Optimization problems are everywhere. Some are very hard, thus solving them could provide a big reward. A logistics company that saves 15% on fuel costs because of optimized routing can increase its profits or grow its market share. An optimal portfolio is good for the customer, the portfolio manager, and her employer.
The difficulty of solving these problems and the payoff of getting the best answers are key reasons that companies are considering quantum computing. To put this in a financial context, the Boston Consulting Group recently estimated that there is between $110-210B of value that can be unlocked in solving optimization problems using quantum computers.
Recent advancements in quantum computing — from Google’s quantum supremacy experiment to public market activities and product roadmap announcements — have generated both justified excitement and overblown hype in the machine learning community. Will quantum computers usher in a QML (quantum machine learning) revolution? How soon will this happen? What should forward-thinking executives do to responsibly plan for that day?
Companies large and small are turning to quantum computing to achieve breakthrough competitive advantages in chemical, pharmaceutical and material sciences. Why is that the case? Understanding the properties of chemicals through numerical simulations has been a key enabler for chemical development. But modeling atomic interactions on classical computers quickly exceeds the computational capacity of even the largest supercomputers.
Quantum computing can help. Instead of performing ‘coarse-grained’ approximations on classical computers, scientists can perform much more precise simulations on quantum computers.
Whether for Monte Carlo analysis - popular in financial institutions - to simulating the behavior of molecules, quantum computing promises to take simulation to new performance frontiers.
Quantum computing has potentially dramatic implications for cybersecurity: from Shor's algorithm that could crack most modern encryption systems to other offensive and defensive uses.
Quantum computing can help address the climate crisis in a variety of ways. Whether it is through developing energy-efficient manufacturing processes, new materials to capture energy or carbon, or reduce highway congestion, and opportunities are nearly endless.