Infographic: Quantum market growth is not just a leap of faith

Data from a number of recent reports are pointing towards the emergence of a growth spurt in the quantum technologies market.

Marc Ambasna-Jones

A few years ago it was difficult to see how quantum technologies – sensing, timing, communications and of course computing – could develop into an investable industry. It was difficult to visualise the component parts that would make up an ecosystem of hardware and software development. Today, that is changing fast as evidence of growth in the quantum computing market is gathering momentum. 

“Momentum begets momentum, and the best way to start is to start.”

Gil Penchina, former CEO of Wikia Inc and vice president and general manager, international at eBay. 
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An emerging market 

By 2040, the quantum computing market will be worth $9-$93 billion. Potential economic value from quantum computing will be $620B–$1,270B across four industries by 2035: chemicals, life sciences, finance, and automotive. Source: McKinsey – The Rise of Quantum Computing

The UK quantum sector has grown 81% since 2013, and now contributes an estimated £1.7bn to the UK economy. Source: CBI – What’s the Value ofthe Quantum Economy? 

VC activity rising

Quantum deal counts are rising, according to PitchBook data. Last year the stats revealed there were 92 deals globally, for quantum computing firms, up from 87 in 2022. While the value of these deals has fallen (from $1.5bn in 2022 to $1bn in 2023), the market is showing signs of early promise in 2024. Source: Pitchbook – Quantum Deals Hit Record Amount in 2023.  

Quantum invention growing

According to GlobalData’s Technology: Patents Trends Q4 2023 the top five companies accounted for 29% of patenting activity when it came to quantum patents.

  • IBM filed 72 quantum computing-related patents in the quarter, compared with 75 in the previous quarter.
  • Alphabet filed 31 quantum computing patents
  • Microsoft filed 21 quantum computing patents
  • Arqit Quantum filed 17 quantum computing patents

Patenting activity was driven by the US with a 36% share of total patent filings, followed by Japan (11%) and China (9%). The share represented by the US was 11% higher than the 25% share it accounted for in Q3 2023.

People and skills

Quantum firms already support an estimated 20,000 full-time equivalent (FTE) employees across the UK. Source: CBI – What’s the Value of the Quantum Economy? 

Marc Ambasna-Jones
Marc Ambasna-Jones / Editor-in-chief

Working as a technology journalist and writer since 1989, Marc has written for a wide range of titles on technology, business, education, politics and sustainability, with work appearing in The Guardian, The Register, New Statesman, Computer Weekly and many more.