‘0’ and ‘1’ are driving digital lives. Imagine a future driven by their superimposition. Welcome to Quantum Computing
Qubits, the building blocks of Quantum Computing
Quantifying quantum computing
Quantum technologies are one of the top technology ecosystems that global businesses are betting on. Industry experts foresee tremendous growth in Quantum computing, thus creating accelerated technological breakthroughs, a surge in investment flows, start-up proliferation, and more potent quantum systems by 2030. McKinsey indicates that the Quantum computing market has the potential to grow to approximately $700 billion by 2035 and may exceed $90 billion annually by 2040. As per Fortune Business Insights, the Quantum market share would grow from USD 486.1 million in 2021 to USD 3,180.9 million in 2028, exhibiting a CAGR of 30.8%. A steep surge in private funding and promising public backup is all set to push quantum computing as a reliable technology for an agile future.
Quantum Computing Applications
As computers of today reimagined yesterday, quantum computers would introduce drastic changes in conventional classical computing with their applications not confined to one specific domain. Plus, there's more. Quantum computing can demystify the nagging problems of various industries. In other words, quantum computing holds the key to solving futuristic challenges.
Scientists and researchers perceive quantum computing as the omnipotent solution to combat global warming. Applications and processes based on quantum technology would play a pivotal role in creating a sustainable future, ensuring compliance with emission standards, improving climate-related decision-making, and providing long-term solutions for a better environment.
One of the high-risk-prone industries that demand unbreakable processes and security measures, Financial services has a strong and secured future thanks to quantum computing. The all-powerful quantum computing solutions offer a robust prediction, trading optimization, financial risk management, and quantum-safe encryptions in the financial services domain.
Drug research and Development
The basic premise of Quantum computing that dives deep into the molecular level makes it a perfect technology for advanced drug research and development. Procal experts opine that quantum computing will be an indispensable tool to predict and simulate the structure, properties, behavior, and reactivity of drug molecules more effectively than conventional computing can.
Let us reveal one of the little-known facts here: Automotive was one of the earliest use cases of Quantum Computing. This necessitates no further explanation of how quantum computing would be a game-changer for the automotive industry. Route optimization, traffic management systems, and fuel-cell optimization are some of the diverse possibilities for applying quantum computing in automotive and transportation.
Quantum random number generation and quantum key distribution are central to cryptography. Although cybersecurity implications await because of quantum computing, experts believe quantum technology holds immense potential to secure transactions and digital data.
Quantum computing can seal the missing links in the supply chain by providing targeted solutions to sourcing and logistics bottlenecks. The bulk volume of data that the industry generates is only processable through quantum computing and not even with the help of artificial intelligence.
Speaking of enhancing the power of Artificial Intelligence through Quantum Computing, the possibilities are infinite. For instance, AI-driven quantum computing can build models with excellent decision-making skills. In parallel, quantum computing can help AI models break through language barriers.
Manufacturing and Industrial Design
Modern supply chains are often non-linear and complex. Quantum computing can fast-track decision-making and augment risk management to save operational costs and minimize lost sales due to out-of-stock or obsolete products.
Quantum computing can be the backbone to create novel, innovative, and sustainable solutions in biological engineering. The quantum chemical properties can facilitate advanced research and help improve the efficacy of processes and product designs.
Quantum computing can give wings to the telecommunication industry that has advanced in the recent past. Quantum computing-driven optimization can effectively address complex business problems, thus leading to millions of cost savings for operators.
The journey of the insurance sector from cloud to quantum is not a distant dream. As quantum computing is the most capable technology to handle the volume of valuable data organizations will have to access, quantum technology in insurance will realize the digital world enmeshed with security.
By pivoting the consumer goods sector with quantum technology, endless prospects are on the horizon. Alleviated fuel costs, lessened carbon footprint, optimization of consumer goods, inventory, and manufacturing are a few of the many possibilities for using quantum computing technology in the consumer goods industry.