Business Frontiers

Quantum Computing is the current technology, highly in demand among researchers and scientists worldwide. In simple terms, quantum computing is an interdisciplinary field combining aspects of computer science, Physics and Mathematics which utilizes the key concepts of quantum mechanics to solve highly complex problems much faster as compared to supercomputers today. The domain of quantum computing includes the knowledge of both hardware research and software application development. Quantum computers can solve certain types of problems much faster than modern-day computers by exploiting key quantum mechanical features, like the law of superposition and interference. Major applications where quantum computers can provide such a speed enhancement include machine learning (ML), optimization, and simulation of physical systems.

Leading countries are thus already in the process of allocating significant budgets for investing in quantum computing research in 2021-2025. This article presents a brief analysis of the approximate funding allocated by each country to extract the best application of Quantum computing. 

• China: The Chinese government has announced a major funding of multibillion-dollar quantum computing master-project with the objective to launch innovative quantum computing applications by 2030. There are ongoing plans to provide funding of a few billion dollars for the establishment of a National Laboratory for Quantum Information Sciences. 
• The United States of America (USA): The US Government had signed H.R. 6227, the National Quantum Initiative Act, which was enacted by law in December 2018 (NQI). According to this law, a five-year investment of 1.2 billion USD is dedicated for quantum information research. 
• France: The Government of France has proposed a €1.8 billion strategy over a period of five years to support R&D in the domain of quantum technologies, quantum computers to be more specific. A hike in research grants from €60 million to €200 million per year is announced to pace up the competition.
• Japan: In April 2020, Japan’s government allotted approx. 30 billion yen (US$276 million) afresh, which was double the funding allotted for quantum computing previously in 2019. The government is currently in the process of funding a “moonshot” R&D initiative worth a total of 100 billion yen. 
• South Korea: The quantum computing research in South Korea involves a five-year investment of KRW 44.5 billion (US$39.7 million) to develop core quantum computing technologies and innovate unexplored applications. KRW 13.4 billion (US$11.9 million) is allocated for the development in emerging fields like next-generation ICT technologies, ultra-high-performance computing, knowledge data convergence, system software, software engineering, information and intelligence systems, and Human-Computer Interaction (HCI). By the end of 2023, planning is ongoing to launch a realistic five-qubit quantum computer system with close to 100% accuracy level by leveraging the applications of quantum computing technology. 
• India: The Government of India has allocated Rs. 8000 crores for research in the domain of Quantum computing during the 2020 Financial Budget. 
• Germany: The German Government strives to spend 2 billion euros (US$2.4 billion) to develop its first quantum computer and related technology in the next five years. The Scientific Body of Germany has allocated a budget of 1.1 billion euros to fund Quantum computing research and development, which harnesses the unique advantages of quantum physics to pave the way for modern technology revolution.

Hence, it is well evident that the best brains of leading countries are competing to launch better and innovative products, thanks to the multi-faceted applications of Artificial Intelligence and Quantum Computing. The invention of the best and fastest computers is now only a matter of time.

A worldwide funding of above 10 billion USD is the collective support provided to unleash the hidden power of Quantum Computing. Hope it does wonders to technology and mankind.