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Quantum Particulars Guest Column: “The Rise of Quantum Computing and Its Prospects” – Inside Quantum Technology

This Quantum Particulars guest article features Shubham Munde who discusses the history of quantum computing.
By IQT News posted 04 Jan 2024

“Quantum Particulars” is an editorial guest column featuring exclusive insights and interviews with quantum researchers, developers, and experts looking at key challenges and processes in this field. In this article by Shubham Munde, Senior Market Research Analyst at Market Research Future® (MRFR), discussing the history of quantum computing. 

The world has witnessed magnificent advancements in the field of the computing field. From the invention of the first computer to the development of supercomputers, each innovation has pushed the boundaries of what is possible. The evolution of computers has completely revolutionized human life beyond the imagination and continues to play an important role in nearly every aspect of human life.  Classical computers shaped the 20th century, and at the beginning of the 21st century, people realized that classical computers had their limits and almost reached them, so they needed a new, more powerful computer than classical. The limitations of classical computers pushed scientists to develop a new type of computing called quantum computing.

What is Quantum Computing?

Quantum computing is a multidisciplinary field encompassing aspects of computer science, physics, and mathematics that employs quantum mechanics to solve too complex problems faster than on conventional computers. Quantum computers could process information millions of times faster than conventional computers. This is because quantum computers use qubits, typically small particles (atoms, ions, photons, or electrons) that hold information and behave according to the laws of quantum physics. Therefore, it can handle a much vaster amount of information much faster than a classical computer. 

Companies like IBM, Google, Intel, D-Wave Systems, and Microsoft are racing to build quantum computing tools. However, IBM received attention when they initially announced a quantum computer available to the public as a cloud service for researchers in 2016. Thereafter, global businesses realized the full potential of quantum computers in solving complex problems that classical computers can’t, and many companies are already using the revolutionary technology. Companies such as Mercedes-Benz, Boeing, JSR Corporation, Mitsubishi Chemical, ExxonMobil, and CERN already use the technology to solve complex problems such as supply chain complexities, discover the universe’s secrets, improve battery chemistry, etc. 

Initially, the scientists used to suggest quantum computers are not commercially useful if their capacity does not reach at least 1,000 qubits. Since then, quantum computers with higher qubits have become a necessity for global companies. Many companies have made significant progress in the growth of the qubits, and development is still continuing. IBM is at the forefront of achieving this milestone and recently introduced IBM Condor, a 1,121 superconducting qubit quantum processor based on cross-resonance gate technology. Condor pushes the limits of scale and yield in chip design with a 50 percent surge in qubit density. With performance comparable to previous 433-qubit Osprey, it serves as a novelty milestone, solving scale and informing future hardware design.

Possible Use Cases of Quantum Computers

With the technological advancements in the quantum computers, the possible use cases have grown enormously. Quantum computers can be super beneficial for every industry vertical to solve too complex problems and to find out all the possible solutions. Today, industries like energy and power, automotive, chemicals, transportation and logistics, healthcare, aerospace & defense, IT & telecom, agriculture, manufacturing, and electronics are becoming the mainstream end users. Furthermore, quantum computers not just only gaining widespread adoption among the business sectors. The technology has the potential to tackle the global problems too and to create more sustainable future. Quantum computers are so powerful that could help tackle complex problems like disease, food, and climate crises. Climate crisis is becoming one of the major key issues for the global population. Quantum computers can tackle these complex issues by offering all the possible solutions. It can be useful for the various applications such as weather forecasting, waste management, and water management. 

Over time, advancements in quantum computers with higher numbers of qubits will open significant possibilities which today feel like science fiction only.  However, advancements in the number of qubits could also be the serious concern for the future. According to the research, undertaken by Universal Quantum, University of Sussex and Qu&Co, a quantum computer with 13 million physical qubits could break Bitcoin encryption within a day; and it would take a 300 million qubit computer to break it within 60 minutes. State-of-the-art quantum computers today only have 1,121 qubits and can be considered safe from a quantum attack for now, but quantum computing technologies are scaling swiftly with regular breakthroughs affecting such estimates and making them a very possible scenario within the next 10 years that comprises Bitcoin’s encryption and more prevalent techniques such as RSA encryption. 

With the massive progress in the quantum computers, there are still several challenges to overcome. Technical hurdles such as scalability, error correction, and maintaining qubit coherence remain significant challenges requiring ongoing research and development. There is also a massive gap in talent, a skilled workforce with expertise in quantum hardware, software, and algorithms is crucial, but currently in short supply. Concerns about quantum security and potential misuse of the technology need careful consideration and responsible development.

Despite the challenges, the future of quantum computing appears bright. With continued investment, research, and collaboration significant advancements can be expected in the coming years. While it may take some time before quantum computers become ubiquitous, their potential to revolutionize various industries and solve complex problems is undisputable. With the potential for groundbreaking progress and transformative applications, quantum computing market is expected to achieve substantial growth during the upcoming years. According to the MRFR estimates, the global quantum computing market is likely to grow with a significant CAGR rate of 31.3% by 2032. The market is driven by the factors such as rising demand for computational power, increasing government and private investments, advancements in qubit technology, and development of quantum algorithms and software. 

Shubham Munde is a Senior Market Research Analyst and has a technical background in the information technology (IT), semiconductor, and automotive domains, with over 5+ years of experience in market research and analytics. His responsibilities include data mining, analysis, and project execution. He has conducted research on various technology industries, including Metaverse, web 3.0, zero-trust security, cybersecurity, blockchain, quantum computing, robotics, 5G technology, high-performance computing, data centers, AI, automation, IT equipment, sensors, semiconductors, electric vehicles, and many others. He has contributed to projects for Fortune 500 companies and has delivered valuable insights to global clients, including syndicate, consulting, and government projects.

Tags: MRFR, quantum computing, quantum particulars, Shubham Munde

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