97% of UK business leaders expect quantum computing to disrupt their industry

A significant number (97%) of UK business leaders expect quantum computing to have a high or medium impact on their industry, according to a report released yesterday by EY.

The EY Quantum Readiness Survey 2022 report contains responses from 501 C-level business leaders to a series of questions about the impact of quantum computing on UK businesses.

The report found that nearly all (97%) executives surveyed in the UK expect quantum computing to impact their industry to a high or moderate degree. Furthermore, around half (48%) believe that by 2025, quantum computing will be mature enough to play a significant role in most companies’ respective areas of business. However, only a third (33%) of organizations have begun developing strategic plans to prepare for the commercialization of the technology. Furthermore, only 24% of companies have organized pilot teams to explore its potential or are currently working to do so.

If current trends continue, "quantum computing could spark disruption sooner than many imagine," Harvey Lewis, partner in charge of client technology and innovation at Ernst & Young LLP, said in a press release. "For some organizations, this will create tremendous opportunity. For others, there are considerable risks," he said.

“We believe that whether businesses thrive or fail in the coming years will depend on their overall readiness, which is determined by a range of business and technology-related factors, which we measure through a combination of quantitative and qualitative research in this survey,” Lewis added.

Opinions on when quantum computing will reach sufficient maturity to make an impact vary by industry. Dr. Simon Plant, deputy director of innovation at the National Quantum Computing Centre (NQCC), said the range of industries already engaged in quantum computing is “extensive.” In the report’s foreword, Plant said quantum technology is only just emerging, “but has advanced rapidly in recent years.” He added that quantum technology offers “the potential to unlock new disruptive capabilities in computing, communications, sensing and more.”

Other key findings:

72% of technology, media and telecommunications (TMT) respondents said future work related to cryptography is their top priority for using quantum computing and related technologies.

56% of advanced manufacturing companies have started strategic planning.

97% of organizations intend to strategically plan for the use of quantum computing within the next five years.

The report reiterates that quantum computing technology is "rapidly maturing" and UK organisations "need to prepare". It says companies and public sector bodies starting to prepare should consider taking the following steps:

Monitor interrupt signals

Assess your organization’s readiness

Research and explore use cases

Explore the ecosystem

Education, education, education

Original title: 97% Of UK Business Leaders Expect Quantum Computing to Disrupt Their Sectors

By Benjamin David

Link: https://www.infosecurity-magazine.com/news/uk-business-quantum-computing/

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