Quantum computing is frequently in the news as of late. In fact, in the past 24 hours I was able to find over 150 online publications on the topic. That should serve as a clear indicator of the level of interest in the issues and opportunities quantum computing creates. Recently, IBM has said, “The QuantumComputing Era is Here” and they are not the only ones who have come to that conclusion.
As breakthroughs in quantum computing technology increasingly are announced, more and more, strategists, management consultants and technology executives have begun to explore the business value of quantum computing on an increasing basis. Major companies such as Accenture, Amazon, Booz Allen Hamilton, Fujitsu, Google, Microsoft and a few dozen more are actively engaged in the quantumera. With quantum computing advances coupled with major business names like those, it is easy to see why quantum computing market forecasts have been increased fairly robustly.
INSIGHT: In July 2019, McKinsey & Company stated in an article, “The chemical industry is poised to be an early beneficiary of the vastly expanded modeling and computational capabilities of quantum computing.”
global market for quantum computing vary greatly. That being said, forecasts put the 2025 dollars from $2.5 billion to $10 billion USD. Doing that math, that puts the
estimated global compound annual growth rate (CAGR) from 25% to 40% and that is hardly a figure to dismiss. In fact, an estimated CAGR that high clearly indicates a robust market for the entire stack of quantum computing technology – hardware, software and services – in the next five years. It should be noted that a widely accepted standard definition of the quantum computing stack is a major contributing factor driving the disparity in market estimates.
Last week, Delta Air Lines became what is believed to be the first business to join IBM’s quantum computing hub at North Carolina State University’s Centennial Campus. This is just the latest in businesses that has begun to look to exploit the unique power of quantum computing. This came on the heels of Amazon who announced the Quantum Computing Service Platform back in December of 2019.
A quantum computing platform and services like this will likely be very attractive to
businesses. As the power and commercial availability of quantum computers continue to grow on a more frequent basis, additional applications for this technology will be discovered. At this time, here is a partial list of the major application areas (in alphabetical order) that can benefit from the use of quantum computing.
· Agricultural and farming optimization and treatment
· Artificial Intelligence and Machine Learning
· Cyber Security Defense
· Energy Storage Material (including solar cells) discovery and advanced battery design
· Environmental and weather forecasting
· Financial services modeling and investment/asset portfolio optimization
· Pharmaceutical (including biopharma) discovery & development
· Roadway design and traffic optimization
Management Consultants at EY have begun to ask, “Could quantum computing be the technology that drives your quantum leap forward?” Interesting question you have to admit. I poled over 125 professionals asking, if their organization had a plan preparing for the emerging business and technology environment of 2025? Shockingly, 50% said NO or it was NOT NEEDED by their organization. Now consider what Gil Forer, leader of EY’s Global Markets Digital and Business Disruption said, “Quantum technologies offer huge potential for disruption. C-suite leaders that want their companies to be relevant tomorrow need to begin embedding quantum technologies in their strategic planning today.” All organization would be wise to investigate just how the current quantum computing capabilities can affect their business and monitor advances in quantum computing technology to determine their implications now and in the future.
Clearly the time to take action and prepare is now!
