Organizations are increasing investment and exploration in quantum technologies with expectations of first commercial applications in 3-5 years, as per Capgemini Research report. The report identifies 23% of organizations globally are currently working on or planning to use quantum technologies, moving from scientific research into real-world solutions. Furthermore, 20% of organizations are expecting to increase investments in technology in the next year.

It further says, China (43%) and the Netherlands (42%) have the largest share of companies working on or planning to work on quantum technologies, well ahead of Germany and the UK (each on 26%), versus 23% on average globally. These companies intend to leverage the tech in a number of ways, from improving sustainability in operations, and discovery of new materials for battery manufacture, to securing information, through medical sensors and mitigating harmful industrial gases.

Financial services organizations are using quantum technologies for more accurate pricing of risky assets, optimizing portfolios for better returns, and detecting frauds. In addition, Life Sciences companies are attempting to shorten the drug-development cycle using quantum computing.

The Quantum technologies have reached different levels of maturity in terms of expected applications such as:

Quantum computing has the highest potential of all quantum domains but it is also the least mature. The pace of development has accelerated, driven by investor interest, expanding use cases and technology breakthroughs. On average, a majority of organizations working on quantum believe that the first commercial quantum computing applications are five years away;

Quantum communications could address the new requirements of information security, in particular to secure information exchange with external parties, protect critical infrastructure (IoT and cloud-enabled technologies) within the organization or secure cloud data centers. Quantum cryptographic solutions are already being implemented. However, 58% of organizations working on quantum are waiting for standards to emerge before prioritizing quantum-safe security;

Quantum sensors are more niche but also more mature. As they become smaller, more energy-efficient and cheaper, sensors could play a transformative role across industries. Quantum sensors can accelerate precision of measurement, notably in the healthcare/diagnostics, defense, automotive, civil engineering, construction, oil/gas, space, and telecom sectors.

It further underlines, Seven out of ten organizations working on quantum agreed that due to long product development cycles in their businesses, they need to invest time now in building a base (the right skills, identifying problems/use cases, conducting lab experiments, or striking partnerships) and integrating quantum technologies into their processes.

More than half (58%) of the organizations working on quantum stated that they had secured C-level support for quantum initiatives in the last year. Striking long-term partnerships with technology providers and developing a long-term strategy to scale up quantum talent will be crucial.