Computers are quick. But quantum computing? That’s a whole new ballgame.
Businesses are catching on, including Google’s Quantum AI Lab, who have discovered a way to reduce the system’s high error rates.
KPMG has recently released a report on quantum computing in Canada and the US, exploring how much businesses are willing to invest and why it’s necessary.
One overarching finding? Nearly 60% of Canadian organizations (90 surveyed) predict quantum computing will become mainstream by 2030.
Here are a few more highlights from the report:
Canadian businesses are looking to invest in quantum computing
KPMG’s report shows that the US companies surveyed are more invested in quantum computing at this time, but Canadian companies are catching up. A majority 85% of the Canadian companies surveyed have either invested in quantum computing or will within five years.
More specifically:
- 17% have invested in quantum computing
- 20% plan to invest in the next 6 months
- 48% plan to invest within the next five years
Quantum computing can address a wide range of business problems
Canadian businesses seek to improve the following
- Business practices like manufacturing and distribution (23%)
- Security (19%)
- AI capabilities (18%)
“Quantum computing will improve and expedite artificial intelligence (AI), manufacturing processes, drug and chemical development, weather forecasting and financial modelling, among other things,” said Alex Rau, KPMG Partner in Canada’s cybersecurity quantum risk practice.
Canadian businesses still fear risks of quantum computing, cite low preparation
Quantum computing is still notorious for high error rates. But the real risk comes from cyber criminals and what they can accomplish if they leverage quantum computing.
Fifty-nine percent of Canadian corporations surveyed worry about cyber criminals using quantum computing to conduct cybercrimes.
Similarly, 56% feel “extremely concerned” about data threats if this happened.
But despite the consensus of risk, most (76%) of companies haven’t done much to prepare.
- 37% aren’t sure if they’re prepared
- 39% say they aren’t prepared at all
“If an organization isn’t focused on developing its defences now, they will be at risk of meta-data breaches that will result in major losses, reputational damage, and possibly lawsuits,” says Rau.
Unfortunately, most companies aren’t developing a defence. Almost half predict their organization will remain inactive until quantum technology matures even more.
Read the full news release here.
