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Quantum Computing Set to Transform Multiple Industries, Create Up to $850bn in Annual Value by 2040

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Confidence that quantum computers will solve major problems that are beyond the reach of traditional computers—a milestone known as quantum advantage—has grown fast in the past twelve months, according to a new report by Boston Consulting Group (BCG), titled, What Happens When “If” Turns to “When” in Quantum Computing? 

Investors are moving aggressively to increase the amount they allocate to quantum computing, with two-thirds of all equity investments in the field coming since 2018.

Through 2017, those investments totaled ~$600 million, and that amount nearly doubled over the next three years. At the same time, companies are also significantly upping their QC investment, with 20% expected to dedicate resources to quantum technology by 2023, up from just 1% in 2018, according to a recent Gartner prediction.

Jean-Francois Bobier, a BCG partner and director, and a co-author of the report, predicts the acceleration will continue.

“Recent advances and roadmaps from major hardware companies such IBM, Google, Honeywell, IonQ, PsiQuantum and others have increased the confidence that we will have machines powerful enough to tackle important business and society problems before the end of this decade. Impacted companies and governments should get prepared for an accelerated timeline,” said Bobier.

This upturn in investment is driven by major advances in quantum computing technology and predictions of massive performance and profit improvements as a result of this new capability. The BCG research estimates that quantum computing will unlock new value across many industries, creating up to $850 billion in annual value by 2040 (see exhibit).

Much of the new investment is being directed toward the challenge of developing lower cost and more reliable quantum computing hardware. Researching and engineering the quantum bits (qubits) that power the computers is extremely difficult and expensive.

In 2020, a total of $675 million in equity investments flowed to quantum computing, with $528 million of that going to hardware development. The year before, the total venture capital of just $211 million was split evenly between hardware and software. BCG expects 2021 to break previous records, with more than $800 million in investments.

BCG predicts a race between five competing quantum hardware technologies over this decade. As of today, they all bear unique performance and scalability tradeoffs, and the jury is out on which ones will achieve a decisive advantage. Large, established companies such as IBM, Google, Honeywell and Amazon Web Services are heavily investing beside well-funded startups such as IonQ, which went public this year at an estimated initial valuation of $2 billion.

Matt Langione, a BCG principal and another of the report’s authors, predicted a significant surge in institutional and corporate investment in quantum technology.

“The critical change since we last surveyed the market two years ago is the rise of corporate interest and investment. That was the last domino to fall after governments and equity investors began investing heavily,” Langione said.

“Building quantum computers will require not only hardware and software innovations, but also use-case innovation: businesses will need to identify and scope high-value problems for quantum computers to tackle,” Langione added. “That is happening now, and it’s happening with vision and imagination across many industries—not just pharma and financial services, but energy and retail.

Businesses of all kinds are realizing that this isn’t the kind of industry that you’ll simply be able to buy your way into once it matures.”

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Digital Economy

Digital Technologies Directly Benefit 70% of SDG targets- ITU, UNDP and partners

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More than two-thirds of the UN’s targets for sustainable development can benefit directly from digital technologies, according to the International Telecommunication Union (ITU) and the United Nations Development Programme (UNDP), organizers of SDG Digital which opened today at United Nations Headquarters in New York.  

With digital technologies so closely linked to the Sustainable Development Goals (SDGs), the SDG Digital event highlights how safe, inclusive and scalable digital solutions can put the 2030 Agenda for Sustainable Development back on track amid concerns that the world may miss the vision for people, planet and prosperity that was set in 2015. 

The SDG Digital Acceleration Agendaa global analysis of the connections between digital technologies and sustainable development, was released as part of SDG Digital to provide a roadmap to governments on their digital transformation journey and to promote action and financing.  

“With only a fraction of the SDGs on track at the halfway point of the 2030 Agenda, it is urgent to ensure that everyone, everywhere can build their own digital futures,” said ITU Secretary-General Doreen Bogdan-Martin and UNDP Administrator Achim Steiner in the foreword of SDG Digital Acceleration Agenda. “The recent breakthroughs in digital technology have unleashed unprecedented opportunities, and with them new avenues for digital innovation in our race against time to fulfil the promise of the 2030 Agenda.”   

Uniting around digital to drive sustainable development  

According to UN assessments, progress on half of the 169 SDG targets is either weak or insufficient at the 2030 Agenda’s halfway point. Thirty per cent of the SDG targets have either stalled or gone in reverse.   

With digital transformation demanding joint efforts between the private sector, financial institutions, civil society, the UN, governments and young people, SDG Digital brings together experts, policy-makers and business leaders to explore the achievements, gaps and solutions on how digital technologies can support the 2030 Agenda.  

Scale and innovation accelerate transformation  

The SDG Digital Acceleration Agenda, developed by ITU and UNDP together with Boston Consulting Group (BCG) as knowledge partner, and the Inter-American Development Bank (IDB) as Agenda supporter, shows how digital technologies kickstart economic and societal transformation by creating scale and efficiencies.  

The Agenda features digital solutions that are already demonstrating how tech can directly benefit 119 of the 169 SDG targets, or about 70 per cent, including in areas such as climate action, education, hunger and poverty.  

“When you look at these game-changing digital solutions, you can see the actual building blocks that can drive us toward universal and meaningful connectivity,” said Bogdan-Martin. “This is how we can – and will – work together to ensure our shared digital future is inclusive, sustainable, and safe and responsible – and to do it in this decade.”  

Data in the SDG Digital Acceleration Agenda suggest that countries which improved their digital maturity—as measured by digital affordability and infrastructure indices—outpaced their peers in SDG progress for selected income levels.  

The Agenda also profiles the opportunities for sustainable development offered by advancements such as generative AI, 5G networks, and blockchain.   

Financing and joint action bring scale and innovation  

Digital transformation requires considerable investment in connectivity infrastructure, building up digital skills, and creating the conditions for job retraining and new opportunities.   

SDG Digital highlights that the funding gap of over USD3.7 trillion for the SDGs should focus international efforts on enablers—such as infrastructure and connectivity—as well as the pooling of resources through collaboration including the private sector and the utilization of diverse financing methods.  

Digital public infrastructure as a catalyst for the SDGs   

The formal opening of SDG Digital is part of the UN’s SDG Action Weekend, a series of High Impact Initiatives focused on mobilizing further leadership and investment to bring progress to scale between now and 2030. This includes the UN High Impact Initiative on Digital Public Infrastructure to scale inclusive and open digital ecosystems for the SDGs.

Today’s decisions by countries on how to build their digital public infrastructure (DPI) will have lasting consequences on their opportunity to grow and innovate, and to achieve the SDGs by 2030.   

As highlighted in a recent G20 publication supported by UNDP, DPI – built on robust governance and strong local digital ecosystems – can deliver value and high impact across all of the 17 SDGs to leave no one behind.    

“Digital public infrastructure represents the ‘roads and bridges’ of our new era on which countries can ‘transport’ a range of vital services to citizens, from e-health and e-government services to online education and social protection,” said Achim Steiner. “As our global community’s shared plan for a better future in the Sustainable Development Goals faces challenges, bold investments in DPI by governments are a tried-and-tested means to get them back on track — an ambition that the UN is matching by empowering 100 countries with a range of now-vital DPI solutions to ensure that everyone, everywhere can build their own digital futures.”  

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IT and Telecomms

How NCC Will Achieve 70% Broadband Penetration Target- Danbatta

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The national target to achieve 70 per cent broadband penetration by 2025 is receiving renewed attention from the Nigerian Communications Commission (NCC), which promises 50 per cent before the end of 2023.

This promise was one of the highlights of the special media chat with executive editors and media chiefs in the northern part of the country, hosted by the Executive Chairman of the Commission, Prof. Umar Danbatta, to unveil his achievements since the resumption of office till date.

At the occasion, where Danbatta informed the media chiefs that Fifth Generation (5G) services subscriptions have already hit half a million in subscription, the various efforts of the Commission to improve broadband penetration are yielding fruitful results with the current estimates as at July 2023 standing at 47.01 per cent.

Using the extant reviewed five-pillar Strategic Vision Plan as building block, the EVC spoke to 119 milestones achieved under the five strategic pillars, including regulatory excellence, universal broadband, market development, digital economy and strategic collaboration.

Danbatta said through effective implementation of NCC’s mandates under his leadership and cooperation of internal and external stakeholders since 2015, telecommunications industry in Nigeria has achieved remarkable milestones under our leadership. “While we acknowledge the challenges encountered by the industry, we have also witnessed explosive growth, improved regulatory standards, and digital innovations that have garnered global recognition,” he said.

While reeling out impressive statistics that have characterized his leadership at NCC from 2015 to date, the EVC said active telephone subscribers had increased from less than 150.7 million to 218.9 million, representing a teledensity growth of 115.70 per cent from 107.87 per cent in 2015.

Through stimulating broadband infrastructure across the country, Danbatta said broadband penetration, which stood at 6 per cent in 2015 has increased significantly to 47.01 per cent as of July, 2023, enhancing over 89.73 million subscriptions on 3G, 4G and 5G networks in the country. Additionally, general Internet subscriptions have reached 159.5 million up from less than 100 million in 2015.

“Also, from 8 per cent contribution to the Gross Domestic Product (GDP) in 2015, telecommunications sector now contributes 16 per cent quarterly to the Nigerian economy as of the second quarter of 2023. besides, following the authorization of more telecommunications companies to operate in the Nigeria’s telecoms sector, the investments profile has increased tremendously from $38 billion in 2015 to $75 billion currently and this keeps growing daily. From the sales of Fifth Generation (5G) C-Band Spectrum, the NCC has generated over $847.8 million for the Federal Government,” he said.

Danbatta, who has received a gallery of awards nationally, regionally and globally in recognition of the outstanding performance of Nigeria’s telecom industry also listed several achievements recorded since 2015.

“Other milestones and initiatives recorded aside the regulatory activities that culminated in the landmark launch of 5G services in Nigeria include the introduction of Spectrum Trading Guidelines, re-farming and re-planning certain spectrum band for efficiency, the emplaced collaborative process for the release of C-Band Spectrum by Nigerian Communications Satellite (NIGCOMSAT) Limited, and introduction of the Expanded Revenue Assurance Solution (ERAS) to address revenue leakages and improve government revenue from the telecoms industry.

“These initiatives also include Licensing of Satellite Earth Stations, issuing of operating licence to SpaceX Satellite, facilitating the landing of additional submarine Cables, such as the Google 2,000km Equiano subsea Internet cable in 2022, listing of MTN on the Nigerian bourse, licensing of Mobile Virtual Network Operators (MVNOs), introduction of new unlicensed millimeter wave spectrum, and regulation of white space spectrum,” Danbata said.

Also as part of NCC’s commitment under Danbatta’s leadership, the Commission has endowed professorial chairs in Nigerian universities and committed over N500 million naira to Research and Development (R&D) in the telecoms sector. “The creation of the Digital Economy Department, the mandate to drive the implementation of the indigenous telecoms sector growth through the operation of the Nigeria Office for Developing Indigenous Telecom Sector (NODITS), are also important strides made by the Commission,” he said.

Danbatta said other consumer-focused initiatives of the Commission have also centered on the establishment of Emergency Communications Centres (ECCs) in over 30 States of the Federation and the Federal Capital Territory (FCT). All these centres are operational, as well as the creation of the Computer Security Incident Response Team (CSIRT). The EVC said these two initiatives have been helping consumers to  get succour in times of emergencies as well as ensuring effective protection for telecom consumers while online.

The NCC Chief Executive said the Commission has also taken very clear actions on consumer protection, advocacy, information-sharing and education. “These include introduction of data roll-over just before the expiration of subscribed data plans, introduction of the 622 toll-free number for lodging service-related complaints to the Commission, the Do-Not-Disturb (DND) 2442 Short Code for tackling the menace of unsolicited text messages,  elimination of forceful/deceitful subscriptions to telecom services on mobile networks, tackling the issue of call masking, ensuring effective Subscriber Identity Module (SIM) registration, launching of National Roaming service and reduction of access gaps to telecom services from over 217 to 97, thereby enhancing access to telecom services by more Nigerians,” Danbatta said.

However, Danbatta said while the industry still faces a number of challenges such as vandalism, securing equitable Right of Way (RoW) from governmental stakeholders, as well as multiple taxation and regulation, the Commission has put framework in place to work with necessary stakeholders to overcome the obstacles posed by these challenges and to sustain the growth trajectory which has been the hallmark of telecoms sector as an enabler of socio-economic development in Nigeria.

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NASENI To Partner NITDA On Local Content Capacity Development

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The Executive Vice Chairman/CEO of the National Agency for Science and Engineering Infrastructure (NASENI), Mr Khalil Halilu has visited the Director General/CEO of the National Information Technology Development Agency (NITDA) Mr. Kashifu Inuwa Abdullahi.

The two CEOs emphasized the need to look inward and develop local content (human and material) capacity to transform the economy. Halilu sought to leverage on the long-standing relationship between himself and the NITDA boss, and also between the two organisations, to share experiences and best practices in management and in resource optimization.

Abdullahi disclosed that NITDA’s strategy of focusing on changing both the mind-sets and skill-sets of its staff are two critical factors that have helped the Agency achieve up to 62 percent of its goals and objectives within two (2) years, ahead of its four (4) year projection. He noted that the same approach would work for NASENI, as long as there was a well-thought-out strategic plan, and clarity of vision and goals.

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