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.

As reported by the Wall Street Journal, analysts and members of the Information Technology and Innovation Foundation (ITIF) expect that the presidency of Joe Biden will continue to make research and development for AI and quantum computing technologies a priority, although aspects of Biden's approach to regulation and spending are expected to differ. While federal investments in R&D for the Information Technology sector have fallen over the course of the last few decades, in February the White House announced a plan to increasing spending on AI and quantum technologies, and the Biden presidency is expected to continue the commitment. At the moment, total federal research and development funding sits at around $134.1 billion, while the Trump administration had proposed an increase to $142.4 billion for total federal R&D funding. In February the Trump administration announced a plan to increase annual spending on AI by more than $2 billion dollars over the course of the next two years. This was to be accompanied by an increase in funding for quantum information science to the tune of $860 million dollars over the same period.

Can human ingenuity assisted by new and emerging technologies overpower Covid-19? Will faster processing of more--and more relevant--data, analyzed with the right models, yield better insights into mitigating the spread of future pandemics, designing effective treatments, and developing successful vaccines? A number of promising initiatives were announced in recent weeks aiming to enlist data, AI algorithms, supercomputers, and human expertise in the fight with our global predicament. Supercomputers and quantum computers crunching lots of data are at the core of recent initiatives to ... [ ] fight the Coronavirus The Digital Transformation Institute, a new research consortium established by C3.ai, Microsoft, a number of leading universities, and the National Center for Supercomputing Applications at the University of Illinois at Urbana-Champaign (UIUC), announced its first call for proposals for "AI techniques to mitigate pandemics." In addition to a total of $5.8 million in cash awards, recipients will be provided by Microsoft and C3.ai with significant cloud computing, supercomputing, data access, and AI software resources and technical support.

The US Office of Science and Technology today released more information about President Donald Trump's FY 2021 budget and, as it stands, it looks like the White House and Pentagon are finally getting serious about AI and quantum computing technology. The new budget contains billions of dollars earmarked for AI research and development (R&D) spread out over various government agencies. This includes a record $1 billion set aside for non-military AI research. The National Science Foundation has a budget of $830 million – a 70% increase over FY 2020. Other agencies spending hundreds of millions include the Departments of Agriculture, Energy, and Defense, all of which received increased funding in the new budget.

The era of traditional microprocessor powered computing that has shaped our lives in many different ways is coming to an end. Researchers at New York based multinational technology firm IBM, believe that quantum computers will be a mainstream presence in our lives in five years. According to American financial services provider, Morgan Stanley, the quantum computing market is slated to be worth US$10 billion in the next decade. Another report by Homeland Security Research states that between 2018 and 2024, quantum computing and related technologies will grow at a compound annual growth rate (CAGR) of 4.6 percent. Quantum computing utilises several quantum mechanical phenomena which augments the manner in which information is processed and stored as compared to classical computing.