The quantum computing technology is advancing rapidly and aims to solve more complex business problems through improved optimization, simulation, and machine learning. Quantum computers use quantum bits, which are subatomic particles such as electrons and protons to represent data. Several experts believe quantum computing is a potential game-changer, particularly in sectors such as banking, where quantum algorithms could be useful to handle difficulties in calculating value-at-risk (VAR) and optimizing the volatility of debt.
Developing countries are working rapidly to generate applied research programs intended to accelerate progress in the development of quantum technology and ensure a strong national quantum technology community. The adoption of quantum computing is expected to expand during the forecast period due to government-sponsored projects and applications in financial institutions, and large data centers.
Quantum computing is gaining ground in the banking and financial services industry, which is focused on accelerating business activities, transactions, and multiple data processes. One of the most important applications of quantum computing is simulation. Quantum computing helps identify an efficient and improved way of managing financial risks. Hence, demand for quantum computing is expected to increase in the BFSI sector during the forecast period. The processing cost and time taken are much more when classic computers are used in financial institutions, while quantum computers can perform fast operations at improved costs, generate new income opportunities, and enable cost savings. These factors drive the application of quantum computing in the banking and financial field.
The aerospace & defense sector is increasingly adopting quantum computing to use the cesium atom for precise timing. However, with recent advancements in applying quantum mechanics behavior to newer atomic types, these structures offer safer systems for navigation, positioning, and synchronization. Today, however, the quantum computing debate is mostly about when, and not whether these types of devices will be fully functional. Other forms of quantum technology, such as sensors, are now finding their way into civil and military applications.
Quantum Computing Market: Key Players
Key players operating in the global quantum computing market are 1QB Information Technologies Inc., Accenture, Atos SE, Cambridge Quantum Computing Ltd, D-Wave Systems Inc., Fujitsu, Hewlett Packard Enterprise (HP), Hitachi Ltd, Honeywell Inc., IBM Corporation, Intel Corporation, Magiq Technologies Inc., QC Ware Corp., Quantum Circuits, Inc., Qxbranch, LLC, Google Research, Rigetti Computing, River Lane Research, Station Q – Microsoft Corporation, and Toshiba Corporation
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