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  • Team ODA

Quantum Computing for Business: Understanding The Advantage

Updated: Mar 3, 2023

Valued at USD 89 million in 2016, the global quantum computing market is expected to hit USD 949 million by 2025. Quantum adoption by businesses, amongst others, will be a major reason behind this enormous growth, as the technology will penetrate across different domains.

Key takeaways

  • Platforms like quantum cloud will enable businesses to derive quantum advantage

  • Enterprises seeking to derive measurable gains and drive radical transformations through quantum computing’s potential must apply serious efforts in building skills and resources.

  • A long-term plan incorporating skill-building, implementation strategies and iterative approaches will help in making quantum implementation truly successful.

Complex though fascinating, the much-discussed theory of quantum computing seems to be on the verge of assuming its practical form. Earlier an interest of physicists and computer scientists, the technology has now brought even business stakeholders in its sway. The rapid rise of data-driven decision-making using machine learning and artificial intelligence has been propelling businesses to develop robust infrastructure.

Classical computers and even supercomputers have limits and fail to perform when tasked with solving exponential evolving optimization problems. Promising excessively higher capabilities as compared to classical computers, quantum computers offer businesses an avenue to build that ideal infrastructure that can generate seamless results. To derive tremendous data advantage for strategic success, quantum computing can thus be a breakthrough for enterprises.

As we move ahead to understand “how” and “why” of quantum-led growth for businesses, let’s have a brief idea about the technology.

What is quantum computing?

Quantum computing evolves when quantum physics, computer science and information theory combine. The field exploits and enhances the computational power and processing abilities of computers using the principles of quantum mechanics.

Researchers broke ground in the 1980s and since then quantum computing has continued to undergo several developments. With the technology approaching the mainstream, it has acquired the significance of being a game-changer for businesses.

The advantage of quantum computing for businesses

In enterprise problem solving, quantum computing can play a crucial role in combinatorics – a kind of optimization, which is too complex for ordinary computers to solve. With a growing number of inputs, the number of probable arrangements, too, grows exponentially. With existing digital computers, a stage is reached when they cannot fast determine the best possible arrangement to achieve the goal.

With the emergence of data-driven systems and exponentially increasing data volumes, combinatorics is evolving as the solution, though only remaining a tough challenge.

Quantum computing offers the prospect of solving this daunting task while reducing cost and optimizing processing time to arrive at the best solution.

Let’s draw a comparison between a classical computer and a quantum computer to understand the difference. If a classical computer takes 1000 years to solve a problem, quantum computers can solve it in 5 to 6 minutes. While this may seem too amazing or unrealistic, the properties on which quantum computing is based render this power to quantum computers.

Read the next part here.

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