UK executives expect a quantum leap for quantum computingNearly half of UK executives with a working knowledge of quantum computing believe the emerging technology will have a significant impact by 2025, according to the results of an EY survey.
Forty-eight per cent of UK executives with a working knowledge of quantum computing believe the emerging field will have a significant impact in their industries by 2025.
Even so, just one in three executives said their company has done any strategic planning in relation to the use of quantum computing.
That's among the findings from EY's Quantum Readiness Survey 2022, which in conjunction with the National Quantum Computing Centre recently surveyed 501 UK-based senior executives who possess at least a moderate understanding of quantum computing.
The survey defines quantum computing as technology that "harnesses the peculiar behaviour of atomic and subatomic particles to execute certain types of algorithms faster and more efficiently than the most powerful supercomputers available today".
Twenty-one per cent of those surveyed said that by the end of 2022 — if not already — quantum computing will reach sufficient maturity to play a significant role in their particular industry. Amongst financial services executives, even a higher percentage (29%) identified 2022 as a pivotal year.
Not everyone surveyed thinks quantum computing will take hold so quickly, but nearly everyone agreed that it's inevitable. Ninety-seven per cent of executives said their organisations already have or intend to conduct strategic planning in relation to the use of quantum computing within the next five years.
The survey listed five areas in which quantum computing could play a role in financial services: portfolio optimisation, payment cryptography, risk analysis/management, transaction settlement, and credit scoring.
— To comment on this article or to suggest an idea for another article, contact Bryan Strickland at Bryan.Strickland@aicpa-cima.com.