Quantum hardware innovations continue to push the boundaries of what's possible in quantum computing. Researchers are exploring diverse technologies like superconducting qubits, trapped ions, and topological qubits to create more robust quantum processors.1 Companies like IBM, Google, and Rigetti are investing in developing quantum processors with increasing qubit counts, such as IBM's Quantum Hummingbird, Google's Sycamore processors, and Rigetti's Aspen-9 processor.1 Quantum hardware is also being integrated with classical computing frameworks like NVIDIA's CUDA Quantum, which allows quantum programs to be compiled into binaries for efficient execution on quantum processing units (QPUs).3 As quantum hardware continues to mature, the development of scalable and reliable quantum processors is on a trajectory towards realizing the transformative potential of quantum computing.4

Quantum algorithms and software development are crucial aspects of harnessing the power of quantum computing. Quantum algorithms, such as Shor's algorithm for factorization and Grover's algorithm for search, leverage quantum phenomena like superposition and entanglement to achieve exponential speedups compared to classical algorithms.12 These algorithms have the potential to revolutionize fields like cryptography, optimization, and machine learning.4

However, developing quantum software poses unique challenges due to the inherent sensitivity of quantum systems to noise and errors.4 Quantum programming languages like Q# from Microsoft and Quipper are still in their early stages, requiring developers to have a deep understanding of both classical and quantum mechanics.2 Open-source quantum software frameworks like Qiskit and Cirq are fostering collaborative research efforts to overcome these challenges and build practical quantum applications.5

As quantum hardware continues to advance, software developers have the opportunity to pioneer new programming paradigms, tools, and techniques that can effectively harness the immense computational power of quantum computers.4 This requires close collaboration between physicists, mathematicians, and software developers to create robust and fault-tolerant quantum software.4 By embracing quantum computing in software development, developers can drive innovation and create transformative solutions with far-reaching implications across various industries.45

Quantum computing poses a significant threat to current cryptographic systems, as quantum algorithms like Shor's algorithm could potentially break widely-used public-key cryptography schemes that rely on integer factorization or discrete logarithm problems.4 This has led to the development of post-quantum cryptography (PQC), also known as quantum-resistant cryptography, which aims to create cryptographic algorithms that are secure against attacks by both classical and quantum computers.4

Researchers are exploring various approaches to PQC, including lattice-based cryptography, code-based cryptography, multivariate-based cryptography, and isogeny-based cryptography.34 The National Institute of Standards and Technology (NIST) is currently reviewing and standardizing quantum-resistant algorithms to prepare for the era of quantum computing.34 While the threat of quantum computers breaking current cryptography is likely still many years away, experts recommend that organizations start preparing now by assessing their use of cryptography and planning for the transition to post-quantum algorithms.35

Australia has a significant opportunity to become a global leader in the emerging quantum technology industry. By 2030, the Australian quantum sector could create around 8,700 jobs, rising to 19,400 by 2045.15 Commercializing quantum technologies could create an Australian industry worth $2.2 billion by 2030 and nearly $6 billion by 2045.5 Australia has world-class quantum research capabilities and an emerging quantum technology industry underpinned by the expertise and IP developed in its research institutions.5 Events like the annual Quantum Australia conference, presented by Sydney Quantum Academy, bring together prominent quantum experts from across the globe to explore the industry's latest developments and innovative collaborations.2 To realize these opportunities, Australia must focus and coordinate its quantum industry development efforts, build its quantum workforce and infrastructure capability, support productive collaboration with local and international partners, and enhance the readiness of governments, society, and end-users for next-generation quantum technologies.5

Quantum machine learning integrates quantum algorithms with classical machine learning to potentially enhance computational speed and data storage.1 This includes using quantum computers to analyze classical data, applying classical machine learning to quantum systems, and exploring similarities between physical systems and neural networks.1 Fully quantum machine learning involves quantum data, quantum learning devices, and their interactions.1 Quantum kernels can solve machine learning problems that are hard for classical methods.2 Researchers are investigating using classical machine learning to enhance NISQ algorithms and modeling quantum data with quantum circuits.4 Quantum neural networks are parameterized quantum circuits that generalize data with a quantum origin and are executed on quantum computers in concert with classical co-processors.45

Commercialising quantum technologies requires a strategic approach that prioritises use case identification and application development. Organisations can benefit from quantum computing by following a proven four-step process: problem discovery, translating the problem, quantum development, and user engagement.2 This process works for start-ups, multinational corporations, and government entities alike. Professional service teams with quantum expertise can expedite application development and integration.2

Real-world applications of quantum computing are already being developed and deployed, tackling problems in supply chain optimisation, e-commerce, sustainability, construction, manufacturing, drug discovery, and more.23 Governments are also exploring quantum solutions for challenges like public transport efficiency through innovative procurement policies.5

Standards and certifications play a crucial role in guiding emerging quantum technologies from conception to widespread adoption by setting consistency, building trust, accelerating product development, and reducing commercialisation obstacles.1 For example, the certification of Quantum Random Number Generators (QRNGs) is important for ensuring the security of cryptographic systems.1

Strategic design is key to successful quantum commercialisation. This involves focusing on the most impactful problems to solve, leveraging hybrid classical-quantum compute resources, and collaborating closely with quantum hardware and software providers.24 By taking a comprehensive approach to building quantum research and commercialisation ecosystems, regions like Queensland, Australia aim to attract talent and investment while enabling the capabilities needed to bring new quantum products to market.5

Case studies can demonstrate the potential benefits of quantum computing across various industries, such as pharmaceuticals, chemicals, automotive, and finance.3 In the pharmaceutical industry, quantum computing could dramatically accelerate drug discovery by making target identification, drug design, and toxicity testing more efficient, potentially leading to $15-75 billion in additional revenues.3 The chemicals industry could see $20-40 billion in value from improved catalyst designs enabled by quantum computing, resulting in energy savings and more sustainable production processes.3

In the automotive sector, quantum computing could optimize manufacturing processes like path planning in complex multirobot systems, potentially creating $10-25 billion in value per year through productivity gains.3 While quantum computing use cases in finance are further in the future, portfolio and risk management could benefit from quantum-optimized loan portfolios that improve offerings and free up capital.3

However, it's important to critically assess case studies and identify potential red flags, such as missing information on the specific quantum advantage, lack of comparison to state-of-the-art classical solutions, or reliance on quantum emulators rather than real quantum computers.5 Credible case studies should clearly articulate the business problem, compare quantum and classical approaches, and provide evidence of real-world deployment or a path towards practical implementation.5 As quantum computing matures, more robust case studies will emerge, showcasing the technology's transformative potential across industries.35