A market research report by P&S Intelligence predicts that global market for quantum computing will cross $1,866.8 million revenue by 2030, growing at a CAGR of 33.1% during 2020 and 2030 period. Machine learning (ML) is expected to record the fastest growth during the forecast period. This can be primarily owing to the large potential of ML technologies that can be incorporated with the quantum computing systems for enhancing their use case.
According to the marketing firm, the physical challenges to implement this technology is currently significantly high. Quality of qubits, measurement challenges, decoherence, noise and error management, and temperature measurement are some of the factors that presently pose constraints to the technology's development and require certain levels of precision. This makes quantum computers exceedingly difficult to engineer, build, and program.
Further, quantum error correction schemes do exist, but consume such a large number of qubits that relatively few qubits ultimately remain for actual computation. This reduces the size of the computing task to a tiny fraction of what could run on defect-free hardware. Furthermore, manipulations at nanoscale and operating either in a vacuum environment or at cryogenic temperatures, are also not feasible, and hampers the development of the technology and thus the market growth.
Together, North America and Europe are expected to hold almost 78% share cumulatively in the quantum computing market in 2030. All the major investments are being recorded in the U.S., Canada, Germany, the U.K., and Russia. In the U.S., National Aeronautics and Space Administration (NASA), the National Security Agency (NSA), and the Los Alamos National Laboratory are involved in quantum computing technology related projects. Furthermore, the regions are exhibiting an accelerating number of partnerships and collaborations, along with a rising number of start-ups investing into and developing quantum technologies. North America is expected to continue to lead the market throughout the forecast period, while the European market is projected to register the fastest growth.