As organizations invest in artificial intelligence (AI) strategies, frameworks, and applications to improve their operations, there is a new technology that researchers and global companies are leading to gain an advantage in the new economy: quantum.
To keep up with this emerging quantum economy, some companies should consider incorporating quantum strategies and frameworks into their businesses.
In recent years, many Australian businesses have focused on increasing their use of AI, with businesses spending $24.4 billion on research and development in 2023-24, mostly in computer science, including AI, an 18% increase.
Organizations are using AI to streamline workflows and increase productivity. 35% of Australian businesses are prioritizing productivity improvements through AI.
But there is another form of new technology developing in the background that could bring more computing power and create both threats and opportunities. This is quantum technology.
Quantum: new opportunities
Quantum technology has niche but highly valuable applications in a wide range of fields. The main one is quantum computing, which is not yet commercially scalable as it still requires significant innovation, development and engineering beyond the capabilities of current machines.
However, there are some potential near-term applications in key areas such as sensing and communications.
Quantum computing will be able to solve problems that classical computing cannot. Specific examples include rapid and effective drug development, new material development, and optimization of complex logistics.
This is achieved by controlling and reading out chips containing millions of qubits. Qubits are quantum bits of information. Modern computers use information bits 0 and 1 sequentially, but qubits execute information bits simultaneously. This means that quantum computers can effectively simulate all solutions to a problem at once, allowing them to process data and solve more complex problems and calculations much faster.
Quantum sensing improves the accuracy of sensing applications by allowing us to observe the response of fundamental particles, such as electrons in atoms, to external stimuli. These fundamental particles and their properties react with incredible sensitivity to magnetic fields, gravity, temperature, and more, allowing us to better understand our physical environment.
Quantum communications is a more secure method of transmitting information that uses quantum states to enhance encryption and help protect data. Unhackable quantum keys are used to ensure completely secure communications. This is called post-quantum cryptography (PQC), and it is relatively close to practical application.
However, what this entails is that once PQC is reached, traditional encryption can be easily cracked, leaving many organizations at risk.
The global quantum economy is expected to grow to US$97 billion by 2035 across three applications of quantum, including computing, sensing, and communications.
This increased investment is forcing businesses to start considering quantum strategies and frameworks to improve productivity and reduce cybersecurity risks.
Building a quantum-ready organization
Quantum computing will fundamentally change the way organizations operate.
This is because quantum computing can remove many barriers and optimize operations and workflows for better decision-making. Therefore, companies need to start thinking about hybrid classical-quantum strategies, developing quantum-ready frameworks, and governance and risk.
Classical computers, AI, enterprise systems, and cloud platforms can work together with quantum tools. This is called hybrid classical quantum computing. A hybrid strategy for classical quantum computing requires companies to consider how quantum algorithms can be used to test scenarios and problem solve, collect and structure data, and identify bottlenecks using quantum and AI.
When creating a quantum-ready framework, organizations must consider where quantum can add the most value. This includes identifying operational issues, manual tasks that can be automated, data needed for quantum solutions, and current decisions with constraints.
Enterprises must also incorporate quantum into their existing governance and risk frameworks to ensure that quantum applications are secure, viable, and aligned with organizational goals. Therefore, organizations must consider cybersecurity risks, ethical use, cost, data quality, and skills gaps when implementing technology.
Unlocking value with quantum sensing
Quantum sensing can help many companies improve their operations by providing more accurate measurements.
When considering a quantum sensing framework for your business, think about where you can reduce costs and risk, and where you can increase revenue and provide a competitive advantage.
For example, quantum sensing could benefit sectors such as healthcare (advanced image processing and diagnostics), defense and aerospace (GPS-independent navigation and surveillance), and mining and resources (subsurface mapping and exploration).
Organizations should also focus on how they implement operating models for quantum sensing. The most common models involve partnering with technology experts or building your own IP, which requires hiring talent.
Protecting your data in the quantum era
If your business relies on reliable data transmission, quantum communications can be a strategic workaround.
Quantum communications is concerned with cybersecurity and secure information transfer. For businesses, that means security, resilience, and future-proofing.
When developing a quantum communications framework, companies should consider how to identify sensitive data to protect it from future threats and reduce exposure to potential breaches. This also strengthens data sovereignty and privacy controls, helping you stay ahead of upcoming cybersecurity regulations.
For most organizations, a breach would be catastrophic, making enhancing cybersecurity with quantum communications a top priority.
Quantum is no longer a distant future and is already beginning to reshape industries through hybrid systems, sensing, and communications.
The real opportunity lies in acting now rather than waiting for full-scale quantum computing. Companies that start building quantum-ready strategies today will be the ones that define the next era of innovation and growth.
