Author: Edward Rothberg, PhD
Date: 5/14/2021
Quantum computing, which has been around for decades, has been generating a lot of buzz in the business world recently. The hype surrounding quantum computers has hit a fever pitch, and investment in these emerging technologies is soaring. According to a recent report, the quantum computing market is forecast to grow from USD472 million in 2021 to USD1.77 billion by 2026, representing a CAGR of 30.2%.
Companies and governments are pouring money into the research and development of quantum computing technologies with the hope that these new supercomputers — which aim to exploit the power of subatomic phenomena such as superpositioning, interference and entanglement to process information and perform tasks — will be able to:
Expectations are sky-high, but by most accounts, quantum computers are still decades away from potentially becoming widely available technologies that can deliver tangible value and impact in the business world. The hardware is still playing catch up with the theory (and the hype), and it will take some major breakthroughs on the R&D front for quantum computers to become commercial products that we could use to consistently solve critical, everyday business problems.
Indeed, the outlook for the quantum computing future is hazy, as nobody knows for sure how long quantum computers will take to develop, what they will actually cost and what their ROI and real-world business benefits will be.
Still, many businesses today (that are perhaps afraid of missing out on a possible quantum revolution) are scrambling to become quantum-ready and looking to lay the foundation for quantum computing in their organizations. Gartner predicts that by 2023, 20% of organizations will be allocating part of their budgets for quantum computing projects.
One question that is on the minds of many C-level executives today is: What does my organization need to do to become quantum-ready? Broadly speaking, this means preparing your company to be able to apply quantum computing capabilities if and when the technologies become available for business use.
So, the logical next question might be: What are the main future applications of quantum computers? According to numerous recent studies, optimization is the most promising application, accounting for the lion’s share of the total quantum computing market.
As the CEO of an optimization software firm, I find these studies to be both encouraging and a bit puzzling because:
So, the thought struck me: If quantum-readiness is about identifying problems that could benefit from quantum computing in the future, wouldn’t it make more sense for companies to utilize the existing (and highly effective) optimization software technologies to address the business problems they are facing today? This would serve two purposes:
How can optimization help your organization prepare for a possible quantum computing future? There are two key ways:
1. Identifying use cases in your business: During the process of implementing an optimization application, you will have to take a hard, quantitative look at your business in order to:
If the day comes when quantum computers are actually able to be employed to address a wide range of optimization problems, your company will have a headstart as you’ll have already honed the ability to pinpoint these problems and identify the use cases for optimization in your organization.
2. Learning to leverage advanced analytics software: Implementing and utilizing optimization (or, for that matter, any other advanced analytics software solution) will enable your company to cultivate:
This ability to leverage optimization software will benefit your business today and if and when a quantum computing revolution comes to pass.
Will quantum computing be the next big thing? Only time will tell — we need to wait and see if quantum computers can evolve from conceptual into commercial technologies that will revolutionize the IT industry and produce real ROI for companies.
While waiting for a possible quantum era to commence, why not make use of existing technologies that can help your business prosper from the opportunities of today and also prepare for the possibilities of tomorrow?
This article was originally published on Forbes.com here.
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