Classiq Research Reveals That Quantum Computing is the Future – and It’s Coming Soon

‍Forward-Looking Organizations Are Budgeting for and Performing Quantum Projects Today

TEL-AVIV – September 22, 2021 – Classiq, which provides a breakthrough Quantum Algorithm Design platform, has unveiled new research highlighting widespread interest – and significant investment – in quantum computing across industry sectors. It indicates that the vast majority of U.S. professionals (89.8%) believe that IT departments should have budgets dedicated to quantum computing. It shows that 61.9% already have budgets for quantum computing, and an additional fifth (21.6%) plan to incorporate quantum computing into their IT planning.

The research is based on a survey of more than 500 U.S. professionals – ranging from C-level executives to managers – who said that they are familiar with quantum computing. Market research firm Propeller Insights conducted this survey for Classiq in July and August 2021.

More than three-fourths of the accounting (78%) and banking, financial services and insurance (77.1%) survey respondents said that their companies already have budgets for quantum computing technologies. Well more than half of survey respondents from the health technology and medtech (62.3%) and high tech (56.7%) sectors have quantum computing budgets in place.

“This research shows that companies are establishing budgets to form teams, create internal expertise and validate use cases in quantum computing,” said Nir Minerbi, co-founder and CEO of Classiq. “This suggests that quantum computing could have a disruptive impact on business in the coming years by driving performance, new revenue and competitive advantage.”

Leaders Understand The Power of This Top Emerging Technology To Drive Business Results

Nearly all survey respondents (95.7%) said that they believe that quantum computing can bring performance breakthroughs, and 82.1% said that they see quantum computing as a necessity. 

Over a third (38%) said that competitive advantage is the most beneficial outcome of an effective quantum computing strategy. Almost a third (32.9%) of these business leaders said that creating new revenue streams is the greatest benefit of quantum computing.

Well over half (62.9%) of the survey group said that they believe quantum computing will take hold in the next 5 to 10 years. This means that quantum computing is second only to virtual and augmented reality, which got a 73.9% share of the vote, as a key emerging technology trend. 

“In the past year, the quantum computing sector has turned a major corner, transitioning from primarily a lab-based research activity into an increasingly attractive commercial option,” said Bob Sorensen, senior vice president of research and chief analyst for quantum computing at Hyperion Research. “As such, the growing number of potential end users will be looking to leading-edge quantum computing suppliers not only for demonstrated technological prowess, but about what quantum computing can do for them. These end users will want to know how they can best integrate quantum computing into their overall R&D, business, and IT infrastructures; how they will be able to attract the right quantum and related subject matter experts to support those activities; how much they will need to budget to stand up and run a robust quantum computing capability; and perhaps most importantly, what significant market and financial advantages quantum computing capability can bring to the table. Quantum computing vendors that can continue to drive underlying technology gains while addressing these pragmatic end user questions stand the best chance of moving to the front of the pack in this growing – and increasingly competitive – sector.”

But Advancing Quantum Computing Hinges on Better Software Tools, More Qualified People

Every new technology has its challenges. Quantum computing is no exception. 

The research indicates that this game-changing technology could benefit from better development platforms and software portability as well as more education and training.

When asked about the most important component to the evolution of quantum computing, the top answer, with a 36.6% share, was: a better software development platform. 

Nearly three-fourths (72.3%) of the total survey group noted that portability, meaning the ability to move quantum code developed on one type of quantum computer to another quantum computer, is very important. And half of the survey group said that quantum computing hasn’t become even more popular due to a lack of understanding of the technology.

Quantum Computing Is Forging Ahead – and May Be Closer Than You Think

“Confidence that quantum computers will solve major problems beyond the reach of traditional computers – a milestone known as quantum advantage – has soared in the past 12 months,” according to Boston Consulting Group (BCG). “Equity investments in quantum computing nearly tripled in 2020, the busiest year on record, and are set to rise even further in 2021.” 

BCG said that quantum computing could create $450 billion to $850 billion in value in the next 15 to 30 years – and it added that $5 billion to $10 billion of that value could start accruing to users and providers as early as the next three to five years if the technology scales as promised.

“Our research provides further evidence that quantum computing is the future of technology,” said Minerbi. “Forward-looking organizations need to chart and execute a coherent strategy to leverage this new method of computing to create new products, reduce costs and otherwise help the bottom line – and they need to get started now. Quantum is disrupting computing, and organizations that don’t adapt or at least explore quantum computing risk being left at a significant competitive disadvantage. Classiq enables organizations to move forward with quantum computing: our revolutionary software platform helps organizations solve real-world problems with quantum circuits that could not be created otherwise.”

To review the survey report, click here.