Quantum Computing: The Current Progression

Alain Aspect, John Clauser and Anton Zeilinger won the 2022 Nobel Prize in Physics. Their groundbreaking experiments with entangled particles have laid the groundwork for rapidly-developing new applications in computing and cryptography. The feat will further flare the dialogue and the promise that quantum computing holds for the challenges and problems that are out of reach for currently available high-performance computers. 

IBM defines quantum computing as a rapidly-emerging technology that harnesses the laws of quantum mechanics to solve problems too complex for classical computers. 

McKinsey defines quantum computing use cases into four archetypes:

  • Quantum simulation
  • Quantum linear algebra for AI and machine learning
  • Quantum optimization and search
  • Quantum factorization

Its research suggests that a few industries could reap the most significant short-term benefits from the technology: pharmaceuticals, chemicals, automotive, and finance – collectively, these industries have roughly $300 billion at stake. In the long term, the highest value of quantum computing use cases will likely be in the life sciences and financial services sectors. 

1 By 2030
McKinsey’s qualitative estimates of expected value unlocked by the application of quantum computing by 2030

While experts estimate that the first fully error-corrected quantum computers could be available as soon as 2030, the race to make a significant breakthrough among technology giants is on – IBM is leading the competition with 13.5% of patents between 2015-2021.

Top Companies based on Patent Records (2015-2021)
Source: GreyB

China continues to focus heavily on quantum technologies – the country has announced US$15.3 billion in funding as a part of its 14th five-year plan for quantum technology (2021–2025), which is more than double the investments by the European Union (US$7.2 billion), and eight times more than US government investments. 

The private investment in quantum technology has doubled in 2022 to reach US$ 1.4 billion compared to US$ 0.7 billion in 2021. Venture capital and other private-capital entities’ investment share in quantum computing has accounted for 70% in the second half of 2021 (up from 50% in September 2021), indicating trust and confidence in the potential of the technology. 

Investment in quantum technology start-ups, 2022-2021

As per Quantum Insider, a leading business intelligence platform regarding quantum technologies, the following five are the top-funded quantum companies in 2022

Source: Quantum Insider; Crunchbase

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