Potential of Quantum Computing Solving Real-World Problems

Quantum computing has attracted a lot of attention during the last few years. One of the disruptive technologies quickly gaining traction has the potential to have a big influence on many different businesses and civilizations. 

Cybercrime rates are rising, the government is investing more in quantum computing, and more industries, including defense, banking & finance, and chemicals, are using the technology. Thus, such factors boost the market growth. In addition, according to a research report by Astute Analytica, the Global Quantum Computing Market is likely to grow at a compound annual growth rate (CAGR) of 30% over the projection period from 2023 to 2031.  

Technology is already seeing an exponential increase in computing capacity as measured in "Quantum Volume,", and this trend is predicted to continue. In the coming years, it's conceivable that the "quantum advantage" will become apparent, allowing quantum computers to solve important real-world issues in a way that even the largest supercomputers cannot.  

Quantum computing won't displace traditional computing 

To accelerate the integration of quantum and classical systems, it is first necessary to take into account fifty years of prior knowledge from classical computing. The traditional computer will not be replaced by quantum computing. The lowest eigenvalue of a matrix can be found using quantum computing, and Monte Carlo simulations can be carried out more quickly.  

In essence, a quantum computer will likely be useful for a certain application requiring a lot of computation. In essence, this means that people will use a "hybrid" architecture in which a "kernel" of an application will run on quantum hardware, but the actual application will run on classical hardware. This is comparable to leveraging cloud-based GPUs for vector processing. Finding the "kernels" most likely to gain from quantum technology is difficult. 

The potential of quantum is already seeing an exponential increase in computing capacity as measured in "Quantum Volume,", and this trend is predicted to continue. In the coming years, it's conceivable that the "quantum advantage" will become apparent, allowing quantum computers to solve important real-world issues in a way that even the largest supercomputers cannot.  

It is essential to remove any potential barriers in the way of democratized access to these new technologies: 

Machine Learning:
Numerous industries, including finance, health science, and manufacturing, could benefit from quantum machine learning. Patient outcomes in healthcare are significantly impacted by diagnostics. It has the potential to enhance the quality of the results from these diagnostic procedures, which are employed in applications such as determining whether or not cells are malignant. 

Optimization:
Quantum optimization is expected to yield superior results and has the potential to more effectively explore the solution space. In general, issues are computationally intractable, which indicates that they cannot be effectively solved in a traditional computer. 

This is one instance of how the supply chain and logistics as a whole will be affected significantly by quantum computing. Graph problems like Max-Cut, network optimization in aviation, and production yield enhancement in semiconductor fabrication are some further potential application domains.