Quantum Computing Market – Enterprises Becoming Quantum-ready to Mitigate Possible Security Threats – Digital Journal
Quantum Computing Market is driven by Increasing cybercrimes across the globe and growing implementation of quantum computing technology across the banking & finance, defense, pharmaceuticals, chemicals, and healthcare markets
Transparency Market Research delivers key insights on the global quantum computing market. In terms of revenue, the global quantum computing market is estimated to expand at a CAGR of 35.3% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global quantum computing market.
The quantum computing technology is advancing rapidly, and aims to solve more complex business problems through improved optimization, simulation, and machine learning. Quantum computers use quantum bits, which are subatomic particles such as electrons and protons to represent data. Several experts believe quantum computing is a potential game changer, particularly in sectors such as banking, where quantum algorithms could be useful to handle difficulties in calculating value-at-risk (VAR) and optimizing the volatility of debt.
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Developing countries are working rapidly to generate applied research programs intended to accelerate progress in the development of the quantum technology and ensure a strong national quantum technology community. The adoption of quantum computing is expected to expand during the forecast period due to government sponsored projects and application in financial institutions, and large data centers.
Quantum computing is gaining ground in the banking and financial services industry, which is focused on accelerating business activities, transactions, and multiple data processes. One of the most important applications of quantum computing is simulation. Quantum computing helps identify an efficient and improved way of managing financial risks. Hence, demand for quantum computing is expected to increase in the BFSI sector during the forecast period. The processing cost and time taken is much more when classic computers are used in financial institutions, while quantum computers can perform fast operations at improved costs, generate new income opportunities, and enable cost savings. These factors drive the application of quantum computing in the banking and financial field.
The aerospace & defense sector is increasingly adopting quantum computing to use the caesium atom for precise timing. However, with recent advancements in applying quantum mechanics behavior to newer atomic types, these structures offer safer systems for navigation, positioning, and synchronization. Today, however, the quantum computing debate is mostly about when, and not whether these types of devices will be fully functional. Other forms of quantum technology, such as sensors, are now finding their way into civil and military applications.