Most companies will begin preparing for quantum within the next two years, according to a study commissioned by consulting firm 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 study called 2022 Quantum Readiness, commissioned by the consulting firm EY, relate to UK companies, but the results are likely to apply to international organizations as well.

According to EY, 81% of UK executives expect quantum computers to have a significant impact on their industry within seven and a half years, and almost half (48%) believe that quantum technology will begin to transform industries by 2025.

The Canadian company Xanadu Quantum Technologies recently announced a “major” breakthrough with a new device capable of outperforming any supercomputer in the world for a specific task. Xanadu has announced that it has designed a quantum chip called Borealis, which has achieved a “quantum advantage” that provides a fast result that goes beyond the current capabilities of traditional computer systems. Borealis would have completed a task of only 36 millionths of a second that would take an average supercomputer 9,000 years.

Breakthroughs in quantum computing seem to be coming and going, but technology is struggling to find its audience. Xanadu’s achievement is the latest to demonstrate the power of quantum computing over conventional computers, a seemingly simple idea known as quantum domination. In theory, this concept makes sense. Unlike conventional computers, which compute in order using binary bits – 0 or 1 -, quantum units utilize the complexity of the quantum world, where 0 and 1 can exist at the same time with different probabilities.

As for no-sayers who say quantum technology will not be ready for rollout right now, the sector is also suffering from a hype problem with excessive capacities and even accusations of tampering, as in the case of quantum startup IonQ. , recently accused by Scorpion Capital of misleading investors about the efficiency of quantum technology.

Scorpion Capital’s report, released on May 3, provides a strictly sharp assessment of IonQ technology, which is described as a useless toy that can not even add 1 + 1, according to internal experiments conducted by anonymous but numerous quantum experts. , engaged by Scorpion and fully detailed in the full report.

The company’s technology is not the only one to be blamed. Scorpion Capital calls the start-up a small part-time business run by two academics.

Today, Los Angeles-based law firm Glancy Prongay & Murray announced that it has filed a class action lawsuit against IonQ based on and with reference to Scorpion Report claims. The complaint seeks to represent those who invested in IonQ securities between March 30, 2021 and May 2, 2022. The complaint also includes a number of alleged misleading representations and omissions in applications from the SEC and other companies. , and in marketing materials and published websites. of the listed company IonQ.

IonQ’s share price fell 9% after the release of the Scorpion report and has lost about 30% in the past month. The first and most condemning of the allegations in the lawsuit is that IonQ, as the law firm sums up, has not yet developed a 32-qubit quantum computer, and that its existing 11-qubit computer suffers from high error rates, making it unusable. .

Besides claiming that the flagship 32-bit quantum computer never existed and the small computer they had was so error prone and the technology was not available even though it was available from major cloud providers.

Joseph Reger, Fujitsu Fellow, technical director for Central and Eastern Europe and a member of the World Economic Forum’s Quantum Computing Council, said he felt a little “hot” to say that quantum was not ready yet.

Pre-quantum or quantum-inspired technologies offer impressive benefits. They are less sexy but very powerful. He added: Some companies exaggerate time scales. If quantum calculation is overestimated, we risk facing the first quantum winter.

Fujitsu is developing quantum systems itself and announced earlier this year that it was working to integrate quantum computers with traditional HPC technology. The company also unveiled a high-performance quantum simulator based on its PRIMEHPC FX 700 systems, which it says will serve as an important entry point for the development of quantum computer applications in the future.

Planning for quantum is the crane

Although the majority of survey respondents predict quantum disruption in 2030 or earlier, strategic planning cycles for quantum lag. Most organizations plan to begin their quantum journey within the next one to two years. Nearly three-quarters (72%) will start planning by 2024.

This will involve recruiting people to lead the quantum computer effort across the organization. Only 25% of the organizations surveyed have done so, but 71% hope to be able to appoint a quantum computer specialist within the next two years. In addition to recruiting managers, respondents want to set up pilot teams to explore the potential of quantum computing for their business: more than two-thirds (68%) hope to have done so by 2024, but only 24% have already done so.

At the same time, EY says the interviewees almost agreed in their belief that quantum computers will create a moderate to high level of disruption for their own organization, their industrial sector, and the broader economy over the next five years.

Despite this, the study reveals that strategic planning for quantum computers is still in its infancy for most organizations, as only 33% are involved in strategic planning for how quantum computers will help them. will affect, and only a quarter have designated dedicated leaders or sets. on pilot team.

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

EY’s head of quantum computing, Piers Clinton-Tarestad, said the study reveals a break between the pace at which some industry leaders expect quantum computers to start influencing business and how prepared it is for those influences.

Maximizing the potential of quantum technologies will require early planning to build responsive and adaptable organizational capabilities, he said, adding that this is a challenge as advances in quantum technology are accelerated but they do not follow a regular path.

Piers Clinton-Tarestad, Head of Quantum Computing at EY UKI, said: “This research reveals a break between the pace at which industry leaders expect quantum to start changing companies significantly and their overall readiness to make an impact. Maximizing the potential of quantum technologies will require early planning to build responsive and adaptable organizational capabilities.

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

In terms of use cases, the most promising application of quantum computation predicted by industry leaders is to improve operations involving AI and machine learning. This is especially true for executives in financial services, the automotive industry and manufacturing. The ability of quantum data processing to accelerate computational modeling and simulations is a priority for players in the health and life sciences industry, while respondents from the TMT industry mentioned its potential to develop existing methods of cryptography and encryption as its most critical function.

Dr. Simon Plant, deputy director of innovation at the National Quantum Computing Center, said: Quantum computing is expected to dramatically accelerate the time to solve some tasks and tackle computational problems that are currently unsolvable with traditional digital technologies. The pace of development is accelerating, and the question is how and when – not if – quantum computers can address industry-relevant use cases. There is an advantage to being the first to prepare to utilize capacities as they emerge and incorporate resilience into future plans.

Source: Ernst & Young

And you?

What is your opinion on the subject?
What do you think about investors’ possible fraud on the efficiency of quantum technology?
Quantum technology will not be ready to roll out at some point, do you agree?

Also see

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

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

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

IBM says thousands of quantum computers will be on sale by 2025, with 4,000 qubits, a leap from the current 127 qubits hardware

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