The growth of cloud-based quantum computing services and an increasing need to implement post-quantum security solutions are two of the standout trends that will shape the quantum computing market in 2022, according to GlobalData, a leading data and analytics company.

Quantum computers are designed to complete in seconds tasks that would take classical computers thousands or even millions of years to complete. Use cases stretch from improved weather forecasting to cracking the codes used to encrypt all internet messaging. The company (or government) that owns the first at-scale quantum computer will be powerful indeed.

In its latest report, ‘Tech, Media, & Telecom (TMT) Predictions 2022 – Thematic Research’, GlobalData states that companies are at risk of being left behind if they do not start to implement cloud-based quantum computing services and quantum security solutions.

Robert Penman, Analyst in the Thematic Research team at GlobalData, offers his view on these two trends:

Cloud-based quantum services

“A stable, scalable, error-corrected quantum bit remains many years off. However, quantum algorithms will start to unlock problems that classical computers struggle with over the next few years, giving users a quantum advantage. Therefore, cloud-based quantum services are the main growth opportunity for quantum start-ups. They must seek opportunities to partner with Big Tech to make their hardware accessible through the cloud.

“Previous technological revolutions haven’t been straightforward. The complexity of quantum computing means many companies are at risk of being left behind. Companies will miss out on an early quantum advantage and will fail to build up a quantum ecosystem and a skilled workforce. As a result, competition for the limited number of knowledgeable software engineers and quantum physicists will be fierce as skill shortages continue to plague the industry.

“Defense, finance, and pharmaceutical firms are already recruiting to expand their quantum capabilities and will reap the rewards as the technology thrives over the next decade.”

Post-quantum security solutions

“Quantum developments have the potential to break public-key cryptography, which secures most of the internet. Shor’s algorithm may render Rivest-Shamir-Adleman (RSA) encryption useless, and both IBM and Google have roadmaps to create quantum computers capable of defeating RSA by 2030.

“While there is a risk it will be caught unprepared, the cybersecurity industry will likely develop quantum-resistant encryption before RSA codes are broken. However, powerful quantum computers in the future could break the encryption of secure communications captured today. The consequences are the potential for huge data breaches in the future, with important communications, personal data, and national security matters unlocked. It is therefore imperative that companies implement quantum security solutions in 2022.”