2.1.2 Opportunities enabled by quantum sensing Quantum sensing offers new levels of precision in measurement, impacting fields such as healthcare, environmental monitoring and navigation. Detection of changes in magnetic and gravitational fields using quantum sensors can provide early diagnosis of diseases, more accurate climate models and improved navigation systems.31 Early adopters are leveraging quantum gravitational sensors that have the potential to far exceed the capabilities of traditional hardware to explore deep underground, providing a better understanding of the geological makeup of the earth.32 Quantum sensing attracts a smaller but consistent share of investments (Figure 4), indicating a steady growth potential. This steady investment might suggest niche applications in fields such as quantum navigation, health and defence, which could gradually lead to economic diversification into specialized areas. John Lowell, Principal Senior Tech Fellow for Boeing Research and Technology, emphasizes the significant potential of quantum sensing in navigation: “Our business fundamentally is about building platforms that connect people across the world. We cannot succeed in that without the ability for those platforms to navigate from point A to point B with great precision and accuracy. Therefore, it is inherent on us as a business to understand how best to implement quantum technology and integrate it into those platforms so that they’ll be successful. This is why we are committed to investing in quantum navigation technologies and in developing them and integrating them into our future platforms.”33 2.1.3 Economic implications of quantum communication and security Four opportunities are evident: QRNGs can provide a stronger foundation for cryptography; QKD can provide an alternative for security methods as mentioned in Section 1.1; quantum communications can be used to connect quantum computers, increasing their overall processing power; and finally, quantum networks could connect quantum sensors or function as quantum sensors themselves, enabling a better understanding of science and the world. However, quantum security is the primary focus of most businesses in the quantum communication industry today. According to the “Quantum Economy Blueprint” report by the World Economic Forum,34 quantum communication could protect up to $1 trillion in digital assets annually. With these advancements, new markets could be created and existing ones transformed. Quantum communication and security is attracting increasing investment (Figure 4), reflecting the reaction to the risk to secure communication that quantum computing creates, and the consequent concerns for critical digital-enabled infrastructure. This rising trend implies that quantum communication is becoming more relevant for industries focused on data privacy and cybersecurity, potentially transforming information and communication technology (ICT) and finance. Quantum networking test beds are being deployed and scaled across the globe including in London and New York. In the latter, GothamQ is creating a local network by connecting hubs in Manhattan and Brooklyn.35 Research institutions and universities such as Delft University of Technology (TU Delft) are exploring the future of a worldwide, secure quantum internet. 2.1.4 Overcoming barriers to quantum economic growth While the potential for quantum technologies to drive economic growth is immense, several barriers must be addressed to fully unlock this potential. These barriers span technical, financial, regulatory and societal (workforce) domains. Overcoming these challenges will require coordinated efforts from leaders within both public and private domains. One of the primary barriers to the widespread adoption of quantum technologies is the technical complexity involved. Quantum computing systems are highly sensitive to environmental disturbances (as noted in Section 1.2), which can lead to errors in computations. Recent breakthroughs in Quantum Error Correction, demonstrated by the Google Willow chip and the continued innovative research from IBM, Quantinuum, IonQ, Atom Computing and Rigetti, are bringing us closer to harnessing the full potential of quantum computers to tackle complex challenges. Developing such robust technical solutions for improving the stability of quantum systems is a critical area of ongoing research, requiring a combination of business adoption leading to financial investments. Another such example is to create a technical solution that scales quantum systems in a distributed manner, as seen in the strategies of companies such as IBM and Photonic in building quantum computers.36 Developing a robust, industry-driven business case to prioritize financial investment in quantum technologies ensures that stakeholders including the business leadership and quantum specialists can identify the correct strategic outcomes. Organizations can begin to distil business value by developing information about use cases, relying on tools such as Metriq37 and the MIT Quantum Economic Advantage Calculator,38 which highlight potential high-impact areas for early adoption and revenue generation. Additionally, public- and private-sector stakeholders often collaborate on R&D, which lowers Embracing the Quantum Economy: A Pathway for Business Leaders 20

Embracing the Quantum Economy 2024