IQT Research Report Forecasts Quantum Computing Spending by Banks and Other Financial Institutions to Hit $631.8 Million by 2028
NEW YORK, January 18, 2022 /PRNewswire/ — According to a new report from Inside quantum technology, global spending on quantum computing will exceed $630 million in 2027, then increase to approximately $2.2 billion by 2030.
More details on the report, Quantum computing applications in the financial services industry:
End-user cases and market forecasts can be found at: https://www.insidequantumtechnology.com/product/quantum-computing-applications-in-the-financial-services-industry-end-user-cases-and-market-forecasts/
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About the report:
This report outlines the opportunities, challenges, and deployment options surrounding the application of quantum computing in the vertical banking and financial services industry. It discusses in detail the role quantum computing plays in portfolio management and construction, currency arbitrage, fraud detection, trade settlements, analytics-based CRM, credit scoring, risk modelling, collection of tax losses and pricing of derivatives. Additionally, the report examines the role of quantum computing in accelerating the use of AI and machine learning in the financial services industry.
The report provides a ten-year forecast of what the banking and financial services industry will spend on quantum computing over the next decade, and it discusses the evolution of quantum computing in the financial services industry, current phase from “proof of concept” to widespread use in about ten years. The report examines smaller and cheaper quantum computers that could, for example, be used in small financial institutions and in the role of network computers in transaction networks.
This report concludes with a review of the current plans of what the major full-stack quantum computer manufacturers are planning for the financial services space. It also emphasizes the sales strategy to convince banks and other financial institutions to use quantum computing.
Extract from the report:
The math is there, the hardware is the accelerator. There is enough proof of concept to establish that quantum code works and provides significant value. Production use of quantum computing in financial services is currently hardware-limited, according to our interviews. Financial services want their code to be hardware independent. This requires independent software stacks supporting familiar languages such as Python, C++, etc.
Financial services firms have invested significantly in identifying specific use cases that will be most beneficial when quantum computing reaches commercial scale. Officials at banks and related institutions see machine learning as an early value creator because it can fit into a hybrid computing model combining quantum and classical computing. Gradually, more applications for quantum computing will show how they can translate into value streams for the financial industry. In other words, as part of the sales process, potential end users need to understand that buying the quantum technology will benefit them.
About IQT Research:
IQT Research is a division of 3DR Holdings and the premier industry analytics firm dedicated to serving the strategic information and analytics needs of the emerging quantum technology sector. In addition to publishing reports on critical business opportunities in the quantum technology industry, Inside Quantum Technology produces a daily news website on quantum technology business-related events. https://www.insidequantumtechnology.com/.
3DR Holdings organizes the Inside Quantum Technology conferences. The next conference “Inside Quantum Technology – The Hague” will take place February 21-23, 2022 and covers all aspects of quantum technology. It will be a hybrid event based in the Netherlands. https://iqtevent.com/thehague/
For more details on the report, ccontact:
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SOURCE Inside Quantum Technology