Industries such as logistics, financial services and manufacturing will reap business benefits from quantum computing if they act now to get ahead of the curve, according to GlobalData, a leading data and analytics company.
GlobalData’s latest report, ‘Thematic Research: Quantum Computing’, reveals that while the engineering challenges are vast, intermediate devices are already being used by companies in the vanguard of quantum computing adoption.
Leading quantum computing vendors such as Google, IBM, Microsoft and D-Wave are developing partnerships with companies that see their industries at risk of quantum disruption. Volkswagen, JP Morgan Chase, and Nippon Steel are just some of the members of this growing list.
Head of Thematic Research, Cyrus Mewawalla, commented: “Comparisons are often drawn between quantum computing and nuclear fusion. Both are seen as technologies that are always 20 years away. Yet, as investments and collaborations demonstrate, companies do see quantum computing delivering value this decade and want to position themselves to take advantage of this. Quantum computing will be a game-changer.”
Sam Holt, Graduate Analyst at GlobalData, added: “Quantum computing’s primary applications are in simulation, optimization, linear algebra and factorization. These capabilities are increasingly becoming key requirements across a wide array of industries. Companies in these fields that are not at least investigating how quantum may transform their business risk getting left behind.
“Fully-fledged, universal and fault-tolerant quantum computers may be more than a decade away, but a flurry of recent partnerships have explored use cases on intermediate devices. In January 2021, for example, Roche announced a collaboration with Cambridge Quantum Computing to develop quantum simulations for new drug discovery for Alzheimer’s disease.”
Tens of billions of dollars of both public and private financing have poured into quantum computing over the years, with big tech leading the way. However, the investment risks are threefold: qubits – the quantum analogue of the classical bit – are proving difficult to keep stable; there is a shortage of quantum-trained developers; and there is a danger that unmet expectations will lead to a stall in investment.
However, quantum cloud offerings from companies such as IBM are enabling widespread quantum computing, with developers able to remotely conduct calculations on quantum computers.
Holt concludes: “By making it easier for developers to get to grips with quantum computing, the quantum cloud is not only a way of promoting one’s quantum ecosystem, but also has the effect of widening a hitherto small and highly specific talent pool.”
