Almost nine-in-10 UK business leaders expect industry disruption from quantum computing by 2030, according to EY’s latest Quantum Business Readiness Report. According to a survey of leaders across the UK, strategy and planning are expected to be most impacted by the technology.
Quantum computing is a multidisciplinary field comprising aspects of computer science, physics, and mathematics that utilizes quantum mechanics to solve complex problems faster than on classical computers. Quantum technologies have long been identified as a key priority to promote economic development, with some studies suggesting they will have a global market value of as much as $1 trillion by 2035. As a result, governments are supplying tax breaks to tech companies investing in R&D to make the innovation a reality.
According to new research from EY, excitement around the technology is finally catching on in the business community, too. In collaboration with the National Quantum Computing Centre (NQCC), EY surveyed 500 leaders of companies with revenues of £150 million and above, and found that 35% are already making quantum computing a strategic priority for the next five years.
Source: EY
The sample spanned digital and technologies, financial services, professional and business services, real estate, hospitality and construction, manufacturing, and retail. This also showed that those in financial services were even more invested in the quantum computing – with the level prioritising it before 2030 rising to 67% there.
Looking at the areas where organisations expect the technology to make most difference, EYfound that planning and strategy were its most important potential boosts – with 63% saying that area of their business would require substantial change to make the most of quantum computing. This was followed by the firm’s business model, talent strategy, and digitalisation strategy – each cited by more than half of respondents.
But despite the perceived potential, and the amount of change most firms believe their firm will need to undertake to realise it, it seems that many organisations have so far been slow to act. At present, just 4% said they have a formalised and funded plan for quantum computing’s adoption – which they have actually started to action.
Source: EY
At present, the largest number – 46% – have had “some preliminary discussions” but no plans exist yet. Meanwhule, only 18% said they hope to change that in the next year – and in current business priorities such as talent, only 13% of UK leaders planning to recruit the talent they think they will need within the next two years. This is despite 83% seeing loss of competitive advantage as the main risk when it comes to not adopting the technology.
This may be because, despite the hype, many leaders seem unconvinced that the technology will be able to deliver meaningful returns on investment before 2030. A 59% majority said they believe the technology is unlikely to develop sufficiently to play a significant role in core operations until from 2030 onwards – representing a level of caution and scepticism rarely witnessed when it comes to other marquee technological expenditures, like AI.
Piers Clinton-Tarestad, EY’s UK technology risk partner, said, “UK businesses are continuing to invest in and evaluate the impact of quantum computing, but expectations of its maturity remain cautious. For some business leaders we speak to, hesitation stems from not knowing where to begin exploration. One effective first step is to identify one or two practical ways in which quantum can be used, linked to existing pain points, before assessing which teams or processes would be most affected, and any gaps in skills, tools or data.”
Source link
#Executives #view #quantum #major #disrupter
