The quantum computing market is attracting sizeable investment from both the private and public sectors to maximise the properties of quantum physics in storing data and performing rapid computations, says GlobalData.
“Quantum computers are not general-purpose systems but powerful parallel processing systems for carrying-out specific tasks. Theoretically, quantum computers can simulate large, uncertain, complicated systems in seconds, including the weather, financial markets, chemical reactions, molecules, and neurons in the human brain. Growing enthusiasm towards quantum computing saw venture capital funding surpass $1 billion in 2023,” says Isabel Al-Dhahir, Thematic Intelligence principal analyst at GlobalData.
Geopolitically sensitive technology
The industry-altering possibilities of quantum computing are also lined with security risks, pushing nations to develop national quantum strategies.
“China has made enormous strides in catching up with the US. In 2024, the two countries stand almost neck-and-neck, albeit with very different strategies. Private companies lead the way in the US; in China, expertise is increasingly concentrated within state institutions,” says Al-Dhahir.
Ushering the quantum era
Al-Dhahir says that even though many applications can benefit from quantum computing, it may take over a decade to witness its sufficient maturity to usher in the quantum era.
“The fiendishly difficult engineering problems, excess hype, and pre-revenue phase for many quantum companies mean a protracted quantum winter is in prospect,” he says.
