Quantum computing as an enabling technology for the next business cycle

We need more computing capacity for the next growth cycle, and computers with conventional transistor technology are reaching their limits. So new ideas are required. The quantum computer, which overcomes the binary system and is not based on silicon microchips, could be a solution. This technology will continue to develop exponentially and transform science, the economy, and society. Furthermore, the paradigm of quantum communication offers an entirely novel possibility of distributed computing by allowing quantum computers to be networked via quantum channels to intrinsically secure communication. This article explains how quantum computers exploit new phenomena that do not occur in classical physics. Along the four primary application areas identified (optimization, simulation, machine learning, and cryptography), we describe possible applications in various industries. Our critical appraisal presents the technical challenges that still hold the potential for quantum computing to complement traditional computing systems. Accordingly, small and mid-sized companies do not necessarily need to invest in quantum computers but in their use. Quantum as a service can be the first step for visionary leaders to get familiar with it and gain a competitive advantage early on.