Quantum computing - Insights to the State of the Industry

Quantum computing can revolutionise industries by solving complex problems at unimaginable speeds. It unlocks new possibilities for innovation in fields like cryptography, drug discovery, and artificial intelligence. It proves indispensable in diverse business scenarios, encompassing intricate data analysis, optimisation quandaries, cryptography, and machine learning interventions. Its unparalleled capacity to handle colossal data volumes and execute computations swiftly renders it a crucial asset for finance, cybersecurity, logistics, and pharmaceuticals. Enterprises harness quantum computing to optimise processes, fortify security protocols, refine forecasting models, and instigate groundbreaking advancements in their specialised domains.

According to McKinsey, the quantum market is already valued at over $1 billion this year, despite quantum computers not being very practical yet. In Europe, Germany has committed over $3 billion by 2026, and France has announced an investment of nearly $2 billion to train 5,000 quantum-ready engineers and create 30,000 jobs. In the United States, the National Quantum Initiative Act has allocated $1.2 billion in funding over five years for quantum computing research and development. Cutting-edge technologies like superconductivity, neutral atoms, trapped ions, and photonics are being explored for quantum computing. IBM predicts that quantum computers will surpass classical ones in specific tasks by 2027. Quantum supremacy is expected in modelling physicochemical reactions, optimizing complex systems, generating synthetic data for AI model training, and cryptography.

It's definitely not too early for businesses to start developing their quantum capabilities. Building a team that understands how to use this emerging technology takes time, and those who can harness the power of quantum computing early will have an edge in the future. Industries such as banks, hedge funds, and car manufacturers are actively recruiting specialized quantum teams. They are working on creating algorithms using qubits for strategic applications and forming partnerships with quantum computer manufacturers like IBM, Atos, and Pasqal, as well as academic research centres. of increasing the power of the best current prototypes by a thousandfold.

Enterprise businesses looking to embrace quantum computing should focus on several key areas: building expertise in quantum software development and hardware engineering, identifying and nurturing specific quantum use cases like molecular modeling or portfolio optimization through early proof-of-concept projects, implementing post-quantum cryptographic algorithms to enhance data security against quantum threats, fostering strategic partnerships with quantum technology providers and research institutions to stay at the forefront of innovation, and closely monitoring regulatory developments to navigate the evolving landscape effectively, particularly the transition to post-quantum cryptographic protocols. These steps will enable enterprises to leverage quantum computing's potential effectively and integrate it into their business strategies.

Globally, Enterprise businesses and Research Bodies are developing quantum computing initiatives. IBM, one of the leading companies in the Quantum Computing space, is exploring another approach to quantum computing based on electrons, known as superconducting qubits. The US tech giant, which has poured billions of dollars into its quantum computing research efforts, currently commercialises a 127-qubit processor. Last December, it unveiled its 1,121-qubit prototype processor, named Condor, at the IBM Quantum Summit.

In Italy, last year the Federico II University of Naples created the first full-stack quantum computer operating in Italy.

The machine recently presented at the University of Naples has reached a high level of performance and complexity, and was built starting from its fundamental components. A choice that has allowed a new generation of talents to grow in quantum computing, in the hope that institutions and businesses can support the future of this sector in Italy.

In the UK, a company co-founded by Professor Andrew Briggs of Oxford's Department of Materials envisions a world where every quantum computer is fully automated. Oxford Quantum Circuits' quantum computer is the only one of its kind commercially available in the UK. Quantum Dynamics claims to have the blueprint for the world’s most powerful computer, while Oxford Ionics' co-founder states that quantum computing is already solving complex computing test cases in seconds.

The UK government's recent announcement to inject £45 million into funding quantum computing research signals a brighter future for bringing these technologies into the real world.

In France, the Paris-based startup Pasqal is gaining recognition. Governments are strategically interested in its potentially groundbreaking technology, having raised $140m from investors including the European Innovation Council, Singapore's Temasek, France's Bpifrance, and the Ministry of Defence. Founded by Nobel laureate Alain Aspect and named after Blaise Pascal, Pasqal operates in eight countries and partners with major players like EDF and Aramco. Pasqal is racing against US tech giants in quantum computing, collaborating with Johnson & Johnson and Crédit Agricole to explore applications such as drug discovery and portfolio optimisation. Their R&D roadmap aims for 1k qubits by next year and 10k by 2026, targeting industrial applicability in real-world business scenarios.

More recently, Germany’s planqc joined the ranks of neutral atoms-based quantum computing companies. The startup is still working on a 100-qubit prototype. In January the German Aerospace Center (DLR) announced a significant collaboration with the quantum computer manufacturer planqc and the consulting firm d-fine to strategically advance its capabilities in quantum computing. The project's goal is to establish a unified platform for managing quantum algorithms and their execution. The new DLR quantum computers will serve as hardware backends, one of which will be provided by planqc. This platform will also enable other DLR institutes and external partners to access DLR's quantum computers.

Quantum Computing is poised to become a cornerstone of business operations, owing to its unparalleled processing power and capacity to solve highly complex problems at speeds that classical computers can only dream of. As we advance into the future, the integration of Quantum Computing promises to revolutionize industries, enabling unprecedented computational capabilities and paving the way for groundbreaking innovations.