The infamous Moore’s law lies in the observation that the number of transistors in a dense integrated circuit doubles approximately every two years. In 1965, Gordon Moore published a paper that projected that the number of transistors would double every two years while the cost per unit would continue to decrease. Moore’s law has been dominating the computing industry for almost 60 years and no one who watched it being born could have predicted its huge impact not only on technology but also on economies, geopolitics, and philosophy. However, since 2005, Moore’s law, as originally expressed, does not hold. Computing power grows at a slower pace, which has led the technology industry to consider alternative ways for sustaining the growth in enterprise computing capacity. Recent research reports indicate that mainstream chip vendors are expected to run out of new chip designs in the next decade. This is one of the main drivers behind the emergence and the rise of enterprise Quantum computing. Quantum computing is gradually becoming a reality, yet it has been a dream for decades.
Quantum computing is a new computing paradigm that promises to provide extreme computing power. Unfortunately, despite several instances of successful quantum computation research over the past three decades, there are only a few quantum computers ready for enterprise use. This has created a controversy around the enterprise use of Quantum computing: Is it something that enterprises must seriously consider, or is it yet another overhyped technology?
Quantum computing is essentially the process of encoding information in qubits. Unlike the conventional binary bits (0 and 1) that exist in classical computing, a qubit can exist in multiple states simultaneously. Qubits are held in electron orbits around their nuclei. They are associated with quantum leaps, which occur when an orbiting electron makes jumps between energy levels. As per Quantum mechanics, electrons in confined spaces can exist in different states until they’re observed, at which point they collapse into one state. This idea is utilized by studying the ways electrons behave when confined together.
Quantum computing harnesses the laws of quantum mechanics to solve problems too complex for classical computers. Although we are still in the ‘early days’ of this technology, there is enormous potential, as quantum computers promise to help solve problems beyond the reach of today’s biggest supercomputers. The time is here when a single computer can perform calculations that would previously have taken multiple years, not just more swiftly but also accurately.
In May 2016, the Quantum Manifesto was published and signed by over 70 companies and 69 leading experts. The impact of this manifesto was significant, making it clear that quantum computing and quantum technologies are coming, probably faster than we imagined.
Nowadays, various enterprises in different sectors leverage Quantum Computing to boost their computational capabilities and increase their competitiveness. Specifically, the most common quantum computing use cases for modern enterprises include:
As with many emerging technologies, several potential business cases for Quantum Computing have been identified. Examples include faster simulations for research or financial applications and the improvement of AI-based systems. It is likely that many modern enterprises will adopt Quantum Computing technology in the coming years. However, adoption rates will vary by industry. Companies with specific use cases for this technology will benefit from its potential. Regardless of which industry it caters to, Quantum Computing is a solution with the capability to drive better business outcomes. Nevertheless, Quantum Computing should not be adopted blindly but instead used for well-defined business cases with proven Return on Investment (ROI).
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