NEW YORK, July 15, 2021 / PRNewswire / – Revenues from quantum computers and related services sold to banks and financial institutions will total $ 450 million by 2026, reaching a little more $ 2 billion by 2030. This prediction comes from a new study by IQT Research, the firm of quantum technology analysts based here.
About the report
The new IQT Research report, Quantum Computing in Financial Services: Requirements, Applications and Expenses, provides an assessment of quantum computing capabilities that will be most useful to financial firms, as well as profiles of specialist service providers such as QuantFi, JoS QUANTUM, Nordic, Quantum Computing Group (NQCG), Multiverse Computing, Quantum Mads, QC Ware and 1Qbit.
The report is based on primary and secondary research. The main research included interviews with leading financial institutions as well as ongoing interviews conducted by IQT Research in the quantum technology industry and end-user base. Secondary research consists of reviews of technical and business articles related to quantum computing as well as websites of commercial companies and other organizations involved.
Extract from the report:
- Predictions for playing “what if games” with. The forecasts provided in this report are for quantum spending on hardware, software and services in the financial sector between 2021 and 2026. As with other IQT Research reports, the forecasts in this report are included in a separate spreadsheet, allowing the reader to play “what if” games. The numbers presented here are based on IQT’s forecast models for the entire quantum technology market.
- Quantum computing strategies of eighteen profiled financial institutions. Many of the largest banks and other financial institutions already have large quantum computing teams. With that in mind, this report includes detailed profiles of internal quantum computing development work carried out by 18 leading financial institutions: ABN AMRO, Barclays, BBVA, BNP Paribas, CaixaBank, Citigroup, Commonwealth Bank of Australia, Goldman Sachs, HSBC, JPMorgan, Mizuho Financial Group, Mitsubishi Financial Group, NatWest, Nomura Securities, ScotiaBank, Standard Chartered, UBS and Wells Fargo.
- Banks are moving fast towards their quantum future: IQT Research estimates that financial institutions now have the capital to support significant investments in quantum computing by banks and other related organizations over the coming years. He claims that there are – or soon will be – many pioneering applications for quantum computing in financial services. Still, IQT Research says some people interviewed for this report were “frustrated” that their companies were not focusing enough on the opportunities they saw in quantum computers. Others thought their organizations were too distracted by the hype associated with quantum computing.
- The coming quantum disruption in finance. Areas affected by quantum computing will include trade regulations, risk modeling, AI / ML acceleration, goal-based investing, portfolio construction, tax loss collection, detection of fraud, analytics-based CRM, dynamic portfolio management, credit scoring, currency arbitrage and derivative pricing. For each of these areas, the report examines how quantum computing can increase the efficiency and profitability of financial institutions. IQT Research believes that quantum computing has the potential to disrupt financial services to the same degree that it has happened with digital computing and high frequency trading in the past.
IQT Research believes this report will become required reading for marketing and business development managers at quantum computing companies and cloud providers, as well as for managers at financial institutions themselves.
About Inside Quantum technology
IQT Research is a division of 3DR Holdings and the leading industry analyst firm dedicated to meeting the strategic information and analysis needs of the emerging quantum technology industry. In addition to publishing reports on critical business opportunities in the quantum technology industry, Inside Quantum Technology produces a daily news website on business events related to quantum technology. https://www.insidequantumtechnology.com/.
3DR Holdings organizes the Inside Quantum Technology conferences. The next conference will take place 1-5 November and covers all aspects of quantum technology. It will be a hybrid event based on new York. https://iqtevent.com/fall/
For more details on the IQT Research financial services report contact:
Telephone: 434 825 1311
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SOURCE IQT Research