August 09, 2018
WELLESLEY, Mass., Aug. 09, 2018–Increased government research funding and rapid expansion into a number of key industries are factors helping to boost the global market for quantum computing, according to a report by BCC Research.
The industry expects to see a compound annual growth rate (CAGR) of 37.3% through 2022, when it could be worth $161 million, according to the report Quantum Computing: Technologies and Global Markets to 2022. The report further estimates that between 2022 and 2027 the market will see a CAGR approaching 53% and be worth $1.3 billion.
Major players in the market include D-Wave Systems, IBM, Microsoft, Northrop Grumman, Toshiba, Hewlett-Packard, Japan Science and Technology Agency, University of California, NEC, MagiQ, Qucor and Hypres.
“Until recently, quantum computing was confined to the laboratory, with many experts predicting that commercial applications of quantum computing were years away,” said BCC Research analyst and report author Andrew McWilliams. “However, at the time this report was written in 2017, there was a growing consensus that the industry is on the verge of a breakout in quantum computing.”
Market Obstacles Include Interference, Error Correction
While the market holds great promise, there are a number of challenges to overcome if quantum computing is to become “something more than a laboratory curiosity,” the report adds. Chief among them is interference—during computing, any disturbance can cause errors and ruin the validity of the quantum computation, so future systems must be totally isolated from external interference. Further, error correction systems are needed, but conventional error-correction techniques cannot be used. Finally, a method of output observance is needed to ensure that observed values correspond to the correct answer.
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Quantum Computing: Technologies and Global Markets to 2022( IFT149A )
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