Quantum computing: opportunities and challenges for policy makers in the near-term

Quantum technology represents one of the most transformative fields of our time, poised to revolutionise industries from healthcare to finance, security to energy, and beyond. Driven by consistent investment from private and public markets, in the past decades significant strides have been made in both hardware and quantum algorithms.

However, despite these advancements, quantum computing remains in the noisy, intermediate-scale quantum (NISQ) era. Current hardware is still restricted by size and susceptibility to errors, which affect the ways in which it can be exploited for practical purposes. There have been global shifts in funding commitments, quantum faces a global, and growing talent shortage, and panic among regulators runs the risk of hindering innovation and progress.

If we’re to build on quantum’s momentum and close the widening gap between its promise and impact, we must be systematic in addressing these challenges. In this whitepaper, we outline the challenges and opportunities facing the nascent quantum sector and make recommendations on how the sector can continue innovating to release the benefits of achieving quantum practical advantage.

Our recommendations are that the sector requires:

• Sustained and consistent public investment: Given the long-term, high-risk nature of quantum R&D, consistent and sustained government funding is key to maintaining momentum and attracting private investment.
• International collaboration: Fostering collaboration across borders and disciplines will maximise the limited quantum talent pool and accelerate innovation.
• Responsible regulation: Focusing regulation on the use of quantum technologies, rather than the technology itself, will ensure safeguards without stifling progress.