Recent advancements in quantum computing employing principles such as entanglement, superposition, and other quantum phenomena offer significant computational advantages over classical computing. These quantum properties enable quantum computers to solve several complex problems that are intractable for classical computing methods. These complex problems involve modelling quantum mechanics, innovations in pharmaceuticals, advancing chemical research, developing sustainable energy solutions, improving financial systems, and ensuring secure communications. Apart from classical bits, quantum computers possess quantum mechanical bits termed as qubits. These qubits are the fundamental units of quantum information and allow parallel computation in quantum computers. As quantum computing technology has revealed its theoretical relevance, there are still several challenges. There are a lot of issues, such as algorithm implementation, design complexity, hardware size, and noise, to be eliminated before its practical application. Quantum communication also presents several problems, including teleportation limitations and decoherence. This study presents the fundamental ideas of quantum computing, explores the challenges related to quantum computing hardware and quantum algorithms encountered by industries like Oxford Quantum Circuits, Rigetti Computing, IBM, Quantum, Intel Quantum, Google Quantum AI, QuTech, and analyze the progress of solutions to these challenges.