Mohamed Marjook Hussain, Regional Technical Head for ANZ & APAC, ManageEngine, on embracing quantum ‘sooner rather than later.’
Quantum computing can process intricate and complex calculations significantly easier and quicker than classic computers. This is possible because of the ability of quantum bits (qubits) to exist in two states simultaneously. Quantum computing has come a long way since the first qubit was invented. Now, it is on the verge of a major industrial transformation.
In 2023, the IDC projected customer spending for quantum computing would grow $1.1 billion in 2022 to $7.6 billion by 2027. This would be with a five-year compound annual growth rate (CAGR) of 48.1%.
However, the incredible opportunities quantum computing opens up for various industries are still being explored.
While the technology is still in its early stages, researchers from MIT predicted that it may be market-ready far sooner than anticipated. Quantum computing researchers are looking for ways to make it ready for mass consumption by overcoming the limitations of current-day technology, such as scaling hardware and developing compatible algorithms and software.
Unsurprisingly, the growing interest in quantum computing echoed in a technology hub like Singapore. The government earmarked over $222 million over the next five years to develop the technology and a relevant talent pool under its National Quantum Strategy (NSQ).
Also, the Monetary Authority of Singapore (MAS) launched a Quantum Computing Programme to further develop the technology’s capabilities via collaboration with stakeholders in the ecosystem.
Every industry is working to implement quantum computing quickly, given its incredible potential and promise to revolutionise industries. Here are some practical applications of quantum computing:
Finance
The ability of quantum computers to analyse massive datasets and detect even the smallest anomalies or patterns means they’re able to make significant changes in risk profiling, fraud detection, and trade optimisations, among other areas in the financial sector. Quantum computing makes it easier for financial institutions to mitigate and prevent fraud, particularly when dealing with large sets of transactional records.
For real-time market data analytics, quantum algorithms could help organisations improve their strategies for optimising trading and identifying market trends and help traders increase profitability via strategic decision-making.
Healthcare
Quantum computing could revolutionise the healthcare industry. From improving treatments to accelerating drug development, quantum computing is set to improve patient health. This is pertinent given the growing reliance on medical care.
Enhanced imaging services – such as MRI, CT, and PET scans – are an area of healthcare that could benefit from this technology. With the ability to assess complex imaging data quickly and accurately, quantum computing will enable early detection and diagnosis of harmful conditions. Healthcare professionals can also use quantum computing to analyse their patients’ medical histories, lifestyles, and genetic data. This can help them predict the likelihood of their patient developing various medical conditions.
Beyond that, quantum computing also helps with drug development. While classic computers are unable to simulate complex molecules, with the high volume of atom interactions making this difficult to do accurately, quantum computers are uniquely capable of applying the principles of quantum mechanics to the simulation. It used to take pharmaceutical companies billions of dollars and several decades to develop a drug. With quantum computing, the drug synthesis and development timeline and cost could be significantly reduced.
Energy
The world is moving towards renewable energies such as solar, wind and geothermal. With this shift, quantum computing can simulate and improve generation and distribution systems to maximise the efficiency of power grids. Whether for balancing supply and demand to predict energy needs or effectively managing resources, quantum computing could transform current energy systems.
Also, quantum computing can help develop more efficient fuel cells and batteries. It can simulate complex electrochemical processes to pinpoint areas of improvement for energy storage solutions, which is important for electric vehicles and renewable energy sources.
The ability of quantum computers to process even complex calculations and vast datasets in parallel sets them apart from classic computers; quantum computers will be able to solve problems that are impossible for classic computers.
Despite its limitations, the rapid advancement of quantum computing means it could soon deliver tangible benefits across industries. Governments and businesses would benefit from embracing this technology sooner rather than later. They should find ways to maximise quantum computing for a competitive advantage.
