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.
Thus, with such a strong support for this concept, the quantum computing market will likely reach $1,866.8 million by 2030 from $89.6 million in 2019. According to P&S Intelligence, the market growth will be at a high 33.1% CAGR between 2020 and 2030. Another such government program is the European Union’s (EU) Quantum Technologies Flagship initiative launched in 2018. It aims to bring together industries, research institutions, and public funders to integrate the scientific knowledge related to the technology and expand its applications.
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.
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