Quantum computing has moved from theoretical concept to business reality, with major corporations … [+] already implementing quantum solutions and a rapidly growing quantum-as-a-service market.
Like many business leaders and professionals, you might have heard of quantum computing and assumed it’s something that won’t affect you for years.
I think this would be a mistake. While it is still in the early days, development is accelerating rapidly, and it might not be too long until it starts impacting industries and creating opportunities for innovation.
In fact, quantum computing, along with AI, will be one of the most transformative technologies of the century.
(Just in case you aren’t sure what I’m talking about, here’s a one-sentence primer: Quantum computers are super-fast computers that leverage the strange properties of the sub-atomic quantum universe, such as superposition and entanglement, to perform some tasks millions of times more quickly than normal “classical” computers.)
I think we’ve reached the stage where everyone needs to be aware of how this potentially world-changing technology will impact their business, profession or field of expertise. So, to keep you ahead of the curve, here are five facts about where we are now:
Quantum computers are already here
It sounds super-futuristic or even a bit magic. After all, quantum computers operate using qubits, which are like the binary 1 and 0 bits of classical computing but are weirdly able to exist in more than one state simultaneously.
However, it’s very much a reality, and we’re already seeing it being put to work. Early use cases are generally “hybrid,” involving elements of quantum and classical computing working together. Financial institutions like JP Morgan Chase are using it to solve complex risk assessment problems and optimize investment portfolios. It’s also being used in bioscience to help engineer new proteins to create targeted medicines. Daimler AG has partnered with Google and IBM to apply quantum computing to designing improved electric vehicle batteries. And Volkswagen, working with leading quantum computing startup D-Wave, has piloted quantum solutions for optimizing traffic flow in chaotic, busy urban environments.
There’s Already A Quantum Skills Shortage
The availability of technology isn’t the biggest problem for businesses wanting to use quantum computing – it’s the availability of people with the skills to use it.
In fact, analysts at McKinsey calculate that there is currently one qualified quantum computing professional for every three job vacancies.
Colleges and universities are rolling out programs that they hope will create the first generation of quantum-trained graduates, and forward-thinking companies are already starting to figure out how they will attract and retain the engineering and development professionals who will be critical to success in the quantum age.
The Quantum-As-A-Service Market Is Quickly Taking Shape
Don’t worry; you won’t have to find somewhere to put a big, bulky quantum computer. This is lucky, as they have to be kept in super-cold environments at a temperature just above absolute zero. Most people who use quantum computing will access it through cloud services, which is already a fast-growing market.
Big tech companies including IBM, Microsoft, Google and Amazon, all offer quantum-as-a-service, meaning companies of any size with an innovative idea can access it and only pay for the compute power they use. There’s also an emerging ecosystem of software companies offering industry-specific quantum applications, which we will undoubtedly see grow in size as adoption accelerates.
Investment In Quantum Computing Is Gathering Pace
Just like we’ve seen with AI, no one wants to be left behind in the race to unlock the huge potential of quantum computing. This means that investors are queuing up to throw money at software and hardware developers working on developing new solutions.
The market for quantum computing services was valued at around $1 billion in 2024 and is projected to grow to over $18 billion by 2035, so there are clearly expectations of a lot of money being made. And investment is coming from the public sector as well as the private sector, with Germany committing Euro 2 billion since 2002 and Australia putting A$ 1 billion into startup PsiQuantum.
It’s Not Too Early To Prepare For The Quantum Security Threat
Imagine a world where all forms of encryption and digital security are rendered ineffective by super-powerful quantum computers that can crack any protection with ease. In an age where everything is online and connected, this could have devastating consequences for both personal privacy and national security. Sounds dramatic? Well, while it’s unlikely to happen any time soon, experts are already preparing for a post-quantum world, and it’s never too soon to start getting ready.
In the US, the government has already warned businesses that they should act now to identify possible vulnerabilities in their IT infrastructure and assess the need for quantum-resistant security. This is particularly critical for industries such as healthcare, finance and defense, where quantum-readiness should already be a priority.
The quantum revolution is no longer a distant possibility – it’s unfolding now, and its impact will be profound. While we’re still in the early stages, the convergence of increasing investment, expanding applications, and growing accessibility through quantum-as-a-service platforms means that business leaders who start preparing today will have a significant advantage tomorrow. The question is no longer whether quantum computing will transform business but rather how quickly organizations can position themselves to harness its revolutionary potential.
