Tuesday, January 31, 2023

Investments in Quantum Computing Are On Rise in The Digital Era

By Sudipta Choudhury - June 17, 2021 3 Mins Read

Even though quantum computing is in a budding stage, the interest and the number of companies involving with quantum projects are constantly increasing.

As we advance, quantum computing likely to be a game-changer for all industries including cybersecurity, banking, healthcare, and more. Certainly, with its complex nature and even more complex statistical model solving aspects, technology researchers are actively exploring the route between quantum sensing and quantum machine learning like never before.

With the growing demand for quantum computing across industries, the investments are projected to increase in the next two years, reveals a recent study by IDC. The number of enterprises allocating more than 17% of their annual IT budgets for this particular initiative is expected to rise from 7% in 2021 to a forecasted figure of nearly 19% in 2023.

Such investments will be driven by those companies that seek to achieve a competitive advantage with the help of quantum computing technology to augment and accelerate business processes. This can be done along with better security, enhanced AI capabilities, and optimized algorithms.

The survey point towards the fact that about 20% of companies were interested in quantum computing technology at the start of 2021 and are using it currently. In fact, roughly 66% of organizations expect to be experimenting with this technology within the next 18-24 months.

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This development is due to global businesses investing highly in cloud-based platforms which provide access to quantum computing hardware as well as software. This is also applicable for training quantum developers, hiring quantum specialists, and act as a team with quantum vendors to build up new business solutions.

Furthermore, complex technology, lack of available resources, skill-set limitations, and cost deter some companies from investing in quantum computing technology. To ease such concerns, quantum computing vendors, cloud-service providers, as well as independent software vendors offer quantum cloud-based tools which enable organizations to experiment.

Collectively, quantum computing infrastructure-as-a-service (QCIaaS), platform-as-a-service (QCPaaS), as well as software as a service (QCSaaS) solutions provide firms to access quantum computing technology, applications, support, etc.

In fact, these services help clients settle on the value of adopting quantum computing technology, build up and test quantum algorithms – in order to become more resilient in the post-quantum era. Organizations interested in quantum computing should not deter from investing in this technology since it is most likely to become an industry disruptor.

Heather West, senior research analyst of Infrastructure Systems, Platforms, and Technology at IDC explains – “Quantum computing is the future industry and infrastructure disruptor for organizations looking to use large amounts of data, artificial intelligence, and machine learning to accelerate real-time business intelligence and innovate product development.”

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Even though quantum computing is in a budding stage, the interest and the number of European companies involving with quantum projects is constantly increasing. Unsurprisingly, the most innovative enterprises across various industry verticals have realized that the identification and progress of quantum business use cases should set up right away.

Heather  also said, “Many organizations — from many industries — are already experimenting with its potential today to gain a competitive advantage tomorrow…This push is hence progressively contributing to the development of an actual European quantum computing market which is growing year on year.”

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Sudipta Choudhury

Marketing professional with experience in B2B and MR industry. Skilled in Marketing, Strategy Making, Copywriting and Content Creation, Sales, and SEO with excellent Communication Efficiency. Holding a dual master's degree focused on Marketing from IBS, Pune and ICFAI University.

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