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You may have heard a lot about quantum in the past few months, from your newsfeed to your competitors’ strategies. Last year was proclaimed the “International Year of Quantum Science and Technology” by the United Nations to celebrate the 100th anniversary of quantum mechanics.
While quantum belonged to the writings of the brightest scientists a century ago, it now animates conversations in both academic and business circles.
But what should you do about it as a business leader?
Deputy Director of the EDHEC Quantum Institute.
Quantum technologies use the principles of quantum mechanics to unlock new possibilities and can be split into three distinct categories. Quantum computing uses quantum bits instead of classical 0 or 1 bits to perform calculations.
Quantum sensing uses the same underlying physics to take very precise measurements, like an extraordinarily precise compass. And quantum communication enables the ultra-secure exchange of sensitive information.
Each of these technologies is on a different maturity curve.
Quantum computing gets the most attention for a reason: it represents the largest estimated market size; and will unlock a completely new set of possibilities. Unlike classical bits, quantum bits can exist in a superposition of 0 and 1 simultaneously, enabling the exploration of many possibilities at once.
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This capability is especially valuable for optimization problems, for example, finding the optimal route between two points. However, quantum bits, or qubits, are fragile and error-prone, today’s machines are still what we call “Noisy Intermediate-Scale” systems, and hold limited practical usefulness.
The industry is developing Fault-Tolerant Quantum Computers (FTQC) by using error correction methods to unlock reliable calculations. Given that these systems are not commercially available, waiting might seem like the best way forward; but it is exactly the opposite.
Businesses must prepare now for the advent of FTQCs. Because quantum computers operate on fundamentally different principles from classical machines, algorithms must be tailored to them, often to the point of redesign.
Building these capabilities is critical for businesses to secure a competitive advantage, but it will take time, so companies must start now if they have not yet explored this field. While quantum computers mature, another branch is already delivering value: quantum sensing.
Quantum sensors are one of the most underrated segments of the industry. Far more mature than quantum computers, some technologies are already being deployed in real-world settings. Applications have been developed in many sectors such as non-invasive cardiac diagnosis, non-destructive testing in manufacturing or GPS-free navigation.
