The technology that seemed decades away is arriving faster than expected. Here’s what matters.
In December 2024, Google achieved something scientists had been attempting for nearly 30 years. Their new quantum chip, Willow, showed that quantum computers can fix their own errors as they get bigger[1]. That may sound technical, but here’s what it means: the biggest barrier to useful quantum computing was on its way out.
This isn’t science fiction any more. Quantum computing companies made $650–750 million in 2024[2]. Governments invested $10 billion in the first four months of 2025 alone[3]. HSBC is already using quantum computers to improve trading predictions[3]. The question for business leaders is no longer whether quantum will matter, but when – and whether – they’ll be ready.
Your encryption has an expiry date
Here’s one that you should already be doing something about.
Some of the mathematics that keeps your data safe – your emails, your customer records, your bank transactions – will eventually be broken by quantum computers. The US government (NIST) has published new quantum-proof encryption standards and set a deadline for implementation[4].
Now the uncomfortable part. Hackers may already be stealing your encrypted data, planning to decrypt it later. It’s called ‘harvest now, decrypt later'[5]. If your data needs to stay secret for 10+ years, this is your problem today. And switching big organisations to new encryption could take a decade[6]. Yet fewer than 5% of businesses have a plan[5].
Real business value is appearing – now
This isn’t just something that’s happening in a research laboratory any more:
- HSBC improved bond trading predictions by 34% using IBM’s quantum computer[3]
- Volkswagen tested traffic route planning in Lisbon and Beijing[7]
- AstraZeneca, Merck and Amgen are running drug discovery experiments[8]
- BMW and Airbus are exploring fuel cell design[9]
McKinsey estimates quantum could create $200–500 billion of value in life sciences alone by 2035[8]. Bain puts the total across industries at $250 billion[3]. First movers are already building advantages.
Nobody agrees when it will be ‘ready’
At CES 2025, Nvidia’s boss Jensen Huang said truly useful quantum computers are 15–30 years away[10]. Quantum companies have been trying to prove him wrong ever since. IBM and Google both promise major systems by 2029[1,11]. IonQ claims 80,000 logical qubits by 2030[3].
Market forecasts are all over the place: from $7 billion to $97 billion by the mid-2030s[12,13]. The honest answer is that nobody knows. But the direction of travel is clear, and the pace is accelerating.
There’s a talent crisis
For every three quantum job openings, there’s only one qualified person[2]. The world needs 250,000 quantum workers by 2030[2,14]. The White House calls this a ‘national security vulnerability'[14]. For businesses, it’s both a risk and an opportunity. Those who invest in skills now – through training, university partnerships, or early hiring- will have options that latecomers won’t.
You can start cheaply
You don’t need to buy a quantum computer. Amazon, Microsoft and IBM all offer cloud access, and simulators. Pay as you go, experiment, and learn[15]. IBM’s quantum network has over 210 organisations sharing knowledge[11]. The barriers to getting started have never been lower.
What should you do?
| Timeframe | Action |
| Now | Find out what encryption you use. Put plans in place for the switch to quantum-safe standards. |
| This year | Try quantum through cloud services. Identify which of your hard problems might benefit. |
| 2027–2030 | Build skills. Consider partnerships. Watch your sector’s early movers closely. |
What does it all mean?
Quantum computing is moving from being a physics experiment to a business tool. The December 2024 breakthrough removed a 30-year-old barrier. Investment is surging. Real applications are emerging.
You don’t need to bet the company, but you can’t afford to ignore it either. The organisations building understanding of quantum computing, fixing their encryption and forming partnerships now will shape what comes next. Those that wait will have to react, and be shaped by it.
References
[1] Google Quantum AI, ‘Meet Willow’, Dec 2024: https://blog.google/technology/research/google-willow-quantum-chip
[2] McKinsey, ‘Quantum Technology Monitor’, Jun 2025: https://mckinsey.com/capabilities/tech-and-ai/our-insights/the-year-of-quantum-from-concept-to-reality-in-2025
[3] Network World, ‘Top quantum breakthroughs of 2025’, Nov 2025: https://networkworld.com/article/4088709/top-quantum-breakthroughs-of-2025.html
[4] NIST, ‘Post-Quantum Cryptography’: https://csrc.nist.gov/projects/post-quantum-cryptography
[5] arXiv, ‘Are Enterprises Ready for Quantum-Safe Cybersecurity?’, Sep 2025: https://arxiv.org/html/2509.01731v1
[6] NIST IR 8547, ‘Transition to Post-Quantum Cryptography’, Nov 2024
[7] Sezar Roverseas, ‘Quantum Computing Commercial Applications 2025’, Nov 2025
[8] McKinsey, ‘Quantum computing in life sciences’, Aug 2025: https://mckinsey.com/industries/life-sciences/our-insights/the-quantum-revolution-in-pharma-faster-smarter-and-more-precise
[9] CNN Business, ‘A seismic shift in computing’, Nov 2025: https://cnn.com/2025/11/12/tech/quantum-computing-ibm-microsoft-google
[10] Foresight, ‘How big tech is approaching quantum computing in 2025’, Feb 2025
[11] PatentPC, ‘Big Tech’s Quantum Computing Investments’, Dec 2025
[12] BCC Research, ‘Quantum Computing: Technologies and Global Markets to 2030’, Jun 2025
[13] McKinsey Quantum Technology Monitor 2025 (market projections)
[14] Deloitte, ‘Quantum computing over the next five years’, Aug 2025
[15] California Management Review, ‘Are Businesses Ready for Practical Quantum Computing?’, Jul 2025
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