Business Applications of Quantum Computing

Quantum Computing has been making heads turn ever since its inception in the 1980s. A technology that truly holds the power to change both, the face and pace of data processing. At the time scientists and engineers were unaware of the scope of the technology but confident on its superiority over conventional computers nonetheless. 

Rightly so, because now that we have disruptive technologies like AI and ML, we realize how quantum computing has the potential to simply step in and enhance the entire process and product in a fraction of a second. From Google, IBM, NASA to Accenture, and Alibaba, every global leader in the individual segment associated with data processing in any way are marveling over the potential of quantum prospects.

 Reports from 2019 estimated that within a span of 5 years; that is by 2024, the Quantum computing industry is set to accelerate at a CAGR of 24.9% and become a whopping 283 million USD market. Let’s have a closer look at what is so revolutionary about quantum computing, how it works, and how various industrial use cases are replacing our so-called futuristic technologies of today.

What It Is and How It Works

Quantum computing, is a different way to look at things (or get things done). Based on the principles of quantum mechanics found in nature, quantum computers or machines make the kind of processing and calculations possible that are far too complex and ungovernable for conventional machines.

It is based on the two basic properties of quantum behavior -- superposition and entanglement -- that work on specialized principles to encode, decode, and solve problems by unconventionally exploring a massive number of possibilities from extensive amounts of data.

Applications Of Quantum Computing That Are Advancing Businesses

Before we delve into the details of how various industries are and will employ quantum computing in the near future, let’s first gain an overview of generally how it empowers our existing technologies.

Cryptography

With the world heavily relying on digital and open-source platforms, cryptography is the technology that has been serving as the barrier between the advantages of the web and the disadvantages like hacking and other cybercrimes. The applications of quantum computing in cryptography have been so far-fetched that a different branch altogether, quantum cryptography, has taken form. Quantum key distribution is the most widely used application which makes the encryption of communication virtually impenetrable.

Machine Learning and Data Analytics 

When quantum computing combines with ML or Data analytics, the main benefit seen is faster processing of data and reduction of the required space and time as compared to the traditional techniques. Commercial machine learning and analytics applications that are boosted by Quantum Computing, therefore, include augmenting support vector machines, topological analysis, sampling, training, and digital support. The resulting calculations are not only easier but also more research-friendly, which is perhaps why NASA is looking at Quantum Computing to help sort their data of the universe. 

Pattern and Forecast Optimization

As a transcendence of data analytics, quantum computers will be able to reach an unprecedented level of precision in terms of detecting patterns for optimization of industrial processes. Neither will presently ambiguous prediction and weather forecasting be left behind thanks to the easier break down of complex data using quantum computers.

Simulations

From quantum chromodynamics to pharmaceuticals, simulations with the help of quantum computers have the potential to change gears in how key materials in substances that involve chemical compositions like batteries and medicines are formulated. Besides chemical simulations, scenario simulations also have expansive growth inherence in terms of defining possible outcomes of processes using quantum computing.

Industries That Can Expect To Be Quantum-Revolutionized

Finance, Banking, and Insurance

First things first, born from the unparalleled and downright staggering virtues of quantum computing are the benefits for any business that predicts risks and places monetary stakes accordingly. If the precision of the forecasting of an expected hurricane increases by manifolds and if the accuracy of its impact’s prediction does too, the stakeholders at the greatest advantage would be insurance companies and financial institutions. Their business models could adapt and evolve overnight to make maximum use of this situation and perhaps the scope for misuse is why the technology is not yet available for commercial use. But with certain limitations, it’s not far either. 

Healthcare and Pharma

In the medical care sector, there’s little that quantum computing cannot do. Right from cutting the costs and time in measure of billions and years respectively to formulate and release a drug to finding better cures to diseases, quantum computing is booming healthcare and pharma.

Aviation and Automobiles

Where your machines of today cannot reach, quantum computers of yesterday can. No level of aeronautical scenario-modeling complexity is too complex; just like powering cumbersome self-driving technology in cars is a cakewalk for quantum computers.

Agriculture and Retail

While giving headway to all the major industries that grab the spotlight, quantum computing does not leave the fundamentals of an economic landscape behind. It is paving the way for smart techniques like weed detecting and fertilizer crafting for the agriculture sector. Similarly, quantum solutions to retail target problems through tools like Visual Studio are carving newer channels to make retail more immersive.

Limitations To Advancement, Costs, and Infrastructure

There has been a solid reason behind why quantum computers took long enough to enter commercialized business spaces when technologies like AI have already set the gears of the digital revolution in motion. The very characteristic of quantum computing that serves as its greatest strength when saving complex states in a single bit can be its biggest hindrance when trying to scale the technology’s applications. 

The problem is very basic -- quantum computers can get extremely difficult to engineer, build, as well as the program. On a large scale, when this computing requires verification, fabrication, and the creation of an elaborate infrastructure, the complexity more than just multiplies as many times as the scale. Given the current advancement, now that engineers are discovering ways to channel quantum computing’s potential through feasible ways, we still have the problem of the cost-efficiency balance, which will not be easy to maintain for any company off the block.

This means we can expect quantum computing to enter and create a breakthrough for businesses but only discriminately in the favor of brands on the higher end. That is until more optimized and decentralized cost models come into the picture.

Preparing For The Quantum Phase

Until the aforementioned happens, the problem can only be tackled by facing it head-on. When IBM recently confirmed that Quantum Computing would soon be coming to our offices, it pointed out several reasons why NOW is the right time to start preparing. But I would wrap this up by bringing to you three reasons that are convincing enough. 

1. The adapting and learning curve of quantum computing is far too steep to play catch up easily.
2. The costs associated with the fast-follower approach can take a really long time to reimburse.
3. Even if you start now, an in-house quantum computing center will take longer to build than you expect. 

If you have already envisioned where the quantum computing transformation is going to take your business, the first step -- educating yourself about its potential and aligning them with your goals -- should be easy and enough to take you places.