What’s next- Quantum computing trends beyond 2024

What’s next: Quantum computing trends beyond 2024

From traditional computing to quantum computing, the industry is expected to move towards an advanced tech world, with machine learning(ML), big data and a fast computing era. Experts believe that with quantum computing’s fast computing process, industrial processes including manufacturing is expected to go through a sea of changes. Various reports suggest that in 2024, the quantum computing field will shift from physical qubits to error-corrected logical qubits. Reportedly, it will see an increased global collaboration in quantum research, marking a big year for the technology. Experts predict that healthcare and artificial intelligence (AI) applications will be the most dominant, weather forecasting, stock market and mathematical analysis, among others.Sign Up to get access to the Financial Express Exclusive and Premium Stories.Register NowAlready have a account? Sign in

The market for quantum computing could rise to over $90 billion, as per insights from Statista, a market research platform. Reportedly, in comparison to traditional computers, quantum computers can perform many computations simultaneously. Given below are some of the major trends that are expected to be boosted by quantum computing.

Industry experts believe that quantum computing has the potential to accelerate drug discovery and development. Quantum algorithms can simulate molecular structures, allowing researchers to identify potential drugs and predict their effectiveness. This is expected to reduce time and become cost-effective in bringing new drugs to market, eventually benefiting patients with more effective treatments. The technology can provide deep research outcomes to understand and operate critical diagnoses such as cancer, kidney failure, coronary artery (bypass) surgery, and heart attack (Myocardial Infarction), among others.

Quantum computing in cybersecurity

Industry experts believe the second biggest trend impact to be seen will be in the cybersecurity realm. However, it can bring both chaos and boon. The technology has polynomial capabilities to outperform vital tasks relating to cyberspace. Naysayers argue that quantum computing capability can be an impending threat in the coming years. It is expected that quantum computing will help break asymmetric encryption solutions that base their security on integer factorisation or discrete logarithms. “However, the practical viability of using quantum resources to impact the security of businesses on a large scale is still a few years away. Also, large-scale research and remedial measures are in discussion on how to make security products and solutions address threats emanating from quantum computing abilities. We believe it is something to look out for soon, but probably not in 2024,” Rohit Aradhya, VP and MD, engineering, Barracuda Networks, a cloud-based security platform, explained.

Quantum computing in finance

Quantum computing is expected to make waves in financial modelling and optimisation. Complex financial calculations, such as risk assessment, portfolio optimisation, and option pricing, among others, can be done accurately using quantum algorithms. This will not only help financial institutions make better decisions but can also allow individuals to manage their finances more effectively. By 2035, quantum computing in the finance industry could create $622 billion in value, as per insights from McKinsey, a market research platform.

Quantum computing in weather forecasting

Quantum computing can play an important role in climate modelling and weather forecasting. Experts believe it has the potential to solve fluid dynamics–based simulations, which could facilitate model improvements. Thus, allowing a clearer understanding of likely future conditions and improving mitigation and adaptation planning, in weather forecasting.

Quantum computing as serverless computing

Growing exponentially at 23.17% CAGR between 2023-28, the market of serverless computing will go past $ 58.17 billion by 2031, as per insights from Mordor Intelligence, a market research firm. The technology is expected to allow the convenience of running the processes, applications, and systems without needing to manage the infrastructure of the organisations. “This means clients can develop, implement, and manage their codes, programs, and algorithms without worrying about the underlying infrastructure supporting all these processes. The approach offers a host of benefits to organisations including faster development, rapid scalability, and reduced expenses among others,” Sameer Danave, senior director, marketing, MSys Technologies, a software product engineering services provider platform, explained.

Hybrid quantum computing

The use of hybrid and multi-cloud strategies is going to expand significantly in 2024 and beyond, as per insights from Microsoft. About 81% of firms confirmed that they’re already working with two or more cloud companies as it offers them excellent flexibility and cost advantage, as per insights from Gartner. However, working with multiple cloud networks could also add to the complexity of data and governance issues. In the coming years, hybrid and multi-cloud solutions might gain more traction and can become a mainstay of businesses across product categories and service domains.

The 2023 Quantum Technology Monitor shows that industries such as automotive, chemicals, financial services and life sciences, among others, can see the earliest economic impact from quantum computing. These sectors can gain up to $1.3 trillion in value by 2035, as per insights from McKinsey.

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