The Continuum+: Who will capture the quantum advantage?

Who will capture the quantum advantage?

When mathematician Peter Shor invented an algorithm that could “break the internet” through quantum computation, its potential seemed distant. The year was 1994, the internet was still in its early stages, and quantum computers existed only in theory. For businesses, there was little reason to think about a technology that had yet to leave the laboratory.

32 years later, researchers are using quantum computers to explore problems that have long been beyond reach. And as they do, countries are racing for quantum sovereignty. The EU is working hard to build a resilient, sovereign quantum ecosystem. Meanwhile, the US is rapidly commercialising the technology while protecting it from adversaries. “Governments that fell behind on AI don’t want to make the same mistake twice,” explains Andrew Joint.

As we enter the era of quantum advantage (where quantum computers outperform traditional ones) it’s not just governments driving change. Businesses and investors are making big bets on the technology, hoping for a first-mover advantage. But the advantages will go to those that move strategically, not just quickly. That often means looking beyond their own industries, to the opportunities that exist where they intersect with others.

How will businesses access quantum?

Privacy and security are among the biggest drivers of quantum readiness, particularly for financial institutions. That’s because quantum has the potential to break the cryptography that protects financial transactions and sensitive data. “Malicious actors may already be collecting high-value information that they can’t read today in order to decrypt it later, when they have access to quantum computing,” warns Natasha Sheppard.

As a result, many organisations are transitioning to new encryption standards that can withstand quantum attacks. This doesn’t necessarily mean buying a quantum computer. Commercial systems cost between $10 million and $50 million, with additional software, operating and maintenance fees. They’re also very expensive to run because they rely on dilution refrigerators to cool them, which can cost millions of dollars. Cloud-based quantum as a service (QaaS) platforms will offer a more affordable route. “Businesses will pay a regular fee to use quantum technology,” explains Olivier Mignolet. “The investment will be manageable, because they will be users of infrastructure and software that have been created by others.”

Before that happens, though, ideas are bubbling across multiple industries. Start-ups, cloud providers, consultancies and research institutions are all vying to help businesses experiment, develop applications and build skillsets. And investment is following suit. McKinsey reports that quantum start-ups attracted $12.6bn in 2025, with private funding accounting for most of the increase. “Some AI funds are now thinking about exploring quantum, if they can find good opportunities there,” observes Frances Doherty.

This is driving a shift in the investment timeline. Venture capital firms typically work to a five-to-ten-year return cycle, making technologies expected to be 15 or 20 years away difficult to justify. But that calculation is changing as the commercial opportunity moves closer. “It was seen as such a distant, far-off bet,” says Emily Jones. “But we’ve definitely seen more interest and investment because there’s been a realisation that the commercial applications of quantum are much closer than we thought – more like before the end of the decade rather than the next decade.”

Look beyond the limits of your industry

Access to the technology is just the start; the real challenge is knowing what to do with it. “You need to understand where quantum is going to impact your business,” says Andrew. “But that’s tricky when the pool of people who properly understand the technology, both scientifically and from an implementation perspective, is quite narrow. The battle for talent could get very, very expensive.”

With only one qualified candidate for every three quantum jobs, many businesses are struggling to acquire the capabilities they need to shape a strategy. But this presents an opportunity as well as a challenge. If they start building these skills now – whether by hiring specialists, training existing staff or working with universities and technology providers – they will be better placed to identify useful applications when the technology matures.

But talent is only part of the challenge. To get ahead on quantum, businesses need to change how they think about it. That means rather than asking where it fits within a particular sector, leaders should ask which problems are complex (and valuable) enough to justify bringing it into the mix. To do that, they will need to look beyond the traditional boundaries of their industry and where quantum’s strengths could make a meaningful difference.

“Quantum will never do everything,” explains Waltter Kulvik. “What it does, it does incredibly well, but it's not a replacement for traditional compute power. It'll have limited use cases, because it’s just not feasible for all communication to go through quantum networks.”

Take drug discovery, which sits at the intersection of healthcare, pharmaceuticals and chemistry. “Quantum has a powerful ability to mimic very complex natural environments, like the human body,” says Olivier. “It could help identify promising new drugs by exploring how cells and tissues react to different types of compounds.” This could accelerate parts of the drug-discovery process and open new possibilities in areas such as molecular design. Pharmaceutical companies, chemists and researchers therefore have an opportunity to combine their expertise to solve problems that are too complex to solve alone.

Another opportunity lies where energy meets transport and logistics. The shift towards electric vehicles is creating dependencies between different parts of the energy system. Businesses with newly electrified fleets need to consider where vehicles charge, how much electricity they need and whether the grid can meet that demand. And that’s happening while grids are becoming more complex, with operators fighting to balance renewable power, energy storage and changing patterns of use. Quantum computing could help solve these problems by optimising everything from EV routing and charging-station placement to how electricity is generated, stored and distributed.

Unlock possibilities through cross-sector partnerships

To realise these opportunities, businesses will need to build new partnerships beyond the private sector. This means collaborating with universities, governments and research institutions, which are already playing a central role in developing quantum technology and turning ideas into commercial opportunities.

“All the big tech companies are heavily invested in quantum,” says Waltter. “They all have quantum divisions; they’re all looking to build quantum computers. But they also all partner with universities, where a lot of the progress is being made. These partnerships are being constructed as research projects, so there’s a knowledge transfer happening.”

These collaborations allow companies to access specialist knowledge and talent through research, rather than traditional investments. One major technology company, for example, is working with a leading US university on a research institute. It combines the company’s quantum capabilities with the university’s high-performance infrastructure to explore and implement new ideas.

And it’s not only tech companies investing in these initiatives. Businesses in the asset management and investment space are also making exciting progress in this area. One major European financial institution has been working with a quantum computing company to explore applications in finance. These include portfolio optimisation, which the FCA recently identified as an “emerging use case” in the sector.

Collaboration will also be important in managing the risks that come with the technology. “Quantum is developing faster than most people expect,” says Christopher Götz. “That means there are great opportunities for businesses. But it also creates risks and the need for proper security frameworks.”

Those risks will vary depending on how and where quantum is deployed. Managing them will therefore require organisations to work together, drawing on all their different areas of expertise. Businesses will need to collaborate with quantum providers, cybersecurity specialists, researchers and legal teams to understand how the technology could affect their systems, security and regulatory obligations.

These risk frameworks must also have flexibility built in, so they can shapeshift just as quickly as the technology itself. “What is sufficient now may not be in a year’s time,” warns Christopher. By working closely across industries, businesses will be better placed to identify new risks and adapt their approach as the technology matures.

Use uncertainty as fuel for innovation

Businesses do not need to know exactly where quantum will create value before they start preparing for it. In fact, not knowing is a good reason to start exploring now. “We're seeing an accelerated move from proof of concept to scalable systems,” says Emily. “That’s certainly creating more interest and investment in this area,” she adds.

There is already a significant gap between recognising quantum’s potential and preparing for it. OECD research found that 97% of UK business leaders surveyed believe quantum computing will moderately or significantly disrupt their industry. Yet only one-third of their organisations had begun strategic planning for quantum readiness. In financial services, 87% of respondents to another survey saw quantum as an opportunity, but 73% had not identified an application where it could deliver a genuine commercial advantage.

This uncertainty makes it important for businesses to experiment – but not necessarily in terms of investing heavily in hardware. McKinsey finds that companies are putting much of their quantum spending into developing use cases, integrating the technology with existing systems and building internal capabilities. “In the same way businesses are telling their people now, ‘play with AI and see what you can do’, I wouldn’t be surprised if we’re having that conversation about quantum before the end of the decade,” says Vishal Patel.

Businesses that start exploring now will have a better sense of what quantum can (and can’t) do, where it might offer an advantage, and who they need to work with. That could put them in a stronger position as quantum becomes commercially available.

Act now to create future value

It’s easy to think of quantum as “the next AI”. But it’s a profoundly different technology, and it will be used in very different ways. “It’s not going to be a ubiquitous tool," says Andrew. “It’s not a magic bullet to every single technology problem that you’ve got.” Instead, it is likely to be a more specialised tool, valuable where it can do things that conventional computing can’t.

For now, that means resisting the temptation to put quantum everywhere. Unlike AI, it’s unlikely to be immediately useful across multiple business problems. The challenge is to identify where it could make a difference and experiment early. That means bringing together experts who understand the problem with researchers and technology specialists who understand what quantum can do, while putting the right security frameworks around it.

The advantage may not go to the businesses that adopt quantum first. Instead, it’s likely to go to those that understand where it could make a difference and are ready to act when the technology is ready.

Key takeaways

• Quantum use and investment are both growing.
• Quantum as a Service (QaaS) will make it more accessible.
• Talent and expertise are scarce, but critical to capturing value.
• The biggest opportunities will emerge where sectors intersect.
• Collaboration will be essential to capture the quantum advantage.