The quantum computing market size is valued at USD 866 Million in 2023 and is anticipated to be USD 4,375 Million by 2028; growing at a CAGR of 38.3% from 2023 to 2028.

One of the key advantages of quantum computing is its ability to solve complex problems that traditional computers cannot. Traditional computers use binary digits or bits to represent information as either 0 or 1. Quantum computers, on the other hand, use quantum bits or qubits that can exist in multiple states at the same time. This allows quantum computers to perform calculations that are not possible with classical computers.

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Some of the complex problems that quantum computing can help solve include:

Optimization problems: Quantum computing can be used to optimize complex systems such as traffic flow, logistics, and supply chain management. This can help reduce costs, increase efficiency, and improve decision-making.

Machine learning: Quantum computing can help accelerate machine learning algorithms, making it possible to process large amounts of data quickly and accurately. This can be especially useful in fields such as healthcare, where large amounts of data need to be analyzed to develop new treatments.

Cryptography: Quantum computing can help improve cryptography by making it possible to break complex encryption codes that are currently considered secure. This can help improve the security of online transactions and protect against cyber attacks.

Drug discovery: Quantum computing can be used to simulate the behavior of molecules, making it easier and faster to develop new drugs. This can help reduce the time and costs associated with drug discovery and improve patient outcomes.

The quantum computing market is still in its early stages, but the potential for growth is enormous. Companies such as IBM, Google, and Microsoft are investing heavily in quantum computing research and development, and partnerships between quantum computing companies and traditional computing companies are becoming more common.

The key players in this market are IBM (US), D-Wave Quantum Inc. (Canada), Microsoft (US), Amazon Web Services (US), Rigetti Computing (US), Fujitsu (Japan), Hitachi (Japan), Toshiba (Japan), Google (US), Intel (US), Quantinuum (US), Huawei (China), NEC (Japan), Accenture (Ireland), Nippon Telegraph and Telephone (Japan), Bosch (Germany), Quantum Circuits (US), IonQ (US), QC Ware (US), PsiQuantum (US), Alpine Quantum Technologies GmbH (Tyrol), Xanadu (Canada), ABDProf (Spain), Zapata Computing (US), and Northrop Grumman (US). The players in this market have adopted various strategies to expand their global presence and increase their market shares.

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