Quantum computing

The name and fame of quantum computing is increasing rapidly. We are in the middle of a "quantum race." Several government institutions in the UK, US, China, and Japan are using this technology for the last decade. Business institutions are implementing quantum computing to transform themselves into large-scale market players.

Quantum computing and the broader quantum computing areas are high-risk and high-rewarding research areas. This technology has the potential to impact cybersecurity to weather forecasting and drug development. According to researchers, the global quantum computing industry is estimated to grow from US$472 million in 2021 to US$1765 million by 2026, at a CAGR of 30.2%. The adoption of this technology in the banking and the financial sector will act as a catalyst for its growth.

Some ways how quantum computing will help businesses are:

  • Financial modeling: In financial modeling, quantum computing technology is used to optimize risk management and compliance, enhance trading models, and improve targeting and prediction. Quantum technologies also help consumers to shorten and transform credit scoring processes and customer onboarding for banks.
  • Cryptography: Quantum technologies are largely used in cryptography. Ordinary computers use large prime number factorization which makes it easier for hackers to break the encryption. Quantum computers provide stronger encryptions, which protect financial assets and other sensitive information more efficiently.
  • Drug Discovery: Quantum technologies can solve several complex problems regarding drug discovery. The trial and error method used for drug discovery can be expensive and risky. Implementing this technology will minimize such issues and also aid in extracting more information in chemical compositions and the drug discovery process.
  • Forecasting: Predicting and forecasting different scenarios rely heavily on a large dataset. Quantum computing technologies provide advanced solutions to maintain and store structured and unstructured data. Traditional computers take longer hours to predict the simulations, whereas quantum computers can solve these simulations within a short period.

Top Companies Leading in Quantum Computing Technology

Now that we have evaluated and understood the functions and benefits of implementing quantum-computing technologies in businesses, let us look at some of the top companies providing the best quantum technologies.

  • Intel: For the last five years, Intel has taken over quantum computing as a major part of the organization and its products. Intel is collaborating with top companies like QuTech to facilitate advanced quantum technologies. The company has also been drawing internal research for based on this technology. But even though the research and development initiatives are going on for a long time now, its first hardware components for quantum computing launched just a few years ago.
  • IBM: IBM is one of the best quantum computer technologies in the world. It helps organizations to equip the best quantum skills. IBM's quantum technologies are ideal options for professionals and experts in the field of experimentation, computer science, and other related fields.
  • ColdQuanta: This company is known for its quantum computing technologies built on its Quantum Core. To ensure that the right kind of technologies are invented, ColdQuanta, is involving itself for the development and perfection of quantum products and systems.
  • IonQ: Another company leading the quantum industry is the IonQ, known for developing full-stack quantum computing products. IonQ's initiatives have largely benefitted the manufacturing technologies of the semi conductor industries.