Move over supercomputers. The age of quantum computing is here. The global quantum computing market is projected to hit $125 billion by the end of this decade, as per a study by industry development tracker Precedence Research. It currently stands at over $10.13 billion. So, if the data is to be believed, the industry is expected to reach a compound annual growth rate (CAGR) of 36.89 per cent.
Globally speaking, North America is understandably hailed as the largest market for quantum computing, as most cutting-edge technology usually is. Notably, Asia-Pacific has been hailed as the region that is seeing the fastest growth.
So, where does India fit in?
What Is Quantum Computing?
Before we go ahead, let’s quickly understand what quantum computing is.
To put it simply, quantum computers are designed to handle extremely complex problems that even supercomputers aren’t able to resolve. If you got a problem with a lot of variables and high complexity — such as predicting the trillions of ways a protein can fold into — a quantum computer is what you need.
Classical computers use binary — 1s and 0s — to handle data. They can only switch between the two variables. But quantum computing creates multidimensional spaces, which can help us visualise how the patterns linking individual data points come into shape. When using a quantum computer, instead of only dealing with either 1s or 0s, you are able to solve problems using quantum algorithms that can help find breakthrough patterns and solutions.
While processors in a classical computer use bits to solve problems, quantum processors use qubits to run multidimensional quantum algorithms.
If you wish to learn more about quantum computing and its various real-life use cases, you can check out our detailed explainer from the link below.
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Why Is Quantum Computing Touted To Be The Future?
Moore’s Law, an over-50-year-old postulation proposed by Intel co-founder Gordon E. Moore, states that the number of transistors in an integrated circuit (IC) will continue to double every two years. For those unaware, ICs are microprocessors, which help run everything from your laptop to your smartwatch.
What Moore essentially wanted to say is that technology will continue to become cheaper and smaller. Thanks to chipmakers’ adoption of Moore’s Law over the years, computers are not only present in every household today, but they literally fit the palm of your hands (smartphones, smartwatches, etc.)
Moore’s Law inspired innovation over the years, right from the age of micrometre (μm) architecture process to design chips, to the current nanometre (nm) design that can be seen in every chip nowadays.
At present, several experts and chipmakers emphatically claim that Moore’s Law is dying. This means that new chip-driven tech is claimed to be neither cheaper nor better when compared to older models. This, in turn, has led to the belief that quantum computing is the next paradigm shift that chipmakers are claiming to see in the coming years.
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India’s Quantum Leap
As per a study by NASSCOM-Avasant, dubbed “The Quantum Revolution In India”, the Indian government is leaving no stone unturned to empower the country’s scientific community to take quantum science ahead.
India currently has nearly a hundred quantum projects at present, about 92 per cent of which are sponsored by the Centre. Over the next five years, India plans to invest Rs 8,000 crore (roughly $1 billion) to advance research in quantum information and meteorology, quantum applications and materials, and quantum communications.
The NASSCOM-Avasant study also found that India is planning to develop a quantum computer with a capacity of 50 qubits by 2026. However, the development of smaller-scale devices (quantum simulators, sensors, etc.) is expected to take place much sooner.
Which Industries Will Lead The Quantum Way Ahead?
Defence, banking, high-tech, and manufacturing sectors are expected to lead the charge when it comes to quantum computing — for both critical and large-scale use cases. The technology is largely expected to reach critical maturity by 2026 or 2027, which will then lead to a boost in enterprise adoption.
"India has the potential to become an attractive destination for quantum R&D, software development, and components and equipment manufacturing," the study added.
Jobs And Securing The Future
In a country like India, any new technology almost always brings in the prospect of new jobs. The National Mission on Quantum Technologies & Applications (NMQTA) plans to develop nearly 25,000 human resources across sectors like software, hardware, and allied tech (a combination of knowledge application and tool usage).
Furthermore, several IITs across India are currently researching quantum computers, including the likes of IIT Madras and IIT Jodhpur.
The Indian Institute of Science (IISc) launched the Quantum Technology Initiative (IQTI) in 2020 to help set up a foundation for quantum technologies as well as create a framework to encourage collaborative efforts between computer scientists, physicists, material scientists, and engineers.
However, in the longer run, avoiding a brain drain from India to other nations for quantum research and development will pose a major challenge.
"Active involvement from the industry and the capital to push the quantum start-up ecosystem in India is required to boost the industry," the NASSCOM study noted.
So, along with Centre’s help, India needs to find a synergy between industries and companies to help the country take that much-needed leap into the world of quantum computing.