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Potential Impact of COVID-19 on Quantum Computing Market Analysis on Current Trends and Growth

Under the National Quantum Initiative Act passed in December 2018, the U.S. House of Representatives allocated $1.2 billion to the National Quantum Initiative Program. The funds are for a 10-year program that seeks to develop quantum information science (QIS) applications. Similarly, the Institute of Electrical and Electronics Engineers (IEEE) Standards Association Quantum Computing Working Group is developing related standards for the establishment of nomenclature rules and definitions for the language used for quantum computing and performance benchmarks and metrics that would help compare the functioning of quantum computers to that of classical computers.



In the same vein, private companies, most prominently IBM Corporation, Google LLC, and Microsoft Corporation, are investing in the field to develop a deeper understanding of it and put it to commercial use. Such support is a result of the increasing acceptance of this concept for numerous critical applications, such as financial services, cybersecurity, and logistics & support. For instance, in the banking, financial services, and insurance (BFSI) sector, quantum computing can be used for high-frequency trading, new payment systems, fraud detection, and portfolio optimization.

As most of such investments have been done in the U.S., North America has been the largest quantum computing market till now. In addition to the funding, the region boasts world-class IT infrastructure and learned professionals, both of which are necessary to deploy such complex technologies. Further, Canada was the first country in the world to see the commercialization of this technology, with the launch of the D-Wave One system.

Hence, as quantum computing continues to gather worldwide interest and funding, its potential for various applications will be realized and it will be commercialized. This market research report provides a comprehensive overview of the market
  • Future potential of the market through its forecast for the period 2020– 2030
  • Major factors driving the market and their impact during the short, medium, and long terms
  • Market restraints and their impact during the short, medium, and long terms
  • Recent trends and evolving opportunities for the market participants
  • Historical and the present size of the market segments and understand their comparative future potential
  • Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
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