A recent development in the quantum computing technology has created ripples in the tech world, with increased funding and partnership between the tech giants and new entrants.

This advancement, which was made known to the public by researchers from one of the world’s most prominent quantum computing companies, shows that quantum coherence can be sustained for much longer duration than previously possible, thus opening the door to the development of quantum computers that are usable and can solve problems which are hitherto unsolvable by conventional supercomputers.

This has led to a lot of activities in the quantum computing industry with most of the tech giants trying to strengthen their quantum research and development. Google, IBM and Microsoft have all recently come forward with plans to expand their quantum technology spending, with Google alone vowing to add $1 billion to its quantum computing initiative over the next five years.

However, venture capital firms are investing heavily in quantum computing startups and the total investment in this field is expected to cross $5 billion this year, which is almost twice the amount that was invested in 2023.

The uses of quantum computing are not limited to a particular field, they can be used in pharmaceuticals, materials science, finance, and cryptography. In the pharmaceutical industry, Merck and Pfizer are collaborating with quantum computing companies to identify the possibilities of enhancing the drug discovery and development. Quantum computers have the potential of simulating molecular interactions that are required for developing new drugs in a shorter time and with less resources.

Quantitative finance is a field in which major banks and hedge funds are spending billions of dollars in the development of quantum computing, to get ahead in fields such as risk assessment, fraud prevention, and high-frequency trading. JPMorgan Chase & Co. has recently signed a deal with a top quantum company to create quantum computing based portfolio optimization and option pricing models.

The risks of quantum computing in the field of cybersecurity are also gaining much focus. The threat of quantum computers to crack today’s encryption standards has led to the development of quantum cryptography. Government bodies and tech giants are working on projects to get ready for the post-quantum cryptography world with NIST at the forefront of the process of establishing quantum-resistant algorithms.

This is true as the quantum computing landscape develops, a new set of software and services are being developed. Quantum software development companies, error correction and quantum inspired algorithms are among the hottest areas that are attracting the attention of investors and potential partners from the corporate world.

AWS and Microsoft Azure are among the cloud providers that are increasing their quantum computing capabilities to allow people to test quantum algorithms without having to buy the physical hardware.

Quantum computing is also growing at a very fast rate and this has also brought up some of the most important ethical and social issues. Risks of using quantum technology for breaking encryption or for creating new weapons have been voiced out and calls for international cooperation and regulation of the technology have been made. There are some people who are calling for the need to establish ‘quantum ethics’ principles in order to guide the creation of the technology and its application.

Education and workforce development are emerging as important needs as the quantum industry advances. More and more universities are developing their quantum computing courses, and firms are establishing training programs to meet the need for quantum talent. For instance, IBM has recently announced its quantum education initiative through which it plans to prepare 100,000 students for quantum computing careers within the next five years.

Quantum supremacy has become one of the most popular goals these days and such projects are no longer limited to the academic sphere and are also supported by industries and governments. New international quantum research centres are being set up to help coordinate efforts and speed up development in the field. The European Union has recently launched a €1 billion Quantum Flagship programme aimed at boosting quantum research and development in all member countries.

However, there are still many technical issues that need to be solved, such as enhancing the stability of qubits and expanding the size of quantum systems, the recent achievement has brought new hope into the field. According to the leading specialists in the field, the first useful quantum computers that would be able to solve real tasks may appear in the next 5-10 years, which may lead to the radical change of industries and new horizons in scientific research.

With the quantum computing revolution in full swing, it is possible to see the influence of this technology in almost every industry of the world economy. Organizations and nations that effectively apply this revolutionary technology may obtain considerable competitive advantages and those that do not will lose in the quantum future.