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Classiq Releases Research on Growing Quantum Momentum, Led by Financial Services

Quantum software company Classiq has released research results  on the emerging quantum computing market that echo those of other reports: quantum adoption is happening and interest in quantum across multiple economic sectors is strong.

In its announcement today, Classiq said the research results indicate “that companies understand the tremendous economic opportunities that quantum computing represents and across sectors are hiring or planning to hire quantum talent.” The company said the research also shows that organizations are investigating quantum applications in their sectors and patenting quantum software intellectual property, with the financial sector reporting the highest engagement and investment.

The research is based on a survey that market research firm Propeller Insights conducted on behalf of Classiq between Sept. 15 and 20, 2022. The U.S. online survey polled more than 500 professionals at companies with 100 or more employees across a range of industry sectors.

Eighty-three percent of those surveyed said their organizations have already started investing in quantum research and/or technology. The sectors ranking the highest in quantum investment include the finance sector (87 percent), the accounting arena (86 percent) and the medtech category (83 percent).

“Quantum is not just an abstract concept,” said Yehuda Naveh, Classiq CTO and co-founder. “Countries around the world and organizations across sectors are putting time and resources behind quantum computing. Steady advances in quantum computing, and the relatively low barrier of entry to explore this critical technology, have already made it possible for companies to build internal knowledge and create and patent IP-related quantum technology, which will have a tremendous impact on what organizations are capable of doing.”

Ninety-four percent of the businesses surveyed said that quantum will be beneficial to their industry. The manufacturing (94 percent) and tech (94 percent) sector survey data yielded equivalent results. A larger share from the financial industry (96 percent) agree, and 90 percent of survey participants from the healthcare/life sciences sector expect quantum computing to benefit their industries.

Most companies expect quantum computing to be critical to how they do business. Ninety-four percent of the total survey group said that quantum will inform their organization’s daily decision-making on matters such as budgeting, forecasting, staffing and strategy. That share rose to 97 percent for financial sector survey participants. In fact, nearly half (49 percent) of financial sector respondents said quantum will inform their businesses’ decision-making by the end of 2022.

A quarter of companies from all sectors said that quantum computing technology is already involved in their decision-making. Nearly three-fourths (72 percent) indicated that quantum computing will figure into their daily decision-making within five years.

To move their quantum computing strategies forward, the majority (86 percent) of all organizations surveyed said they are currently hiring quantum computing talent. An even larger share (91 percent) of respondents in the financial sector said they are hiring quantum computing talent.

The need for quantum-ficient talent is likely to expand to an even greater extent in the near future. A whopping 95 percent of survey respondents, and the same share of the financial sector subgroup, plan to hire quantum talent by the end of 2023. And 93 percent of all respondents expect there to be a tidal wave of demand for people – including developers – with quantum skills.

“This data shows the great extent to which companies are forging ahead with quantum computing, a technology with massive market potential,” said Classiq CEO and co-founder Nir Minerbi. “Organizations likely to benefit the most have begun their quantum journeys. Businesses not already on a quantum path are late to the game. The quantum race has already begun.”

With demand exploding for quantum talent, 83 percent of survey respondents in the high-tech arena said that quantum computing should be included in science, technology, engineering and mathematics (STEM) to widen the pool of future talent for this emerging technology. Eighty-one percent of the financial sector respondents said they would like to see that happen. In fact, 97 percent of financial sector respondents said that they would advise a colleague, family member or friend interested in a computer science degree to take quantum computing courses.

“Integrating quantum computing into STEM curriculums and encouraging students to pursue quantum education to expand the talent pipeline are excellent ideas,” said Dr. Erik Garcell, technical marketing manager at Classiq. “But you can also build quantum knowledge by reading a book, consuming free and low-cost online quantum resources, or setting up a skunkworks project. Because this is a new discipline, you don’t need to have, or attain, years of quantum education or experience to be valuable. And quantum development platforms make it simple for people to create quantum applications, even if those individuals don’t have physics Ph.D.s.”

Developing and protecting quantum applications will be critical for countries, companies and C-level executives to gain strategic advantage and take their organizations to new heights.

Given the recent surge in quantum patent applications and grants, and the ongoing efforts in this realm, organizations that fail to build and quickly protect their quantum intellectual property face the significant risk of being fenced out – or having to pay hefty licensing fees.

Organizations seem to understand that risk. Ninety percent said quantum could be an important source of intellectual property for a company. Seventy-one percent said that their organization is either patenting or has plans to patent quantum software-related intellectual property; the share of financial sector organizations patenting quantum is even higher (82 percent). Eighty-one percent of the total survey group believe that their organization should accelerate the development of quantum computing intellectual property; 100 percent of companies in high tech agree. Meanwhile, 77 percent of the total group worry that sensitive intellectual property could fall into the hands of competitors or bad actors if they outsource quantum software development.

“The world’s most powerful, innovative, dynamic companies are patenting quantum technology to give them an early edge, and that should position them well for the future,” said Minerbi. “Notably, it’s not just high-tech quantum solution providers that are amassing quantum patents. Organizations across sectors are building and protecting quantum applications, too.”

The importance of quantum computers and software cannot be understated. This emerging technology will play a critical role in business, and the competitiveness and security of nations. Indeed, almost all (92 percent) of those surveyed said that quantum computing is important to U.S. national security. Most (73 percent) think that the U.S. is the quantum computing leader at this time. Meanwhile, 86 percent said that the U.S. should aim to be the world leader in quantum computing.

Quantum computing continues to evolve, and many people and organizations fear the implications that could have on cybersecurity. The vast majority (92 percent) of survey participants  think that quantum computers will have the ability to crack today’s encryption technology within three years. That makes the need to start the quantum journey now even more pressing.

More than a third of the survey group (37 percent) said that they would like to see more U.S. private and public company investment in quantum computing. An even greater share (47 percent) are more interested in seeing additional quantum computing investment by private companies in the U.S.

“Quantum computing can solve a great number of previously unsolvable problems in the healthcare, financial services, climate change and a wide array of other industries and arenas. This new research indicates that most business professionals understand the power of quantum,” said Minerbi. “Businesses and governments must prioritize and invest in quantum because the near-term impacts of this pivotal technology are widespread – and the possibilities are endless.”

About Classiq

Classiq is the leading quantum software company, taking quantum software to a higher level. Built for organizations that want to jumpstart and accelerate their quantum computing programs, Classiq’s patented software automatically converts high-level functional models into optimized quantum circuits for most quantum computers and cloud providers. Customers use the Classiq platform to build software they could not create otherwise, bypassing the quantum assembly level. Classiq also makes it easy to upskill domain experts with little quantum experience and integrate them into high-performing quantum teams. Backed by powerful investors such as HPE, HSBC, Samsung, Intesa Sanpaolo and NTT, Classiq raised $63 million since its 2020 inception, built a world-class team of scientists and engineers, and distilled decades of quantum expertise into a groundbreaking software development platform. Classiq equips customers with what they need to take full advantage of the coming quantum computing revolution. Follow Classiq on LinkedInTwitter or YouTube, or visit www.classiq.io to learn more.

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