The world is witnessing the dawn of the quantum-computing era. For the first time in history, researchers at IBM Quantum and UC Berkeley have found evidence for the utility of quantum computing in June 2023.
“Last year, we achieved quantum utility—the point at which they can serve as scientific tools to explore new classes of problems in chemistry, physics, and materials beyond the brute-force, classical simulation of quantum mechanics,” said Scott Crowder, vice president of the IBM Quantum Adoption and Business Development.
The industry is currently projected to face unprecedented growth. The global quantum computing market was valued at $866 million in 2023 and is projected to reach $4.375 billion by 2028, with a compound annual growth rate (CAGR) of 38.3%.
As the promising future of quantum computing unfolds, the need for organisations to elevate their readiness for this technology becomes increasingly urgent and important. IBM’s Crowder discussed quantum-readiness in the Asia Pacific context, the benefits of early adoption, and what organisations can do to level up their quantum-computing game.
Quantum-readiness
As it is an exciting time for quantum readiness as there has been evidence for quantum utility, it is the turn of organisations and individuals to ask: How ready are [we] to use quantum computers—and develop the problem-solving applications that take advantage of quantum computers’ unique properties?
According to IBM research, “Make quantum readiness real,” the differentiating attributes of active engagement, innovation, and talent development characterise quantum readiness in organisations.
“Ecosystem enthusiasts [are] organisations that actively engage in quantum ecosystems for use cases, educational programs, or hardware access,” explains Crowder.
He also explained that quantum-ready organisations are contagious innovators. They are advanced in other innovative technologies, such as AI. The research found that such organisations run 48% more AI workloads than those that are least ready.
Crowder continued that organisations that nurture talent are an indication of quantum readiness. He said such organisations better understand the skills gap, which is the top barrier to adopting quantum computing. According the research, talent nurturers are almost three times more effective in their workforce development approaches. They invest in “developing internal quantum skills, attracting STEM talent, and partnering with academic institutions and research labs.”
Quantum-readiness in the Asia Pacific
In the Asia Pacific (APAC) region, Japan claimed the top spot in IBM’s Quantum Readiness Index. This weighted average index evaluates quantum preparedness indicators across three dimensions: strategy, operations, and technology.
Nearly 20% of organisations in Japan met IBM’s criteria for being “quantum-ready.” This did not come as a surprise, as the country has been one of the global trailblasers in quantum-readiness efforts. The Japanese Government established the Quantum Technology and Innovation Strategy in 2020, eight new R&D centers in 2021, and the Vision of Quantum Future Society in 2022.
“Projects from IBM’s recent agreement with Japanese national research lab RIKEN to co-locate a next-generation IBM quantum computer with their supercomputer Fugaku are supported by funding from the New Energy and Industrial Technology Development Organisation (NEDO), an organisation under Japan’s Ministry of Economy, Trade and Industry (METI),” said Crowder.
The IBM executive also noted that South Korea and Singapore stood out as other countries with quantum-ready organisations.
“They are part of at least one quantum ecosystem, have greater access to education programs, and have identified use cases to pursue,” he said. “In another ecosystem example, last year, our team at IBM and top universities announced plans to advance quantum education for 40,000 students across Japan, South Korea, and the United States. We also have quantum systems installed for the University of Tokyo, with plans to install quantum systems at RIKEN in Japan and Yonsei University and KQC in South Korea soon.”
The time is now
Organisations should determine how quantum ready they are today…The time is now to explore the technology and get involved in the research being conducted by this global ecosystem
Scott Crowder
“Analysts estimate that by 2035, quantum computing technology could potentially create $450 billion to $850 billion in net income for end users via cost savings and revenue generation. The catch, and a critical note at this stage of the game: in most industries, as much as 90% of that value could go to early adopters,” explained Crowder, highlighting the significant potential and opportunity for those who embrace quantum computing early.
On the flip side, organisations not preparing for the adoption of the technology risk being left behind in the competition.
“The training and preparation for how to understand quantum computing and how an organisation can apply it to the use cases they care about take time and planning,” the IBM executive explained.
“Organisations should determine how quantum ready they are today…The time is now to explore the technology and get involved in the research being conducted by this global ecosystem,” Crowder concluded.
