Global quantum computing market to grow to $8.6 Billion in 2027, report says

Spending on quantum computing is expected to grow to $8.6 billion in 2027, IDC says   | Photo Credit: Reuters

Spending on quantum computing is expected to grow to $8.6 billion in 2027, from $412 million in 2020, growing at an annual growth rate of 50.9% over the period, according to research firm IDC.

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This includes core quantum computing as a service as well as enabling and adjacent quantum computing as a service.

"For many critical problems, classical computing will run out of steam in the next decade and we will see quantum computing take over as the next generation of performance-intensive computing," said Peter Rutten, global research lead for performance intensive computing at IDC.

The research firm stated that major breakthroughs in quantum computing technology, and the growth of performance intensive computing workloads suitable for quantum technology will drive the majority of the growth.

IDC also expects investments in the quantum computing market to reach around $16.4 billion by the end of 2027, growing at an annual growth rate of 11.33%

Also Read | IBM’s top executive says, quantum computers will never reign supreme over classical ones

This includes investments made by public and privately funded institutions, government spending worldwide, R&D spend from technology and services vendors, and external funding from venture capitalists and private equity firms.

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Printable version | Jan 26, 2022 6:07:38 PM |

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