This McKinsey report explains that quantum computing holds immense potential for transforming industries, but several obstacles hinder its development. One major challenge is the volatility of qubits, the fundamental units of quantum information, which can result in errors and loss of data. Additionally, quantum computers need to scale up to millions of qubits to achieve significant breakthroughs, but current systems are far from reaching that level. Despite these obstacles, quantum computing can work alongside classical computing to solve complex problems more efficiently. Quantum computers can narrow down possible solutions, while classical computers refine and determine precise answers. This collaboration enables gradual progress until quantum computing achieves massive breakthroughs.
Four industries that are likely to benefit in the short term from quantum computing include pharmaceuticals, chemicals, automotive, and finance. Quantum computing can revolutionize molecular research in the pharmaceutical industry, optimize catalyst design in the chemicals sector, enhance various aspects of the automotive industry, and offer new possibilities for portfolio and risk management in finance. Quantum communication (QComms) and quantum sensing (QS) are two other quantum technologies that hold promise. QComms enables secure information transfer through encryption protocols, while QS allows for highly accurate measurements of physical properties. To harness the potential of quantum computing, organizations need to address the talent gap by defining their needs, investing in translators, fostering diversity, promoting technology literacy, and implementing talent development strategies.