Businesses Taking Quantum Leaps In The Adoption Of Quantum Computing – But Why?

Quantum Computing!

Sounds familiar? You’ve come across it in numerous sci-fi and superhero movies, including Avengers: Endgame, which made use of quantum technology throughout the movie. The third instalment of the Ant-Man movie franchise was literally titled Quantumania!

Of course, these are fictitious stories (duh!), so if you’re looking for a realistic picture, we suggest you click here.

Quite simply put, quantum computing is the next iteration in computing and over the last decade, it has made giant leaps, courtesy industry giants such as IBM, Microsoft and others who have envisioned a quantum-first future across multiple industries.

In fact, according to a report, the global quantum computing market size was valued at around $457.9 million in 2021 and is predicted to reach around $5,274.9 million by 2030, with a CAGR (Compound Annual Growth Rate) of around 31.21% from 2022 to 2030.

Companies have taken note and are looking to cash in on the technological marvel early in the game.

Who’s doing what? Let’s explore:
 

What’s The HSBC + Terra Quantum Deal About?

 

• According to a report, global banking institution HSBC and Switzerland-based Terra Quantum, a Quantum as a service (QaaS) firm, have announced a collaborative partnership.

• The purpose of the collaboration is to explore hybrid quantum technologies applications on optimization challenges for higher business impact.

• Being an early adopter, HSBC could gain advantages such as increased efficiency, cost reduction and a competitive edge. According to a McKinsey report, the overall impact brought to the financial sector could be between $394 billion and $700 billion by 2035.

• Speaking on the same, Markus Pflitsch, Founder, CEO and Chairman at Terra Quantum, said, "Working with HSBC allows us to apply our cutting-edge technology to real world use cases at a world class leading financial institution. Hybrid quantum algorithms will revolutionize large scale intractable optimization tasks in the future. We want to demonstrate some of that potential already today”. 

• Additionally, Vishal Shete, MD-UK at Terra Quantum, said, “Optimisation of capital is one of the core functions in a bank, Quantum technologies have the potential to enhance optimisation solutions across many parts of a financial institution, we look forward to realising the benefits of this in the near term future”.

 

What’s The Honeywell + Quantinuum Deal About?

 

• Honeywell, a tech company engaged in aerospace, building technologies, performance materials and productivity solutions, is looking to make use of quantum computing through its partnership with Quantinuum, a company dedicated to accelerating quantum computing.

• The plan is to incorporate quantum computing-hardened encryption keys into smart meters used for electric, gas and water, to provide its customers with better protection from future cyber threats.

• The deal centers around Quantinuum’s Quantum Origin technology, which was launched in 2021 and co-developed by Honeywell.

• Reportedly, the technology’s developer believes it’s “the world’s first commercial product built using quantum computers that delivers an outcome classical computers could not achieve”.

• This move makes Honeywell the first company to use quantum encryption this way, with the company looking forward to making it a benchmark in protecting and benefiting critical utilities.

• Speaking on the move, Hamed Heyhat, President of Smart Energy and Thermal Solutions at Honeywell, said, “By integrating Quantinuum’s quantum computing-hardened encryption technology into our smart meters, we’re advancing data security for our customers and shaping the dialogue on how the utility industries should approach cyber security in the quantum era.”

• [contd.] “This integration underscores the necessity for continuous innovation to stay ahead of the evolving threat landscape. It’s a level of protection that is imperative in our increasingly digital and interconnected world.”

While quantum computing is relatively new and still developing, companies have already started looking at ways they can benefit from this potential revolution in computing.

It’s not a question of ‘if’ but ‘when’ this phenomenon will become an industry benchmark.

Do you think other companies will soon make moves in the quantum direction or is there more time before jumping on the bandwagon? Let us know in the comments below!