Quantum Computing

Key Takeaway:

In 2024, Quantum Computing is gaining momentum with tech giants racing to develop viable systems, projected to grow from a market of $1.3 billion in 2024 to $5.3 billion by 2029. Despite talent shortages, advancements in hardware, algorithms, and networking are driving progress in areas such as complex calculations, secure communications, and AI, with enterprise-grade quantum computing set to impact High-Performance Computing (HPC) significantly in the coming years.

Trend Type: Technology

Sub-trends: Quantum Computing, Quantum Faster Commercialization, Quantum Progress, When Cyber Meets Quantum, HPC as a Service

May, 2024 • Less than 4 min read

Latest Advances
Although Quantum Computing was already present in last year’s Digital Trends, in 2024, the race to develop viable quantum systems is intensifying, with tech giants like IBM, Google, Microsoft, and Honeywell, as well as computing heavyweights in China, all vying for supremacy. According to MarketsandMarkets, the global quantum computing market size is projected to grow from USD 1.3 billion in 2024 to USD 5.3 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 32.7% during the forecast period.
Last November, IBM unveiled its Quantum System Two, a modular computing unit measuring an impressive 7 meters wide and 3,5 meters tall, roughly. These units can be linked together to amplify their power, bringing us closer to the realization of quantum computing’s full potential. Quantum technologies harness the unique properties of quantum mechanics to perform complex calculations exponentially more efficiently than classical computers, secure communication networks, and provide a new generation of highly sensitive sensors. In addition, earlier in February, Google also announced the first experimental demonstration of reducing quantum error rates by increasing the number of physical qubits interacting to form a logical qubit, providing further evidence that errors can be reduced enough to enable large-scale quantum computations.
Talent Gap
However, the adoption of quantum technologies may be hindered by a shortage of quantum experts who can build devices and solutions leveraging these technologies. The talent gap remains significant and, according to McKisney, fewer than half of quantum jobs will be filled by 2025 – although there are signs of improvement, with the number of universities offering quantum-technology master’s programs nearly doubling in 2022.
Information Security
As quantum hardware and algorithms improve, the focus on information security is also increasing: the number of qubits required to break encryption has fallen since 2015, prompting players to invest in quantum key distribution and postquantum security to keep data safe. In addition, the importance of quantum networking, which enables quantum computers to communicate and collaborate for more scalable quantum solutions, is also growing. Quantum networking will leverage quantum phenomena such as entanglement and superposition to transmit information.
Quantum & AI
Also, the intersection of quantum computing and AI is another area of growing interest, as quantum advances tease the possibility of more powerful AI models in the future. Quantum computing funding surged to a record high in 2023, according to CB Insights. In particular, neutral atom quantum computers are having a breakout moment hinting at accelerated timelines for commercialization, and more enterprises are running pilots with quantum startups.
High Performance Computing
Lastly, the paradigm of High-Performance Computing (HPC) is also shifting towards a service-oriented model, particularly for AI implementations and big data analytics, driven by the anticipation of lower Total Cost of Ownership (TCO) and increased investments. Enterprise-grade quantum computing is set to impact HPC, capturing an estimated $5–10 billion in the next 3–5 years across infrastructure and applications.

Use Cases

JPMorgan's Safe Blockchain

JPMorgan has unveiled research on a Quantum Key Distribution blockchain network that is resistant to quantum computing attacks.

Quantum Computing Vs BMW Design

Quantum Computing Inc solved BMW’s complex design challenge in six minutes. The challenge was a 3,854-variable optimization problem to configure sensors for a given vehicle so they would provide maximum coverage at minimum cost.

Use Cases

JPMorgan's Safe Blockchain

JPMorgan has unveiled research on a Quantum Key Distribution blockchain

Quantum Computing Vs BMW Design

Quantum Computing Inc solved BMW’s complex design challenge in six

Sub-Trend Sources 
Quantum Computing: CNET Tech Trends, McKinsey Tech Trends Outlook
Quantum Faster Commercialization: CBInsights Emerging Tech Trends
Quantum Progress: Cisco Trends
When Cyber Meets Quantum: Capgemini
HPC as a Service: BCG The Next Wave

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