The current state of quantum computing is rapidly advancing, with significant investments being made in research and development by governments and industries around the world.

The global investment in quantum computing has topped $35.5 billion, with countries like the UK allocating £2.5 billion for quantum research funding.

China has invested at least $15.3 billion in public funds on quantum research, making it a major player in the field.

The US and China are currently dominating the quantum computing sector, with major companies like Google and IBM leading quantum computing development efforts.

IBM's Eagle quantum computer has 127 qubits, with plans for 1386 qubits in 2025, and the company is working on a 4,000-qubit system.

Google's 54-qubit Sycamore processor performed a calculation in 200 seconds, demonstrating the potential of quantum computing.

China has delivered its first practical quantum computer system to a customer, a 24-qubit Wuyan system based on superconducting technology.

The Wuyan system is on par with other systems in the market, but most quantum computers are accessed through the cloud.

Error correction and noise reduction are significant factors in quantum computing, and superconducting chip technology requires near zero Kelvin refrigeration.

A million qubits are needed to solve complex problems beyond classical compute technology, but qubits are sensitive to outside noise, resulting in high error rates.

Finland has developed a 5-qubit quantum computer, and VTT Technical Research Center leads quantum research in Finland.

India has approved a National Quantum Mission with a budget of ₹6,003 crore, aiming to develop intermediate-scale quantum computers with 50-1,000 physical qubits.

The mission includes satellite-based secure quantum communications and aims to create, develop, and nurture a quantum technology ecosystem.

Quantum computing has the potential to solve complex problems in fields like drug discovery, materials science, and cryptography.

Quantum computers can simulate complex molecular structures, process vast datasets, and solve cryptography problems faster than classical computers.

However, maintaining quantum coherence is a challenge due to external disturbances, and scaling up qubits requires innovations in error correction.

The development of quantum computing is expected to drive innovation and reshape industries, with significant investments being made in research and development.

The cloud-based quantum computing market is expected to reach USD 6,289.8 Million by 2030, with North America dominating the market.

Quantum computing has the potential to improve artificial intelligence algorithms and models, as well as provide new solutions to climate problems.

However, the development of quantum computing also faces technical challenges, such as the need for qualified experts and the limited access to quantum computing resources.

Despite these challenges, the significant investments in quantum computing research and development are expected to have a major impact on the global quantum computing ecosystem.

The US, China, and Europe are leading the way in quantum computing research and development, with other countries like Canada and India also making significant investments.

The global quantum computing market is expected to grow at a compound annual growth rate of 36.89% from 2022 to 2032, with the market size valued at USD 234.06 billion by 2032.

The market is dominated by IBM, Google, Microsoft, and Honeywell, with applications in drug discovery, supply chain optimization, and finance.

Quantum computing is expected to have a significant impact on various industries, including healthcare, finance, logistics, and energy.

The development of quantum computing is not without challenges, with technical difficulties hindering large-scale quantum computer development.

However, the potential benefits of quantum computing, including the ability to solve complex problems and create secure communications, make it an exciting and rapidly developing field.

Overall, the current state of quantum computing is one of rapid advancement and innovation, with companies and countries around the world investing heavily in this emerging technology.

References: [1], [2], [3], [4], [5], [6], [7], [8], [9], [10], [11], [12], [13], [14], [15], [16], [17], [18], [19], [20], [21], [22], [23], [24], [25], [26], [27], [28], [29], [30], [31], [32], [33], [34], [35], [36], [37], [38], [39], [40], [41], [42], [43], [44], [45], [46], [47], [48], [49], [50], [51], [52], [53], [54], [55], [56], [57], [58], [59], [60], [61], [62], [63], [64], [65], [66], [67], [68], [69], [70], [71], [72], [73], [74],.

The current state of quantum computing is rapidly advancing, with significant investments being made in research and development by governments and industries around the world.

Title:

Content: TIMES ENTERPRISE NETWORK: RISING STARS

Start-up leads charge in widening access to quantum computing

Oxford Quantum Circuits sells access to its supercomputer via Amazon Web Services
new

Dr Ilana Wisby is the chief executive of Europe’s first “quantum computing-as-a-service” company and one of very few women leading start-ups in the field.

Quantum computing is developing rapidly, and global investment in the sector has topped $35.5 billion (£27 million) as industry and governments look to seize on the opportunity it presents. In his most recent budget, Jeremy Hunt unveiled a £2.5 billion funding pot for quantum research, even as he slashed funding for other tech areas.

Quantum computers can operate much faster than conventional computers and perform multiple calculations simultaneously. The technology is still maturing, but in the near future it could solve previously intractable problems, enhance artificial intelligence and transform processes such as drug discovery.

Wisby, 32, who holds a PhD in

The global investment in quantum computing has topped $35.5 billion, with countries like the UK allocating £2.5 billion for quantum research funding.

What countries and blocs are leading in developing quantum computing?

China has invested at least $15.3 billion in public funds on quantum research, making it a major player in the field.

Title:

Content: Chandeliers, ‘qubits’ and Schrödinger’s cat: Inside the bizarre world of quantum computing

We’re sorry, this feature is currently unavailable. We’re working to restore it. Please try again later.

Advertisement

Explainer

Chandeliers, ‘qubits’ and Schrödinger’s cat: Inside the bizarre world of quantum computing

In the quantum realm, the laws of physics are different. Now its mind-bending tech could soon transform our lives. How does it work?

It was 2009, and a group of scientists had crowded around a tiny monitor in a Sydney physics laboratory. The team, led by electrical engineer Andrea Morello, held their collective breath and peered at a single flat line on the screen. Then, in the blink of an eye, the line changed: it was a series of blips, like a heartbeat. They’d hit paydirt. “When you see that symbol, you’re in the game,” recalls physicist Charles Tahan.

Welcome to the quantum world, a subatomic realm – yes, smaller than an atom – where the laws of physics are, well, different. The experiment made Morello and his team the first in the world to show that a quantum computer could be made using not diamonds, not the superconductor niobium, but everyday silicon. “To show you could do that, 100 different things had to go right,” says Tahan.

Quantum computing is one of the key technologies defining this century. Its proponents say it will do for computers what the car did to the horse and buggy. It will upend encryption and molecular biology. In theory, it could even possibly find cures for cancer. Australia is among the world leaders in a quantum computing gold rush, with Prime Minister Anthony Albanese saying his government is “serious about building a strong quantum ecosystem” and investing nearly a billion dollars.

Yet despite eye-watering outlays worldwide, quantum computing is still in its infancy, part of a mind-bending world that physicists are only beginning to fully grasp. What is it? And how will it make a difference to our lives?

How does a quantum computer work (and why did Alice in Wonderland have the jump on it?)

It’s often remarked that it looks like a beautiful chandelier, or a wedding cake. And IBM’s quantum computer, one of the world’s largest, is certainly an intriguing object, an intricate dome of golden wires and graceful tubes suspended from a ceiling.

Advertisement

The part we can see, though, is really just the control and support system for a microchip (currently a version called Condor) buried deep inside. The glittering exoskeleton is there to keep its tiny heart as cold as possible – a hundred times colder than the coldest depths of space – and to feed information in and out, the process that makes it a “computer” and not just a science experiment.

The chip itself is smaller than a postage stamp, with several layers of circuitry and metal sandwiched in a tiny square, cooled to improve conductivity and to eliminate “noise”, the bugbear of many such devices. But even what we see here is not where the action happens. For that, we have to go deeper still, down into the chip and well beyond what’s visible through even the most powerful microscope, beyond the layers of individual atoms, into the atoms themselves.

‘The truth is the universe doesn’t run by the rules that we see every day – gravity, you bounce a ball and it falls. It runs on these other rules: quantum mechanics.’

In the subatomic realm of electrons, protons and photons, things happen very differently. Indeed, these tiny particles have no use for Newton’s laws of physics, nor even many of Einstein’s. “The truth,” says Tahan, “is the universe doesn’t run by the rules that we see every day – gravity, you bounce a ball and it falls. It runs on these other rules: quantum mechanics.”

Why these particles behave as they do in the quantum realm is a difficult concept to get your head around. Even Einstein resisted aspects of it, famously arguing that “God does not play dice with the Universe”. It was a misstep. “Because he didn’t believe in the completeness of quantum mechanics,” says Morello, “he lost a lot of productive years because he didn’t understand how it is possible that this thing is true.”

Many leading physicists investigated the concept from the early 1900s, including some familiar from popular culture today, notably Einstein and Neils Bohr (portrayed in Oppenheimer), Werner Heisenberg (whose name Walter White stole for his drug-chemist alter ego in Breaking Bad) and Viennese physicist Erwin Schrödinger, of the famous cat experiment (explained below).

Advertisement

Lewis Carroll, meanwhile, may have had the jump on quantum physics with his ideas in the Alice books, as James Renner observed in The Wall Street Journal in 2015. “We speak of going down the wormhole into a mysterious world that defies Newtonian physics, where once Alice went down the rabbit hole into a mysterious world that had much the same effect. Now we speak of quantum particles being in two places at once or even Schrödinger’s cat being alive and dead at the same time, long after the Cheshire Cat’s grin was magically displaced from its body.”

The quantum realm has only truly begun to reveal itself to us relatively recently. In 1964, the Irish-born physicist John Bell published one of the most important theorems, which, according to Professor Andrew Whitaker in Physics World, “opened up the possibility of experimental philosophy, the study of what are normally thought of as philosophical issues in experiments. Not only do these experiments probe the deepest and most profound aspects of quantum theory, they also provide information on the fundamental nature of the universe.”

At the time, Bell’s theorem could not be tested in a lab. That would come in the late 1960s and early 1970s when experimentalists such as John Clauser began to show that the weirdness Bell had described on paper actually occurred in the real world. Which, at the time, was considered quite rude. One eminent physicist “was highly offended by my impertinent effort and told me that it was tantamount to professing a disbelief in quantum physics,” Clauser later recalled.

He and other apostates continued their work because he found some of the predictions “sufficiently bizarre that I could not accept them without seeing experimental proof”. Working with leftover lab equipment – “physics department scrap” – he went on to provide experimental evidence that refuted even Einstein’s theories. “I was very sad to see that my own experiment had proven Einstein wrong,” he said. Clauser would go on to win the 2022 Nobel Prize for Physics alongside Alain Aspect and Anton Zeilinger for their groundbreaking experiments with so-called “entangled” particles.

Quantum physicists still despair at the difficulties of explaining their weird world to outsiders. “Many writers fall back on boilerplate that makes physicists howl in agony,” wrote computer scientist Scott Aaronson in The New York Times in 2019. Unfortunately, says Gerard Milburn, a quantum physicist from the University of Queensland, “The quantum world lies beyond the reach of natural language.”

Advertisement

But we’ll give it a go. Chiefly, particles in the quantum realm aren’t tied down to being in one place or state in the way bigger things are in the outside world, such as cats, which tend to be in one place at once. They obey different rules entirely. The first way to understand this oddness harks back to high-school science and how light can behave as both a particle and a wave. Photons – bursts of light – can act like ball bearings, with position and momentum. Yet light also behaves like a wave washing over a beach in a way that a ball bearing can’t. That’s a quantum physics party trick.

What is Schrödinger’s cat?

The most famous primer for quantum mechanics is the paradox of Schrödinger’s cat, a mind experiment devised by Schrödinger in 1935. A hypothetical cat goes into a box with a vial of poison gas, which has a 50-50 chance of killing it. You close the box and can’t see inside. So, without opening the box, you can’t know whether the poison has killed the cat or not. Therefore, posited Schrödinger, puss is neither dead nor alive but both – until you open the box.

In quantum mechanics, this state is called “superposition”. It’s impossible to describe properly without a background in higher-level mathematics, which we lack, but it generally means not knowing whether, say, an electron is over here, or over there, or – cat-like – in both places at the same time. Another way of looking at it is to visualise a coin spinning on its side. Until it stops and lands on one side or another, it’s not heads or tails but both.

At least, kind of.

Advertisement

“Every explanation we give in lay terms is in some way wrong,” says Stephen Bartlett, a theoretical quantum physicist and director of the University of Sydney Nano Institute. “People often say a quantum superposition is in the value zero and the value one at the same time. That’s sort of right, and sort of not right.” Says Morello: “This is where language is failing us, right? If you’re trying to say that in plain English, it sounds really weird. But if you actually think about, you know, the mathematics of it, and the actual physical embodiment of that, it actually makes perfect sense.” Suffice to say, a real cat cannot find itself in “superposition”: this is a state that can exist only in the subatomic world.

How is this useful (and what’s a qubit)?

In a conventional computer, information is encoded as voltages that pass around the system thanks to millions of tiny transistors – essentially, gates or switches that turn on and off. A quantum computer is similar except that instead of using transistors as switches it uses subatomic particles, such as electrons or photons, that can have many more states than simply on or off, according to their position, momentum, spin direction and polarisation. Once harnessed – and there are many ways of doing that – these particles-as-switches are called “qubits”, a play on the word “bit”, the smallest unit of data that a computer can process and store.

Loading

Information can be encoded on qubits in various ways: for his computers, Morello uses silicon and strong magnetic fields like those found in MRI machines. “The stuff that I build in my lab is actually a small silicon chip the size of a fingernail,” he says, “but the whole infrastructure around it is quite fancy. It’s a very powerful refrigerator that cools down the chip to [just] above absolute zero.

Critically, qubits can relate to other qubits in a state called “entanglement”. This enables quantum computers to perform multiple calculations simultaneously – which is their superpower. Schrödinger described entanglement as “the characteristic trait of quantum mechanics, the one that enforces its entire departure from classical lines of thought”. Sceptical Einstein called entanglement “spooky action at a distance”. Gerard Milburn says entanglement is great for building a computer “because if you want to have all these switches, having them strongly correlated is exactly what you want. And if you can control those correlations, you can do computation.”

Advertisement

It’s these characteristics that have scientists and engineers excited. Not because quantum computers will necessarily take over from the conventional miracles we so rely on today but because they can do some particular things that transistor-based machines either struggle with or fail at completely. Today’s supercomputer might try to simulate molecular behaviour with “brute force”, says IBM’s quantum department. “But as it moves past the simplest, most straightforward molecules available, the supercomputer stalls. Quantum algorithms take a new approach to these sorts of complex problems, creating multidimensional computational spaces.”

‘Calculations that are completely impossible … would rapidly become possible on a quantum computer.’

This might include modelling how a drug might affect a virus, how new materials in aeroplanes might react to stress, or the exact process necessary to create a perfect chemical reaction.

“Calculations that are completely impossible – not just on present-day conventional computers but any conceivable future conventional computer – would rapidly become possible on a quantum computer,” says Andrew Doherty, professor of physics at Sydney University. “These are things where the application of that computer would be transformative to people’s lives without every home, you know, having a laptop quantum computer.”

Whether quantum computing will also revolutionise artificial intelligence is less certain. AI works by drawing from a huge amount of data, which is not something that naturally fits on a quantum computer, says Morello. “The problem with quantum computers in general and, in particular, with applications to AI is that loading data into them and reading data out of them is slow and cumbersome and prone to errors. It’s a bottleneck.”

Why is it so hard to build quantum machines?

Creating the qubits is hard, whatever material you start with. Interfacing with them via tiny wires like the golden lattice in IBM’s machines is hard. Getting accurate information from them is hard: “noise”, in the form of vibration or spurious electromagnetic signals, makes them behave badly and give poor results – “decoherence”, in physics speak.

Much of Andrew Doherty’s team’s work these days is in figuring out how to reduce this noise to acceptable levels and compensating for the errors that noise produces. “Compared to our conventional computers, quantum technology [computers] are very noisy devices,” he says. “They go wrong one time in 1000 as opposed to one time in an astronomically huge number of uses of [normal computers].”

Teams around the world are working on multiple approaches both to building the machines and compensating for their eccentricities, from labs in Australia to the tech giants Google, Microsoft and IBM – its Quantum Lab relies on superconducting qubits made from aluminium and niobiumand the Chinese government.

Some versions, such as IBM’s and Morello’s, chill the atoms to keep them as stable as possible. In contrast, the Australian company Quantum Brilliance is working with synthetic diamonds because they work at room temperature. “Unlike other materials,” says co-founder Marcus Doherty (no relation to Andrew), “diamond’s incredible hardness means that even at room temperature, there isn’t enough thermal energy in the environment to create vibrations that destroy the quantum properties of qubits.”

‘People are working really hard to try to find different mathematical problems that they think maybe quantum computers can’t crack.’

Another key moment in the quantum timeline came in 1994 when US mathematician Peter Shor showed that a quantum computer could crack encryption standards safeguarding everything from national intelligence systems to bank accounts. “He devised an algorithm, in theory, that he would need to run on a quantum computer,” says Bartlett. “And if you could build a quantum computer of sufficient size, then yeah, all information security falls apart.” Cybersecurity experts call that scenario Q-Day. “At the moment, people are working really hard to try to find different mathematical problems that they think maybe quantum computers can’t crack,” says Bartlett.

Loading

In 2001, IBM made a seven-qubit device controlled through radio frequency pulses to demonstrate Shor’s Theorem. IBM’s prototype wasn’t given a huge task, managing to calculate that three times five was … wait for it ... 15. Yet this was considered a great success, even if it had shades of the famous supercomputer Deep Thought from Douglas Adams’ Hitchhiker’s Guide to the Galaxy, which ponders the question of “life, the universe and everything” for thousands of years before giving the answer: 42.(Adams also dreamed up the Infinite Improbability Drive for a spaceship called the Heart of Gold, which used quantum theory to allow it to cross through every point in the universe simultaneously, allowing interstellar travel without all that “tedious mucking about in hyperspace”.)

Then, in 2019, Google claimed its 54-qubit Sycamore processor had performed a calculation in 200 seconds that would have taken the world’s most powerful supercomputer 10,000 years – a breakthrough some breathlessly likened to the Wright brothers’ first flight in 1903. Others were more sceptical, saying it would be many more years before quantum computers would have enough qubits – and be stable enough – to do anything actually useful. IBM said it could simulate Google’s experiment in two-and-a-half days on a “normal” computer, albeit if it had access to the Oak Ridge Summit supercomputer, a beast occupying an area the size of two basketball courts. IBM’s shimmering Eagle, meanwhile, had just 127 qubits; its successors, Osprey and now Condor, have pushed the bar to over 1000 and it plans for 1386 qubits in its Kookaburra in 2025.

Yet most of these devices are still basically proofs of concept, says Morello, the first step to manufacturing and miniaturising, as we saw with today’s transistor-based computers, which started out as rooms full of valves and cables. In the post-World War II era, says Andrew Doherty, “computers took up office floors of buildings in Manhattan and people put paper cards into them to program them. Out came numbers that even my childhood pocket calculator could have calculated right.” Many hundreds of billions of dollars have gone into developing computer technology, in packaging it for convenience and getting the components to work reliably, he says. “That whole engineering thing has got to grow up around these quantum technologies.”

Already, Marcus Doherty’s Quantum Brilliance has installed a quantum computer at the Pawsey Supercomputing Centre in Perth and is about to export computers, at this stage for customers to experiment with quantum computing and work out how to make it useful. In the future, finding commercial applications for a quantum computer will require tailoring it, at least initially, says UNSW’s Maja Cassidy, a former quantum researcher for Microsoft. “People have to go in and understand a company’s problem, how they’re using classical computing and … work out what section might be enhanced by the quantum computer.”

Who is leading the quantum race?

China is the only other nation giving the United States a run for its money. Its leader, Xi Jinping, put accelerating quantum technology in his 2021 five-year plan. McKinsey & Company estimates China has spent at least $15.3 billion in public funds on quantum research. That partly came to fruition in April with the Chinese Academy of Science’s unveiling of a 504-qubit chip, still half the size of IBM’s biggest.

For its part, Australia got a head start with quantum research in the 1990s. Today, two major spinoffs from UNSW research are pursuing silicon-based quantum computing: Silicon Quantum Computing (SQC), led by Professor Michelle Simmons, and Diraq, led by Professor Andrew Dzurak. SQC’s approach involves embedding phosphorus atoms within a wafer of silicon. Dzurak’s approach involves trapping electrons on silicon transistors. Both have the advantage of silicon chips already being ubiquitous. “Today, in our phones and our laptops, the silicon chips that are in those have upwards of a billion transistors on them,” says Dzurak. “The benefit of the technology that we’ve developed is that we are also able to get millions, and ultimately billions, of quantum bits onto a single silicon chip.”

‘Computers as we know them today are an absolutely mind-blowing achievement. So any technology that has the ambition of being an alternative or being better than that has a phenomenally high bar to clear.’

Other leading players in Australia include Q-CTRL, which is working on controlling and enhancing quantum hardware; quantum security company QuintessenceLabs; and Doherty’s Quantum Brilliance, which used its synthetic diamonds in the world-first integration of a two-qubit quantum device into a supercomputer at room temperature in 2022.

Meanwhile, out of the University of Queensland came early gains in “photonic” quantum computing, which harnesses particles of light – photons – as qubits. In April, the federal and Queensland governments jointly set aside $940 million in share purchases, grants and loans for PsiQuantum, a Silicon Valley company whose founders include Australian professors Jeremy O’Brien and Terry Rudolph. Unlike ions or electrons, photons are not charged, Bartlett says, so are not sent haywire by electromagnetic forces – but they are hard to manipulate and measure.

Loading

Another approach involves “trapped ion” quantum computing, pursued by US company IonQ: physicists take an atom, flick off an electron so it is positively charged, then suspend the resulting ion within an electromagnetic field and manipulate the ion with lasers. But Bartlett says this approach will be hard to scale, given the technology to suspend millions of ion qubits doesn’t yet exist.

In April, the federal government also announced $18 million for the University of Sydney to establish Quantum Australia, a research consortium between several universities headed by Bartlett. “It used to be a small research community,” he says. “You absolutely needed to speak the common language of everyone else, which were the rules of physics. Now we are really seeing quite a bit of specialisation.”

Even if quantum computers develop practical uses, they will likely live in vast, super-cooled server farms where land and power are cheap. We’ll communicate with them through our everyday devices, much as we download and upload data from cloud servers, Netflix, TikTok, DropBox, whatever, today. The real challenge for quantum computing, says Morello, is that the alternative is “really, really good”. “Computers as we know them today are an absolutely mind-blowing achievement. So any technology that has the ambition of being an alternative or being better than that has a phenomenally high bar to clear.”

Get fascinating insights and explanations on the world’s most perplexing topics. Sign up for our weekly Explainer newsletter.

Let us explain

If you'd like some expert background on an issue or a news event, drop us a line at explainers@smh.com.au or explainers@theage.com.au. Read more explainers here.

Most Viewed in National

Loading

How much have countries and blocs invested in quantum computing?

What countries and blocs are leading in developing quantum computing?

The US and China are currently dominating the quantum computing sector, with major companies like Google and IBM leading quantum computing development efforts.

Title:

Content: Monday, 25 March 2024 02: 58 GMT
UAE invests in ‘ quantum computing ’ to look to the future
(MENAFN- Al-Bayan)
The UAE is investing in the sector of quantum computing, which is expected to reach a global market value of $1 trillion in 2035, as one of the fastest expanding fields of technology in the world and because of its innovative applications capable of solving challenges in many sectors, because of its strength and speed in calculating physical phenomena, compared to traditional computers.
The UAE aims to invest in quantum computing to enable innovation and a knowledge and sustainable economy through the Quantum Research Center and UAE institutes and universities to explore the future of this vital sector. The Institute of Technology Innovation ’ s (TII) Quantitative Research Center is working to build the first quantum computer in the UAE, according to the Interregional Center for Strategic Analytics in Abu Dhabi.
The UAE has quickly realized the benefits of the quantum computing sector in all sectors and fields, especially in the economy and scientific research, as part of the country ’ s long-term strategies to keep pace with the global technological development represented by the fourth industrial revolution and artificial intelligence, which will change the face of the world in the coming years.
IDC expects global investments in quantum computing to reach $16.4 billion by the end of 2027, with a compound annual growth rate of 11.5%, which includes investments by the public and private sectors and R & D spending from technology, services and finance companies.
There is growing interest in quantum computing by global government agencies, with 14 of them (13 countries plus the European Union) announcing multi-year initiatives that will generate billions of dollars for quantum computing research.
The center said that the UAE is among the 50 projects working to create an attractive investment environment for investments in new and future sectors, including quantum computing technology.
According to Accenture Middle East, quantum computing technology is advancing rapidly, making it a promising technology sector.
The US and China dominate the quantum computing sector to take advantage of the features of the new technological revolution that has enabled scientists to study the basic particles of matter, whose applications have multiplied across different fields despite their relative novelty, promising radical transformations for any industry dependent on speed and processing power, including aerospace, automotive, medicine and others.
Quantum computing technologies have a huge market value, with quantum computing alone expected to reach a global market value of $1 trillion by 2035.
Quantum technology has played a role in many areas, including complex mathematical models, simulations, electronic devices, CT scanners and many others, as it has the potential to revolutionize the way humans communicate and process information at record speeds.
The most prominent areas of use of quantum computing can be found in many fields of military, communications and medicine, and can address economic crises and challenges quickly, and there is no doubt that quantum computing technology can change the map of national industries.
Major technology companies are leading efforts to develop quantum computing, with Google Research Lab and IBM, which built one of the largest quantum computers in the field, and the Chinese University of Science and Technology has developed a quantum computer that is 10 billion times faster than the computer developed by Google.
Follow the economic statement via Google News
MENAFN24032024000110011019ID1108015991
Legal Disclaimer:
MENA Financial Services Network provides information "as is" without any representations or warranties...
This disclaims our responsibility for the privacy practices or content of the sites included in our network, including images and videos.
For any queries regarding the use and reuse of this source of information, please contact the provider of the above article.

What companies are leading in developing quantum computing?

IBM's Eagle quantum computer has 127 qubits, with plans for 1386 qubits in 2025, and the company is working on a 4,000-qubit system.

What are important areas in quantum research?

What are the challenges in quantum computing research?

What companies are leading in developing quantum computing?

What seminal quantum computers/ processors have been developed?

Google's 54-qubit Sycamore processor performed a calculation in 200 seconds, demonstrating the potential of quantum computing.

What advantages do quantum computers have over conventional computers?

extremely fast calculations
extremely complex calculations

What are important areas in quantum research?

What companies are leading in developing quantum computing?

What have been the landmark achievements in quantum computing?

Google's Sycamore quantum supremacy experiment

China has delivered its first practical quantum computer system to a customer, a 24-qubit Wuyan system based on superconducting technology.

Title:

Content: Computing

INTERNATIONAL NEWS

China Delivers Its First Practical Quantum Computer System to a Customer

China’s Science Ministry on Monday announced that the country’s first practical quantum computer was delivered to a user, which the agency didn’t identify, a year ago.

The 24-qubit Wuyan system based on superconducting technology was built by Origin Quantum Computing Technology, a company founded in 2017 by two of the country’s leading quantum physicists, Guo Guoping and Guo Guangcan. A qubit in the quantum world performs functions akin to bits in the digital world.

With the on-premises installation of the Wuyan system, China became the third country, after Canada and the United States, to deliver a complete quantum computer system to a customer.

Some skeptics questioned the timing of the announcement.

“Quantum technology has a high priority for national security in China. If this were something very important, I doubt it would be disclosed like this in a transparent way by Chinese authorities,” explained Weifeng Zhong, a senior research fellow at the Mercatus Center of George Mason University in Fairfax, Va.

“The fact that it was delayed for a year suggests that they realize now that it’s not important to national security, so they’re trying to use it to build China’s image as a technology leader at a time when they’re trying to open up their economy to the rest of the world,” Zhong told TechNewsWorld.

Important Step

However, Hodan Omaar, a senior AI policy analyst at the Center for Data Innovation, a think tank studying the intersection of data, technology, and public policy, in Washington, D.C., maintained the announcement shows that China has made an important step in its quantum development.

“Overcoming technical challenges on the path toward large-scale quantum computers will depend on the ability to scale the number of qubits in quantum systems, much like modern classical computers have depended on the growth in the number of transistors in superconducting chips,” Omaar told TechNewsWorld.

“Investing in near-term quantum computing applications helps bolster the development of longer-term use cases of the technology, thereby helping to improve competitiveness,” she added.

Skip Sanzeri, co-founder and COO of QuSecure, a maker of quantum-safe security solutions in San Mateo, Calif., called the announcement “formidable” because China is stating that they have a fully functional quantum computer, albeit the qubit count is low.

“Nonetheless, error correction and noise reduction are two significant factors in ensuring that a quantum computer can process data and provide applications that we can rely on,” Sanzeri told TechNewsWorld. “By announcing that they have been able to get to this level shows that China is making progress towards larger quantum computers.”

Bucking a Trend

The Wuyan system appears to be on par with other systems in the market, noted Heather West, a senior research analyst at IDC’, an international market research company.

“The fact that they sold a 24 qubit system to someone isn’t that different from what we’re seeing elsewhere around the world,” West told TechNewsWorld.

Delivering a standalone system like the Wuyan is actually bucking the current trend in the market.

“Most quantum computers that people are accessing today are accessed through the cloud,” explained Doug Finke, an analyst with Global Quantum Intelligence, an international market intelligence firm.

“This Wuyan computer is being delivered to a customer in an on-premise situation,” Finke told TechNewsWorld. “On-premise has a lot of disadvantages. You have to worry about maintenance. You have to worry about spare parts. You have to worry about calibration.”

“In addition,” he continued, “quantum computing innovation is so fast that they become obsolete in about two years. So few people want an on-premise quantum computer. They’re much more comfortable with the cloud.”

Superconducting Challenges

The Wuyan system is built using superconducting chip technology, one of the earliest technologies for quantum computers. Since its introduction, other technologies have been explored. They include photonics, trapped ions, and neutral atoms.

“At the moment, no one knows which technology will be the winner or if there’ll be a combination of technologies that will combine for efficacious quantum applications,” Sanzeri said.

“Superconducting is very difficult,” he explained. “It requires near zero Kelvin refrigeration.”

“The electrons used in superconducting quantum computers are very hard to manage due to very short coherence times,” he continued. “That’s why they must be cooled to such a low temperature.”

Other methods are managing longer coherence times and a faster path to the desired goal of 1,000 error-corrected qubits, he added.

“The million-dollar question is what technology will win the race to the fault-tolerant quantum computer,” West said. “There might not be one winner. There might not be one system that comes out on top. It might be that certain kinds of systems are better than others at solving certain kinds of problems.”

Long View

Omaar countered that superconducting chips have a number of advantages over competing technologies.

“First, superconducting qubits are solid-state electrical circuits that are easier to control because they are manipulated using microwaves,” she said. “Scientists can therefore use easily accessible commercial microwave devices and equipment in superconducting quantum computing applications.”

“Second,” she continued, “because preparing superconducting circuits is based on the existing method for fabricating semiconductor chips, the development of high-quality devices can leverage advanced chip-making technologies, which is good for manufacturing and scalability.”

Despite developments like China’s Wuyan system, the arrival of a quantum computer that can tackle problems beyond the capacity of silicon computers appears to be years away.

“What quantum computers are going to be best for is solving complex, intractable problems beyond the scope of classical compute technology,” West said. “Those problems are years away from a quantum computer solving.”

“To get to that, we need at least a million qubits,” she continued. “That’s going to take a lot of work in scaling and stabilizing the qubits. Qubits are very sensitive to outside noise. As a result, the error rates are high in the technology we have.”

Despite the exuberance exhibited by many, we’re still in the early days of quantum computing, added Richard Stiennon, founder and chief research analyst at IT-Harvest, a cybersecurity industry analyst firm in Birmingham, Mich.

“There are many physical constraints on quantum computing that require precision in length of pathways — we are talking microns — and resistance to forces — footsteps can interfere with it. Supercooled chips just add to the complexity,” Stiennon told TechNewsWorld.

“I put it in the same realm as developing usable nuclear fusion as an energy source,” he said. “Hundreds of billions of dollars and decades to show a glimmer of progress.”

John P. Mello Jr. has been an ECT News Network reporter since 2003. His areas of focus include cybersecurity, IT issues, privacy, e-commerce, social media, artificial intelligence, big data and consumer electronics. He has written and edited for numerous publications, including the Boston Business Journal, the Boston Phoenix, Megapixel.Net and Government Security News. Email John.

More by John P. Mello Jr.
More in Computing

To earn your loyalty as a consumer, how important is it that a brand provides a personalized experience?
 Loading ...

Technewsworld Channels

What are important areas in quantum research?

What countries and blocs are leading in developing quantum computing?

The Wuyan system is on par with other systems in the market, but most quantum computers are accessed through the cloud.

Error correction and noise reduction are significant factors in quantum computing, and superconducting chip technology requires near zero Kelvin refrigeration.

What are important areas in quantum research?

What are the challenges in quantum computing research?

high error rates
sensitivity to environment

A million qubits are needed to solve complex problems beyond classical compute technology, but qubits are sensitive to outside noise, resulting in high error rates.

What are the challenges in quantum computing research?

high error rates
sensitivity to environment

Finland has developed a 5-qubit quantum computer, and VTT Technical Research Center leads quantum research in Finland.

Title:

Content: Finland has big plans for quantum computing applications

The QuTI project will develop new components, manufacturing and testing solutions, and algorithms for the needs of quantum computing applications.
25 January 2022

Quantum computing applications are expected to be adopted by more industries this year as organizations around the world begin testing the use cases for the technology. While organizations are the ones most looking forward to making the most of the technology, a few governments are also hoping quantum computing applications can improve their services.

In Finland, their first-ever quantum computer was commissioned at a research center near the capital. Scientists are expected to use it to study next-generation computing power. The 5 quantum-bit computers were developed to learn how to build a quantum computer, how to program one, and how to operate one in the future.

The state-owned VTT Technical Research Center (VTT) plays a crucial role in ensuring researchers learn in a range of scientific domains and making quantum computing applications ready for the industry. According to a report by Computer Weekly, the Finnish government believes that the best way to be ready for the quantum computing industry is to build a working quantum computer.

Computer Weekly also highlights five areas for quantum computing applications. They are in drug and materials discovery, supply chain and logistics, financial services, artificial intelligence, and cloud security.

For drug and materials discovery, Computer Weekly reports that a separate team in VTT which is the quantum algorithm team is developing algorithms to be used on the quantum computer. They are looking at two broad types of quantum computing applications. The first is to solve complex optimization problems that exist in many industries. This includes energy distribution, process control, and fleet management. The second is to predict the structures and properties of molecular formations more accurately and effectively. This will help accelerate drug discovery and the development of new materials.

While other countries are also developing quantum computer ecosystems, with the majority focusing on topics and platforms. Tech vendors like IBM and Google, who are also developing quantum use cases are not government-linked or owned and are mostly testing industry use cases.

Compared to the rest of the world, Finnish researchers focus almost exclusively on the superconducting qubit approach, which they have been using for years and know very well. In fact, a new research project has just been launched to accelerate the progress of Finnish quantum technology.

The QuTI project, coordinated by VTT, will develop new components, manufacturing and testing solutions, and algorithms for the needs of quantum technology. The QuTI consortium, partly financed by Business Finland, consists of 12 partners and has a total budget of around EUR 10 million.

For Professor Mika Prunnila, QuTI project’s coordinator, from VT, “Quantum technology is a multidisciplinary and rapidly advancing field. The QuTI consortium provides an ideal starting point for strengthening the international competitiveness of Finnish technology and industry in this fast-growing field.”

The quantum computing, communication and sensing devices to be developed in the QuTI project are largely based on expertise in microsystems, photonics, electronics, and cryogenics. The project develops customized software and algorithms hand in hand with the hardware, strengthening the Finnish quantum computing infrastructure. In addition, new tools will be created for quantum technology product development that will serve the needs of the QuTI project as well as the entire field of quantum technology.

As China and the US continue to battle each other for quantum computing supremacy, Finland is definitely building their presence in the industry as well. With the government supporting quantum computing initiatives, Finland might just have a quantum computing ecosystem on the horizon.

What are important areas in quantum research?

What countries and blocs are leading in developing quantum computing?

India has approved a National Quantum Mission with a budget of ₹6,003 crore, aiming to develop intermediate-scale quantum computers with 50-1,000 physical qubits.

Title:

Content: Satyam Priyadarshy

Rajesh Mehta

Governments, venture capitalists, and private companies have invested billions of dollars in quantum computing in the last 10 years. Recently, at the Puzzle X conference held in Barcelona, it was evident that Europe is preparing to take on the leadership role to push the boundaries of quantum computing ecosystem. So, what is quantum computing?

Bits to Qubits

In simple words, quantum computing combines the fields of quantum mechanics and computer science. It moves us beyond Bits to Qubits. In traditional computer science, the information is stored and manipulated using bits that have two discrete states, 0 and 1, while in the quantum computing world, Qubits can represent both states at the same time, thus allowing for a high degree of parallelism, enabling by phenomena of “interference, superposition, and entanglement.”

Such parallelism allows quantum computers to tackle computational challenges that become a limiting factor for traditional computers.

Wide applications

Many companies in the quantum computing field are engaged in solving complex problems that could significantly impact the fields of drug development, material design, energy transition, finance, security, and defense.

All nations must address various aspects of the quantum computing ecosystem sooner than later due to China’s quantum computing activities.

The National Quantum Mission (NQM) was approved by Prime Minister Narendra Modi, on April 19, 2023.

With a budget of ₹6,003 crore over eight years, it aims to create, develop, and nurture the quantum technology ecosystem in the country.

The goal of the mission is to develop intermediate-scale quantum computers with 50-1,000 physical qubits in various platforms like superconducting and photonic technology. Satellite-based secure quantum communications between ground stations over a range of 2,000 km within India, long-distance secure quantum communications with other countries, inter-city quantum key distribution over 2,000 km, as well as multi-node quantum networks with quantum memories, are among the other deliverables. The technology is expected to break ground in communications, cryptography, intelligence, fossil fuel exploration, space research, and drug design.

As we step into 2024, an increased set of activities to solve complex challenges will be addressed by combining the tools of Artificial Intelligence and Quantum computing.

Priyadarshy is a pioneer in the fields of Quantum Mechanics, Data Science, Big Data and Emerging Technologies; Mehta is an International Consultant in the field of Market Entry, Innovation and Public Policy

COMMENT NOW

What are important areas in quantum research?

The mission includes satellite-based secure quantum communications and aims to create, develop, and nurture a quantum technology ecosystem.

What fields can quantum computers advance?

Quantum computing has the potential to solve complex problems in fields like drug discovery, materials science, and cryptography.

Title:

Content: The quantum leap: Quantum computing breakthroughs to watch

The classical computer has been the bedrock of computing for over 50 years. That’s going to change soon. quantum computing, which was once a concept limited to fringe scientific papers, is now becoming a mainstream topic.

We’re seeing significant breakthroughs in the headlines which are stoking the flames of conjecture. The truth is, that this technology will bring with it much more than hype and opportunities to breathe life into sci-fi creations. In this article, we’re going to dive into some of the milestones of quantum computing, future goals and, of course, the challenges that we still have to overcome.

The Quantum Paradigm

Classical computers began as room-sized machines. Computer scientists from the 1950s would be completely flummoxed to see the powerful gaming or AI training rigs of today. That said, computers process information using bits -- either a 0 or a 1. quantum computers break the mold by using quantum bits, or qubits. They’re built upon the principles of quantum mechanics, which allow us to conceptualize that a qubit can exist in a state of 0, 1, or both at the same time (this is known as superposition in quantum theory).

As a result of this state, quantum computers are able to measure vast quantities of possibilities at the same time and exponentially increase their computing power compared to classical machines.

Significant Milestones in Quantum Computing

As with everything groundbreaking, quantum computing has been the subject of much fanfare, which has caused tangible advancements to slip through the cracks. This includes:

The Rise of Quantum Supremacy

The idea of "quantum supremacy" once seemed rather farfetched. That was until Google demonstrated with its Sycamore processor exactly what quantum machines could do. Sycamore was given a calculation that would have taken a classical computer 10,000 years to complete. It completed it in 200 seconds. quantum supremacy is now a modern reality and not just a hypothesis.

Innovations in Quantum Error-Correction

The inherently fragile nature of qubits means they're prone to errors from even the smallest environmental interference. Over the years, researchers have been laser-focused on tackling this problem, giving rise to various quantum error-correction protocols. Among the most prominent are the "surface code" and "cat code" methods, which deploy specialized qubit arrangements and extra layers of computational checks to detect and correct errors in real time.

Development of Quantum Algorithms

Unsurprisingly, with the growth of quantum processors has come an increase in quantum algorithms being developed. Algorithms like Shor's (for integer factorization) and Grover's (for database searching) have proven quantum computing's superiority over classical methods.

quantum algorithms have more granular applications as well, especially for devs and larger organizations. They could drastically reduce the time it takes to render documents in a React PDF viewer, particularly those that are large or contain complex elements like high-resolution images or intricate designs. Imagine one day sending petabytes of multimedia files without delay.

In a fraction of a second, teams could edit, compare, and merge files, all on their native platform, without having to wait until all the documentation is ready for analysis or sending.

This is just a microcosm of how massive quality-of-life (QoL) improvements from quantum computing will actually be. Aside from document readers, artists will also be able to render entire films in a matter of seconds, as there will be no resolution too high to be processed instantly. The same goes for 4K video calls without lags, VR gaming, and so much more.

Quantum Potential

What makes quantum computers so powerful is their ability to solve the problems that have simply been out of reach for classical machines, This includes:

  • Cryptography: Certain mathematical problems (like factorizing large prime numbers) are difficult for modern classical computers. quantum computers, however, are able to solve these problems much faster due to their parallel processing capabilities. Modern digital security rests on the assumption that these problems prevent computers from solving them quickly, and so quantum computing will be incredibly disruptive to modern cryptography. "Revolutionary" won’t even begin to define it.
  • Drug Discovery and Material Science: Another difficult task for classical computers is simulating and understanding complex molecular structures. With quantum computing, molecular simulations will be turbo-charged and lead to important breakthroughs in medicine and material science at a blistering pace.
  • Optimization Challenges: Be it traffic management, financial modeling, or supply chain optimization, problems involving multiple variables and constraints could benefit immensely from quantum computing's prowess, resulting in more efficient and optimal solutions.
  • Machine Learning and Big Data: Data is the new oil. And companies everywhere are drilling. quantum computers can process and analyze vast datasets swiftly and can send machine learning models to the stratosphere. This will lead to more accurate predictions and insights.

Navigating Quantum Challenges

The dream of a large-scale, fault-tolerant quantum computer is still just a dream for now, due to certain technical hurdles.

The first is maintaining the quantum state of qubits over extended durations. The term for this is ‘quantum coherence’, and it is not an easy task. External disturbances such as cosmic rays or nearby electronic devices can disrupt its state and prevent long computations.

Of course, one must also ponder about scalability. Scaling from a few qubits to thousands or even millions which are needed for more complex tasks will need further innovations in quantum error correction (and system architecture for that matter).

For now, computer scientists have gotten around this by using extremely low temperatures to maintain qubit stability, but this is not something companies or organizations without vast resources can accomplish.

Another aspect to consider is the software ecosystem. quantum computers will need their own kind of software, along with unique programming languages and tools. This will take years and possibly decades of collaboration between physicists, computer scientists, and industry stakeholders before a barebones system is achieved. QApplications in Diverse Domains

quantum computing is going to massively change many sectors. That said, some stand to benefit sooner than the rest:

  • Financial Modeling: The financial sector is an obvious winner when it comes to having more computing power -- the sector is already using AI to its advantage. quantum algorithms will allow traders and analysts to evaluate vast numbers of scenarios extremely quickly, giving those companies with quantum machines an extraordinary advantage.
  • Climate Modeling: Predicting the Earth’s climate involves accounting for a ton of variables and how they interact with each other. quantum computers will allow more accurate climate models and better insights into climate change which will hopefully help us develop better strategies for mitigating it.
  • Logistics and Supply Chain: Efficient solutions to the traveling salesman problem -- a challenge that involves finding the shortest possible route through multiple cities -- could revolutionize logistics, saving time and reducing costs for businesses worldwide.

The Interplay Between Quantum and Classical Systems

While you may think that quantum computers will eventually replace classical computers, the truth is the future more likely has them together in a symbiotic relationship. This is because quantum machines will be used for tasks they’re better at, namely more advanced computational needs, while classical computers will be kept for more routine tasks and for user interfaces. An example of this already exists in cloud-based quantum computing platforms -- where users can send a certain task to a quantum machine and receive the result through their own classical machine.

Looking Towards the Quantum Future

The next decade promises a slew of breakthroughs. Today’s quantum computers are being compared to the classical computers of the 1950s, which is probably accurate considering they’re still in their nascent stage of development and haven’t even begun realizing their full potential.

quantum computing promises an increase in computation power for sure, but it offers much more than that. It promises a massive shift across many industries -- from healthcare to finance, energy and transportation. We live in exciting times as we stand on the precipice of a new era in technology, one that previously only belonged to the pages of science fiction.

Image credit: plotplot/Shutterstock

Lee Li is a project manager and B2B copywriter with a decade of experience in the Chinese fintech startup space as a PM for TaoBao, MeitTuan, and DouYin (now TikTok).

© 1998-2023 BetaNews, Inc. All Rights Reserved. Privacy Policy - Cookie Policy.

What advantages do quantum computers have over conventional computers?

extremely fast calculations
extremely complex calculations

Quantum computers can simulate complex molecular structures, process vast datasets, and solve cryptography problems faster than classical computers.

What advantages do quantum computers have over conventional computers?

extremely fast calculations
extremely complex calculations

What fields can quantum computers advance?

However, maintaining quantum coherence is a challenge due to external disturbances, and scaling up qubits requires innovations in error correction.

What are important areas in quantum research?

What are the challenges in quantum computing research?

high error rates
sensitivity to environment

The development of quantum computing is expected to drive innovation and reshape industries, with significant investments being made in research and development.

Title:

Content: While the UK considers where to channel investment, we need to ensure that quantum technology is at the forefront of those considerations.

Quantum will not only drive our economy, but will also help create new opportunities in different sectors, ranging from healthcare to agriculture.

At the Global Investment Summit (GIS) last month, Prime Minister Rishi Sunak announced a three-fold increase, up to £29.5bn, from the world’s leading investors in new UK projects and capital.

These funds will be channelled into “high-growth projects” in the UK, including quantum technology.

It is great to see quantum being recognised as a potential game changer in the future of the UK economy, and it is important that we continue this momentum.

Quantum’s economic and social value

Quantum provides an exciting opportunity for the economy because the technology has a wide range of possible applications.

The last decade has seen an 81% growth in the quantum sector and now contributes an estimated £1.7bn to the UK economy. Financial services, healthcare and climate change - all major sectors in the UK ecosystem - are just three of the areas that will be enhanced by quantum.

The ability to optimise complex financial portfolios in real-time or simulate molecular interactions with unprecedented accuracy could reshape sectors in their entirety. Molecular interaction simulation can assist the healthcare industry to an immense extent.

Possibilities include being able to improve the process of accurately modelling how new drugs will impact different types of conditions and diseases - leading to breakthroughs in serious and harder-to-treat illnesses.

This technology will also help us in the battle against climate change, specifically in its ability to predict weather more accurately. Current computational power for measuring CO2 does not always predict the correct climate outcome, as we saw with the MET office’s prediction for Storm Ciaran.

As quantum technology is introduced into these sectors, it will forecast weather more accurately than our current conventional methods, therefore enhancing the precision of new data.

However, in order to see these possibilities realised, quantum needs investment from the government; it needs further development and innovation to be able to reach its potential.

Nurturing this sector is crucial not only to cement the UK as a leader in this technology, but to enable us to develop the tools that can tackle pressing global issues, whether that is developing more solar farms or investing in nuclear energy.

Investment moves to boost growth

Earlier in 2023, the UK government published its 10-year vision, the National Quantum Strategy. This outlines £2.5bn of public and private investment into the rapidly growing quantum sector.

At the GIS, Oxford Quantum Circuits stated its intention to raise £85m for research and development projects, while SBI Investment - Japan’s foremost venture capital fund - is leading the raise. This raise will be the largest for Series B in quantum computing ever in the UK, supporting the need for investment to empower growth.

Quantum computers need to be developed and operated by the brightest minds in the field to solve the world’s most pressing challenges – from climate change to accelerated drug discovery.

It is crucial that we make investments that induce growth in all sectors, combating concerns about additional capital in quantum being 'snake oil'.

Investment in devices and systems which rely on quantum mechanics will provide capabilities that classical machines cannot; it is just a matter of time.

Facilitating long-term growth

While investment in quantum has not always led to growth, with several smaller enterprises struggling in the short term, it is important that we are supporting research and innovation in this sector in order to facilitate long-term growth.

Quantum technology has a unique power to solve problems that classical computers cannot manage.

When performing complex calculations, quantum is able to pinpoint a more precise answer among the billions of alternate possibilities.

Therefore, with the potential for groundbreaking advancements and transformative applications, quantum computing is set to drive innovation, reshape industries, and unlock new possibilities we can hardly fathom today, culminating in growth.

Graeme Malcolm OBE is the chief executive and founder of M Squared

Title:

Content: Cloud-based Quantum Computing Market projected to reach USD 6,289.8 Million by 2030, growing at a CAGR of 35.5% during the forecast period of 2023-2030 - says MarketDigits in its latest study

The Global Cloud-based Quantum Computing Market was valued USD 750 Million in 2023 and projected to reach USD 6,289.8 Million by 2030, growing at a CAGR of 35.5% during the forecast period of 2023-2030

Richmond, Jan. 02, 2024 (GLOBE NEWSWIRE) -- According to a research report "Cloud-based Quantum Computing Market, by Offering (Service, Software), Technology (Trapped Ions, Quantum Annealing, Superconducting Qubits, Other Technologies, Others), Application (Encryption, Optimization, Sampling, Simulation), Industry Vertical (BFSI, Healthcare and Pharmaceuticals, Aerospace and Defense, Research and Academia, Manufacturing, Transportation and Logistics, Others), and Region - Global Forecast to 2030.

Global Cloud-based Quantum Computing Market Report Scope:

Report Details
Market size value in 2023 USD 750 Million
Market size value in 2030 USD 6,289.8 Million
CAGR (2023-2030) 35.5%
Forecast Period 2023–2030
Historic Data 2019
Forecast Units Value (USD Million/USD Billion)
Segments Covered Offering, Technology, Application, End User and Region
Geographies Covered North America, Europe, Asia Pacific, and RoW

  • Accenture

  • AWS (Amazon Web Services)
Sample of Companies Covered
  • Baidu

  • Cambridge Quantum Computing

  • D-Wave Quantum Inc.

Download the Sample - https://www.marketdigits.com/request/sample/1108

TOC Covers in Depth & Breath on Cloud-based Quantum Computing Market
170 - Market Data Tables
65 - List of Figures
225 – Pages

The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.

Market Overview

Cloud-based quantum computing enables remote access to quantum processors and algorithms, revolutionizing computation for diverse applications via online platforms. The cloud-based quantum computing market is experiencing unprecedented growth as organizations seek to harness the immense computational power of quantum processors through convenient and scalable cloud services. This market evolution marks a paradigm shift in computing capabilities, with leading tech companies investing heavily in quantum research and development. Quantum computing leverages the principles of superposition and entanglement to perform complex calculations at speeds unattainable by classical computers. Cloud-based offerings democratize access to quantum resources, allowing businesses to explore and experiment without the need for extensive on-premises infrastructure. As a result, a diverse range of industries, including finance, healthcare, and logistics, are exploring quantum solutions for optimization, simulation, and machine learning applications. The market's trajectory is driven by a convergence of technological advancements, increased investments, and a growing ecosystem of quantum developers and users, positioning cloud-based quantum computing as a transformative force in the future of information processing.

Major Vendors In The Global Cloud-Based Quantum Computing Market:

  • Accenture
  • Amazon Web Services (AWS)
  • Baidu
  • Cambridge Quantum Computing
  • D-Wave Quantum Inc.
  • D-Wave Systems
  • Fujitsu
  • Google
  • Honeywell
  • Huawei Technologies Co.
  • IBM
  • 1QBIT
  • Microsoft
  • QC Ware
  • Riverlane
  • Rigetti Computing
  • T-Systems International GmbH
  • Zapata Computing

Request for Discount @ https://www.marketdigits.com/request/discount/1108

Increasing demand for advanced computational capabilities

The escalating demand for advanced computational capabilities stands as a pivotal driver propelling the cloud-based quantum computing market into prominence. As traditional computing architectures face limitations in solving complex problems, organizations across various sectors are turning to quantum computing to address challenges that were once deemed insurmountable. Cloud-based quantum computing offers a scalable and accessible solution, allowing businesses to harness the extraordinary processing power of quantum processors without the need for significant on-premises infrastructure investments. This surge in demand is fueled by the recognition that quantum algorithms have the potential to outperform classical counterparts in areas such as optimization, cryptography, and machine learning. The advent of cloud-based services democratizes access to quantum resources, empowering a diverse range of industries to explore novel solutions and stay at the forefront of technological innovation in the pursuit of solving complex problems more efficiently and effectively.

Market Dynamics

Drivers:

  • Increasing demand for advanced computational capabilities
  • Growing demand for faster data operations, secure data transfer, and communications

Opportunities:

  • Recent advances in cloud-based quantum computing
  • Growing adoption of quantum computing solutions across several verticals

Recent advances in cloud-based quantum computing

Recent advances in cloud-based quantum computing present a significant opportunity for the quantum computing market, opening new frontiers in computation and problem-solving. The integration of cutting-edge technologies into cloud services has enhanced the accessibility and usability of quantum computing resources. Cloud providers are actively investing in infrastructure, algorithms, and developer tools, making quantum computing capabilities more user-friendly and scalable. This progress is fostering a conducive environment for experimentation and innovation, attracting a broader spectrum of users from diverse industries. As cloud-based quantum computing platforms evolve, they offer businesses the chance to explore and harness the potential of quantum algorithms without the need for substantial in-house expertise or infrastructure. This opportunity not only accelerates the adoption of quantum technologies but also democratizes access, empowering organizations to leverage the transformative power of quantum computing to solve complex problems and gain a competitive edge in the rapidly advancing digital landscape.

The market for Cloud-based Quantum Computing is dominated by North America.

North America stands as the dominant force in the Cloud-based Quantum Computing market, with the United States and Canada playing pivotal roles. The region's leadership is attributed to the robust presence of major quantum computing players, significant research and development initiatives, and a burgeoning tech ecosystem. In the United States, companies like IBM, Google, and Rigetti Computing have spearheaded quantum advancements, while Canada boasts prominent players like D-Wave. The strategic collaboration between academia, government, and industry in North America has positioned the region as a global hub for quantum computing innovation, solidifying its preeminence in driving the growth and development of cloud-based quantum computing solutions.

The research and academia Segment is Anticipated to Hold the Largest Market Share During the Forecast Period

Based on Industry Vertical the Cloud-based Quantum Computing Market is segmented into BFSI, Healthcare and Pharmaceuticals, Aerospace and Defense, Research and Academia, Manufacturing, Transportation and Logistics, Others. The research and academia segment is poised to maintain its dominance, holding the largest market size in the Cloud-based Quantum Computing sector throughout the forecast period. This prominence can be attributed to the active involvement of research institutions and academic entities in advancing quantum technologies. These stakeholders play a crucial role in driving innovation, developing quantum algorithms, and educating the workforce. Cloud-based platforms offer an accessible environment for researchers and students to experiment with quantum computing, fostering collaboration and knowledge exchange. As a result, the research and academia segment continues to lead, shaping the trajectory of Cloud-based Quantum Computing's market growth.

Inquire Before Buying: https://www.marketdigits.com/request/enquiry-before-buying/1108

Browse Similar Reports:

Public Cloud Market 2030 By Type, Distribution Channel, End-user and Region - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits

Cloud Automation Market 2023 – 2030 By End-user (BFSI, Healthcare, IT & Telecom, manufacturing, retail, and others), Type (public cloud, private cloud, hybrid cloud) - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits

Cloud-Based Contact Center Market 2023 – 2030 By Organization Size, Industry (BFSI, Telecommunications, and Retail and Consumer Goods), Component (Solutions and Services), Deployment Mode (Public and Private Cloud) - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits

About MarketDigits:

MarketDigits is one of the leading business research and consulting companies that helps clients to tap new and emerging opportunities and revenue areas, thereby assisting them in operational and strategic decision-making. We at MarketDigits believe that a market is a small place and an interface between the supplier and the consumer, thus our focus remains mainly on business research that includes the entire value chain and not only the markets.

We offer services that are most relevant and beneficial to the users, which help businesses to sustain themselves in this competitive market. Our detailed and in-depth analysis of the markets catering to strategic, tactical, and operational data analysis & reporting needs of various industries utilize advanced technology so that our clients get better insights into the markets and identify lucrative opportunities and areas of incremental revenues.

Contact Us:
MarketDigits
1248 CarMia Way Richmond,
VA 23235,
United States.
USA: +1 847 450 0808
Email: sales@marketdigits.com
Web: https://www.marketdigits.com
Follow Us on: | Twitter | LinkedIn |

The cloud-based quantum computing market is expected to reach USD 6,289.8 Million by 2030, with North America dominating the market.

What countries and blocs are leading in developing quantum computing?

Quantum computing has the potential to improve artificial intelligence algorithms and models, as well as provide new solutions to climate problems.

Title:

Content: Investments in quantum computing startups reached $2.35 billion in 2022
Quantum technologies have great potential for both science and business, and attract large investments in different countries of the world, including Russia.
This is stated in the analytical report "Quantum Computing: Prospects for Business", which was prepared jointly with the Federal State Unitary Enterprise "VNIIA named after N.L. Dukhov" and the Institute of Artificial Intelligence AIRI.
“Increasing attention in the world is paid to supporting start-ups in the field of quantum technologies.
In 2022, venture investors around the world invested $2.35 billion in them.
Also last year, almost 1,600 patents were issued and published in all subfields of quantum computing: from physical implementations of quantum equipment and error correction to AI [artificial intelligence] and machine learning.
Video of the day
Leading countries, realizing the breakthrough potential of this direction, include quantum technologies in national programs and allocate increasing budgets for research.
The leader is China with $15.3 billion in government funding.
Development programs have the leading technological corporations of the world.
So, which has made a quantum processor for 433 qubits [qubit or quantum bit - the main unit of information in quantum processors and quantum computing], plans this year to increase the number of qubits to 1121, and intends to show a device for a thousand qubits after 2025.
The intention to develop a full stack of technologies for quantum computing announced and has already released to the market quantum chips on spin qubits.
In Russia, work on quantum computing is underway on four key physical platforms: superconducting qubits, photonic circuits, neutral atoms, and trapped ions.
The Russian Federation has also formed a pool of organizations, including companies, scientific institutions and universities that conduct research and development, study the applicability of quantum computing to practical tasks.
“Quantum computing can give the world an impetus to the development of new industries based on the processing of big data.
In addition, they can improve the performance and efficiency of artificial intelligence algorithms, the accuracy of models and simulations of complex systems (such as molecules of new drugs, chemical reactions or physical processes), as well as provide a new level of calculations in finance and logistics, new solutions to climate problems and cryptographic algorithms that will provide a higher level of security.
The authors of the report come to the conclusion that although no one in the world has been able to demonstrate practical quantum superiority, nevertheless, companies should plan today what will happen after its achievement.
Quantum computing is able to integrate seamlessly into data processing workflows, using adaptation tools for popular programming languages and interfaces.

What fields can quantum computers advance?

However, the development of quantum computing also faces technical challenges, such as the need for qualified experts and the limited access to quantum computing resources.

Title:

Content: Quantum Computing Market was valued at nearly USD 234.06 billion by 2032

Prudour Private Limited

Updated · Mar 06, 2023

Quantum Computing Market Overview

Published Via 11Press: Quantum computing is a rapidly developing market that is revolutionizing how we approach computing and data processing. By employing principles of quantum mechanics to perform computations, quantum computers are capable of solving problems that classical computers may find impossible or impracticable to resolve.

The global quantum computing market size is forecast to reach USD 234.06 billion by 2032 from USD 10.13 billion in 2022, rising at a compound annual growth rate (CAGR) of 36.89% during the forecast period.

At present, the quantum computing market is dominated by a few major players such as IBM, Google, Microsoft, and Honeywell. These firms are investing heavily in quantum computing research and development as well as creating quantum computing hardware and software systems.

The quantum computing market is expected to have a profound effect on industries such as healthcare, finance, logistics, and energy. Some key applications of quantum computing include drug discovery, supply chain optimization, financial modeling, and climate modeling.

Though the quantum computing market is promising, it still faces several obstacles such as high costs of hardware, a shortage of skilled experts in this area, and technical difficulties when building large-scale quantum computers. With ongoing research and development efforts, however, these problems should be overcome within the coming years, leading to even greater growth and innovation in this space.

Key Takeaways

  • The global quantum computing market size was valued at USD 234.06 billion in 2022 and is expected to grow at a CAGR of around 36.89% from 2022 to 2032.
  • Quantum computing is capable of solving problems that would be intractable or impossible for classical computers to solve.
  • The quantum computing market is dominated by a few major players, including IBM, Google, Microsoft and Honeywell.
  • The quantum computing market is expected to have a profound effect on numerous industries, such as healthcare, finance, logistics and energy.
  • Quantum computing has many important applications such as drug discovery, supply chain optimization, financial modeling and climate modeling.
  • The quantum computing market remains plagued by several obstacles, such as the high cost of quantum computing hardware, lack of qualified quantum computing experts and technical difficulties in building and running large-scale quantum computing systems.
  • Research and development are expected to overcome these obstacles within the next couple of years, propelling even greater growth and innovation in the quantum computing market.

Request For Sample Report: https://market.us/report/quantum-computing-market/request-sample/

Regional Snapshot

  • North America: North America is currently the leading market for quantum computing, with the United States playing a major role. Major companies such as IBM, Google, and Microsoft are driving this growth through their presence and investment in research and development activities related to quantum computing. This region boasts numerous key players such as IBM, Google, and Microsoft which are driving demand within this region.
  • Europe: Europe is an increasingly important market for quantum computing, with countries such as the UK, Germany, and France investing heavily in research and development. Through partnerships between quantum computing companies and other technology firms as well as the growing adoption of quantum computing across various industries, this region’s market is experiencing rapid expansion.
  • Asia Pacific: The quantum computing market in Asia Pacific is expected to experience significant growth over the coming years due to increased investments in research and development by countries like China, Japan, and South Korea. Furthermore, there have been an increasing number of collaborations between companies using quantum computing with academic institutions as well as its increasing adoption across industries like healthcare and finance – all contributing factors for market expansion within this region.
  • The Rest of the World: Countries such as Brazil, South Africa, and the UAE are expected to experience significant growth in the quantum computing market over the coming years due to increased investments in research and development efforts as well as the growing adoption of quantum computing across various industries. These factors are fueling this region’s meteoric rise in this region.

Drivers

  • Quantum Computing Gaining Adoption in Various Industries: Quantum computing is seeing an uptick in popularity across a range of industries, such as healthcare, finance, logistics, and energy – as companies seek to use their power to solve complex problems and gain an edge in competition.
  • Investments in Quantum Computing Research and Development: Governments, academic institutions, and private companies have made substantial investments in quantum computing research and development, spurring innovation and progress within the field.
  • Growing Number of Partnerships and Collaborations: There has been an uptick in partnerships and collaborations between quantum computing companies and other technology firms, as well as academic institutions and research organizations. This trend is propelling the development of new quantum computing hardware and software systems, as well as its adoption across various industries.
  • Increasing Access to Cloud-Based Quantum Computing Services: The growing availability of cloud-based quantum computing services is making it simpler for companies and researchers to utilize this cutting-edge technology, spurring adoption and innovation within the field.

Restraints

  • Limited Access to Qualified Quantum Computing Experts: Unfortunately, there is currently a shortage of highly experienced quantum computing specialists, making it challenging for companies to construct and sustain quantum computing systems.
  • Technical Challenges in Building and Maintaining Large-Scale Quantum Computing Systems: The development of large-scale quantum computing systems is still in its early stages, so there are numerous technical obstacles that must be overcome, such as noise reduction, error correction, and scalability.
  • Limited Quantum Computing Applications: Although the list of potential applications for quantum computing is growing, the number of practical ones that have been developed and implemented remains limited. This can make it challenging for companies to justify investing in quantum computing technology.
  • Regulatory Challenges: Quantum computing technology may face regulatory restrictions, particularly around data privacy and security. This could create additional obstacles to the adoption and investment in the technology.

Opportunities

  • Growing Number of Partnerships and Collaborations: The growing number of partnerships and collaborations among quantum computing companies, other technology firms, academic institutions, and research organizations is creating opportunities for the development of new quantum computing hardware and software systems as well as its adoption across various industries.
  • Advancements in Quantum Computing Hardware and Software: With the rapid progress being made in the development of quantum computing hardware and software, new opportunities will present themselves for applying this technology across various industries and fields.
  • The growing availability of cloud-based quantum computing services: Cloud-based quantum computing services are making it simpler for companies and researchers to access and utilize quantum computing technology, spurring adoption and innovation within the field.
  • Growth of Quantum Computing as a Service: As more companies and researchers embrace the potential of quantum computing, cloud-based quantum computing services are creating exciting new business opportunities for those offering these solutions.
  • Potential for Breakthroughs in Areas such as Drug Discovery, Finance, and Energy: Quantum computing holds the potential to unravel complex issues in fields like drug discovery, finance, and energy – leading to major breakthroughs and advances. This presents companies with unique opportunities for those who can develop and implement quantum computing solutions in these sectors.

Challenges

  • Technical Challenges in Constructing and Running Large Quantum Computing Systems: As quantum computing systems continue to emerge, numerous technical obstacles must be overcome such as noise reduction, error correction, and scalability. These issues make it challenging for companies to construct and run these massive quantum computers efficiently.
  • Limited Access to Qualified Quantum Computing Experts: There is currently a shortage of highly experienced quantum computing professionals, making it difficult for companies to construct and maintain quantum computing systems. This shortage could potentially restrict the growth of this industry in the coming years.
  • Quantum computing Applications: While quantum computing has many potential uses, the number of practical applications that have been created and implemented remains limited. This could make investing in quantum computing technology and research on practical applications an attractive prospect.

Grow your profit margin with Market.us Get this Report

Recent Developments

  • Google Claims Quantum Supremacy: In 2019, Google claimed to have achieved quantum supremacy by performing a calculation on its quantum computer that even the most powerful supercomputers would take thousands of years to complete. This was seen as an important milestone in the advancement of quantum computing technology.
  • IBM Launches Quantum Computing Program for Students: In 2020, IBM unveiled a quantum computing program specifically tailored towards students that provides them with access to IBM’s resources and tools, as well as a platform for learning and collaboration.
  • Honeywell Achieves Quantum Computer Record Performance: On March 20, 2021, Honeywell revealed its creation of a quantum computer with an astonishing quantum volume of 512. This feat marked an amazing advancement in quantum computing technology and demonstrated how rapidly progress has been made since then.
  • Amazon Web Services Announces Quantum Computing Service: On June 2021, Amazon Web Services (AWS) announced the launch of its own quantum computing service called Amazon Bracket. This offering gives customers access to various vendors’ hardware as well as tools and resources for developing and testing quantum algorithms.

Key Market Segments

Type

  • Hardware
  • Software
  • Services

Application

  • Defense
  • Healthcare & pharmaceuticals
  • Chemicals
  • Banking & Finance
  • Energy & power

Key Market Players

  • D-Wave Systems
  • Google
  • IBM
  • Intel
  • Microsoft
  • 1QB Information Technologies
  • Anyon Systems
  • Cambridge Quantum Computing
  • ID Quantique
  • IonQ
  • QbitLogic
  • QC Ware
  • Quantum Circuits
  • Qubitekk
  • QxBranch
  • Rigetti Computing

Nature Insights

  • Progress is being made in the development of quantum computing hardware: Despite the challenges facing large-scale quantum computing systems, progress is being made on quantum computing hardware. This includes creating quantum processors with increasingly more qubits and creating new materials suitable for use in quantum computers.
  • Quantum computing software is still in its early stages: While progress is being made with quantum computing hardware, software development for quantum computation remains at a standstill. This presents an immense challenge to the industry as developing efficient quantum algorithms is essential to realizing its full potential.
  • Collaboration is essential to the advancement of quantum computing: Collaboration between companies, academic institutions, and research organizations is essential for progress in this industry. This includes joint efforts to develop new hardware and software systems as well as collaborations that promote quantum computing across various industries.

Report Scope

Report Attribute Details
The market size value in 2022 USD 10.13 Bn
Revenue forecast by 2032 USD 234.6 Bn
Growth Rate CAGR Of 36.89%
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and the Rest of the World
Historical Years 2017-2022
Base Year 2022
Estimated Year 2023
Short-Term Projection Year 2028
Long-Term Projected Year 2032

Contact us

Contact Person: Mr. Lawrence John

Market.us (Powered By Prudour Pvt. Ltd.)

Tel: +1 718 618 4351

Send Email: [email protected]

FAQ.

What is quantum computing?

Quantum computing is a type of processing data using quantum mechanics. It relies on principles such as superposition, entanglement, and interference which enable quantum computers to perform calculations that would be impossible with classical computers.

What are some potential applications of quantum computing?

Quantum computing holds great promise for revolutionizing industries such as drug discovery, finance, energy, and logistics. Potential uses include creating new drugs and materials, optimizing supply chains and logistics networks, and even improving weather forecasting models with greater precision.

What are some of the challenges facing the quantum computing market?

The quantum computing market faces numerous obstacles, such as technical difficulties in building and running large-scale quantum computers, high costs associated with quantum computing hardware, a scarcity of highly qualified quantum experts, and an absence of practical applications developed and deployed.

Who are some of the major players in the quantum computing market?

Major companies operating within this space include IBM, Google, Microsoft, Honeywell, Intel, and Rigetti Computing. These firms are actively developing and commercializing quantum computing hardware and software systems.

What is the outlook for the quantum computing market?

Overall, analysts anticipate a bright future for quantum computing, with continued investment and innovation anticipated in the coming years. Though still in its early stages of development, its potential advantages are immense - leading to rapid industry growth over the coming years.

Prudour Private Limited

The team behind market.us, marketresearch.biz, market.biz and more. Our purpose is to keep our customers ahead of the game with regard to the markets. They may fluctuate up or down, but we will help you to stay ahead of the curve in these market fluctuations. Our consistent growth and ability to deliver in-depth analyses and market insight has engaged genuine market players. They have faith in us to offer the data and information they require to make balanced and decisive marketing decisions.

Despite these challenges, the significant investments in quantum computing research and development are expected to have a major impact on the global quantum computing ecosystem.

Title:

Content: Register Now : Join us for AWS presents TRANSFORMING A BILLION LIVES webinar on Wednesday, 19th April 2023 | 3.00pm onwards
you are here: HomeNewsBusiness

India is not too late in quantum computing: Tata Institute of Fundamental Research's Rajamani Vijayaraghavan

Investment in quantum tech has crossed $36 billion globally. It is billed to be the next big thing in tech after semiconductors and artificial intelligence. Tata Institute of Fundamental Research (TIFR) scientist says India is lagging, but can catch up

April 06, 2023 / 11:23 AM IST

Professor Rajamani Vijayaraghavan

When Professor Rajamani Vijayaraghavan was not present at a quantum tech conference in New Delhi last week, he was missed by his peers.

As scientists, bureaucrats, military officers and startup executives gathered for a conversation on the way forward for India’s quantum technology ambitions, the general feeling was that Vijayaraghavan should have been there.

Quantum computing taps the unique behaviour of quantum physics to solve certain problems that are too complex for traditional computing.

If semiconductor technology was the first giant leap in computing and Artificial Intelligence is the current disruptor, it is probably going to be quantum technology next. Quantum computing, conceived by Nobel Prize-winning physicist Richard Feynman in the early 1980s, was mostly studied in university labs in the US and Europe until the turn of the millennium.

As advances took place, tech behemoths like Google, International Business Machines (IBM) and Intel threw their hat in the ring with billions of dollars in investment. According to an estimate, China has invested $15 billion even as global funding in the technology has topped $36 billion.

At the New Delhi conclave last week, a senior defence official said the wars of the future will be fought on the quantum front. While sizeable quantum computers do not yet exist, the fear among governments and industry is that it will be a Y2K moment once the technology comes to life.

Apart from strategic affairs, quantum tech is also expected to play a central role in areas like drug discovery, financial modelling, weather forecasting and fighting climate change.

Moneycontrol spoke with Professor Vijayaraghavan, a quantum computing scientist at Tata Institute of Fundamental Research (TIFR) who returned to the country a decade ago after studying at the universities of Cambridge, Yale and Berkeley, to take stock of India’s progress in the area.

Edited excerpts:

At the quantum tech conclave in Delhi last week, it seemed as though most Indian quantum start-ups are working on secure communications rather than quantum computing. Why so?

See, in terms of the technology required for doing quantum key distribution (for secure communications), or associated areas like quantum random number generators, it is now fairly well developed internationally. Also, the essential tools and core pieces of hardware and things you need are relatively low-cost and easily available, compared to quantum computing.

If you shift to quantum computing, even if you just take a very basic estimate, it needs about a million dollars just to set up a very basic lab. This was the kind of funding that was given to me when I started in TIFR about 10 years ago, just to have a very basic setup and do simple experiments.

I'm not even talking about the resources you need to develop prototypes and technology. And even this $1 million is an underestimate, because there are other facilities, which were already existing in the institute for device fabrication, clean rooms, and other tools. If I count all of those, then you are talking about a couple of million dollars, at the very least, to get started.

Now, of course, a company could hire these resources from other places. But such facilities don't exist in India, and as of now, even internationally, they are limited, where a company with no infrastructure of their own, but just the idea and expertise could go to a place and say, hey, you know, here is my design, manufacture this for me, and we will put it together.

Experts say that India first missed the bus in taking a lead in semiconductor technology and now even in artificial intelligence. They say it is now or never if we want to be leaders in quantum computing. What is your take?

I broadly agree with it, but let me expand on that. Before something becomes close to technology, there is decades of basic research where they are not even thinking about technology. I started my PhD in the year 2001, i.e. over 22 years back. And that was a turning point when the field of quantum computing was taking off. That was on the back of basic research in quantum computing from the 1980s.

It is absolutely true that if you want to do this, you have to do it now. And with this particular technology, we are not so far behind. Barring a few areas where things have sort of more or less been figured out, we still need several breakthroughs. Even though it looks like IBM has reached so many qubits (a qubit is the basic unit of information in quantum computing) and Google that many, they still don't have a useful quantum computer today. None of these quantum computers that exist anywhere in the world are really useful in the sense that they can replace something to do the work much better.

At how many qubits do you think we can solve real world problems better than existing supercomputers?

It really depends on what you mean by qubits. So there is this notion of physical qubits and logical qubits. The difference is that physical qubits are unstable. Unlike conventional bits in our regular computers, which are extremely stable, and you don't have to worry about them at all, these things are not stable. They actually randomly change their state and give rise to errors. And this happens over a certain timescale, which can be as short as 10s of microseconds or a few milliseconds.

Today’s quantum computers are essentially limited in how long you can use them, or essentially, what is the longest calculation you can run before you can't trust the results of what the computer is outputting. This is a fundamental problem across all quantum computing platforms today. There are some clear paths to solve this, but it is not clear which particular method would win.

And this is where I want to go back to my earlier point that India is not too late. If we invest now, we could create those breakthroughs that can make this technology useful. If enough people start working, and it's not just one or two people in the entire country, then you can hope that these breakthroughs can happen here. And then that will allow us to take a lead in some areas.

In your estimate, how many people are working on quantum computing in India vis-a-vis the US or other countries?

For superconducting qubit research, as of now, there are four people in India. I was the first one who started about 10 years ago, and then two others started maybe about six and four years ago, and one has just joined.

In the US, there are at least 20 or more academic labs, in addition to Google, IBM, or national labs like Fermilab, and I'm not even counting theoretical groups. Many of them have been working for over 20 years or so. And you know, similarly, in Europe, there will be at least 10 to 15 labs just in superconducting quantum computing.

If you look into some of the other subfields like trapped ion quantum computing, it's even smaller.

One of the major issues in advanced research is brain drain. Many of our best researchers still tend to settle abroad. Is more funding alone going to solve this to an extent? What tipped the scales for you to return?

Decisions about moving back to India can be very complicated, you know. There are all kinds of personal and professional reasons, but the point is very simple. You cannot attract someone to come to India to work in a field that requires a certain level of investment by telling them that we will not give it to you.

For me, I always wanted to come back to India and do something if it is possible. And once I finished my PhD, I started looking around and realised that there are lots of labs, which are fairly high-tech and at the cutting edge. Funding seemed to have improved in the previous few years or decade. It was important that I would be able to do the kind of research I was interested in doing rather than compromise. If that had not happened, I would have taken up a job abroad.

Has the funding scenario gotten better since then?

It's now becoming better, at least among the bigger institutes, but it's still quite a challenge. There is no real guarantee that you will get the kind of funding needed for experimental quantum research, and we are trying to solve this problem with the new funding programmes.

There is a reluctance to invest so much money in a new person. The idea of a startup grant is very clear in the West – your offer letter clearly says that you will get $1 million and you have to spend it in the next four to five years… everything is spelt out. We are not able to do that.  You have to keep your fingers crossed and hope for the best.

This actually does pose a barrier to entry because it's not competitive. If I have offers from an Indian institute, where everything is ambiguous, and some other foreign Institute, where everything is clearly spelt out, then it is very difficult to make a decision in favour of the former. Unless, of course, there are personal reasons to be in the country.

It should be a much more streamlined process for the government to disburse funds now as many new advanced research and academic institutes have come up. What are we missing here?

Oh, no. It is not easy at all. The bigger institutes have some advantages in terms of flexibility of using their funds, but it is not easy to get big grants. Currently, the amount that you can get for a standard Department of Science and Technology (DST) project is Rs 10 lakh-50 lakh. That’s the typical range. Special programmes can provide bigger funding but they are rare.

Usually, it is easier to get big funding when a new institute is being built to set up new facilities. From thereon, things get tougher as you reach a steady state. Look, you need investment if you want to work in quantum tech. Of course, one can make a call that ‘Okay, we cannot afford this research, so we will not do it.’ But if you want to, there is no other option, you have to find ways to support this.

A few years back, the DST started a programme called QUEST (Quantum Enabled Science and Technology) where 50 scientists got funded with a combined funding of about Rs 200 crores. It was the first major effort in funding quantum tech research where an individual group could have hoped to get something of the order of Rs. 5 to 10 crore, which is the minimum you need to set up a lab working in quantum tech.

Was this part of the Rs 8,000 crore quantum national mission announced in the 2020 budget?

No, this was a different programme where the first discussions started in 2017 and the money started coming in  2019-2020. Unfortunately, it was right in the middle of the pandemic, when you know, things were shut, and we couldn't spend the money. On top of that, as part of the pandemic-related things, the government made it very difficult to import things.

The National Mission on Quantum Technology and Applications (NMQTA) with a proposed budget of Rs 8,000 crore is expected to launch sometime soon. Probably, you know, in the next few months. We have been working on it.

Can you tell us more about the import policy?

It was introduced in the summer of 2020. This was not a science policy. This was a government procurement policy. You know, on the face of it, it seems like a good idea. They wanted to encourage Indian industry and push for self-reliance. On paper, it sounds great. And it might even work for certain types of government procurement.

They're basically saying that if you're supported by government funds, you have to prioritise Indian-manufactured goods. And the way they implemented it is by saying that if something costs more than Rs 5 lakh and you want to import it, you have to go through a new procedure and get a waiver before you can even float a global tender.

In the beginning, we were surprised, and we said, okay, maybe they just didn't think about scientific procurement. So, in a few months, they will fix it but it didn't happen. It took about six to seven months before some exception was given. But there is no blanket exception given for scientific procurement.

They reduced the number of signatures required by one and made some exceptions. Unfortunately, even there, because of a lack of clarity, every institute has interpreted the rules differently. And we are definitely facing a lot of problems still. In the best-case scenario, we are still wasting about three months just to get approval to import an item.

Does most scientific procurement happen from abroad?

The problem is to assume that there is an Indian option and we are actively choosing not to use it. That is not the case for 99 percent or even more. It is a well-known fact that for scientific high-tech equipment, there is no manufacturing happening in India… there are no companies which exist. But, we have to now prove it with paperwork to get the waiver. Even if we invest Rs 8,000 crore, it won’t work if these kinds of policies are not fixed. We are wasting a bulk of the time just doing this paperwork, and not actually doing research.

It might be more fruitful if you create opportunities in the nation for companies to come together and manufacture at least some of the things in India. But, when you have not had a manufacturing base in a certain technology for decades, how can you start doing that overnight? And in many cases, it might not even make economic sense for a company because it's a niche market.

Is it possible for India to build an indigenous quantum computer?

In today's globalised world, nothing is going to be fully indigenous. For superconducting qubits, you can innovate the design of the chip and make it here, but the lithographic machines and dilution refrigerators have to come from outside.

There is a section which says we can just use quantum computing on the cloud that foreign tech companies provide. Isn’t there a possibility that the use cases of quantum on the cloud will be limited?

As I said earlier, none of the available quantum computers are doing anything useful better than classical computers at present. When it happens in the future, and it will, you might be able to use cloud-based systems for many applications. On one hand, we can continue to be just a leader in the software layer. One could decide that we will develop the best quantum software in the world, but we will never develop any hardware.

The problem really comes when you start talking about strategic applications – whether the cloud company will provide you with the best systems they have access to. That's the fundamental question we have to ask ourselves.

We don’t have a quantum computer, but startups are providing a solution called quantum key distribution (QKD) for secure communications. How do we know it is really secure if they have not been tested against a quantum computing hack?

QKD fundamentally relies on the fact that if somebody tries to interfere, you will know. And the trick in any secret communication is that if two parties can exchange a key without anybody else knowing, then the information you transmit using encoding based on that key is secure. Quantum key distribution is a method where the laws of physics guarantee that the key you have exchanged has not been intercepted by anybody else. Because the moment somebody intercepts, you will know and you will discard that key. It cannot be broken by even a quantum computer. So you don't need to test it against a quantum computer.

A bureaucrat was saying that enterprises are concerned that they might be sold classical computing solutions in the garb of quantum tech. So the government is trying to bring a quantum certification programme. Would it have the bandwidth to do such accreditation?

You have to look at this slightly differently. There are things in quantum which are impossible in classical. So if whatever you're purchasing is actually carrying out that task, it cannot do it the classical way. And if there are applications where both classical and quantum can do that, then it is unclear why you would bother unless there is a cost advantage or a performance advantage for the quantum solution.

As a business or an enterprise that wants some problem solved, you will put the problem statement, and the quantum company will say this is the solution. So, why do you care what is inside? The bureaucrat was probably referring to quantum communication systems where you want some central body to verify that the system is really secure and meets certain standards. I believe the government is setting up such bodies for various quantum technologies.

Deepsekhar Choudhury Deepsekhar covers tech and startups at Moneycontrol. Tweets at @deepsekharc

The US, China, and Europe are leading the way in quantum computing research and development, with other countries like Canada and India also making significant investments.

Title:

Content: There were 1,711 press releases posted in the last 24 hours and 342,181 in the last 365 days.

Supporting Canada's leadership in quantum computing to grow the economy and create jobs

TORONTO, Jan. 23, 2023 /CNW/ - Quantum technologies are at the leading edge of science and innovation. As Canadian researchers, workers and businesses continue to demonstrate leadership on the world stage in innovating and developing quantum technologies, we have the potential to transform how we work and live in Canada and around the world – in areas from fighting climate change to making advancements in health care. The Government of Canada will continue to support Canadian companies to help them keep growing and staying competitive, while driving economic growth and creating highly skilled and well-paying jobs for Canadians.

The Prime Minister, Justin Trudeau, today announced a new federal investment of $40 million to enable the Toronto-based Canadian quantum computing company Xanadu Quantum Technologies Inc. to build and commercialize the world's first photonic-based, fault-tolerant quantum computer. Once developed, this computer will have the potential to provide world leading capabilities to help solve complex data problems and could be used in a variety of sectors such as finance, transportation, environmental modelling, and health.

Supported through the government's Strategic Innovation Fund, this $177.8 million project is expected to create 530 new highly skilled positions in the high-tech and quantum computing fields.

Home to some of the world's largest quantum tech hubs, Canada is well positioned to become a global leader in the developing quantum sector, which will create new opportunities for Canadians and Canadian businesses. The Government of Canada will continue to invest in innovative companies to grow the economy and create highly skilled and well-paying jobs for Canadians.

Quotes

"Quantum technology is changing the world as we know it. With the potential to solve difficult problems in key areas such as health care, finance, and climate sciences, this sector expands the realm of possibility. Today's announcement is great news for Canadian workers and businesses. This investment will bring good jobs, spur economic growth, boost innovation, and solidify Canada as a world leader in quantum technology."

— The Rt. Hon. Justin Trudeau, Prime Minister of Canada

"Quantum technologies will set the course of the future and thanks to companies like Xanadu, Canada is at the forefront ready to lead. With today's announcement, our government is strengthening Canada's position in quantum technology and helping to create more economic growth and good jobs for Canadians. We'll continue to build this sector through our National Quantum Strategy and support made-in-Canada technology so Canada remains a world leader for decades to come."

— The Hon. François-Philippe Champagne, Minister of Innovation, Science and Industry

"The government's continued investment in quantum technologies has been invaluable to our success. We are proud to be a Canadian company and, with this investment, are excited to enter the next phase in our mission to build quantum computers that are useful and available to people everywhere."

— Christian Weedbrook, Founder and CEO, Xanadu

Quick Facts

  • Since the birth of quantum science more than 100 years ago, quantum technologies have been the source of many game-changing innovations such as semiconductors and the laser.
  • Quantum science is the study, manipulation, and control of systems at the atomic and subatomic level.
  • It is estimated that by 2045, the Canadian quantum industry will be a $139 billion industry, including all economic effects, and account for over 200,000 jobs, according to a study commissioned by the National Research Council in 2020.
  • Earlier this month, the Government of Canada launched its National Quantum Strategy, which invests an additional $360 million to help solidify Canada as a global leader in quantum technologies.
  • Over the past 10 years, the Government of Canada has invested more than $1 billion in quantum research and science.
  • Additionally, the government has invested in bringing new quantum technologies to the Canadian and global markets, including investments through Canada's regional development agencies, the Strategic Innovation Fund, and the National Research Council of Canada's Industrial Research Assistance Program.
  • Xanadu is a notable contributor to Canada's innovation ecosystem and has committed to continuing to support innovation, growth, and Canada's research and development sector.
  • Founded in 2016, Xanadu is a Toronto-based Canadian quantum computing company with the mission to build quantum computers that are useful and available to people everywhere. Xanadu has become one of the world's leading quantum hardware and software companies and leads the development of PennyLane, an open-source software library for quantum computing and application development.

Associated Links

This document is also available at https://pm.gc.ca

SOURCE Prime Minister's Office

View original content: http://www.newswire.ca/en/releases/archive/January2023/23/c3179.html

The global quantum computing market is expected to grow at a compound annual growth rate of 36.89% from 2022 to 2032, with the market size valued at USD 234.06 billion by 2032.

The market is dominated by IBM, Google, Microsoft, and Honeywell, with applications in drug discovery, supply chain optimization, and finance.

What fields can quantum computers advance?

Quantum computing is expected to have a significant impact on various industries, including healthcare, finance, logistics, and energy.

What fields can quantum computers advance?

What fields can quantum computers advance?

The development of quantum computing is not without challenges, with technical difficulties hindering large-scale quantum computer development.

What are the challenges in quantum computing research?

high error rates
only small quantum computers available

However, the potential benefits of quantum computing, including the ability to solve complex problems and create secure communications, make it an exciting and rapidly developing field.

Title:

Content: Skip to Content

Secure cryptography in a post-quantum world

Preeti Yadav
23 Jun 2022

Quantum technologies will play a decisive role in information security, enabling secure communication between mutually-trusting parties and multiparty computations between distrustful parties to take place safely. These kinds of useful functionalities fit perfectly within the scope of the future quantum internet.

Communication is undoubtedly an essential part of human society, with the task of secure communication being motivated by the need to protect end users’ private data. More than ever, we are provided with an abundance of options for digital communication: emailing, messaging, image/audio clips, and video, among many others. Today’s society often blindly trusts that those means of communication are secure enough for data to be privately transmitted. How safe are we really, though, and for how long?

For centuries, transmitting confidential messages meant coming up with different schemes of encryption and decryption, and keeping those schemes secret. Over the years, new methods were discovered in which parties could send information perfectly securely, even if the scheme was known, as long as the parties had previously shared a secret key. It has become clear that the critical aspect of secure communication is, in fact, the security of those keys used for encryption/decryption, rather than the method itself. This has given rise to the problem of distribution of keys between distant users, a fundamental challenge in cryptography. Mathematical problems with computationally complex algorithmic solutions have been proposed  –  from discrete logarithms, and integer factorization, through to public key cryptography (PKC), to provide ways of key distribution as well as authentication. At present, PKC is used to secure most of the private data transmitted over the Internet.

One of the most promising modern applications of quantum physics is quantum computation. Quantum computers work in a fundamentally different way to traditional computers, by using quantum bits or qubits (represented by a two-level quantum system, such as the polarization of photons, or spin of electrons) instead of regular classical bits. Qubits display unique features of quantum mechanics, in particular superposition, interference, and entanglement, allowing for possibilities that are not feasible with classical bits. Quantum computers, which exhibit and exploit these unique features of quantum systems, can speed up computing capabilities exponentially, enabling computations otherwise impossible using classical computers. The various applications range from problems of optimization and searching unsorted data, to machine learning, simulations, and quantum chemistry, among others.

The relevance of quantum technologies in cryptography became apparent with Shor’s algorithm for quantum computers, based on efficiently finding prime factors of arbitrary integers. Interestingly, they are changing the landscape of information security in more than one way. On one hand, quantum computers are, in theory, able to break cryptography used every day to protect data, which is based on public key cryptography. Without being aware of it, we use these protocols all the time in our daily lives, from texting friends on the phone, to making purchases with cards at the supermarket. On the other hand, quantum protocols have been developed that can be used to perform these tasks, without being susceptible to attacks by any computer. To be able to break these protocols, you would have to break the very laws of physics! These quantum cryptography protocols use photons, which are the “quanta” of light, to encode information by manipulating different degrees of freedom, such as polarization or phase, and accurately measuring their state. Thus, quantum systems allow us to realize communication protocols that have superior security when compared to their classical counterparts.

Figure 1: The impact of quantum computing attacks

Despite the ongoing efforts and investments in the development of quantum computers, the timeline for the availability of a large-scale, fault-tolerant quantum computer is uncertain. This is because these computers are yet to overcome the challenges associated with increasing the available number of qubits, i.e., increasing their computational power. IBM recently unveiled their 127-qubit processor called Eagle[1]. Nevertheless, it is also important to understand that the migration from quantum-vulnerable to quantum-resistant protocols requires time and effort that are, again, difficult to estimate at this point. With the upcoming “quantum threat” of cryptographically relevant quantum computers (CRQC)[2], there is a dire necessity for secure communication schemes that are resilient to quantum attacks. Therefore, it is wise to start looking into quantum-secure protocols that have superior security when compared to their classical counterparts.

Quantum key distribution (QKD) was the first quantum protocol to receive mainstream attention due to two main features. Firstly, it achieves the task of key distribution, a problem at the heart of achieving secure encryption; second, it does so while being “unconditionally secure,” as opposed to classical protocols that rely on the difficulty of specific computational problems. During QKD, two parties (traditionally called Alice and Bob) share a collection of quantum systems and then make measurements on them, such that they can establish a secret key between themselves on which a third party has no information. In fact, the laws of physics guarantee that any attempt to try to eavesdrop on the quantum channel to distribute keys can be detected by Alice and Bob through communication over an authenticated channel.

Beyond the key distribution problem for secure communication between two parties, another important scenario to consider is that of multiple parties interested in performing joint computations. These computations may use private inputs from individual parties and should be privacy-preserving in the sense that a user’s private inputs are not revealed to any other party during the computation. The famous Millionaires’ problem is an example of such a computation, where two millionaires want to determine who is richer while keeping their individual wealth private (Figure 2). This task, known as secure multiparty computation (SMC), is of extreme importance when involving scenarios with multiple parties that do not necessarily trust each other (as opposed to QKD, in which the two parties trust each other and try to keep their shared key secret from external eavesdroppers). This guarantee of keeping users’ private data secret is further enforced by strict data protection laws. Volumes of data like the approximately 64 zettabytes generated in 2020[3] and the 181 zettabytes expected by 2025 are a great source of power. Having access to an SMC service and performing arbitrary computations will provide ways to profit from valuable data from multiple sources, such as through privacy preserving data mining (PPDM) (Figure 3).

Figure 2: The Millionaires’ problem, first proposed by Andrew Yao in 1982, as an example of secure computation, as well as its solution

At Capgemini Engineering, Portugal, we are looking into ways of performing the task of SMC with quantum technologies and exploring how the use of quantum resources can provide security against attacks that impact PKC. Interestingly, the techniques used in QKD have been found to be useful for other tasks beyond key distribution. In our Quantum Lab, we prepare and measure quantum systems in very similar ways to QKD – by encoding information in the polarization states of photons and performing measurements. This means that all the technology and infrastructure being developed so far to support QKD can be very easily adapted to implement our SMC scheme.

Figure 3: Companies can, for instance, provide digital services to users in exchange for their information, which can be analyzed in a secure way through privacy-preserving computations.

Finally, considering that we are moving towards a society with an increasing application of IoT, there are many concerns about how private information will be handled when nearly every device is connected and potentially collecting information about us. The security aspect of our private data is clearly crucial to us as individuals as well as to businesses and governments and having reliable protocols for secure communication and computation will be one of the most fundamental challenges ahead.

[1] IBM – https://research.ibm.com/blog/127-qubit-quantum-processor-eagle

[2] NSA FAQs – https://media.defense.gov/2021/Aug/04/2002821837/-1/-1/1/Quantum_FAQs_20210804.PDF

[3] Statista – https://www.statista.com/statistics/871513/worldwide-data-created/

What advantages do quantum computers have over conventional computers?

extremely fast calculations
extremely complex calculations

What fields can quantum computers advance?

Overall, the current state of quantum computing is one of rapid advancement and innovation, with companies and countries around the world investing heavily in this emerging technology.

Title:

Content: State of the Art Quantum Chemistry in 2022

Quantum chemistry is very hard. The best quantum computing chemistry seems to be at the level of 12 qubits / 12 atoms. Supercomputer simulations can handle 20 qubits and 20 atoms simulation. There are early papers that suggest classical supercomputers can get to 100 atoms and 1000 qubit for some types of simulation. Quantum computers are pushing up to 35 high fidelity trapped ion and there is work to achieve superior error mitigation and error suppression and eventual error correction with quantum computers. Breakthroughs in algorithms for supercomputers and for quantum systems are continuing and there are many competitors with different quantum technologies looking to make breakthroughs to scale to thousands and millions of qubits and to develop superior and more efficient error management.

There was a paper in 2022 where quantum simulations on the Sunway supercomputer was performed. At the current stage, classical simulation of quantum computation is crucial for the study of quantum algorithms and quantum computing architectures, especially for heuristic quantum algorithms as VQE. The largest VQE experiment performed on a quantum computer up to date has used 12 qubits. An industrially relevant quantum computational advantage in quantum chemistry is expected to appear at around 38 ≤ N ≤ 68 qubits (under the assumption of error-corrected qubits), which is related to an electronic structure problem including
19 ≤ N ≤ 34 electrons.

Compared to RQC (Random Quantum Circuits), VQE (variational quantum eigensolver) is much more demanding for both quantum and classical computers, for example, the number of CNOT gates involved in a typical quantum computational chemistry simulation quickly goes beyond 1 million with commonly used physically motivated ansatz such as unitary coupled-cluster (UCC). Moreover, the parametric quantum circuit has to be executed many times as is typical for variational algorithms. These effects limit most of the current investigations of VQE using classical computers to very small problems (less than 20 qubits). Unleashing the Julia programming language on Sunway architectures and running it efficiently over 20 million cores is also an extremely challenging task. The 2022 work has set the standard for large-scale classical simulation of quantum computational chemistry, and paves the way for benchmarking VQE applications on near-term noisy quantum computers.

Q2 Chemistry is suitable for large-scale simulation of quantum computational chemistry, based on a combination of the Density Matrix Embedding Theory and the Matrix Product States to reduce the exponentially memory scaling against the system size; a customized three-level parallelization scheme has been implemented according to the nature of the physical problem and the many-core architecture; Julia is used as the primary language which both makes programming easier and enables cutting edge performance close to native C or Fortran; Real chemical systems have been studied to demonstrate the power of Q2Chemistry in computational quantification of proteinligand interactions. To the best of their knowledge, this is the first reported quantum computational chemistry simulation
calculation for real chemical system with as many as 100 atoms and 1000 qubits using DMET-MPS-VQE (and 200 qubits using MPS-VQE), and scales to around 20 million cores. This paves the way for benchmarking with near term
VQE experiments on quantum computers with around 100 qubits.

A new study shows that for problems of real-world interest, such as calculating the energy states of a cluster of atoms, quantum simulations are not yet more accurate than those of classical computers.

The study results show how close quantum computers are to becoming useful atomic and molecular simulation tools for chemists and materials scientists.

Garnet Chan of the California Institute of Technology and his co-workers performed simulations of a molecule and a material using a 53-qubit Google processor called Weber, based on Sycamore.

The team selected two problems of current interest, without any consideration of how well suited they might be to a quantum circuit. The first involves calculating the energy states of an 8-atom cluster of iron (Fe) and sulfur (S) found in the catalytic core of the enzyme nitrogenase. This enzyme breaks strong bonds in nitrogen molecules as the first step in an important biological process called nitrogen fixation. Understanding the chemistry of this process could be valuable for developing artificial nitrogen-fixing catalysts for the chemical industry.

One of the key obstacles to accurate quantum simulations is noise—random errors in both the switching of the “gates” that perform quantum logic operations and in the reading of their output states. These errors accumulate and restrict the number of gate operations a computation can enact before the noise dominates. The researchers found that simulations with more than 300 gates were overwhelmed by noise. But the more complex the system, the more gates are needed. The Fe-S cluster, for example, has long-range interactions between spins; to be represented accurately, such interactions require many gates.

The simulations provided predictions for the energy spectra of the Fe-S cluster and the heat capacity of 𝛼-RuCl3 reasonably well—but only if the simulated systems were not too big. For 𝛼-RuCl3 the team could only obtain meaningful results for a very small 6-atom chunk of the crystal lattice; if they increased the size to just 10 atoms, the noise overwhelmed the output. And the constraints on gate operations meant that only about one-fifth of Weber’s quantum resources could be used for the calculation.

State of the Art Quantum Chemistry on IonQ Trapped Ion

Quantum computation has attracted significant attention for its potential to solve certain computational problems more efficiently than with classical computers, especially since IBM launched the first cloud accessible quantum computer and Google demonstrated quantum advantage. One of its most promising applications is to solve electronic structure problems efficiently: to illustrate, consider that for a problem containing N spin orbitals, the number of classical bits required to represent the wave function scales combinatorially with N, while on a quantum
computer only N qubits are needed. The exponential advantage offered by quantum computers has motivated a great deal of research in developing quantum algorithms to solve the electronic structure problem.

The variational quantum eigensolver (VQE) algorithm is designed specifically for current near-term intermediate scale quantum (NISQ) computers. VQE estimates the ground state of a system by implementing a shallow parameterized circuit, which is classically optimized to variationally minimize the energy expectation value. The VQE algorithm allows the user to select the form of the parameterized circuit.

There is a research paper from $2 billion Trapped Ion quantum computer company IonQ. They got a new record with 12 qubits and 72 parameters. If I am not mistaken the Google work with 10 atoms and qubits was surpassed by this IonQ work.

IonQ is currently testing a 35 trapped ion qubit system. Trapped ion should theoretically be able to achieve physically perfect qubits. However, there are other sources of error in the whole system.

The Sunway supercomputer work on classical machines simulating atoms and the IonQ and other quantum systems will continue to push ahead and race to simulating larger and larger physical atomic and molecular systems.

Orbital-optimized pair-correlated electron simulations on trapped-ion quantum computers

Variational quantum eigensolvers (VQE) are among the most promising approaches for solving electronic structure problems on near-term quantum computers. A critical challenge for VQE in practice is that one needs to strike a balance between the expressivity of the VQE ansatz versus the number of quantum gates required to implement the ansatz, given the reality of noisy quantum operations on near-term quantum computers. In this work, we consider an orbital-optimized pair-correlated approximation to the unitary coupled cluster with singles and doubles (uCCSD) ansatz and report a highly efficient quantum circuit implementation for trapped-ion architectures. We show that orbital optimization can recover significant additional electron correlation energy without sacrificing efficiency through measurements of low-order reduced density matrices (RDMs). In the dissociation of small molecules, the method gives qualitatively accurate predictions in the strongly-correlated regime when running on noise-free quantum simulators. On IonQ’s Harmony and Aria trapped-ion quantum computers, we run end-to-end VQE algorithms with up to 12 qubits and 72 variational parameters – the largest full VQE simulation with a correlated wave function on quantum hardware. We find that even without error mitigation techniques, the predicted relative energies across different molecular geometries are in excellentagreement with noise-free simulators.

Is there evidence of exponential quantum Advantage in Quantum chemistry.

Abstract
The idea to use quantum mechanical devices to simulate other quantum systems is commonly ascribed to Feynman. Since the original suggestion, concrete proposals have appeared for simulating molecular and materials chemistry through quantum computation, as a potential “killer application”. Indications of potential exponential quantum advantage in artificial tasks have increased interest in this application, thus, it is critical to understand the basis for potential exponential quantum advantage in quantum chemistry. Here we gather the evidence for this case in the most common task in quantum chemistry, namely, ground-state energy estimation. We conclude that evidence for such an exponential advantage across chemical space has yet to be found. While quantum computers may still prove useful for quantum chemistry, it may be prudent to assume exponential speedups are not generically available for this problem.

Researchers from Berkeley and elsewhere examined the case for the exponential quantum advantage (EQA) hypothesis for the central task of ground-state determination in quantum chemistry. The specific version of EQA that they examined required quantum state preparation to be exponentially easy compared to classical heuristics, and for classical heuristics to be exponentially hard. Their numerical simulations highlight that heuristics are necessary to achieve efficient quantum ground-state preparation. At the same time, they do not find evidence for the exponential scaling of classical heuristics in a set of relevant problems. The latter suggests that quantum state preparation can be made efficient for the same problems. However, as EQA is based on the ratio of costs, this does not lead to EQA.

Numerical calculations are not mathematical proof of asymptotics with respect to size and error, nor can they exclude EQA in specific problems. However, their results suggest that without new and fundamental insights, there may be a lack of generic EQA in this task. Identifying a relevant quantum chemical system with strong evidence of EQA remains an open question. They did not consider tasks other than ground-state determination, nor do they rule out polynomial speedups. Depending on the precise form, polynomial quantum speedups could be associated with useful quantum advantage, as even a polynomial classical algorithm does not mean that solutions can be obtained in a practical time. Both aspects may prove important in the further development of quantum algorithms in quantum chemistry.

References: [1], [2], [3], [4], [5], [6], [7], [8], [9], [10], [11], [12], [13], [14], [15], [16], [17], [18], [19], [20], [21], [22], [23], [24], [25], [26], [27], [28], [29], [30], [31], [32], [33], [34], [35], [36], [37], [38], [39], [40], [41], [42], [43], [44], [45], [46], [47], [48], [49], [50], [51], [52], [53], [54], [55], [56], [57], [58], [59], [60], [61], [62], [63], [64], [65], [66], [67], [68], [69], [70], [71], [72], [73], [74],.

Title:

Content: View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Analysis
September 23, 2022

Is the finance sector quantum ready?

By

It is an important year for quantum computing, according to GlobalData’s Technology, Media and Telecoms Predictions 2022. In addition to the high levels of hype generated around this disruptive technology, significant technical advances have seen companies starting to invest in exploring its potential benefits.

The global quantum computing market size is set to reach $1.77bn by 2026, up from $472m in 2021, at a compound annual growth rate of 30.2%, according to Markets and Markets. Pioneering adoption of quantum computing by financial services companies is expected to drive this growth.

Is the financial services industry prepared for quantum?

What does a quantum advantage over classical computing mean for financial services? Increasing the speed and volume of calculations and transactions by multiples represents the biggest change for a post-quantum financial services sector – and the key to identifying the potential benefits of specific use cases is exploration. Early iterations of quantum computing-as-a-service are under way with Big Tech companies Microsoft, Amazon, IBM and Google offering clients a cloud service for experimenting with quantum simulators (essentially classical computers mimicking quantum computers in the cloud to see what they can do).

This collaborative approach between businesses and tech companies addresses two problems in tandem: first, it allows businesses to familiarise themselves with the emerging technology despite quantum supremacy being some years away; second, it tackles the biggest business challenge, which is identifying the most effective use cases for financial services.

US tech giant IBM’s quantum accelerator programme was set up with exactly that in mind: to allow businesses themselves to find effective quantum computing use cases. Many of IBM’s financial services clients in the accelerator programme have initial concerns about the effect quantum computing will have on cryptography, according to Prakash Pattni, managing director for financial services – digital transformation at IBM.

“It took a few years for banks to work out where blockchain fits in with cryptography, for example, and we are now at a stage where blockchain is really taking off,” he says.

Pattni likens quantum computing as being at that same early stage of experimentation as blockchain was. Financial services companies are perhaps even more acutely aware of the potential impact of quantum computing on data security because the nature of banking regulation means data has to be stored and kept safe for many years, adds Pattni.

While cybersecurity remains a clear concern for clients, specific use cases are still being worked out. Again, experimentation is key, according to Pattni, who says: “I think we’ are still at that very early stage in terms of experimentation where quantum is concerned.” According to Gartner, 40% of large companies are planning to create initiatives around quantum computing by 2025, but even with accelerator programmes and research and development budgets, very specific use cases are still proving hard to identify.

Financial services, particularly those which work across multiple markets, stand to benefit greatly from efficiencies enabled by quantum computing given that it enables the modelling of multiple permutations of different scenarios or values to solve the most efficient outcomes in a fraction of the time it would take classical computing.

Pattni believes this could be particularly useful in the cross-border fraud detection space, saying: “Real-time payments mean the window to look at fraud needs to be in real time too.” As AI is increasingly integrated into banking systems, the interface between AI and quantum computing is also a testing ground. Pattni says risk calculation is an area that investment banks are looking at.

“It requires incredibly high levels of compute power to run multiple risk scenarios that regulators don’t like, so that is another area where quantum computing could be applied, but it is still really early days of experimenting with applications,” he adds.

Finance’s first movers in quantum computing adoption

EY’s 2022 Quantum Readiness survey, produced in collaboration with the UK’s National Quantum Computing Centre, found that 81% of senior UK executives expect quantum computing to play a significant role in their industry by 2030. Despite this, most companies are taking a ‘watch and see’ approach. However, there are those in the finance sector taking a pioneering approach by testing the technology and ramping up investment in a calculated bet that quantum computing will, in fact, live up to its hype.

US investment bank Goldman Sachs is actively researching how quantum computing can be applied to the pricing of complex derivatives. Computing a price within a complicated contract or statistical model can be an expensive process. Derivatives are so common in finance that even a small improvement in pricing them, or in calculating related quantities, could be very valuable, according to William Zeng, head of quantum research for Goldman Sachs, who made the claim in September 2022 for Microsoft Azure’s quantum blog.

In March 2022, Spain’s CaixaBank’s life insurance and pensions company, VidaCaixa, announced that it is using Canadian quantum computing company D-Wave’s cloud service to build a quantum computing application for its investment portfolio selection and allocation activities, as well as its portfolio hedging.

According to CaixaBank, this is the first time a financial services company has applied quantum computing in investment hedging in the insurance sector. What normally took the bank several hours of computing time was reduced to just minutes, representing up to a 90% decrease. This time reduction facilitates increased modelling complexity, which is better adapted to real-time markets, optimises invested capital while maintaining constant risk levels and improves the hedging decision-making process. The Spanish banking group is evaluating whether to use the application in other areas of its operations over the coming months.

In March 2022, HSBC announced it will join the IBM Quantum Accelerator programme to progress potential quantum use cases in pricing and portfolio optimisation to advance its net-zero goals and to mitigate risks, including identifying and addressing fraudulent activity. The collaboration will also include knowledge transfer through internal training programmes, as well as actively recruiting quantum computing research scientists to build a dedicated capability within its innovation team.

Elsewhere, Standard Chartered has embarked upon research into quantum computers as part of an academic partnership with the Universities Space Research Association. The partnership is already actively developing what is known as the Quantum Computing System for Financial Services, and the bank will use it to address the security challenges posed by a super-powerful quantum computer.

Post-quantum security a pressing matter

Both IBM and Google have road maps to create quantum computers capable of defeating current encryption by 2030, according to GlobalData. Despite the cybersecurity industry developing quantum-resistant encryption before that time, future quantum computers could decrypt data harvested today. As a result, GlobalData expects companies to implement quantum security solutions in 2022, particularly as cybersecurity has become front of mind for business leaders.

Over the past 12 months, interest in quantum security has grown considerably in the financial services sector, according to Duncan Jones, head of cybersecurity at quantum computing company Quantinuum. “This is partly driven by the stream of announcements from the US government highlighting the urgent need to combat the quantum threat alongside the business opportunities,” he says.

In addition, as more quantum-enabled business use cases emerge, so too do the cybersecurity concerns. Jones and his team at Quantinuum are working on ways to remedy this. Quantinuum’s partnership with cybersecurity software company PureVPN uses Quantinuum’s cyber platform, Quantum Origin, to create and deploy encryption keys generated using a verifiable quantum process, which are more secure than keys from unverified, classical computing processes.

Every technology advance creates a commensurate cybersecurity challenge and quantum-proofing financial services companies will continue to be a concern alongside the business growth opportunities, according to Jones. “Financial services companies are realising there is a new quantum baseline for security and are factoring this into their cyber planning,” he adds.

In July 2022, it became public knowledge that US investment bank JPMorgan Chase had hired assistant professor Dr Charles Lim – a world-renowned expert in next-generation, quantum-resistant communication networks at the National University of Singapore – to lead the bank’s quantum communications and cryptography. The move not only demonstrates how quantum computing has become a business concern but also highlighted a global race for talent in the field, serving as a warning to other financial services companies that they may want to ramp up their search for quantum computing talent. Historically, financial services has attracted the brightest and the best with attractive compensation, but the sector is now competing with commensurate employee offerings by Big Tech. A battleground for quantum computing talent is set to continue.

Credit rating financial services company Moody's Analytics announced in September 2022 that it is establishing the Moody's Analytics Quantum Computing Team, which is perhaps a sign that quantum computing has become part of the financial services establishment. Early adoption of this technology may seem like a choice in 2022, but it may prove vital in future-proofing financial services companies against the changes that it will bring to the sector. As with any emerging technology there are first movers and those that follow the trend – it is still too soon to tell which approach will reap the most benefits.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Retail Banker International