Quantum computing is an emerging paradigm that utilizes principles of quantum mechanics to design quantum circuits and solve complex computational problems much more efficiently than classical computing models. This paper surveys the popularity of this paradigm over the years. This paper also presents an in-depth review and categorization of tools and frameworks focused on quantum circuit simulation, with emphasis on the functionality offered to evaluate quantum algorithms. We compared these tools by examining how they implemented Shor’s algorithm, which we took to be the central benchmark. We also developed a quantum support vector machine (QSVM) and tested its performance against classical support vector machine (SVM). We observed substantial variation in the ease of use, execution time, and error rates of our tools. We also studied the impact of quantum computing in fields like medicine and health care as well as emerging technologies like digital twins.