Google, XPRIZE and GESDA have launched XPRIZE Quantum Applications, a global competition to find practical uses for quantum computing.
The competition focuses on both near-term applications for Noisy Intermediate Scale Quantum (NISQ) processors and potential applications for future fault-tolerant quantum computers.
Go deeper with GlobalData
With an emphasis on drug development, battery materials and fusion reactors, the XPRIZE Quantum Applications competition seeks to channel quantum computing towards tangible solutions.
The competition is set to run for three years, with a total prize pool of $5m.
Up to 20 teams will be able to share a $1m prize for qualifying submissions, with semi-finalists eligible to win a share of a $3m purse.
The road to commercial-scale quantum computing seems to be longer than anticipated, with experts suggesting that it may not materialise until around 2027.
The primary stumbling block lies in the elusive quest for high-fidelity quantum bits or ‘qubits’.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataWhile various technologies have shown promise, the intricate engineering challenges and the current state of many companies have extended the timeline for achieving a network of reliable qubits.
Despite these setbacks, the anticipated progress in the coming years revolves around developing NISQ devices and modular systems, which will gradually become more potent and robust.
The quantum computing industry, with its promise to revolutionise data storage and computation, has faced substantial hurdles that dampened initial enthusiasm.
In a blog post, Google emphasised the importance of a collective effort to unlock the full potential of quantum computing.
Research company GlobalData’s Thematic Intelligence: Quantum Computing report estimates the value of the quantum computing market in 2022 at between $500m–$1bn.
The research company predicts this figure will rise to $10bn between 2026 and 2030, representing a compound annual growth rate of between 30% and 50%.
However, these predictions come with a caveat – the nascent nature of the market makes them speculative, given the potential for unforeseen breakthroughs.
The market currently revolves around cloud-based quantum services provided by leading companies such as IBM, Google and Microsoft.
