(MarketWatch) Bank of America strategist Haim Isreal forecast that quantum computing will be as revolutionary in the 2020s as smartphones were in the 2010s during his presentation at the bank’s annual ‘year ahead’ event recently in New York.
Israel qualified his prediction explaining that the timing of the smartphone’s arrival on the scene in the mid-2000s, and it’s massive impact on the American business landscape in the 2010s, doesn’t line up neatly with quantum-computing breakthroughs, which are only now being seen, just a few weeks before the start of the 2020s. “The iPhone already debuted in 2007, enabling its real impact to be felt in the 2010s,” he said, while “the first business applications for quantum computing won’t be seen till toward the end of the coming decade.”
Israel argued that quantum tools will revolutionize several industries, including health care, the internet of things and cyber security. He said that pharmaceutical companies are most likely to be the first commercial users of these devices, given the explosion of data created by health care research.
Quantum computing will also have a major impact on cybersecurity, an issue that effects nearly every major corporation today.