When a layman hears the word ‘Quantum Computing,’ it seems like a very futuristic idea. A lab, a computer with several buttons and lights, and a scientist come to mind. Since AI, quantum computing is the upcoming newer big technology. Quantum computer speeds and computational powers are giving it fame. These computers are supposed to be replacing classical computers in the industries. There is a long way to go before quantum computers are available for regular users.
When Quantum Computing Began?
Quantum computing began in 1980. Yuri Manin, a Russian mathematician, proposed the concept. In 1994, quantum computing algorithms for factoring integers came out. So, quantum scientists have been working on this technology for over a few decades. The progress has been plodding.
The current state of the art is that no experiments have demonstrated a quantum advantage for practical tasks yet.” Chao-Yang Lu, The University of Science and Technology of China
Right now, quantum computing’s popularity, when compared to classical computers, first came out. It is similar as just a few of these machines have been sold so far. Scientists working in the quantum physics field are working hard. They know that the technology is still unreliable, which is why classic computers and the internet are still in use.
Market Size of Quantum Computers
After seeing so much hype regarding quantum computing systems, no wonder quantum computing is becoming the next big thing. This is fast becoming a million-dollar industry with several startups and heavy funding. IN TWO YEARS, the US government invested over a billion dollars for quantum computer development.
By 2025, this market is projected to reach $770 million. According to the Harvard Business Review, Honeywell anticipates that this market will become a trillion-dollar industry in a few decades. Experts are going as far as to claim that these quantum computing machines can revolutionize climate change management. Seeing that quantum computing algorithms speed up calculations, successful experimentation took place in the cryptocurrency market to incorporate this computing system for cryptocurrency.
Major Quantum Computing Companies
A lot of quantum computing companies have been set up. They are involved in the research and manufacturing of these new machines. These companies are found in the USA and China. The USA and China are rivals in all aspects. So, these countries are fighting in the technology advancement race as well. Some of the more famous quantum computing companies or computers are:
- IBM quantum computer
- Microsoft Quantum Computing
- Google Quantum Computer
Many other startups for quantum computers are starting in the USA. But these are not widely known so that they can be excluded from this listing. China has made progress in this field as well. But there are hardly any widely known companies. The only one that can make a list is:
- Alibaba Quantum Computing
- And Baidu
Both these giant companies compete against each other to outdo the others’ work. They are focused on “full-stack” business models. Baidu is developing a hardware model which can be universal.
The recent releases of Quantum Computers
Back in 2019, Google launched the Google quantum computer, with a 72-qubit processor, which could make calculations within 3 minutes. They claimed it was the fastest quantum computer made to date. The same math would have taken regular computers thousands of years to complete. So, Google’s claim did become validated.
Following Google, IBM entered the quantum computing race and launched their first-ever commercial quantum computer. After spending two decades in research, Microsoft quantum computing will also join the race.
In 2020 and 2021, China had released two quantum computers. These took over the race entirely. They are the fastest-released quantum computers in the world. Zuchongzhi 2.1 is a 66-qubit quantum computer in the University of Science and Technology. They ran a calculation on the device. It took this computer about an hour and a half. The world’s fastest supercomputer would have taken an estimated eight years to complete. This broke the 2019 record set by Google quantum computer.
Advantages of Quantum Computer
Quantum computers have a profound impact on future technology. It will change the way businesses conduct work. Some advantages come to mind. These advantages are discussed in this section below.
- Speedy Computations: A quantum computer can compute at a higher rate than classic computers and supercomputers. The data process is done x1000 faster. It could take classical computers and supercomputers 1000 years. But it will take a Quantum machine just a few minutes or a few seconds.
- Running Simulations: A quantum computer can run any data simulation. Data simulation computing algorithms can help forecast trends, such as weather forecasting, chemical simulations, etc.
- Drug Creation: These are for the medical field. The data for a disease is fed into the computer. Using the data, a drug formula is produced. This is used to create a medicine to fight the medical condition. Multiple viruses and illnesses can be tested and diagnosed quickly.
- Privacy Increased: Quantum cryptography systems are producing an extra layer of protection. Security companies highly demand them. Every industrial sector wants this level of security. Due to this, experts say that $214 million got added to the quantum computing market. Fundamentally, this system provides un-hackable connections for financial transactions, which increases the security and protection of cryptocurrency.
- Military Weapons: The military can use the precision technology of a quantum computer for missile radars.
- Artificial Intelligence: The two technologies can work in harmony together. Intelligent, smart, quick and safe decisions are beneficial for any industry or business. Scientists and researchers can carry out better research on any given topic.
- Cloud Computing: In 2020, CNN Business reported that IBM, Microsoft and Amazon are looking to provide quantum computing as a service in their cloud services. The idea of this service led to finding newer applications. This foreshadows the future as quantum computing can be used in the cloud and traditional computers. Microsoft gave access to quantum computing in Azure. IBM offered services for testing purposes to 100 companies.
- Machine Learning: Users can use machine learning techniques for better outcomes. It will take less coding for this purpose.
Disadvantages of Quantum Computing
- Need Algorithms: The quantum computers need a new algorithm for a new computational task. They cannot work without an algorithm like regular classic computers.
- Low Temperatures: Quantum computers release a lot of heat. This is due to the fast processing speeds. The machine needs a temperature of -460 Fahrenheit. This is difficult to maintain, being the coolest temperature in the universe.
- Not Available to Everyone: The machine is costly. Not everyone can afford quantum computers. There are a lot of errors as they are still in development. The accuracy is excellent to a certain degree. After that, they start losing accuracy. Precision is being worked on actively.
- Internet Threats: Quantum computers are a threat to the internet. As they have superior encryption mechanisms, they can decrypt everything. This can cause internet security to break down.
Wrapping It Up
Yes, quantum computing is a revolutionary technology that can potentially find lifesaving cures and help other scientific breakthroughs. Yet, it is still early to predict the outcome of this market and its success. This increasing investment could have drawbacks in development, but quantum computing does seem to be the next big thing in technological advancements in the next few decades.