Tristan is a futurist covering human-centric artificial intelligence advances, quantum computing, STEM, physics, and space stuff. Pronouns: (show all) Tristan is a futurist covering human-centric artificial intelligence advances, quantum computing, STEM, physics, and space stuff. The European quantum computing sector might be the most exciting field in tech. Funding is at an all-time high and the number of quantum startups is increasing year over year. Yet the global media tends to portray the EU and UK as potential runners up in the supposed quantum computing race.

The article highlights four companies in the Global X Artificial Intelligence & Technology ETF (AIQ) that are shaping the growth path of technologies along the AI value chain.

According to the new market research report "Quantum Computing Market with COVID-19 impact by Offering (Systems and Services), Deployment (On Premises and Cloud Based), Application, Technology, End-use Industry and Region - Global Forecast to 2026", published by MarketsandMarkets, the market is expected to grow from USD 472 million in 2021 to USD 1,765 million by 2026, at a CAGR of 30.2%. The early adoption of quantum computing in the banking and finance sector is expected to fuel the growth of the market globally. Other key factors contributing to the growth of the quantum computing market include rising investments by governments of different countries to carry out research and development activities related to quantum computing technology. Several companies are focusing on the adoption of QCaaS post-COVID-19. This, in turn, is expected to contribute to the growth of the quantum computing market.

According to the new market research report "Quantum Computing Market by Offering (Systems and Consulting Solutions), End-User Industry, and Geography; QCaaS Market by Application (Optimization, Machine Learning, and Material Simulation) and Geography - Global Forecast to 2024", published by MarketsandMarkets, the Quantum Computing Market is expected to grow from USD 93 million by 2019 to USD 283 million by 2024; it is estimated at a CAGR of 24.9%. Whereas, the market for QCaaS is expected to grow from USD 4 million by 2019 to USD 13 million by 2024 at a CAGR of 26.8%. The need for robust computing that has the potential to overcome complexities involved in cancer-specific drug discovery and in evaluating portfolio risk is a major factor contributing to the market growth. Quantum computing is used for material simulation in various industries, such as healthcare, automotive, entertainment, banking and finance, and defense. Companies such as D-Wave Systems Inc. (Canada), 1QB Information Technologies Inc. (Canada), and QxBranch, LLC (US) are working toward providing a platform to enhance the availability, usability, and accessibility of quantum computers in the material simulation applications.

One of the hallmarks of this century will be the progress made toward a new paradigm in computing: quantum computing. A quantum computer has the potential to quickly and efficiently solve problems that conventional computers can't tackle by leveraging principles of quantum physics, such as superposition. While still in its early stages, the quantum computing market is already expanding, and there's much more growth expected in the years to come. This expected growth is thanks to the efforts of computing companies that see the benefits of a quantum future and want to capitalize on it. Tractica says the enterprise quantum computing market will reach $2.2 billion by 2025, up from $39.2 million in 2017.