Today, there’s a growing interest in the quantum market among tech firms and startups. Big companies like Google, Intel, and Microsoft are already ahead in the race for developing quantum computing tools.
The valuation is projected to hit the $64.98 billion mark by 2030 from $507.1 million. With such sky-high projections, it may be safe to state that quantum computing can resolve problems and transform the way computers process information.
Quantum computing can dramatically improve the power of computer technology and fill the gaps between traditional and quantum computing. If the theoretical idea is realised, quantum computing can optimise data processing, logistics, safety and security, medicine discovery, and financial activities.
While there are many promising aspects around quantum computing capabilities, many experts believe it is a complicated scientific challenge to solve compared to traditional computing.
Therefore, this guide will cut through the hype to determine what quantum computing has in store. Read on to know more on the same.
When we discuss classical and quantum computers, the first context that comes to mind is bits and qubits.
Classical computers read and store data in binary “bits” in the form of (1) or (0). In contrast, quantum computers use “qubits” and superposition and entanglement to carry out complex calculations far more quickly than traditional computational algorithms and develop powerful encryptions for higher data security.
Although quantum computers can handle large computer problems using small data, like designing quantum materials, high-performing batteries and new and improved catalysts, they have limited I/O capability, making it challenging to handle big data problems.
Dr Matthias Troyer, an acclaimed Scientist, believes that a quantum algorithm is slower by ten orders, and super quadratic speedups are necessary to overcome inherent computing problems. Chirag Dekate, the VP analyst at Gartner, also stated that quantum computing would take at least 5 to 10 years to deliver meaningful results around stabilising the qubits.
Brian Hopkins of Forrester acknowledges the capabilities around quantum computing and believes the augmentation will unimaginably tackle the computing problems and enhance the efficacy of the used methods. This is a crucial reason why it requires lumpsum investments today to create revolutionary applications and tools for quantum computing.
Mitigating Challenges with Quantum-Inspired Solutions
While the technology has its challenges, there are ways you can optimise its value and increase the speed and accuracy of the algorithms. So it’s no surprise that quantum-inspired solutions can resolve logistics and transportation issues. One famous example is Microsoft’s collaboration with Trimble Transportation for optimising the supply chain.
The dependence on e-commerce has alarmingly increased due to varied reasons, increasing the pressure on the supply chain. However, there are challenges that the supply chain faces due to miscommunication between carriers, shippers, and brokers; restricted visibility; and a gap between task optimization and system optimization.
Microsoft and Trimble have collaborated to create quantum-inspired algorithms for logistics platforms to improve supply chain members’ job efficacy, reduce costs, and create more opportunities. Quantum-inspired solutions can improve the functionalities of other industries as well. Industries like healthcare, finance, aerospace, manufacturing, automotive, and energy have complex optimization problems that quantum-inspired solutions can reduce and save valuable resources. And such solutions will only increase in demand and provide acceleration with the availability of quantum hardware.
Technologists in big firms receive millions in investments in improving the functionalities of quantum-inspired solutions and designing quantum computers that work 100 million times faster than traditional computers and solve impossible computation problems.
Let’s get one thing clear; quantum computers are not the replacement of classical computers. They are instead something unique and capable of running thousands and millions of calculations simultaneously. Even if quantum computers have a strong hardware edge, good software is necessary to enhance their power – and that’s where the main challenge is.
You cannot expect an algorithm that works on a modern classical computer to run faster in such advanced computers. Well, the algorithm won’t work – and if it does, the speed will bore you to death! So the algorithm has to be redesigned to fit the features of a quantum machine.
This probabilistic nature signifies that quantum information cannot be copied, which is a significant game-changer from the security aspect. Hackers trying to crack quantum encryption and transmit messages may fail, even with advanced tools – thanks to the complexities of the laws of physics.
The quantum computing game is already rising and bringing billions of dollars in investments from government and private sectors for research and development. Tech giants like Amazon, Google, IBM, and others heavily invest in creating large-scale quantum computing software and hardware to deal with errors and protect quantum information.
Therefore, respecting the challenges with quantum computing, businesses should focus on addressing three main areas:
Quantum computing is still developing and has a long way to go until it becomes helpful in the real world. So far, it is more theoretical than a money-making business. The good news is, the quantum approach enables you to think differently to tackle a problem that’s challenging even for super-powerful devices.
Developing good quantum hardware/software may probably take a decade. Still, the rising investments in quantum tech prove that technologists and investors hope to blow up with quantum technology. By sustainable planning and embracing new technology and uncertainties of the quantum industry, businesses can find ways to beat the odds of quantum computing and create a high-value market.
Author Bio
Patrick Bate is a software engineer and works at a reputed tech firm in UK. Apart from developing software, she enjoys reading, blogging, and teaching. Heis associated with MyAssignmenthelp.co.uk, a reputed digital platform with top-ranked assignment writers where students can seek urgent writing assistance on request.
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