What are the applications of quantum computing?

Many computing applications with large datasets are poised to benefit from the advent of the quantum computer and much of what the world does is based on the principles of mathematics – from simulation to application. The trouble is, maths can be hard. Some calculations required for the effective simulation of real-life scenarios are simply beyond the capability of classical computers – what’s known as intractable problems. Quantum computers, with their huge computational power, are ideally suited to solving these problems. Indeed, some problems, like factoring, are “hard” on a classical computer, but are “easy” on a quantum computer. This creates a world of opportunities, across almost every aspect of modern life.

Artificial Intelligence & Machine Learning

Artificial intelligence and machine learning are some of the prominent areas right now, as the emerging technologies have penetrated almost every aspect of humans’ lives. Some of the widespread applications we see every day are in voice, image and handwriting recognition. However, as the number of applications increased, it becomes a challenging task for traditional computers, to match up the accuracy and speed. And, that’s where quantum computing can help in processing through complex problems in very less time, which would have taken traditional computers thousand of years.

Drug Design & Development

Designing and developing a drug is the most challenging problem in quantum computing. Usually, drugs are being developed via the trial and error method, which is not only very expensive but also a risky and challenging task to complete. Researchers believe quantum computing can be an effective way of understanding the drugs and its reactions on humans which, in turn, can save a ton of money and time for drug companies. These advancements in computing could enhance efficiency dramatically, by allowing companies to carry out more drug discoveries to uncover new medical treatments for the better pharmaceutical industry.

Processing Large Sets of Data

We produce 2.5 exabytes of data every day. That’s equivalent to 250,000 Libraries of Congress or the content of 5 million laptops. Every minute of every day 3.2 billion global internet users continue to feed the data banks with 9,722 pins on Pinterest, 347,222 tweets, 4.2 million Facebook likes plus ALL the other data we create by taking pictures and videos, saving documents, opening accounts and more.

Quantum computers, are designed to manage the huge amount of data, along with uncovering patterns and spotting anomalies extremely quickly. With each newly launched iteration of quantum computer design and the new improvements made on the quantum error-correction code, developers are now able to better manage the potential of quantum bits. Also optimizes the same for solving all kinds of business problems to make better decisions.

Cybersecurity & Cryptography

The online security space currently has been quite vulnerable due to the increasing number of cyber-attacks occurring across the globe, on a daily basis. Although companies are establishing necessary security framework in their organisations, the process becomes daunting and impractical for classical digital computers. And, therefore, cybersecurity has continued to be an essential concern around the world. With our increasing dependency on digitisation, we are becoming even more vulnerable to these threats. Quantum computing with the help of machine learning can help in developing various techniques to combat these cybersecurity threats. Additionally, quantum computing can help in creating encryption methods, also known as, quantum cryptography.

Solve Complex Problem Faster

Quantum computers can complete calculations within seconds, which would take today’s computers many years to calculate. With quantum computing, developers can do multiple calculations with multiple inputs simultaneously. Quantum computers are critical to process the monumental amount of data that businesses generate on a daily basis, and the fast calculation can be used to solve very complex problems which can be expressed as Quantum Supremacy where the calculations that normally take more than 10,000 years to perform, quantum computer can do it 200 seconds. The key is to translate real-world problems that companies are facing into quantum language.

Financial Modelling

For a finance industry to find the right mix for fruitful investments based on expected returns, the risk associated, and other factors are important to survive in the market. To achieve that, the technique of ‘Monte Carlo’ simulations are continually being run on conventional computers, which, in turn, consume an enormous amount of computer time. However, by applying quantum technology to perform these massive and complex calculations, companies can not only improve the quality of the solutions but also reduce the time to develop them. Because financial leaders are in a business of handling billions of dollars, even a tiny improvement in the expected return can be worth a lot for them. Algorithmic trading is another potential application where the machine uses complex algorithms to automatically trigger share dealings analysing the market variables, which is an advantage, especially for high-volume transactions.

Better Business Insights and Models

With the increasing amount of data generated in industries like pharmaceutical, finance and life science industry, companies are losing their ties with classical computing rope. To have a better data framework, these companies now require complex models that have the potential processing power to model the most complex situations. And that’s where quantum computers play a huge role. Creating better models with quantum technology will lead to better treatments for diseases in the healthcare sector like COVID-19 research cycle from test, tracing and treating of the virus, can decrease financial implosion in the banking sector and improve the logistics chain in the manufacturing industry.

Marketing

Quantum computers will have the ability to aggregate and analyse huge volumes of consumer data, from a wide variety of sources. Big data analytics will allow commerce and government to precisely target individual consumers, or voters, with communications tailored to their preferences; helping to influence consumer spending and the outcome of elections.

Logistics Optimisation

Improved data analysis and robust modelling will indeed enable a wide range of industries to optimise their logistics and scheduling workflows associated with their supply-chain management. The operating models need to continuously calculate and recalculate optimal routes of traffic management, fleet operations, air traffic control, freight and distribution, and that could have a severe impact on applications. Usually, to do these tasks, conventional computing is used; however, some of them could turn into more complex for an ideal computing solution, whereas a quantum approach may be able to do it. Two common quantum approaches that can be used to solve such problems are — quantum annealing and universal quantum computers. Quantum annealing is an advanced optimisation technique that is expected to surpass traditional computers. In contrast, universal quantum computers are capable of solving all types of computational problems, not yet commercially available.

Healthcare

Research

Classical computers are limited in terms of the size and complexity of molecules they can simulate and compare (an essential process in early drug development). If we have an input of size N, N being the number of atoms in the researched molecules, the number of possible interactions between these atoms is exponential (each atom can interact with all the others).

Quantum computers will allow much larger molecules to be simulated. At the same time, researchers will be able to model and simulate interactions between drugs and all 20,000+ proteins encoded in the human genome, leading to greater advancements in pharmacology.

Diagnostics

Quantum technologies could be used to provide faster, more accurate diagnostics with a variety of applications. Boosting AI capabilities will improve machine learning – something that is already being used to aid pattern recognition. High-resolution MRI machines will provide greater levels of detail and also aid clinicians with screening for diseases.

Treatment

Targeted treatments, such as radiotherapy, depend upon the ability to rapidly model and simulate complex scenarios to deliver the optimal treatment. Quantum computers would enable therapists to run more simulations in less time, helping to minimise radiation damage to healthy tissue.

Weather Forecasting

Currently, the process of analysing weather conditions by traditional computers can sometimes take longer than the weather itself does to change. But a quantum computer’s ability to crunch vast amounts of data, in a short period, could indeed lead to enhancing weather system modelling allowing scientists to predict the changing weather patterns in no time and with excellent accuracy — something which can be essential for the current time when the world is going under a climate change.

Weather forecasting includes several variables to consider, such as air pressure, temperature and air density, which makes it difficult for it to be predicted accurately. Application of quantum machine learning can help in improving pattern recognition, which, in turn, will make it easier for scientists to predict extreme weather events and potentially save thousands of lives a year. With quantum computers, meteorologists will also be able to generate and analyse more detailed climate models, which will provide greater insight into climate change and ways to mitigate it.

Integration of Multiple Sets of Data

To manage and integrate multiple numbers of sets of data from multiple sources, quantum computers is best to help, which makes the process quicker, and also makes the analysis easier. The ability to handle so many stakes make quantum computing an adequate choice for solving business problems in a variety of fields.

THE FUTURE

The quantum computing market will reach $2.2 Billion, and the number of installed quantum computers will reach around 180 in 2026, with about 45 machines produced in that year. These include both machines installed at the quantum computer companies themselves that are accessed by quantum services as well as customer premises machines. [5]

Cloud access revenues will likely dominate as a revenue source for quantum computing companies in the format of Quantum Computing as a Service (QCaaS) offering, that will be accounting for 75 percent of all quantum computing revenues in 2026. Although in the long run quantum computers may be more widely purchased, today potential end users are more inclined to do quantum computing over the cloud rather than make technologically risky and expensive investments in quantum computing equipment. [5]

In a parallel track quantum software applications, developers’ tools and number of quantum engineers and experts will grow as the infrastructure developed over the next 5 years which will make it possible for more organizations to harvest the power of two transformational technologies quantum computing and AI and encourage many universities to add quantum computing as an essential part of their curriculum.