Quantum computing may already be more widespread than we think

Quantum Chip
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Quantum computing in your enterprise may be a lot closer than you (probably) think. A new report from Classiq claims many enterprises are already dabbling with the technology, have budgets allocated for it, and expect equity investments to skyrocket in coming years.

Classiq polled more than 500 U.S. professionals, from managers to the C-suite, all of which said they were “familiar with quantum computing”, in a bid to find out more about the sentiment towards the technology.

It found that the vast majority (89.8%) believe IT departments should have budgets dedicated to quantum computing. Almost two-thirds (61.9%) already have budgets set up, with an additional fifth (21.6%) planning on incorporating quantum computing into their IT plans in the near future.

That’s because, for many (38%), an effective quantum computing strategy could mean a competitive advantage. For a third (32.9%), it means new revenue streams. Whatever the key benefit may be, practically all respondents (95.7%) agree that quantum computing can bring performance breakthroughs, which is why four in five (82.1%) see it as a necessity.

When asked when they expect quantum computing to take hold of the enterprise, most (62.9%) said anywhere between five and 10 years. 

The need for better platforms

Better development platforms, software portability, as well as more education and training, could speed up the process, though. Most believe the technology isn’t as popular today, due to a lack of understanding. Almost three in four (72.3%) said it was very important for them to be able to move quantum code developed on one type of quantum computer, to another. 

Citing the Boston Consulting Group (BCG), the report stated that confidence in reaching “quantum advantage” has soared in the past 12 months. Quantum advantage is described as a milestone when quantum computers start solving problems beyond the reach of traditional computers. 

“Equity investments in quantum computing nearly tripled in 2020, the busiest year on record, and are set to rise even further in 2021,” BCG added, also saying that quantum computing could create $450 billion to $850 billion in value in the next 15 to 30 years.

Sead is a seasoned freelance journalist based in Sarajevo, Bosnia and Herzegovina. He writes about IT (cloud, IoT, 5G, VPN) and cybersecurity (ransomware, data breaches, laws and regulations). In his career, spanning more than a decade, he’s written for numerous media outlets, including Al Jazeera Balkans. He’s also held several modules on content writing for Represent Communications.