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IDTechEx Asks Which Real-World Applications Commercial Players Are Developing With Quantum Computers Today

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BOSTON, May 23, 2024 /PRNewswire/ — The risk of missing out on the competitive advantage quantum computing offers is rising. Governments and private investors worldwide are placing multi-billion-dollar bets that the industry will produce huge long-term returns. Yet, for this to be realized, the theoretical advantage of quantum computers must be translated into real-world commercial value. In this article, IDTechEx explores which applications are being developed today across the materials, chemical, automotive, finance, and healthcare industries.

For more information on the technology differentials of quantum computing hardware platforms, timelines for commercial readiness, and twenty-year market forecasts, see the IDTechEx report, “Quantum Computing Market 2024-2044: Technology, Trends, Players, Forecasts”.
The quantum advantage simplified
Quantum computers use quantum bits instead of classical bits. Their special quantum properties allow them to represent both a ‘1’ and a ‘0’ at once in superposition and work together in an entangled group. Without understanding the physics behind this and how it works, what matters most from an end-user perspective is its impact on computational capabilities. In a classical machine, N number of bits can represent N number of states. By contrast, in a gate-based quantum computer N number of qubits can represent 2N number of states. Or, as put by Sir Peter Knight at the New Scientist Emerging Technology Summit 2024, just 300 good qubits could represent more states than there are atoms in the visible universe. This not only exponentially reduces the time it can take to solve certain existing problems but also provides a means to tackle harder and more complex ones.
For now, classical supercomputers have trillions of classical bits, and many quantum computers available only have a handful of useful qubits. Yet as worldwide efforts are concentrated on scaling up the hardware, end-users are already developing real-world use-cases. This trend can be found across multiple industry verticals, with many players angling to become early adopters and realize a competitive advantage as soon as it is available.
A qualitative assessment of how timelines to commercial value can be tracked by the use-case development stage of end-users and the progression in hardware development. The marker of ‘today’ is an average across both gate-based and annealing platforms. Source: IDTechEx
Material simulation: drugs discovery and battery chemistry
Simulating material properties at the nanoscale, or other words at the atomic level, is incredibly compute-intensive with classical machines. Moreover, some of these simulations have a reputation for not being particularly accurate—for example, predicting that an insulating material will be a conductor.
This has an impact in fields dependent on material discovery and simulation across many industry verticals, which is infamous for being a very time-consuming and costly experimental process. However, in parallel with the interest in materials informatics to solve this challenge are many investigations into the application of quantum computing to significantly accelerate materials discovery timelines.
One important example of this is within drug discovery. Players such as Janssen Pharmaceuticals are investigating how quantum computing can be used to make screening of potential drug candidates more efficient, as well as be applied for molecular simulations. This work can specifically relate to the applications in crystal structure predictions or binding affinity, as well as property predictions, including toxicity.
Material property simulation and target finding are also high-value problems in battery chemistry innovations.  While classical approaches to materials informatics based on classical computing can enhance our understanding of battery chemistry, it is likely to remain less efficient than quantum computing at modeling chemical reactions at a molecular or sub-atomic level. Simulations of electron interactions can also provide a more accurate understanding of chemical reactions at anodes and cathodes, such as the degradation-inducing formation of oxides. Quantum computing can thus accelerate the development of higher-performance batteries by performing calculations beyond the capability of their classical counterparts.
Banking and Finance: pricing optimization and fraud detection 
The finance sector has been amongst the earliest to engage with quantum technology. This is in part because of the criticality of robust data security in finance and, as such, preparing for the risks posed by quantum computing alongside the integration of quantum communications solutions such as quantum key distribution and post-quantum cryptography.
However, beyond the quantum risks to finance, there are also a host of potential opportunities, specifically in pricing optimization and fraud detection. With quantum computing, pricing optimization could consider many more influencing factors than it does today, evaluating the combined impact of currency, location, sustainability, supply chain, geopolitics, and more. As for fraud detection, the capability to analyze banking activity with a quantum computer could make security protocols much more streamlined. The erroneously blocked card upon the purchase of the first holiday coffee would become a thing of the past.
At the 2024 New Scientist Emerging Technology Summit, HSBC outlined their strategy of building dedicated in-house expertise to develop quantum-ready products in these areas – which can be deployed as soon as the hardware is ready.  Yet HSBC are not alone in exploring quantum computing – indeed, there is activity from Goldman Sachs, JP Morgan, Barclays, Mastercard, Citi, and many more. However, some of these companies are choosing to use third parties to build use cases rather than invest in in-house teams. In the current era of a quantum talent shortage, particularly within industry, the role of the expert middleman is looking particularly lucrative.
Automotive and Aerospace: Fluid dynamics and the paint shop problem
The mega-trends in future mobility are broadly electrification and autonomy. Of course, the applications in battery chemistry simulations are of keen interest to the automotive community – who are amongst the most active in this research area from a commercial side. This is covered in much more depth in the IDTechEx Quantum Computing report. However, outside of material discovery – quantum computing also offers an edge in other areas, such as fluid dynamics and logistics.
Computational fluid dynamics (CFD) simulations are a crucial part of the design process within both automotive and aerospace. However, for very complex scenarios, the hypothesis of industry leaders such as Rolls Royce is than for iterative design of jet engine designs – the efficiency of a quantum solution could be hugely valuable.
By contrast, the application of quantum computing to logistics and operations more widely could be transformative. The multi-car paint shop problem is an example similar to the pricing optimizations within finance, whereby workflow scheduling, which accounts for a higher number of variables, will likely be better solved with a quantum computer. For example, D-wave are already ramping up productions scale deployment of an auto-scheduling product using annealing with partners of the Pattison Food Group.
Market Outlook and Conclusions
Overall, the general themes of ‘optimization and complex simulation problems’ come up time and time again as killer applications for quantum computers. Across the pharmaceutical, chemical, healthcare, automotive, finance, aerospace industries, and more – quantum expertise is rising in value.
Even though skepticism remains in some instances as to the likelihood of a universal, large-scale fault-tolerant quantum computer ever being realized as promised, there is even more disagreement as to what timelines value will realistically be realized within each industry.
Yet, for many, the risk of missing out and falling behind is too high not to engage. Looking ahead, IDTechEx anticipates the rising awareness of the risks posed by quantum technology, specifically within quantum communications and data security, will likely become a gateway for more commercial players to begin considering the opportunities quantum computing could bring them. Going forward, potential end-users must tread the line of being neither too cautious nor too enthusiastic in response to ‘quantum hype’.
With so many competing quantum computing technologies across a fragmented landscape, understanding the differences between each approach is essential in identifying realistic opportunities for growth within this exciting industry. IDTechEx’s report “Quantum Computing Market 2024-2044: Technology, Trends, Players, Forecasts” covers the hardware that promises a revolutionary approach to solving the world’s unmet challenges. Drawing on extensive primary and secondary research, including interviews with companies and attendance at multiple conferences, this report provides an in-depth evaluation of the competing quantum computing technologies: superconducting, silicon-spin, photonic, trapped-ion, neutral-atom, topological, diamond-defect, and more.
To find out more about this report, including downloadable sample pages, please visit www.IDTechEx.com/QuantumComputing.
For the full portfolio of quantum technologies market research from IDTechEx, including the broader Quantum Technology Market and more in-depth research relating to Quantum Communications and Quantum Sensors, please visit www.IDTechEx.com/Research/Quantum.
About IDTechEx:
IDTechEx provides trusted independent research on emerging technologies and their markets. Since 1999, we have been helping our clients to understand new technologies, their supply chains, market requirements, opportunities and forecasts. For more information, contact [email protected] or visit www.IDTechEx.com. 
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Media Contact:Lucy RogersSales and Marketing [email protected] +44(0)1223 812300
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Explore Madrid Like Never Before: New Partnership Between Wego and MADRID TURISMO by IFEMA Madrid

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DUBAI, UAE, June 25, 2024 /PRNewswire/ — Wego, the number 1 travel app and the largest online travel marketplace in the Middle East and North Africa (MENA), is delighted to announce a groundbreaking partnership with MADRID TURISMO by IFEMA Madrid as part of their “Only in Madrid” campaign. This initiative aims to boost awareness about the vibrant culture and unique attractions of Madrid, inviting travelers from the GCC to explore the Spanish capital like never before.

 
 
This collaboration sheds light on Madrid’s history, stunning architecture, and dynamic cultural scene. The campaign will emphasize Madrid’s blend of traditional charm and modern sophistication, presenting it as a premier travel destination for GCC residents and visitors. It aims to showcase the best of Madrid, fostering a deeper connection between the Spanish Capital and the Gulf region.
“Wego is excited to bring the diverse and vibrant experiences of Madrid to travellers from the Gulf region,” said Mamoun Hmedan, Chief Business Officer of Wego. Our partnership with MADRID TURISMO by IFEMA Madrid will enhance travel opportunities and highlight the best of Madrid to Gulf travelers. Madrid’s unique blend of historical richness, cultural vibrancy, and modern appeal makes it a perfect destination for our audience.”
Travellers can embark on an unforgettable adventure tailored to their individual interests. History buffs can delve into iconic landmarks and UNESCO sites, while art lovers will be captivated by the world-renowned Triangle of Art. Foodies will rejoice in Michelin-starred restaurants (28 establishments boasting an impressive 36 stars!) and vibrant neighbourhoods overflowing with culinary delights.
MADRID TURISMO by IFEMA Madrid said: “By highlighting the destination’s unique offerings, Wego and MADRID TURISMO by IFEMA Madrid aim to inspire more travellers to experience the magic of Madrid, fostering lasting memories and enriching cross-cultural connections.”
Travelers get to experience the birthplace of Flamenco Tablao and immerse themselves in the captivating spirit of Spain. For a touch of tranquillity, they can venture beyond the city to explore charming towns and villas. From historical immersion to cultural experiences, Madrid caters to every desire.
About Wego
Wego is the number 1 travel app and the largest online travel marketplace in the Middle East and North Africa (MENA).
It provides award-winning travel search websites and top-ranked mobile apps for travelers living in the Asia Pacific and the Middle East regions. Wego harnesses powerful yet simple to use technology that automates the process of searching and comparing results from hundreds of airlines, hotels, and online travel agency websites.
Wego presents an unbiased comparison of all travel products and prices offered in the marketplace by merchants, both local and global, and enables shoppers to quickly find the best deal and place to book whether it is from an airline or hotel directly or with a third-party aggregator website.
The company was founded in 2005 and is dual headquartered in Dubai and Singapore with regional operations in Bangalore, Riyadh, Cairo, Lahore, and Kuala Lumpur.
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Aetion Launches Barcelona Technology Hub and Appoints Ken Watson as Chief Technology Officer

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BARCELONA, Spain, June 24, 2024 /PRNewswire/ — Aetion®, the global leader in real-world evidence (RWE) technology and analytics, announced today the creation of an RWE technology hub in Barcelona, Spain, to convene the most capable group of dedicated RWE technologists in the industry. Aetion also announced the appointment of Ken Watson as Chief Technology Officer (CTO). Ken draws upon his decades of experience at companies such as Microsoft, the Toronto Stock Exchange, and WeWork — as well as several startups he co-founded — and is responsible for leading Aetion’s overall engineering and product strategy.

Aetion established a presence in Barcelona in 2021 and has steadily grown its team there since. As part of the launch of its technology hub, Aetion will more than double the size of its engineering team in Spain, drawing top technical talent locally and from around Europe. The Barcelona team will work across Aetion’s product suite, enhancing existing offerings and continuing to innovate at the forefront of RWE technology. The recent release of Aetion® Discover — the first Aetion product to be built in Barcelona — was a turning point in establishing the city as Aetion’s new technology hub. Aetion Discover is a visual-first application designed for exploratory analyses on wide-ranging research questions from disease burden to unmet need, real-world value, and more, and it is already transforming the way clients generate insights quickly and at scale.
Ken joined Aetion in August 2023 as SVP of Engineering and, early on, led the successful launch of Discover and product enhancements such as an R development environment integrated with Aetion applications, workflow updates to Aetion® Substantiate, and new data management capabilities in the Aetion Evidence Platform®.
“As a technology leader of companies at all stages and sizes, and as a multi-time founder himself, Ken is the ideal person to lead Aetion’s overall technology and product organization and our Barcelona technology hub,” said Jeremy Rassen, Aetion President and Co-Founder. “His expertise in building global teams, combined with the mission-driven engineering talent in Barcelona, will be put toward solving complex problems and further accelerating our ambitious software roadmap.”
Ken shared, “I am honored to be stepping into the CTO role at this inflection point for Aetion. Building high-quality software in a rapidly evolving field takes entrepreneurial spirit and technical know-how, and I’m thrilled to bring my skills to help answer today’s most pressing questions in healthcare. With our expanded and co-located Barcelona team working closely with our world-class epidemiologists and data scientists, I am confident in our ability to deliver the next wave of software innovation that’s so critically needed in this era of novel treatment proliferation.”
Aetion is the only company to offer a full range of software products to turn real-world data into real-world evidence. All Aetion applications are built upon its flagship Aetion Evidence Platform, providing interoperability across applications while consistently drawing upon virtually any source data and hosting environment.
Contact [email protected] for more information on Aetion software and services, or [email protected] to inquire about roles in Aetion’s Barcelona Technology Hub.
About Aetion®
Aetion is a healthcare analytics company that delivers real-world evidence for the manufacturers, purchasers, and regulators of medical treatments and technologies. Aetion’s suite of real-world data analytics applications analyzes data from the real world to produce transparent, rapid, and scientifically validated answers on safety, effectiveness, and value. Founded by Harvard Medical School faculty members with decades of experience in epidemiology and health outcomes research, Aetion informs healthcare’s most critical decisions—what works best, for whom, and when—to guide product development, commercialization, and payment innovation. Learn more at aetion.com.
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Workers embrace AI and prioritise skills growth amid rising workloads and an accelerating pace of change: PwC 2024 Global Workforce Hopes & Fears Survey

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Almost half (45%) of workers say their workload has increased significantly in the past year, as almost two-thirds (62%) say the pace of change at work has increased over the same timeMore than one-quarter (28%) say they are very or extremely likely to switch employer in the next 12 months – a higher proportion than during the ‘Great Resignation’ (19%) in 2022Employees prioritise skills-growth: fewer than half (46%) strongly or moderately agree that their employer provides adequate opportunities to learn new skills. This is particularly important for workers considering leaving: two-thirds (67%) say opportunities to learn new skills are a key factor in any decision to job-switchMore than 80% of workers who use generative AI daily expect it to make their time at work more efficient in the next 12 months. Half (49%) of all users expect it to lead to higher salariesCost-of-living pressures ease slightly: the proportion of workers with money left over each month rises to 45% (compared to 38% in 2023). However, 52% say they are still financially stressedLONDON, June 25, 2024 /PRNewswire/ — Among more than 56,000 workers across 50 countries and territories, many say they are prioritising long-term skills growth to accelerate their careers amid rising workloads and heightened workplace uncertainty, according to PwC’s 2024 Global Workforce Hopes & Fears Survey, published today.

In the last 12 months, workers say they have experienced rising workloads (45%) and an accelerating pace of workplace change. Nearly two-thirds (62%) say they have experienced more change at work in the past year than the 12 months prior, with two-fifths (40%) noting their daily responsibilities have changed to a large or very large extent. Almost half (44%) don’t understand the purpose of changes taking place.
In the midst of this growing mix of employee pressures, the findings suggest workers are alert to opportunities elsewhere, and are highly focused on skills growth and embracing AI.
More than one-quarter (28%) say they are likely to switch employer in the next 12 months, a percentage far higher than during the ‘Great Resignation’ (19%) of 2022. Two-thirds (67%) of those considering moving say skills is an important factor in their decision to stay with their current employer or switch to a new one.
Carol Stubbings, Global Markets and Tax & Legal Services (TLS) Leader, PwC UK, said:
“As workers face heightened uncertainty, rising workloads and continue to face financial stress, they are prioritising skills growth and embracing new and emerging technologies such as GenAI to turbocharge their growth and accelerate their careers. The findings suggest that job satisfaction is no longer enough. Employees are placing an increased premium on skills growth in a climate characterised by constant technological change. Employers must ensure they are investing in their employees and technological platforms to mitigate employee pressures and retain the brightest talent.”
Workers embrace AI to ease workplace pressures and unlock personal growth
As employees face heightened workplace pressures, they are also turning to new and emerging technologies such as generative AI (GenAI) to help. Among those employees who use GenAI daily, 82% expect it to make their time at work more efficient in the next 12 months.
Employees are also optimistic about opportunities for GenAI to support their growth. Half (49%) of all users expect GenAI to lead to higher salaries – an expectation that’s even higher (76%) among employees who use the technology daily. More than 70% of users agree that GenAI tools will create opportunities to be more creative at work (73%) and improve the quality of their work (72%).
The skills imperative
Workers are placing an increased premium on skills growth to mitigate their concerns and accelerate their careers. Employees who say they are likely to switch employers in the next 12 months are nearly twice as likely to strongly consider upskilling in that decision than workers planning to stay (67% vs. 36%). This comes as fewer than half (46%) of all employees moderately or strongly agree that their employer provides adequate opportunities to learn new skills that will be helpful to their careers.
Employees who are likely to leave in the next year may be more attuned to skills changes that are needed than the general workforce, with 51% moderately or strongly agreeing that the skills their job requires will change in the next five years (vs. 29% of those unlikely to change employer).
There is particular interest in the impact of AI on skills development, with 76% of all users expecting it to create opportunities to learn new skills at work. However, employers will need to invest heavily in new and emerging technology training and access. Among employees who have not used GenAI at work in the last 12 months, one-third (33%) don’t think there are opportunities to use the technology in their line of work, while 24% don’t have access to the tools at work, and 23% don’t know how to use the tools.
Despite the pace of change, there are also signs of optimism and engagement at work. 60% of workers expressed at least moderate job satisfaction (up from 56% in 2023) while more than half (57%) of employees who view fair pay as important agree that their job is fairly paid. Cost-of-living pressures have slightly eased since 2023 (the proportion of workers with money left over each month has risen to 45%, up from 38%). However,  more than half (52%) say they are still financially stressed to some degree.
Pete Brown, Global Workforce Leader, PwC UK, said:
“Technology is fundamentally transforming the way work gets done and the types of skills employers are looking for. Employees are therefore placing an increased premium on organisations that invest in their skills growth so that they can stay relevant and thrive in a digital world. Businesses in turn must be proactive in their upskilling programs – prioritising the employee experience and being transparent. Because when you meaningfully engage your workforce, they become an accelerant for successful transformation.”
Notes to Editors: 
About the Survey
In March 2024, PwC surveyed 56,600 individuals across 50 countries and territories who are in work or active in the labour market. The sample was designed to reflect a range of industries, demographic characteristics and working patterns. You can read the full report on pwc.com.
About PwC
© 2024 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.
Contact:  Imran Javaid, Global Corporate Affairs and Communications, PwC UK: [email protected] Dan Barabas, Global Corporate Affairs and Communications, PwC UK: [email protected]
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