ionQ (IONQ extension – Free Report) has entered into a Memorandum of Understanding (MOU) with the Ministry of Science and ICT (Information and Communication Technologies) of South Korea to promote the growth of the quantum computing industry in the country.
The primary objective of the MOU is to leverage IonQ’s experience and resources to establish an education, training and leadership expansion program specifically tailored to support individuals pursuing masters and doctoral degrees, postdoctoral researchers and practitioners who work in the quantum industry within South Korea.
The company aims to help South Korea realize its vision of becoming a global quantum economy by 2030 by offering practical support through its education, training and leadership expansion program, which will utilize South Korea’s specialized quantum computing resources. IonQ.
Overall, the collaboration between IonQ and the South Korean Ministry of Science and ICT marks a significant step forward in the development of the quantum computing industry within the country. According to a report by Markets and Markets, the global quantum computing market is estimated to be valued at $866 million in 2023 and is expected to reach $4,375 million by 2028, registering a CAGR of 38.3%. The sector is likely to benefit from the growing adoption of quantum computing during the ongoing digitization, the report added.
IonQ is a leading provider of quantum computing and general purpose quantum computing systems. IonQ is the first company to offer its quantum systems directly via API and cloud access on Amazon Web Services, Microsoft Azure and Google Cloud.
In April, the company announced that it had signed a new agreement with the Quantum Research Center — Technology Innovation Institute (QRC-TII) in Abu Dhabi to test and develop quantum algorithms. QRC-TII will leverage IonQ Aria to solve problems such as variational quantum loop heuristics for optimization problems and prototype implementations of quantum algorithms for matrix arithmetic.
IonQ currently has a Zacks Rank #3 (Hold). The company’s shares gained 208.2% over the past year versus the subsector’s 2% decline.
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