An upcoming notable technology trend is quantum computing, utilizing quantum phenomena like superposition and quantum entanglement. This incredible technology is playing a role in combating the spread of the coronavirus and developing vaccines. Its capacity to efficiently handle, analyze, and act on data from various sources is crucial. Quantum computing is also finding applications in banking and finance, managing credit risk, facilitating high-frequency trading, and enhancing fraud detection.
Quantum computers are significantly faster than regular ones, with major brands like Splunk, Honeywell, Microsoft, AWS, Google, and more advancing in this field. The global quantum computing market is expected to exceed $2.5 billion by 2029.
Areas of developments in 2024 may include:
- Advancements in Quantum Hardware: new developments in the field of quantum processors and qubits are expected to be deployed in 2024,
- Increase in Quantum Volume: Quantum volume is a metric that combines factors like the number of qubits, error rates, and connectivity. In 2024, there may be a focus on improving quantum volume, which is a key measure of the computational power of quantum processors,
- Quantum Supremacy Demonstrations: Researchers and organizations are expected to push the boundaries of what quantum computers can achieve,
- Development of Quantum Algorithms: Quantum machine learning, optimization, and cryptography are areas where quantum algorithms may show significant progress,
- Increased Collaboration and Partnerships: Partnerships may form to pool resources and expertise, accelerating the development of quantum technologies,
- Quantum Cloud Services: Users are expected to access quantum computing resources remotely which will help democratize the use of quantum computing capabilities and spur innovation,
- Focus on Quantum Error Correction: further advancements in developing robust error correction techniques to make quantum computers more reliable,
- Applications in Chemistry and Materials Science: Quantum computer capacities are expected to be deployed to solve complex problems in chemistry and materials science.