Quantum computing is a new field of computing which utilizes quantum mechanics to produce machines that can handle far more calculations than traditional computers.

The goal of quantum computing is to produce qubits, which are a measure of computing capacity. So far, the industry hasn’t managed to sustainably achieve enough qubits to supplant other types of supercomputers.

But with analysts suggesting that the industry could reach a viable qubit computing level within the next few years, quantum computing stocks could be set for exponential gains over the next five to ten years. Here are three of the leaders in this emerging industry.

IonQ (IONQ)

When thinking of pureplay quantum computing stocks, IonQ (NYSE:IONQ) should be the first name that comes to mind.

IonQ has been first-to-market in a number of ways. It has tremendous partnerships, it is available on leading cloud computing platforms and it has some of the best minds and intellectual property in the industry.

And while quantum computing is still at the very beginning of monetization, IonQ has started to generate appreciable commercial revenues. In its Q3 results, the company’s $6.1 million of revenues rose 121% year-over-year and exceeded the high end of prior guidance. The company boosted its full-year guidance and bookings outlook once again. Additionally, IonQ reached $100 million in cumulative product bookings in the first three years of its commercial phase of operations.

Skeptics like to criticize quantum computing as a science project that hasn’t yet achieved notable real-world results. That’s certainly been true to some extent in the past. However, IonQ is making admirable progress in turning quantum computing from a dream into a reality. It also has a strong balance sheet with plenty of cash to fund its operations while it scales toward profitability.

International Business Machines (IBM)

Investors often tend to think of International Business Machines (NYSE:IBM) as a stodgy consulting and IT services company. And that makes up a huge piece of the company’s operations, to be certain.

However, IBM has always prided itself on innovation, long leading the world in the number of patents that its researchers obtain. Its commitment to R&D has paid off over the years, and that’s become increasingly apparent in recent months.

IBM stock has rocketed higher over the past quarter thanks to significant acceleration in the firm’s cloud and artificial intelligence operations. And investors shouldn’t sleep on IBM’s quantum division either.

In fact, IBM has the world’s largest quantum computing fleet in the world with its Qiskit Runtime system. Hundreds of institutions including leading research universities, Fortune 500 companies and research labs have joined IBM’s Quantum Network. It offers access to 100+ qubit devices. Over time, IBM believes its quantum computing solutions should aid companies in key fields such as cybersecurity while layering nicely onto IBM’s existing cloud and AI solutions.

Honeywell (HON)

Honeywell (NYSE:HON) is a leading industrial company. Its roots go back to Butz-Thermo Electric Regulator, a company which developed the first predecessor to the modern thermostat. Over the decades, Honeywell has created all sorts of inventions including barcodes, unleaded gasoline, biodegradable detergents and aviation autopilots.

Given that context, it shouldn’t be all that surprising that Honeywell continues to come up with new innovations outside of its present core industrial business. Such as quantum computing.

Honeywell believes that quantum computing will be integral for managing supply chains and industrial automation. Given the high number of constantly changing variables in managing these logistical puzzles, a next-gen quantum computer could potentially be orders of magnitude more efficient in designing and overseeing these systems.

To this point, Honeywell helped generate novel discoveries in quantum computing, and it has spun that unit out into a separate firm, Quantinuum, which is pursuing solutions in cybersecurity, drug discovery, AI, and finance among other fields. Honeywell retains a majority shareholding in Quantinuum, and the firm just raised funds at a $5 billion valuation in January.

On the date of publication, Ian Bezek held a long position in IBM stock. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.