Now is the time to act as quantum computing gains momentum

• Industries such as chemicals, life sciences, finance, and mobility are poised to experience the most substantial benefits.
• Collaboration with quantum startups offers a pragmatic entry point for many businesses, fostering innovation and co-development of applications.
• Combined revenue generated by the three pillars of quantum technology—quantum computing, quantum communication, and quantum sensing—could reach as high as $97b worldwide by 2035.

Quantum computing has transitioned from an ambitious scientific pursuit into a tangible and rapidly advancing commercial reality, signaling a paradigm shift in technology adoption across multiple industries.

“The evolution is occurring at an unprecedented pace, driven by the exponential scaling characteristic of quantum machines, which promises transformative impacts far beyond current expectations,” Henning, a partner at McKinsey, said.

The United Nations’ designation of 2025 as the International Year of Quantum Science and Technology commemorates a century since the foundational principles of quantum mechanics were established, underscoring the global recognition of quantum technology’s potential.

The year 2024 marked a pivotal inflection point for the quantum technology (QT) sector, as the focus shifted from merely increasing the number of quantum bits (qubits) to enhancing their stability and reliability.

This progression is critical for mission-critical industries considering the integration of QT components into their technology infrastructures.

Projections

Projections suggest that the combined revenue generated by the three pillars of quantum technology—quantum computing, quantum communication, and quantum sensing—could reach as high as $97 billion worldwide by 2035, with quantum computing alone expected to grow from $4 billion in 2024 to an estimated $72 billion within the same timeframe.

Surging investment and faster-than-expected innovation could propel the quantum market to $100 billion in a decade.

Industries such as chemicals, life sciences, finance, and mobility are poised to experience the most substantial benefits from these advancements.

Moreover, the patent landscape reveals an intensifying race to secure intellectual property, with a 13 per cent increase in QT patents granted in 2024 compared to the previous year.

IBM and Google lead the patent filings, accompanied by significant contributions from China and the United States; notably, China excels in quantum computing patents, while the US focuses on quantum communication, bolstered by national laboratories.

Vital strategic moves

Henning said that anticipation and proactive engagement with quantum computing are vital strategic moves for industry leaders, advocating for talent development, capability building, and process reengineering to harness QT’s disruptive potential.

“Collaboration with quantum startups offers a pragmatic entry point for many businesses, fostering innovation and co-development of applications that could unlock up to $1-2 trillion in economic value by 2035,” Martina Gschwendtner, a co-leader of McKinsey’s quantum work and a consultant in the Munich office.

The benefits of quantum technology extend across diverse sectors, with finance optimising risk management and trading algorithms, mobility enhancing autonomous vehicles and sustainable energy solutions, pharmaceuticals revolutionising drug discovery, and sustainability driving breakthroughs in carbon capture and climate modeling.

“Now is the time to act,” capturing the urgency for organisations to position themselves at the forefront of this unprecedented technological transformation. Henning said.