It is expected that quantum computers would enable solving various problems that are beyond the capabilities of the most powerful current supercomputers, which are based on classical technologies. In the last three decades, advances in quantum computing stimulated significant interest in this field from industry, investors, media, executives, and general public. However, the understanding of this technology, its current capabilities and its potential impact in these communities is still lacking. Closing this gap requires a complete picture of how to assess quantum computing devices' performance and estimate their potential, a task made harder by the variety of quantum computing models and physical platforms. Here we review the state of the art in quantum computing, promising computational models and the most developed physical platforms. We also discuss potential applications, the requirements posed by these applications and technological pathways towards addressing these requirements. Finally, we summarize and analyze the arguments for the quantum computing market's further exponential growth. The review is written in a simple language without equations, and should be accessible to readers with no advanced background in mathematics and physics.
It is expected that quantum computers would enable solving various problems that are beyond the capabilities of the most powerful current supercomputers, which are based on classical technologies. In the last three decades, advances in quantum computing stimulated significant interest in this field from industry, investors, media, executives, and general public. However, the understanding of this technology, its current capabilities and its potential impact in these communities is still lacking. Closing this gap requires a complete picture of how to assess quantum computing devices' performance and estimate their potential, a task made harder by the variety of quantum computing models and physical platforms. Here we review the state of the art in quantum computing, promising computational models and the most developed physical platforms. We also discuss potential applications, the requirements posed by these applications and technological pathways towards addressing these requirements. Finally, we summarize and analyze the arguments for the quantum computing market's further exponential growth. The review is written in a simple language without equations, and should be accessible to readers with no advanced background in mathematics and physics.
Quantum computing as emerging technology raises high expectations to accelerate complicated calculations, superseding capabilities of presently available supercomputers and to provide a solution to the ever-increasing challenge of processing big amount of data. Besides theoretical promises, quantum computers have successfully been realized in experimental settings during the past few years, and can now also be accessed commercially. Given this availability of quantum computers, their application potential can be scrutinized. Promised to lead to disruptive changes in addressing and solving problems from the domains of simulation, optimization and machine learning, quantum computers have been researched in context of many application scenarios in industrial and academic setting in the recent years. However, it turns out that currently available quantum computers are still to small in size and limited in quality to fulfill the high hopes set in them at the moment. This review reflects on the current state of the technology coming from the perspective of the application, and indicates the developments required on hardware, software and algorithmic side to eventually make quantum computing beneficial for applications.
Quantum computing has been rapidly evolving as a field, with innovations driven by industry, academia, and government institutions. The technology has the potential to accelerate computation for solving complex problems across multiple industrial sectors. Finance and economics, with many problems exhibiting computationally heavy requirements, comprise a high-profile sector where quantum computing could have a significant impact. Therefore, it is important to identify and understand to what extent the technology could find utility in the sector. This technical review is written for quantum applications researchers, quantitative analysts in finance and economics, and researchers in related mathematical sciences. It is divided into two parts: (i) a survey of quantum algorithms pertinent to problems in finance and economics, and (ii) mapping of several use cases in the sector to the potential quantum algorithms presented in part (i). We discuss some challenges on the pathway to achieving quantum advantage. Ultimately, this review aims to be a catalyst for interdisciplinary research that will accelerate the advent of the practical advantages of quantum technologies to solve complex problems in this sector.
Advancements in computer technologies have been evolving in order to provide new services or to improve recent computing performance. Applications of computer technologies to several real-world domains are becoming more realistic and efficient. Two challenges are taken into consideration when applying such technologies including more complicated user requirements and exponential growth of data. In the real world, which is driven by business, achieving user requirements is one promising way of yielding competitive advantages. Moreover, time constraints are also crucial for corporate users. Apart from structured data, unstructured data have been significantly generated via several platforms. Such aspects make data processing more demanding. Quantum technology, which is instantiated in physics, has been utilized in various fields including computer science. Even the real quantum computer is still in its early development, but other concepts such as quantum information and quantum computing are making progress. Furthermore, some quantum-based algorithms have been analytically proven to have higher performance compared to the traditional ones. According to such important milestones, quantum computing has been regarded as one of the key infrastructures of future computing. This paper aims to focus on the main aspects of quantum computing including its backgrounds and recent advancement to provide a clearer picture. Its recent applications to intelligent system enhancement, cybersecurity and cryptography empowerment, and finance are addressed. Several key ideas, and opportunities of quantum computing utilization are also outlined based upon systematic reviews of existing works and case studies. Moreover, comparative analysis between classical and quantum computing in terms of core principles, computational efficiency, and practical feasibility is given. Better understanding and proper preparation of applying quantum computing are thus achieved.
There are signs that we are approaching a technical revolution that might take humankind’s computational capabilities to a new level. Quantum Computing leverages the principles of quantum mechanics, enabling the computational power to solve specific problems currently intractable for classical computers (e.g., cracking cryptographic keys). Since we are getting to a point where we can no longer build smaller, more powerful, more efficient devices with conventional methodologies, we need to think of new ways for technological progress. The manufacturing of microchips is reaching its limits in the use of traditional architectures. Hence, new and more advanced technologies need to address the challenges of increasing energy consumption and data processing. Connectivity, scalable architectures and concepts like Cloud Computing and Software-as-a-Service have already helped to scale computational-intense applications in the last years and have attracted the interest of IS researchers (e.g., Benlian et al. 2009 ; Benlian et al. 2018 ; Messerschmidt and Hinz 2013 ). Looking ahead to the next generation, computing will comprise technologies that enable high-performance applications far beyond today’s possibilities. One prominent example with a disruptive potential is Quantum Computing. While there are abundant open questions and directions for further developments, researchers in this area have made substantial progress in the last decade, indicating that, after medical imaging, lasers, and superconductors, another quantum-technological innovation might be approaching. We, therefore, intend to provide an overview of the current state of Quantum Computing research and outline how this new technology might stimulate research in Information Systems.
Quantum computing represents a revolutionary paradigm shift in data processing, promising to revolutionize industries, solve complex computational problems, and propel scientific discovery to unprecedented heights. This research paper provides a comprehensive overview of the current state of quantum computing technology, its basic principles, and applications. The article begins by explaining the basic principles of quantum mechanics, introducing key concepts such as superposition and entrainment that underlie the enormous computing power of quantum computers. The discussion of quantum bits, or qubits, highlights the unique properties of quantum computers that allow them to perform tasks much faster than classical computers. Research papers cover various quantum computer architectures, gate-based quantum computers, adiabatic quantum computers, and quantum annealing devices. Explores challenges and advances in hardware with attention to quantum error correction and quantum breakthroughs. In addition, this paper explores various quantum algorithms and their applications in domains such as cryptography, optimization, material science, and drug discovery. It reviews progress in algorithm development and emphasizes the practical implications of quantum computing for solving real-world problems. Additionally, the research document examines the current state of the Quantum Computing industry and highlights the key players and their contributions to the field. It also touches on the economic and ethical implications of quantum computers, considering security issues and implications for existing computing paradigms. In summary, this comprehensive review reveals the transformative potential of quantum computers and offers valuable insights into current opportunities, challenges, and future prospects. As quantum computing advances, this paper serves as a valuable resource for researchers, policymakers, and industry leaders who want to understand and harness the power of quantum computing.
Quantum computing represents a paradigm shift in information processing, promising unprecedented computational power and the ability to solve complex problems that are currently beyond the reach of classical computers. This Review provides a concise overview of the potential impacts of quantum computing on the Information Technology (IT) industry, exploring key advancements, challenges, and transformative possibilities. Quantum computing leverages the principles of quantum mechanics, such as superposition and entanglement, to perform computations in ways that classical computers cannot emulate. This review examines the potential ramifications for the IT industry, addressing crucial aspects shaping the future of quantum computing. The impacts on cryptography, a cornerstone of IT security, are discussed, as quantum computers have the potential to break widely used encryption algorithms, necessitating the development of quantum-resistant cryptographic solutions. Additionally, the Review delves into the optimization of complex problem-solving tasks, such as optimization problems and machine learning algorithms, offering a glimpse into the transformative potential of quantum computing in accelerating data analysis and decision-making processes. Challenges in realizing the full potential of quantum computing, including error correction, qubit stability, and hardware development, are also explored. As quantum computers are still in the nascent stages of development, addressing these challenges is imperative for harnessing their true capabilities. The Review concludes by highlighting the collaborative efforts of industry leaders, researchers, and policymakers in advancing quantum computing technologies. Initiatives and investments are underway to develop scalable and commercially viable quantum hardware and software, signaling the beginning of a new era in information processing. In summary, this Review provides a snapshot of the evolving landscape of quantum computing and its potential impacts on the IT industry. As quantum technologies continue to mature, their transformative influence on cryptography, problem-solving tasks, and computational capabilities is poised to reshape the IT industry, prompting stakeholders to adapt and capitalize on the quantum computing revolution.