Mint DIS 2023 | 'Quantum computing market size valued at $866 million in 2023'

Quantum computing is not a beast, it is just a technology that can solve certain problems much more efficiently, said Abhishek Chopra, founder and chief executive officer of BosonQ Psi at the Mint Digital Mint Summit on 9 June.

Quantum computing can be used for performing tasks like simulation, machine learning, optimization, data search, and cryptography. Its use cases are highly relevant in industries like aerospace, healthcare and life sciences, retail, telecom, and government.

“Quantum computing is the next-in-line technology. Huge investment is coming both from private and government, especially in biotech, finance, cybersecurity, supply chain, aviation, and automotive,” he said. The application industry which includes companies like Boeing, Accenture, Samsung, and Deloitte has made several investments in the technology, and the total market size is valued at about $866 million in 2023. 

Further, in April, the Indian government approved ₹6003.65 crore National Quantum Computing Mission for eight years (from 2023-24 to 2030-31).

Citing a few examples of quantum computing use cases, Chopra spoke about the Accenture Labs-Biogen-1QBit partnership for drug discovery, and Volkswagon and D-Wave collaboration for quantum-powered traffic management systems for buses.

BosonQ Psi, a quantum computing-based cloud simulation company, has worked on a ‘computationally intensive problem’ of airline route optimization project. “We have done a proof of concept for 100 flights over Europe. Compared to classical simulation software, we can reduce the carbon footprint by 18%, fuel consumption by 4%, and flight time by 1%,” claimed Chopra.

The company also collaborated with Maruti Suzuki for engineering optimisation. Chopra said that with the quantum simulation, the company was able to achieve a yearly $500k material savings and $29k on high-performance computing (HPC) cost.