A report has found that sales of quantum computers and related services to the financial services industry will total $450m by 2026.
Researchers from IQT Research undertook interviews with leading financial institutions as well as ongoing interviews with stakeholders in the quantum technology sector and end-user base.
The forecasts provided in the report were of quantum hardware, software and services expenditure by the financial sector from 2021 to 2026. The report also found that the quantum computing market is growing to just over $2bn by 2030.
According to the researchers, many of the largest banks and financial organisations already have substantial quantum computing teams in place.
IQT Research remarked that it believes that financial institutions ‘now have the capital to support significant investment in quantum computing by the banks and other related organisations in the next few years’.
The company went on to claim that there are – or soon will be – abundant ‘pioneering’ applications for quantum computing in financial services. However, the firm also said that some interviewees were frustrated that their businesses were not focusing enough on the potential opportunities to be found from quantum computers – while others believed their enterprises were ‘too distracted’ by the hype surrounding it.
The research found that areas expected to be impacted by quantum computing will include trade settlements, accelerating AI/ML, goals based investment, risk modelling, tax loss harvesting, portfolio construction, credit scoring, derivative pricing, currency arbitrage, analytics-driven CRM, dynamic portfolio management and fraud detection.
IQT Research noted that it believes quantum computing ‘has the potential to disrupt financial services to the same degree that occurred with digital computing and high frequency trading in the past’.
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