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The quantum computing revolution could materialize sooner than we think. By replacing bits with qubits, quantum technology (QT) would make it possible to perform calculations that a traditional computer could only take a long time to complete.
But the problem of quantum validity remains, that is, the risk of falling into errors very easily. A few weeks ago Quantinuum and Microsoft, two leaders in the sector, announced a breakthrough in reducing errors in calculations, suggesting that quantum advantage is closer than previously thought.
An optimism that is reflected in McKinsey’s updated analysis – the third annual Quantum Technology Monitor – a valuable tool for anyone interested in understanding the current and future landscape of quantum technology (QT). According to the report, a year of significant funding and significant technological advances have laid the foundations for the strong momentum of quantum technology (QT), which is expected to have an impact especially in the sectors of chemistry, life sciences, finance and mobility, with an advantage that it could generate up to $2 trillion by 2035.
Central public funding and EU leaders in training
There was a significant reduction in private and corporate funding for quantum technology startups, totaling $1.71 billion, a 27% decrease from the all-time high of $2.35 billion in 2022. According to report, there are several factors that have caused private investment in QT to decline, including a significant shift in focus toward generative AI and the persistent perception of QT as a long-term challenge whose potential across various sectors is still under evaluation.
By contrast, public investment has increased by more than 50% since 2022, making up nearly a third of all investment in quantum technology, bringing total global public funding to date to approximately $42 billion. A scenario that sees the entry of new players who have significantly increased the financing of their foundations, aiming to create a growth driver, thus also stimulating private investments for the development of quantum technology.
Among these, the commitment of Great Britain stands out, which has almost tripled its commitment. The aim of the National Quantum Strategy, which provides $3.1 billion in public funding over ten years, is to enable the UK to become a leading quantum economy and generate $1.3 billion in investment private individuals in quantum technologies.