Advancements and Challenges in Quantum Computing with Industry Leaders
Quantum computing is making significant progress with major companies such as Microsoft and Google actively involved, contrasting with artificial intelligence which remains dominant primarily as software while quantum computing is hardware-focused.
The quantum technology sector is projected to be worth up to $97bn (£74bn) by 2035, while AI continues to hold a valuation in the trillions. Currently, there are about 200 quantum computers worldwide, although China has not disclosed its number.
In December 2024, Google introduced the quantum processor Willow, demonstrating a quantum calculation which would take five minutes on a classical supercomputer and would require 10 septillion years on today’s fastest conventional machines.
Quantum technology holds potential to revolutionize fields such as healthcare, especially in drug discovery, and agriculture through the development of new fertilizers. Quantum sensors have practical applications including their use in atomic clocks, and a quantum compass has been tested for underground navigation in London.
There are concerns that current encryption methods face threats from quantum computing, as future quantum-powerful decryption could compromise stored data, leading to calls for quantum-resistant encryption. Experts anticipate a possible 'Q-day' around 2030 when these risks may become critical.
Present quantum devices are large, laboratory-based, and require near-cryogenic temperatures. Advances include using diamonds as qubits which allow operation at higher temperatures, exemplified by Element Six (a De Beers company) producing quantum-grade diamonds since 2020, and collaboration with AWS.
Industry voices acknowledge the strong potential of quantum computing amidst rising hype; for example, Quantinuum is valued at about $10bn. However, experts caution that challenges remain and ongoing research is essential to realize these advancements fully.
