How Businesses Can Take Advantage of Quantum Computing

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  • By 2040, there won’t be enough power bandwidth to keep every computer running across the globe (Semiconductor Industry Association).
  • By 2020, the quantum computing market will be worth an estimated amount of $5 billion (Market Research Media).
  • The United States invested $421 million in quantum computing research while 19 other countries have invested at least $10 million (TechCrunch) in it as well.

Although we’ve witnessed a relentless pace of progress in the digital realm over the last half-century, certain problems that are too complex and time-consuming for today’s computers are yet to be solved. Classical methods don’t work and traditional computers that can do one task at a time have long since reached their limits. Now the pressure is extremely high on the computer industry to look for other ways to make computing more efficient. Thankfully, an emerging technology that can radically change the world is on the horizon – quantum computing.

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What is Quantum Computing?

Quantum computing is essentially a fundamental change in how computing machines go about processing data. No matter how powerful traditional computers may be, they still ultimately boil down to a series of the smallest possible units of data called bits. This data can be in one of two states and is represented by zero and one which can be either “on” or “off”, respectively.

Instead of following the linear progression calculation that’s being performed by a conventional computer, a quantum computer can simultaneously perform all operations and quickly provide the user with the information that’s needed.

Exploring the Areas That Quantum Computing Excels In

While quantum computing may sound blisteringly scientific and complicated to any average person, it’s a technology that’s gaining traction in the world of business. The dawn of its era has CTOs, CIOs, hedge fund managers, heads of research & development, and others abuzz with excitement and uncertainty. After all, finding a solution to complex problems that are far beyond the reach of classical computers is not a small feat – but it’s one that can pay tremendous dividends. Take a closer look at how businesses can take advantage of this technology:

Cryptography

Since the computers that businesses use today couldn’t break the encryption that uses large prime number factorization, most people associate quantum computing with advanced cryptography. Aside from the fact that quantum computers can break traditional encryption in a shorter amount of time, it can also provide stronger protection of a business’s digital life and assets.

Data Analytics

We are at the threshold of a big data world where the large quantity of information that needs to be stored requires more power to process and analyze it. Since conventional computers are limited to doing one task after another, complex problems take much longer for them to solve. With quantum computing, these “intractable problems” that are impossible to solve can be translated into simple calculations. 

Forecasting

Large and complex data sets are used as the basis for predicting and forecasting different scenarios. For instance, traditional simulation of the weather is only limited in the inputs that classic computing is capable of handling. Adding more factors will cause the simulation to take longer compared to the time it would take for the actual weather to evolve. Did you know that in some way or another, almost 30% of our country’s gross domestic product (GDP) is affected by the weather? This implies that a more accurate forecast is achieved with quantum computing will lead to greater economic benefits.

Pattern Matching

Pattern matching refers to the process of detecting patterns in data and using these to come up with predictions of future patterns. Volkswagen, a leader in the auto industry, looks into how quantum computing can be used to inform motorists of traffic conditions at least 45 minutes in advance. Quantum computers make it possible for them to match traffic patterns so that they can predict the behavior of the complex system of modern-day traffic.

Aviation

In aeronautical scenarios, quantum computing can revolutionize the process of routing and scheduling of aircraft. When this happens, large aviation companies can enjoy massive commercial benefits for costs and time. Multinational aerospace corporations such as Airbus and Lockheed Martin seek to take advantage of the power of quantum computing by investing a lot of money on research.

Self-Driving Cars

With the goal of improving most people’s standard of living, reducing traffic congestion, and cutting pollution, tech companies such as Apple and Google, as well as car companies like Tesla are developing driverless cars using quantum technology.

Medical Research

At present, pharmaceutical companies spend more than ten years and billions of dollars in their constant pursuit of discovering a new drug and bringing it to market. Quantum computing can help them improve the front end of the process by significantly cutting time to market and costs. Furthermore, this computing technology also helps them repurpose drugs. Plus, quantum computing also empowers computational chemists to come up with new discoveries.

Quantum Computing and High-Tech Industries

The use of smart devices is rapidly increasing among today’s consumers. It’s safe to say that digital transformation in various businesses is gaining momentum. High-tech industries use quantum computation for many uses. It allows you to optimize search, cybersecurity, bidding strategies for advertisements, online and product marketing, software validation and verification, and machine learning and artificial intelligence, such as neural networks.

Despite still being in its stage of infancy with a long way to go before its practical use begins, quantum technology is going from strength to strength. It will continue to do so in the next few years.

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