Quantum computing remains distant despite advancements

A new report from Forrester highlights that despite significant advancements in quantum computing technology, its practical applications remain a distant prospect.

Titled "The State Of Quantum Computing, 2024," the report outlines various key developments within the field, particularly in optimisation, quantum simulation, and quantum machine learning. These advancements show promise for sectors such as finance and pharmaceuticals. However, the report notes that challenges such as high error rates and scalability issues continue to hinder the technology's readiness for broad-scale application.

Forrester notes that although there have been improvements in qubit count, coherence time, and gate fidelity, quantum computing is still experimental. "Quantum advantage is still elusive, but progress is steady," the report states. Moreover, it suggests that large-scale applications of quantum technology remain at least a decade away.

The report defines a quantum computing platform as "an integrated suite of software tools that uses one or more quantum processors to solve both quantum-specific and hybrid quantum-classical problems." Such platforms are said to be improving, but remain far from achieving the practical advantages hoped for.

One of the critical battlegrounds amid this ongoing development is optimisation, which is particularly important for finance and logistics industries. The report notes that D-Wave's quantum annealing solutions faced competition from Q-CTRL, which utilised IBM's gate-based quantum computers to outperform D-Wave in relevant benchmarks. This dynamic competition signals a reshaping of enterprise problem-solving strategies in the domains that can best leverage these technologies.

The report highlights the growing significance of hybrid solutions and quantum security. Platforms developed by companies such as IBM Quantum and Google Cirq are pushing forward hybrid solutions that integrate quantum and classical computing to address complex problems. In parallel, progress in quantum machine learning and the development of quantum-resistant algorithms is contributing to advancements poised to enhance artificial intelligence and cryptography.

An additional point of concern identified in the report is a downturn in investment within the field. Despite the record number of quantum computing deals in 2023, investment dollar totals peaked previously in 2021 and have seen a decline, partly due to emerging interest in generative AI capturing investor attention.

Forrester also forecasts that breakthroughs over the next five years should accelerate progress. Organisations are advised to proactively prepare to integrate and leverage quantum technology by enhancing their readiness in high-performance computing and security.

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