Quantum technologies refer to a range of technologies based on our growing ability to see and control reality on a subatomic (“quantum”) level to build sensors and an entirely new form of computing and communications. Quantum technologies are rapidly maturing, with an ever-growing number of governments and businesses launching strategic initiatives and collectively investing more than $35.5 billion across multiple continents. Today, the technology is still in the research and development and demonstration phase, making it hard to predict exact time horizons and applications – leading to various beliefs and bets in the market.

This report focuses on the computing aspect, where the unique capabilities of quantum computers open the potential for tackling complex computation problems that, as a result of fundamental limitations in scaling classical computation, would be intractable with classical computing methods and unlocking new possibilities that have not yet been considered. Consequently, many expect that the impact of quantum computing will be as foundationally transformative as the onset of classical computing in the mid-20th century. It also comes with risks, as quantum computers are expected to break the encryption used to secure modern digital communications, blockchain and some cryptocurrencies.

It is important to note that quantum computing is expected to work best across three specific domains of research and industry, with significant economic, environmental and societal opportunities associated with them:

1. Molecular simulation and discovery in materials science and biology
2. Optimization and risk management in complex systems
3. A bi-directional impact on existing technology areas such as AI, security and blockchain.

All in all, quantum computing is positioned to complement classical computing and be applied to certain tasks outside the reach of today’s supercomputers, carving out its powerful  computational niche that didn’t exist before,  eventually expanding modern research and development and business horizons.

Most quantum applications with provable advantage over classical methods (including breaking encryption) will require a large-scale quantum computer to realize. Different hardware platforms for quantum computing are currently being pursued internationally, at various stages of development and technical achievements. Yet, no platform has reached the required scale, speed and quality of computation to demonstrate  an advantage over classical computers in a practical, real-life application. Moreover, it is too early to say which platform will be the first to reach the needed scale, quality or when.

At the same time, today’s imperfect quantum computers are suitable to run a subset of applications where a precise answer is not required and seeing trends or a likely direction is more important. This, coupled with cloud access now offered by many quantum computing providers, has allowed many more organizations to start experimenting with quantum applications. Given rapid technological developments, it is only a matter of time before an application that provides a real advantage with the available quantum technology is found. When this occurs, and what application can make best use of the available computational resources is the name of the game.

While these activities receive a lot of attention, the current quantum computing achievements and future development rely on several enablers: workforce readiness, standardization and policy. Workforce availability is the critical bottleneck.

Despite uncertainty over when quantum computers will be ready at scale, governments and businesses must act now, as quantum security risks and business opportunities cannot be ignored. This is a unique moment in modern history where everyone can prepare for the technology as it is being shaped and matured. Governments and academia can further work on scaling quantum workforce programmes and building national ecosystems, incentivizing partnerships. For example, an excellent first step for businesses is to understand quantum computing’s impact on business and industry, assess their quantum readiness and formulate a quantum strategy, build internal capabilities, and align with top management and policy-makers  on critical focus areas.