Quantum computing is taking over the global tech market at a rapid pace in recent years. It is also playing a key role in one of the advanced modern technologies such as artificial intelligence. The global Quantum computing market size is expected to grow from US$470 million in 2021 and hit US$1765 million by 2026, exhibiting at a CAGR of about 30.2%. Tech giants and industries are investing in quantum computing considering its ability to solve complex problems that had different variables and simulations.
Quantum computing is an advanced computer technology based on quantum theory and quantum mechanics. It deploys 0s and 1s but utilizes every state between 0 and 1, thereby providing excellent speeds. Its increasing applications in algorithms, cryptography, quantum parallelism, quantum simulation, and machine learning are expected to boost its sales. Furthermore, incorporating AI and ML technologies is expected to boost demand. These factors may propel the market growth during the upcoming years.
The combination of machine learning with quantum physics is giving rise to research projects that are helping to screen billions of chemical compounds to find relevant drug candidates. In order to support this research, stakeholders in the quantum computing market are increasing the availability of supercomputers and increasing R&D in artificial intelligence. Also, companies in the quantum computing market are unlocking incremental opportunities in financial services organizations and other businesses that are heavily dependent on statistical modeling of future outcomes.
Companies in the quantum computing market are tapping into revenue opportunities in the energy & power sector. This technology is helping stakeholders in the energy & power industry to take important investment decisions related to whole assets, workovers, and infrastructure. These decisions may include dependencies on budgets, resource availability, and contractual obligations that can be resolved with the help of quantum computing.
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