Creating new markets and transforming existing ones BOX 1 In the realm of computing, quantum technologies are unlocking new benefits in finance. Toshiba’s collaboration with financial institutions to develop quantum algorithms for currency arbitrage highlights the transformative potential of quantum computing in this sector. These algorithms can tackle multivariate problems, enabling efficient and more accurate financial models and strategies, which could potentially unlock up to $700 billion in value, according to McKinsey.41 Integration of quantum technologies into various industries will not only create new markets, but also transform existing ones from both a business and regulatory standpoint.42 Quantum sensors, for example, are revolutionizing the medical industry. SandboxAQ is developing advanced diagnostic tools designed to detect cardiovascular diseases at their earliest stages, potentially saving millions of lives and reducing healthcare costs. The cost of heart disease in the United States, for instance, is about $239 billion each year.43 Quantum communication is set to redefine data security. British Telecom (BT) is working with QKD vendors to upgrade its infrastructure, ensuring secure communication channels while applying PQC.44 This shift is critical for protecting sensitive information in an era of increasing cyberthreats. HSBC has also partnered with QKD vendors to enhance its data security framework, reflecting the financial sector’s growing reliance on “defence in depth” strategies (which use multiple security measures to protect an organization’s assets) provided by quantum-safe communications.45 To fully realize these opportunities, strategic investments in R&D are essential. As early adopters capitalize on the opportunities presented by quantum technology, they will drive technological progress and economic diversification. This will benefit not only the industries directly involved but also the broader economy, as innovations in one sector often spur advancements in others by creating multiplier effects. For example, shorter drug-discovery cycles and new medical devices can reduce costs in the healthcare sector, while investments by the automotive sector in traffic optimization can lead to smarter and more sustainable cities, moving the global economy – and society – towards a brighter future. Quantum innovations are driving real-world applications across various industries and promise to create significant value by transforming traditional paradigms.2.2 Economic diversification across industry sectors financial barriers to entry. The number of quantum technologies in production today that started as pilots in enterprise labs and/or through public-private partnerships is growing across sectors.39 The strategies to overcome regulatory and societal barriers are covered in depth in the “Quantum Economy Blueprint” report.40 Embracing the Quantum Economy: A Pathway for Business Leaders 21

Embracing the Quantum Economy 2024