International Business Machines Corporation (IBM - Free Report) announced a multiyear collaboration with Delta Air Lines for exploring potentials of quantum computing. The announcement was made at the ongoing 2020 International CES.
Consequently, Delta Air Lines will become a part of the IBM Q Network, the first airline player to become a part of this cluster. The partnership aims at delivering transformational experiences for airline customers and employees along with addressing challenges pertaining to airline travelling.
Markedly, Delta Air Lines will gain access to IBM Q Hub at NC State University, consisting of the largest fleet of universal hardware quantum computers deployed for commercial use cases and fundamental research. The hub also includes the recently-announced 53-qubit quantum computer.
Moreover, the partnership with IBM is part of Delta Air Lines’ effort to leverage on technological advancements to boost customer service potentials and reduce passenger stress.
IBM Aims High With Quantum Computing
Delta Air Lines will be joining a fleet of more than 100 companies, who form the components of the IBM Q Network. This remarkable strength itself speaks volumes regarding IBM’s supremacy in the quantum computing arena.
Apart from Delta Air Lines, other latest inclusions to IBM Q Network are Anthem, Goldman Sachs, Wells Fargo and Woodside Energy. Moreover, a number of academic, government research labs and startups have also joined the roster.
The IBM Q Network companies are engaged in experimenting with commercial quantum computing solutions. They are also working on classical computers from IBM to tackle problems like risk analytics and options pricing, advanced battery materials and structures, manufacturing optimization, chemical research, logistics and more.
The companies are also able to make use of open source Qiskit software and developer tools. They also gain from access to the cloud-based IBM Quantum Computation Center, which now includes 15 of the most-advanced quantum computers commercially available. These advanced computer systems explore practical applications for business and science, including the 53-qubit system.
Recently, IBM announced plans to install the first two IBM Q System One commercial universal quantum computers outside the United States — one with Fraunhofer-Gesellschaft, Germany, and another with The University of Tokyo.
International Business Machines Corporation Price and Consensus
Quantum Computing Hold Strong Prospects
The global quantum computing market is gaining momentum on the back of growing need for model capability boost and simulation of complex data.
Per a report from MarketsandMarkets, this particular market is expected to reach $283 million by 2024, at a CAGR of 24.9%.
With these latest quantum computing initiatives, the company aims to enable enterprises to accelerate financial modeling processes and address technical problems in real time. According to Forbes, IBM has been successful at doubling its Quantum Volume every year since 2017.
Other notable tech players, such as Microsoft (MSFT - Free Report) , Amazon (AMZN - Free Report) , Alphabet’s (GOOGL - Free Report) Google as well as Intel are also leaving no stone unturned to commercialize and democratize quantum computing into enterprise domain.
Nonetheless, IBM’s endeavors in the rapidly growing quantum computing space and its strategic initiatives are expected to boost financial performance in the upcoming days.
IBM currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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