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Investing.com - The quantum computing market is estimated to climb to roughly $4 billion in value by the beginning of the next decade, according to analysts at BofA.
In a note to clients, the analysts added that while the "promise of quantum computing is real," there are a number of impediments to the technology’s growth that are currently being worked on and researched.
"Once these scaling hurdles are overcome (perhaps by 2030), we expect a much more meaningful inflection in revenues," the analysts wrote.
Last year, the market for quantum computing, which aims to leverage quantum physics to solve complex tasks at a much faster rate than traditional computers, was worth around $300 million, they said.
The BofA estimates come after McKinsey, a consultancy, suggested in a report in June that the value of the quantum technology market could skyrocket to $100 billion within a decade.
Supporters of the technology have highlighted its potential to revolutionize the finance industry, with HSBC in particular saying on Thursday that its trial use of quantum computers in bond trading yielded promising results. A quantum computing pilot, run in conjunction with tech giant IBM, showed a 34% improvement in predicting the likelihood of a bond trade being filled at a quoted price, representing a competitive advantage to traditional computers, HSBC said.
However, quantum technology’s practical applications in other sectors have largely yet to be firmly established.
Against this backdrop, the BofA analysts said there are currently four publicly-traded "pure play" quantum computing companies: D-Wave (NYSE:QBTS), Rigetti (NASDAQ:RGTI), IonQ (NYSE:IONQ), and Quantum Computing Inc (NASDAQ:QUBT). Along with IBM , other big-name tech industry firms are also engaging in quantum computing development, such as Alphabet-owned Google, Microsoft, Nvidia, Amazon, and Intel.
(Reuters contributed reporting.)