Systems
  • Cambridge Quantum Computing
  • ID Quantique
  • IonQ
  • QbitLogic
  • QC Ware
  • Quantum Circuits
  • Qubitekk
  • QxBranch
  • Rigetti Computing

Nature Insights

  • Progress is being made in the development of quantum computing hardware: Despite the challenges facing large-scale quantum computing systems, progress is being made on quantum computing hardware. This includes creating quantum processors with increasingly more qubits and creating new materials suitable for use in quantum computers.
  • Quantum computing software is still in its early stages: While progress is being made with quantum computing hardware, software development for quantum computation remains at a standstill. This presents an immense challenge to the industry as developing efficient quantum algorithms is essential to realizing its full potential.
  • Collaboration is essential to the advancement of quantum computing: Collaboration between companies, academic institutions, and research organizations is essential for progress in this industry. This includes joint efforts to develop new hardware and software systems as well as collaborations that promote quantum computing across various industries.

Report Scope

Report Attribute Details
The market size value in 2022 USD 10.13 Bn
Revenue forecast by 2032 USD 234.6 Bn
Growth Rate CAGR Of 36.89%
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and the Rest of the World
Historical Years 2017-2022
Base Year 2022
Estimated Year 2023
Short-Term Projection Year 2028
Long-Term Projected Year 2032

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FAQ.

What is quantum computing?

Quantum computing is a type of processing data using quantum mechanics. It relies on principles such as superposition, entanglement, and interference which enable quantum computers to perform calculations that would be impossible with classical computers.

What are some potential applications of quantum computing?

Quantum computing holds great promise for revolutionizing industries such as drug discovery, finance, energy, and logistics. Potential uses include creating new drugs and materials, optimizing supply chains and logistics networks, and even improving weather forecasting models with greater precision.

What are some of the challenges facing the quantum computing market?

The quantum computing market faces numerous obstacles, such as technical difficulties in building and running large-scale quantum computers, high costs associated with quantum computing hardware, a scarcity of highly qualified quantum experts, and an absence of practical applications developed and deployed.

Who are some of the major players in the quantum computing market?

Major companies operating within this space include IBM, Google, Microsoft, Honeywell, Intel, and Rigetti Computing. These firms are actively developing and commercializing quantum computing hardware and software systems.

What is the outlook for the quantum computing market?

Overall, analysts anticipate a bright future for quantum computing, with continued investment and innovation anticipated in the coming years. Though still in its early stages of development, its potential advantages are immense - leading to rapid industry growth over the coming years.

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Lessons include that multiple hardware approaches (superconducting, trapped ions, photonic, silicon and diamond) are pursued and that noise, error correction and scaling remain major technical challenges.

What are important areas in quantum research?

What are the challenges in quantum computing research?

What are important areas in quantum research?

What are the challenges in quantum computing research?

Conclusion: The United States and China are the principal competitors, with heavy investments in North America, China and significant programs in Australia; advances in scaling, error correction and export controls will shape the quantum arms race.