Driven by the government, energy, and transportation verticals, the global market for quantum computing hardware, according to a new report by Research and Markets, is projected to exceed $9.1 billion by 2028. These market segments will use quantum computing for various applications, including simulation, optimization, and sampling.
The research firm forecasts that managed Quantum Computing services will reach $328 million by 2028 with a 47.3% CAGR. Deployment, maintenance, and consulting are critical professional services in the quantum computing market.
Likewise, Quantum computing based on superconducting (cooling) loops technology is forecast to reach $4.5 billion during the same period.
Quantum computing uses the unique capabilities of quantum bits (qubits) to perform computational feats that are orders of magnitude greater than conventional methods. Qubits can exist in multiple states simultaneously due to the principles of quantum physics, enabling greater processing power than the binary representation of data used in classical computing.
Quantum computing is expected to support various capabilities, including:
· Ultra-Secure Data and Communications: Quantum teleportation allows encrypted data to follow multiple paths, enhancing security.
· Super-Dense Data and Communications: Significantly denser encoding will send more information from point A to point B.
“The impact of quantum computing on data processing, communications, digital commerce, security, and the internet is anticipated to be transformative for the ICT sector,” wrote the research firm. “Quantum computing is also expected to disrupt various industries, from government and defense to logistics and manufacturing.”
While Quantum computing is showing potential, the near-term challenge is to maintain qubit stability, as they are affected by molecules' constant motion. Some solutions to these issues involve super-cooling methods like cryogenics, but room-temperature quantum computers using photonic qubits are also being explored.
The research firm said, "Once these challenges are overcome, quantum computing will become more mainstream for solving specific problems.”
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