Most companies will start preparing for quantum within the next two years, according to a survey commissioned by consultancy EY

Most organizations will begin preparing for quantum computing within the next two years. But some remain skeptical that it will go into production in the near future. The results of a survey called 2022 Quantum Readiness, commissioned by consultancy firm EY, are relevant to UK businesses, but the findings are likely to apply to international organizations as well.

According to EY, 81% of senior executives in the UK expect that quantum computing will have a huge impact on their industry in seven and a half years, and almost half (48%) believe that quantum technology will begin to change. the industries in 2025.

Canadian company Xanadu Quantum Technologies recently announced a “major” breakthrough in a new device capable of surpassing any supercomputer in the world for a particular task. Xanadu announced that it had designed a quantum chip called the Borealis that achieved a “quantum advantage”, providing fast results that go beyond the current capabilities of traditional computing systems. The Borealis would have completed in just 36 million of a second a task that would have taken an average supercomputer of 9,000 years.

Breakthroughs in quantum computing seem to come and go, but technology is struggling to find its audience. Xanadu’s success was the latest to demonstrate the power of quantum computing over conventional computers, a seemingly simple idea known as quantum supremacy. In theory, this concept makes sense. Unlike conventional computers, which calculate sequentially using binary bits -0 or 1 -, quantum devices take advantage of the complexity of the quantum world, where 0 and 1 can exist at the same time. there are different probabilities.

As for the naysayers who say quantum technology won’t be ready for deployment any time soon, the sector is also experiencing a hype problem, with overcapacity and even accusations of tampering. , as in the case of quantum startup IonQ. , Scorpion Capital recently accused investors of misleading investors about the effectiveness of quantum technology.

Scorpion Capital’s report, released on May 3, provides a rigorous offensive analysis of IonQ’s technology, described as a useless toy that can’t even add 1+1, according to in-house experiments. conducted by unknown but numerous quantum experts. , directed by Scorpion and fully detailed throughout the report.

It’s not just the company’s technology that is to blame. Scorpion Capital calls the startup a part-time small business run by two academies.

Today, Los Angeles-based law firm Glancy Prongay & Murray announced that it has filed a proposed class action lawsuit against IonQ based on and defining the allegations in the Scorpion Report. The complaint seeks to represent investors in IonQ securities between March 30, 2021 and May 2, 2022. The complaint also includes several alleged misrepresentations and omissions in the SEC and other companies ’filings. , and in marketing and website materials published by publicly listed company IonQ.

IonQ’s stock price fell 9% following the release of the Scorpion report and decreased by approximately 30% in the past month. The first and most pernicious of the lawsuit claims is that, as the law firm summarizes, IonQ has not yet developed a 32-qubit quantum computer and that its existing 11-qubit computer is suffering. high error rates, making it useless.

Aside from claiming that the flagship 32-bit quantum computer never existed and the little computer they have is very easy to error, and the technology is inaccessible even if it is available from the mainstream cloud giver.

Joseph Reger, Fujitsu Fellow, Technical Director for Central and Eastern Europe and member of the World Economic Forum’s Quantum Computing Council, said he felt a bit of “heat” in saying quantum was not ready yet.

Pre-quantum or quantum-inspired technologies offer amazing benefits. They are less sexy, but very strong. He added: Some companies are exaggerating time dimensions. If quantum computing is overrated, we risk facing the first quantum winter.

Fujitsu itself will develop quantum systems and announced earlier this year that it was working on integrating quantum computing with traditional HPC technology. The company has also released a high-performance quantum simulator based on its PRIMEHPC FX 700 systems that it says will serve as an important gateway in developing quantum computing applications in the future.

Planning for quantum is the trane

Although most survey respondents predict quantum disruption in 2030 or earlier, strategic planning cycles for quantum are lagging behind. Most organizations plan to start their journey altogether over the next one to two years. Nearly three quarters (72%) will start planning in 2024.

This includes recruiting people to lead quantum computing efforts throughout the organization. Only 25% of the organizations surveyed have done so, but 71% expect to appoint a quantum computing specialist within the next two years. In addition to recruiting leaders, respondents want to set up pilot teams to explore the potential of quantum computing for their business: more than two-thirds (68%) hope to do so in 2024, but only 24 % have already done so.

At the same time, EY said the interviewees were almost unanimous in their belief that quantum computing would create moderate to high levels of disruption for their own organization, their industry sector and the broader economy in the next five years. years.

Despite this, the survey shows that strategic planning for quantum computing is in its infancy for most organizations, as only 33% are involved in strategic planning how quantum computing can help them. and only a quarter assigned dedicated managers or set up pilot teams.

The survey conducted in February-March 2022 covered 501 UK-based executives, all in leadership positions in their organization, who were required to show at least a moderate (but preferably high) level. of understanding quantum computing. EY said it initially approached 1,516 executives, but only 501 of them met the requirement, which in itself says a lot.

EY head of quantum computing, Piers Clinton-Tarestad, said the survey shows a disconnect between the speed at which some industry executives expect quantum computing to begin to impact business and how prepared it is. these effects.

Maximizing the potential of quantum technologies will require early planning to develop responsive and adaptable organizational capabilities, he said, adding that this is a challenge as advances in quantum accelerate, but they are not following up. on a regular trajectory.

Piers Clinton-Tarestad, Head of Quantum Computing at EY UKI, said: “This research demonstrates a disconnect between the speed at which industry leaders expect quantum to begin to significantly change businesses and their overall readiness to make an impact.Maximizing the potential of quantum technologies will require early planning to develop responsive and adaptable organizational capabilities.

Competitive advantage and high-tech use cases drive quantum optimism. As with any emerging technology, the reasons for investing in quantum computing are varied and still evolving. Nearly half (47%) of business leaders believe that competing companies strive to develop their own capabilities as a whole, which can give them a competitive advantage. Almost all respondents (97%) think that their competitors are currently interested in quantum computing in one way or another.

In terms of use cases, the most promising application of quantum computing predicted by industry leaders is the improvement of operations involving AI and machine learning. This is especially true for leaders in financial services, automotive and manufacturing. The ability of quantum computing to accelerate computational modeling and simulation is a priority for healthcare and life sciences industry players, as respondents from the TMT industry cited its potential to change current cryptography and encryption techniques. as its most critical function.

Dr. said. Simon Plant, Deputy Director for Innovation at the National Quantum Computing Center, that: Quantum computing is expected to speed up time to solve certain tasks, address computational problems that are currently unsolvable. using traditional digital technologies. The pace of development is accelerating, and the question is how and when-not if-quantum computing will address industry-related use cases. There is an advantage to being the first to prepare to take advantage of the capabilities in releasing them and building resilience in future plans.

Source: Ernst & Young

And you?

What is your opinion on the subject?
What do you think is the possible deception of investors about the effectiveness of quantum technology?
Quantum technology won’t be ready for deployment any time soon, do you agree?

See also

The EU wants to build its first quantum computer in 5 years. Will this plan be enough to compete with other countries?

Dutch researchers have created the first multi-node quantum network, a step closer to building a “quantum internet” using tangled particles

IBM reached its largest volume, from 32 to 64, since the beginning of the year

IBM says thousands of quantum computers will be sold in 2025, with 4,000 qubits it is a leap from its current hardware of 127 qubits

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