Quantum physics has already changed our lives. Thanks to the invention of the laser and the transistor — both products of quantum theory — almost every electronic device we use today is an example of quantum physics in action. We may now be on the brink of a second quantum revolution as we attempt to harness even more of the power of the quantum world. Quantum computing and quantum communication could impact many sectors, including healthcare, energy, finance, security, and entertainment. Recent studies predict a multibillion-dollar quantum industry by 2030. However, significant practical challenges need to be overcome before this level of large-scale impact is achievable.
Are You Ready for the Quantum Computing Revolution?
The quantum race is already underway. Governments and private investors all around the world are pouring billions of dollars into quantum research and development. Satellite-based quantum key distribution for encryption has been demonstrated, laying the groundwork for a potential quantum security-based global communication network. IBM, Google, Microsoft, Amazon, and other companies are investing heavily in developing large-scale quantum computing hardware and software. Nobody is quite there yet. Even so, business leaders should consider developing strategies to address three main areas: 1.) planning for quantum security, 2.) indentifying use cases for quantum computing, and 3.) thinking through responsible design. By planning responsibly, while also embracing future uncertainty, businesses can improve their odds of being ready for the quantum future.