87% of UK business leaders expect quantum computing to disrupt their industry by 2030

• Nearly nine in 10 UK business leaders say they expect developments in quantum computing to disrupt their sector by the end of the decade
• EY’s latest Quantum Business Readiness Report reveals that more than a third (35%) of leaders have made quantum computing a strategic priority for the next five years, rising to 67% among those working in financial services
• However, 59% believe the technology is unlikely to mature sufficiently to play a key role in core operations until 2030 or later
• Although losing competitive advantage is seen as the main risk of not adopting quantum, only 13% of UK business leaders plan to recruit the talent they will need within the next two years

Almost nine in 10 UK business leaders (87%) expect industry disruption from quantum computing by 2030, according to EY’s latest Quantum Business Readiness Report.
 
The research, conducted in collaboration with the National Quantum Computing Centre (NQCC), surveyed 500 leaders of companies with revenues of £150m and above, spanning digital and technologies, financial services, professional and business services, real estate, hospitality and construction, manufacturing, and retail.
 
Examples of the potential impact that quantum computing could have across these sectors include banks and payments processors exploring its use to detect and prevent financial fraud and money laundering, and automotive manufacturers testing it to help optimise electric vehicle battery development and traffic flow.
 
The report reveals that more than a third (35%) of UK business leaders have made quantum computing a strategic priority for the next five years. This proportion rises to over two-thirds (67%) among organisations operating in the financial services sector but is significantly lower among real estate, hospitality and construction firms, at just 17%.
 
Despite an overwhelming proportion of respondents recognising the expected impact of quantum computing on their sector, 59% believe the technology is unlikely to develop sufficiently to play a significant role in core operations until from 2030 onwards. This is also reflected in current business priorities such as talent, with only 13% of UK leaders planning to recruit the talent they think they will need within the next two years. This is despite 83% seeing loss of competitive advantage as the main risk when it comes to not adopting the technology.
 
Piers Clinton-Tarestad, Technology Risk Partner at EY UK, said: “Our latest report shows that, while UK businesses are continuing to invest in and evaluate the impact of quantum computing, expectations of its maturity remain cautious. This means that although long-term disruption from quantum computing is widely expected, including its impact on cyber security, the proportion of companies taking immediate steps to prepare remains relatively small.
 
“For some business leaders we speak to, hesitation stems from not knowing where to begin exploration. One effective first step is to identify one or two practical ways in which quantum can be used, linked to existing pain points, before assessing which teams or processes would be most affected, and any gaps in skills, tools or data. In the same way that an orchestra needs a conductor, effective quantum implementation needs a senior sponsor within a business with cross-functional oversight to coordinate efforts, secure resources, and help ensure quantum readiness becomes part of broader digital transformation plans.”
 
Dr Simon Plant, Deputy Director for Innovation at the National Quantum Computing Centre, added: “Quantum computing is moving from long-term promise to strategic business consideration. Organisations that begin building awareness, skills and practical use cases now will be better positioned to respond as the technology matures over the coming decade.”
 
Research identifies latest risks and barriers associated with quantum adoption
 
The other main business risks currently associated with quantum computing are rapid outdating of existing IT systems, cited by 81% of respondents, followed by compliance with future regulation (80%).
 
According to UK business leaders, the top four barriers to quantum adoption are its complexity – selected by 80% of leaders surveyed – market uncertainty (66%), integration challenges (60%) and current talent shortages (47%).