Prableen Bajpai, March 26, 2018
"When you change the way you look at things, the things you look at change" - Max Planck, Father of Quantum Physics
We are in a computer age where computing devices are an integral and inseparable part of our lives. However, these machines consume a certain amount of energy per bit to perform any operation. Going by current energy consumption trends, it is predicted that by 2040 computing will not be sustainable, as the energy required will exceed the world’s estimated energy production. This calls for a fundamental reduction in consumption and this is where quantum computing enters the fray.
Here’s an overview of the market and the players working on this revolutionary technology.
Understanding Quantum Computing
Quantum computing harnesses the unique ability of subatomic participles, which allows them to exist in more than one state at the same time. By leveraging this feature, quantum computers can handle operations at speeds exponentially higher than conventional computers while consuming much less energy.
“While the classical computer is very good at calculus, the quantum computer is even better at sorting, finding prime numbers, simulating molecules, and optimization, and thus could open the door to a new computing era,” a Morgan Stanley report notes.
It is believed that quantum computing will have a huge impact on areas where “computing power is becoming a limitation for R&D such as commerce, finance, military affairs, intelligence, pharmaceuticals (drug design and discovery), aerospace (designing), utilities (nuclear fusion), chemicals (polymer design), Artificial Intelligence (AI), and Big Data search, and capital goods, especially digital manufacturing."
The market for quantum computing is projected to be around $5 billion to $10 billion a year by Morgan Stanley in the next 10 years, while a report by Homeland Security Research estimates that the global market for quantum computing and technologies will grow at a CAGR of 24.6% throughout 2018-2024.
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