The quantum computing market is being driven by the growing need for model capability boost and simulation of complex data.
Cognitive systems that run on classical computers are capable of finding patterns and insights by deciphering large amounts of data. However, in the absence of any such recognizable patterns, these systems are not of much use. This is where quantum computers come into play as they are capable of providing solutions to problems where recognizable patterns don’t exist.
Quantum computing technology is capable of solving critical computational problems across a wide array of services including finance, cloud security, drug discovery and supply chain and logistics.
This is why several companies in collaboration with quantum physicists are focusing on delivering solutions to facilitate the development of fault-tolerant algorithms, viable and scalable, quantum computer to address issues beyond current advanced supercomputing capabilities.
Robust Worldwide Spending to Aid Growth
Growing worldwide spending, with government and academic institutions leading the drive, on quantum computing is estimated to act as a key catalyst in 2020 and beyond.
Per a report from MarketsandMarkets, this particular market is expected to reach $93 million in 2019 and $283 million by 2024, witnessing a CAGR of 24.9%.
Further, a Tractica report indicates that revenues in the enterprise quantum computing market worldwide are anticipated to reach $9.1 billion by 2030.
Companies with quantum computing exposure like, International Business Machines Corporation (IBM - Free Report) , Alphabet’s (GOOGL - Free Report) Google, Microsoft (MSFT - Free Report) , Amazon (AMZN - Free Report) , Intel (INTC - Free Report) , are leaving no stone unturned to gain an edge in quantum computing in the 2020s.
These companies are focusing on commercialization and democratization of the technology to aid enterprises in accelerating computational processes and enhance business productivity.
Let’s see what these companies are up to in the quantum computing field.
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IBM’s quantum computing efforts include 53-qubit (or quantum bits) quantum computer. The machine aims to aid IBM Q Network clientele launch more reliable systems with higher capacities for cloud deployments.
The company recently entered into an alliance with the University of Tokyo to form the Japan-IBM Quantum Partnership, with an aim to make advancements in quantum computing field. The company is also working with Wells Fargo to revolutionize financial services and make banking faster, smarter, easier and safer.
Moreover, this Zacks Rank #3 (Hold) company, is the top recipient of U.S. patents, in 2018. The company had 9,100 patents, out of which more than 3,000 pertain to research in cloud, AI, and quantum computing.
Alphabet’s Google is striving to gain a competitive edge over IBM. In fact, Google recently claimed Quantum Supremacy on the back of Sycamore quantum computer, per its white paper.
However, the claim has been disputed as researchers and other members in the quantum computing fraternity have been insisting on real-world application of the tech and not on paper.
Nonetheless, with open-source Python software toolkit named Cirq, Google is aiding developers to experiment with quantum computing algorithms. Moreover, open-source platform on GitHub, OpenFermion, is aimed at developing robust quantum circuits by enhancing electronic structure package of quantum computers.
Moreover, ongoing research and new use cases of Google’s Bristlecone, a universal quantum computer with qubit count of 72, remains a key catalyst.
Notably, Alphabet carries a Zacks Rank #3.
Microsoft’s Quantum Network is growing. Microsoft Azure recently announced a full-stack, open cloud ecosystem, Azure Quantum, which is a diverse set of quantum services. In partnership with 1QBit, Honeywell, IonQ, and QCI, the company strives to offer robust quantum solutions, software and hardware.
As part of company’s Quantum Development Kit, it is working on enhancing its “quantum-friendly” latest programming language Q# or Q-sharp. The tech-giant’s goal is to develop a universal quantum computer with sturdy nanowire-based hardware architecture featuring error-correcting mechanisms.
Currently, Microsoft carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Intel recently unveiled “Horse Ridge,” which the chipmaker claims to be “first-of-its-kind cryogenic control chip” aimed at commercialization of quantum computers.
Intel Labs in collaboration with QuTech developed Horse Ridge based on Intel’s 22nm FinFET technology.
Markedly, Horse Ridge can function “at cryogenic temperatures — approximately 4 Kelvin.” It simplifies quantum control engineering into “a single, unified package operating near the quantum device.”
This is a major breakthrough in the field of quantum computing as quantum designing has been limited to controlling individual qubits, with voluminous wires connected to the refrigerator required to control the quantum processor.
Moreover, Intel’s research on “silicon spin qubits” to address the challenges pertaining to refrigerating of the quantum system, are noteworthy.
Currently, Intel also carries a Zacks Rank #2.
Amazon recently forayed into quantum computing space with Amazon Braket. Notably, Amazon Braket is a fully-managed quantum computing service that enables customers to explore and experiment with quantum computing hardware by providing a single development environment to build quantum algorithms. Further, the service enables testing of these algorithms on quantum computers.
Further, AWS has teamed up with D-Wave, IonQ and Rigetti for their respective quantum annealing, ion trap devices and superconducting chips that customers will be able to assess by utilizing the new service.
This Zacks Rank #3 company is likely to gain traction among scientists, researchers and developers on the back of Amazon Braket that will enable them to quickly initiate quantum computing.
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