Top countries injecting money into quantum computing technology
The quantum computing market is valued at $ 472 million in 2021 and is expected to reach $ 1.7 billion by 2026, with a CAGR of 30.2%, according to a report from Markets and Markets. Banking and financial services are the two main sectors fueling the growth of this market.
Google recently announced that by 2029 it will build a quantum computer that performs large-scale calculations without errors. At Think 2021, IBM announced a 120-fold acceleration of quantum workloads with Qiskit Runtime. Goldman Sachs recently announced that it is working on a quantum computing algorithm to improve its financial instruments.
Not only companies, but also governments around the world are pumping money into quantum computing. In this article, we take a look at the top countries investing in this technology.
In 2019, the US government launched the National Quantum Initiative. The National Institute of Standards and Technology (NIST), the National Science Foundation (NSF) and the Department of Energy (DOE) will develop quantum computing projects as part of this initiative. The government had committed $ 1.2 billion over five years to promote quantum computing. The Department of Energy had also announced an additional $ 80 million for quantum research.
The US government has also established the National Advisory Committee for the Quantum Initiative, made up of 22 experts from industry, research and federal agencies.
In 2020, the White House Office of Science and Technology Policy, the National Science Foundation and the Department of Energy announced a $ 1 billion fund to establish 12 AI and science research centers. quantum information across the country.
In 2017, during the 19th National Congress of the Communist Party of China, President Xi Jinping said China must become a global leader in innovation by 2035.
China has made large-scale investments in quantum computing to become a force to be reckoned with. In 2016, the Chinese government presented its 13th five-year plan under which China launched a quantum computing and communication mega project, including the expansion of the national quantum communication infrastructure, the development of a prototype general quantum computer and a practical quantum simulator. China is also building a national quantum information science laboratory that received $ 1 billion in initial funding.
Canada is slowly catching up as a pioneer in quantum computing. Over the past decade, Canada has invested over $ 1 billion. In addition, the country’s research expertise, growing public-private partnerships and innovations are boosting the development of quantum computing in the country.
Canada is home to D-Wave Systems, one of the largest private players in quantum computing. Last March, Canada has begun the deployment of its national investment strategy. As part of this strategy, the government has provided $ 33 million in funding to D-Wave Systems as part of a larger $ 100 million investment in quantum technologies.
In return for public funding, D-Wave will invest more than $ 400 million in R&D, create more than 200 jobs and employ up to 10 students per year.
The UK government has made huge investments in innovations and development in the field of quantum computing. In 2013, the UK became the first country in Europe to announce its own quantum strategy, investing € 370 million for the first five years. In 2019, the government committed £ 153 million towards the development of quantum technologies, bringing the total investment to £ 1 billion. In addition, the private sector has invested £ 200million. The government hopes to increase investments in research and development to 2.4% of GDP in the near future.
In addition, the UK has established a National Center for Quantum Computing as part of the UK research and innovation body to encourage collaborations with industry and academia.
Germany is one of the leading countries in Europe in terms of funding for quantum computing. In 2018, the German government allocated 650 million euros over a four-year period to build a quantum computing market. Recently, German Chancellor Angela Merkel announced funding for a € 2 billion innovation program for quantum technology that also includes the development of two quantum computers.
French President Emmanuel Macron recently presented a national strategy – a five-year plan of 1.8 billion euros to fund research in quantum technologies, communication and detection. The French government will invest 200 million euros per year over the next five years. The remaining 800 million euros will come from industry, European funding and investors from the French startup ecosystem. President Macron said efforts were being made to join the “ leading trio of the quantum nation, ” which includes the United States and China.
In 2020, the Russian government announced an investment of $ 790 million in the development of practical quantum computing technologies. The government plans to create a new national quantum lab to adopt international best practices and the resources of universities, research institutes, tech companies and start-ups.
Japan will invest $ 270 million over 10 years in quantum computing technology. The country has also launched initiatives to advance research and development in the field of quantum computing. According to a media report, Japan is looking to build full-fledged quantum computers for a wide range of applications by 2039.
In 2019, the South Korean government announced an investment of $ 40 million to develop proprietary ICT technology, including basic quantum computing. The fund will be released over a period of five years.
The government also plans to complete the development of a practical five-qubit quantum computing system with over 90% reliability by 2023.
Indian Finance Minister Nirmala Sitharaman, in the 2020 budget, announced that the government would allocate Rs 8,000 crore, over a five-year period, to the National Mission on Quantum Technologies and Applications (NM-QTA).
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