This whitepaper is based on a new online, cross-industry survey about quantum readiness with investment data from TQI and other sources, collating responses from business leaders globally so as to understand their preparation for commercialised quantum computing.
The findings indicate the means through which investors and decision-makers can bridge the gap between the speed and direction of quantum development. Also, what customers are ready and planning for – tapping into the value created by commercial use cases.
What were the key findings of the report?
- 70% of business leaders are using and developing real-life use cases for quantum computing.
- 61% of business leaders are planning to invest $1 million or more in quantum computing over the next 3 years.
- 63% of business leaders believe that commercialised quantum computing will hit the market in 5 years.
- 76%of business leaders agreed that quantum computing has a skills crisis: slowing innovation and needing to be addressed as a priority.
- 61%of business leaders said the hardware costs of running quantum computing are currently not sustainable.
- Only 10% of firms are cautious that quantum computing will ever be functional for everyday usage.
Where does the quantum computing industry stand?
Understanding where the industry currently stands is critical for those who wish to take advantage of everything quantum computing has to offer. Investor and customer appetite for real-world use cases and generic, error-correcting quantum machines is growing quite fast. Despite challenges arising around the shortage of quantum talent and hardware costs, a significant percentage (33%) of firms see at least an application-specific future for this tech.
These businesses understand that quantum computing will bring immense challenges and change over the next few years. Identifying three sectors prime for transformation as cybersecurity; finance; healthcare, including drug discovery and pharmaceutical research.
What do industry experts have to say?
Ekaterina Almasque, General Partner at OpenOcean, firstly stated; “Our research confirms that we are on a one-way journey to enter the quantum computung era. The findings are a clear sign that the broader market is starting to buy into the potential of quantum computing, recognising its emerging commercial potential and backing it with significant investment.”
“There is a unique opportunity for first-movers and businesses to carve an impactful strategy to operate in the new quantum realm. It was encouraging to see software development as a priority for investment – this is where we also see the dire need for advancements.”
Ekaterina thereafter said; “Our mission as an early stage investor in frontier technologies, is to support emerging European leaders in the quantum computing space. These technologies are already hitting the market, and will expand and advance in the decades ahead.”
Ekatarina further added; “The industry is searching for sound investment strategies and concrete examples of added value: this is why we need to be looking for practical solutions. For businesses to make their mark in a competitive landscape, they will need a full stack quantum solutions – built and designed for the problems which need most solving.”
Dr. Jan Goetz, CEO and Co-founder of IQM Quantum Computers, said: “I am pleased to see from this report that business leaders in Europe, APAC, and North America are already using quantum computing. They are planning significant R&D investments in the near future.”
“With quantum tech, we can expect several use cases like improvement in drug discovery, encryption and data protection, prediction of financial systems and solutions to other problems. We’ll see significant transformation in industries by bringing together hardware and software, developing application-specific capabilities, and solving most pressing problems.”
Dr. Jan Goetz further commented; “At IQM, we have developed an on-premises strategy to partner with HPC centers and businesses, and this report marks the continuation of our commitment to work with businesses and create a fastlane to quantum computing advantage.”
Stephen Nundy, Partner & CTO at Lakestar, added: “We fundamentally believe that in order for quantum computing to reach its full potential in both the short and long term, we must encourage investment and experimentation in quantum software. This will allow early adoption that feels naturally accretive to existing platforms and technology developed already.”
“Customers do not, and should not, need to be quantum-savvy to be able to develop and deploy hybrid quantum applications which solve real-world problems. Applications which create business advantages, and harness the best native quantum hardware available.”
“There is certainly much to be excited about in this new computer paradigm – the grand opportunity for quantum software and hardware companies to work together. The opportunity to build viable platforms for commercial and societal quantum use is already upon us.”