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As we enter 2023, it’s useful to understand which technologies will expand and become more relevant to startups, corporations and investors. Looking ahead to the next few years, I anticipate that quantum computing will surge and become increasingly important to those in the technology industry. Let’s examine why this trend is happening and what you can do to capitalize on it.
What is quantum computing? At a basic level, it is a type of computer science based on using the principles of quantum mechanics and quantum theory to develop new technologies. One benefit of quantum computing is that it can work with data in different dimensions simultaneously – which allows for more simultaneous calculations and processing power.
While traditional computer science may struggle to solve the most difficult problems that we face, quantum computing takes advantage of quantum physics to bring problem-solving to a new level. The discovery of new materials, such as solar panels, polymers and medications, is enabled by quantum computers since they can conduct molecular simulations quickly.
Related: 3 Ways to Prepare Your Business for the Inevitable Quantum Revolution
Extraordinary growth ahead
Quantum computing has already impacted business and technology, and evidence is that it will continue to grow. In fact, Precedence Research reports that quantum computing was valued at $10.13 billion in 2022 and that this sector will increase to $125 billion by 2030 — an amazing cumulative average growth rate of over 36%. Growing demand for high-performance computing helps drive this surge in quantum computing. A contributing factor includes microprocessors that are more complex than ever and increasing workloads in data centers. I believe that funding by governments around the globe will expedite quantum computing growth.
Related: How Startups and Investors Can Thrive in the Current Economic Environment
How quantum computing makes a difference
Since quantum computers are millions of times faster than supercomputers, they help address the complex demands of the industry. Developments like new artificial intelligence chips and big data simulation will make it even more effective. I predict that new developments in quantum computing will help us expand space exploration, make the nuclear industry safer, contribute to autonomous driving and make an impact in healthcare — including cancer research and DNA analysis.
Quantum computing’s impact on healthcare will perhaps be one of its most significant. It will help improve and expedite our ability to discover drugs, design them, and test them more accurately and quickly than more. This will help reduce the reliance on trial and error, ultimately getting life-saving medications to the patients who need them, thus improving and saving lives. Quantum computing will also influence genomics, chemistry and physics, resolving global problems and solving even more.
The financial industry also benefits from quantum computing because banks and other financial institutions use models and algorithms to assess different financial outcomes. Key industry players are starting to rely on more advanced processors — those that leverage the principles of quantum physics — to analyze data quickly. This helps financial institutions understand data quickly and more thoroughly than in the past. As a result, they can make better decisions related to topics including corporate finance, portfolio management and capital markets.
Key players in quantum computing
As the industry increasingly relies on data, large machine simulation power will be more critical. Quantum computing hardware and software development will be a major focus for large-scale data analysis and simulation. Startups in this sector, such as Xanadu, ColdQuanta, QC Ware and 1QBit — along with well-known corporations IBM, Microsoft, D-Wave Systems, and Rigetti – will play an important role.
Several hardware-oriented corporations are placing more importance on artificial intelligence. These include Alphabet, Apple, Intel, Nvidia, Baidu and Qualcomm. In the startup realm, companies like Graphcore, Thinci, Groq, Cerebras and Anari AI. Many corporations and startups understand that quantum computing and AI will create new business opportunities in 2023 and beyond. Those knowledgeable and prepared companies will be ready to capitalize on these opportunities to grow their businesses.
Related: How Companies Can Utilize AI and Quantum Technologies to Improve Cybersecurity
The evolution and growth of quantum computing increase expectations about what computer science can accomplish. I find this exciting not only because it creates business opportunities but because new developments in quantum computing and AI will have a meaningful impact on society, potentially improving lives worldwide. I’m motivated to support global entrepreneurs working diligently to make this happen.
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