If successful, practical quantum computers could hold the key to solving previously insurmountable computational challenges. These opportunities span the breadth of physics, chemistry, machine learning, finance and healthcare.
Quantum computers could solve problems surrounding the optimization of complex routes and the folding of proteins, which are impractically time consuming or impossible to solve using even the most powerful deterministic computers.
The progress in Quantum technology has piqued the interest of organizations, and many have begun strategically investing in these technologies to secure competitive advantage in the future.
Quantum Computing in a Nutshell
A quantum computer allows its user to exploit uncertainty in the characteristics of minute particles. To do this, specific operations are performed on this uncertainty, which, when measured, provide a result.
However, the power of a quantum computer stems from its ability to encode a multiple of states within this uncertainty, and evaluate every state at a single moment.
For a traditional computer, each state needs to be encoded and evaluated separately. This critical difference may not mean much for simple computations, but at large scales the power of quantum computing shines. Complex problems, which might take thousands of years for a traditional computer to evaluate, can be solved by a quantum computer in mere hours.
As the benefits of quantum computing become more mainstream, and as decision makers begin to realize the advantages the technology can bring, enterprises are starting to invest and experiment with the technology.
According to a survey conducted with the 451 Alliance, within three years, 68% of enterprises are set to consider quantum computing as a solution to a specific business problem, while 38% used quantum computing in 2020.
From the same survey, on average, 20% of projects in the past three years were abandoned because of issues with capacity, complexity or timeliness. Enterprises have honed their quantum efforts toward solving incredibly complex optimization problems. Those about to solve these problems will have a competitive advantage.
Many decision makers are encountering problems when building a business use case for quantum computing, with a majority citing cost as the largest obstacle. Although true, many quantum computers are now available over the cloud, significantly reducing the cost of experimentation. With this in mind, the real challenge surrounding quantum technologies is educating necessary stakeholders about the benefits the technology can bring.
A common thread we see across other 451 Alliance studies is that those who are educated and knowledgeable about quantum computing are more likely to see opportunities for the technology to add value. It will be prudent for decision makers to spread the word across the organization, since it could pay dividends in the not-too-distant future.
As these members become more acquainted with quantum computing technology, organizations can take advantage of its possibilities to gain competitiveness in their industry, and avoid arriving too late to the party.
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