Industry experts believe that quantum utility is no more than 10 years away.

      According to a new survey conducted by Economist Impact, quantum professionals globally largely concur that quantum utility will materialize in the next decade. Quantum utility signifies the point when quantum computers can offer practical benefits over classical computers in addressing particular real-world challenges. An impressive 83% of the respondents believe that this moment will arrive within the next ten years or sooner.

      Additionally, one-third of the participants are even more hopeful, forecasting that quantum utility might be realized within the next one to five years. This aligns with the timelines of quantum companies like Finnish startup IQM, which is aiming for quantum utility as early as next year.

      In recent months, several leading tech figures have shared their forecasts on this pressing issue. In February, Google’s CEO Sundar Pichai expressed his belief that "practically useful" quantum computers are five to ten years away. A month prior, Nvidia’s Jensen Huang suggested we might still be at least 15 years away, a remark that caused quantum stocks to drop.

      The variation in these estimates illustrates the uncertainty surrounding when quantum will reach its pivotal moment and highlights a broader confusion regarding quantum terminology. Quantum utility implies that quantum computers will effectively tackle significant real-world problems, yet even within the industry, the term is often used interchangeably with quantum "advantage" or "supremacy," which is generally understood as the stage when quantum computers surpass classical ones.

      Economist Impact, as a research-based consultancy and content division of Britain’s Economist Group, emphasizes the muddled definitions in its own press release: “Quantum utility [is] when quantum computers will overcome hardware and error correction challenges to perform better than classical computers.”

      This context makes the next finding from the survey particularly relevant.

      Quantum utility challenges

      More than half of the respondents believe that misconceptions regarding quantum computing are actively impeding progress. The results reveal a disconnect between technological advancement and business readiness, underlining the necessity for enhanced education about quantum computing.

      However, public misunderstanding of quantum computing is not the primary concern for quantum professionals. Instead, overcoming engineering challenges and obtaining sufficient talent for growth rank as their top worries. Over 80% of respondents pointed to overcoming technical challenges—especially error correction—as a critical barrier to achieving quantum utility.

      Seventy-five percent highlighted a lack of talent and expertise as a significant issue. The scarcity of quantum professionals is worsened by the rapid expansion of the quantum sector, where startups and tech giants are vying for a limited pool of qualified individuals.

      Employing the fundamental principles of quantum mechanics to conduct practical calculations has always been a daunting task. It represents one of the most significant challenges in contemporary science; however, if successful, the rewards could be enormous.

      Quantum computers have the capability to resolve issues far beyond the capabilities of today’s most advanced supercomputers. They could simulate intricate molecules for drug development, create new materials at the atomic level, and transform logistics and finance by solving vast optimization problems. They also possess the potential to dismantle all internet encryption on what is termed Q-Day—indicating associated risks as well.

      Europe’s pursuit of quantum leadership will be a topic at the TNW Conference, scheduled for June 19-20 in Amsterdam. Tickets for the event are available now. Use the code TNWXMEDIA2025 at checkout to receive a 30% discount.