Quantum computing promises a paradigm shift in how we process information, tackle complex scientific problems, and secure data for future generations. From designing new pharmaceuticals to safeguarding financial systems against next-generation attacks, quantum technologies hold transformative potential across virtually every industry.

According to McKinsey, $1.71bn was invested globally in quantum technology startups in 2023. Although this represents a slight decrease over 2022, investments have surged in recent years.

The theoretical concept of quantum supremacy is seen as a significant milestone in quantum computing, referring to the point at which quantum computers could outperform classical computers. As the race to build more powerful quantum computers heats up, the concept of quantum supremacy gets closer to reality.  

QC Skills Shortage

Currently, one of the main risks to the evolution of quantum technology is a severe shortage of the skills. Professionals who can forge breakthroughs in hardware, algorithms, and integrated solutions - outside of the research and academic environments - required to bring scalable solutions to market.  

These challenges also present opportunities for individuals and organisations in the engineering, computing, and scientific communities. McKinsey predicts that less than half of quantum-related vacancies will be filled by the end of 2025.

Career paths in Quantum Computing (QC) and the wider Quantum Information Science (QIS) include:

• Quantum Machine Learning Scientist
• Quantum Engineer
• Quantum Algorithms Scientist  
• Qubit Researcher
• Quantum Control Researcher
• Quantum Error Correction Researcher

All entry level QC roles will usually require a PhD/MSc as a prerequisite, this in Quantum technologies, Physics, Maths, Computer Science or Engineering. Proficiency in Python, C/C++, Matlab or Linux will also be needed.

Quantum Hardware

There are other technical and practical challenges which must be overcome before quantum computing becomes a mainstream technology. Notably, the hardware and software necessary for handling the most complex problems won’t be available until at least 2035. The stability and scalability of quantum hardware must be improved; better algorithms and error-correction techniques need to be developed. In the software world, the focus is on building a quantum stack capable of operating with quantum principles and integrating classical and quantum computing algorithms.  

Surging investments from both the public and private sectors, however, indicate confidence that these barriers can be overcome.  

Quantum Supremacy and Security  

The prospect of quantum supremacy, however, has profound implications for the future of computing and various industries, and not the least for security.

Current digital security methods rely on cryptography or encryption, and the effectiveness of modern encryption algorithms is based on the computational difficulty of certain mathematical problems, such as factoring large numbers or solving discrete logarithm problems. Classical computers struggle to resolve these problems within a reasonable timeframe, but quantum computers have the potential to solve them quickly and efficiently. This creates an emerging threat to current digital security and leads to the rapidly developing fields of post-quantum cryptography and quantum cryptography.

Post-Quantum Cryptography

Bodies such as the US National Institute of Standards (NIST) have been collaborating with industry experts on the development of post-quantum cryptography standards. Post-quantum cryptography substitutes existing algorithms with a set of maths problems that are difficult for both classical and quantum computers to solve. After a six-year programme, NIST has selected the first four encryption algorithms, which will become part of a pending post-quantum cryptographic standard. A

Quantum Cryptography

Parallel to the post-quantum cryptography developments, the emerging field of quantum cryptography aims to secure digital communication by harnessing the fundamental principles of quantum mechanics. Although still in its infancy, quantum cryptography is starting to be deployed in critical infrastructure and finance sectors to secure transactions and protect sensitive data.

Significant investment has been made in the research and development of these critical security technologies, but a severe skill shortage threatens to slow down their evolution.  

Ethics and Regulation  

As with any rapidly emerging technology with disruptive potential, the development of an appropriate regulatory framework addressing the following aspects is essential. Ethical and social concerns include resource allocation and inequality, abuse of power, accountability and transparency, and potential job displacement.

The development of quantum-resistant security standards is a priority, while proactive regulation is required to ensure the safeguarding of privacy.

The economic impact of quantum technology will be high, and a regulatory framework must manage potentially disruptive economic implications and ensure a level playing field for all stakeholders.

Given the global nature of quantum technology, international collaboration is essential to ensure a globally harmonised regulatory environment that fosters innovation.