Continued and rapid growth of quantum technologies is heralding a new era in computing, communication and sensing. Quantum computing, with its potential to vastly outperform classical computers in solving certain complex problems, is at the forefront of this technological revolution. This acceleration is predicated on the construction of machines that can run the theoretically proven algorithms. The motivation to build these computers is incredibly strong because the potential economic impact of quantum technologies is profound. By unlocking new levels of computational efficiency and security, they promise to revolutionize industries including finance, healthcare, logistics and energy. Quantum communication, which leverages the principles of quantum entanglement and superposition, offers a new way to secure data transmission. This technology ensures theoretically unbreakable encryption, making it a cornerstone for future-proof cybersecurity infrastructures.7 It can enable detection of eavesdroppers on communication channels and, when used properly in conjunction with current communication security technologies, can offer increased cyber defence. This is intriguing because current cybersecurity methods depend on mathematical problems that are difficult for computers to solve. In contrast, a communication system based on physics has unique features that offer greater potential. Meanwhile, quantum sensing is pushing the limit of precision measurement capabilities, enabling breakthroughs in fields ranging from medical imaging to environmental monitoring.8 The most fascinating is the global dependence on quantum clocks, which deploy quantum sensing for timing. To make quantum sensing devices more widely usable and accessible, the next crucial step is to make them smaller, lighter, more energy-efficient and cost-effective. The current state of quantum technologies is marked by exponential advancements. Quantum computers, once confined to academic laboratories, are now being developed by major corporations and start-ups with investments in billions, all around the world.9 These devices have begun to scale enough to run small variants of problems that classical computers currently find insurmountable, such as optimizing complex systems, simulating molecular structures for drug discovery, and solving large-scale linear equations. Central to this transformation are the ongoing R&D efforts that continuously push the boundaries of what quantum technologies can achieve. Governments, academic institutions and private enterprises are investing heavily in quantum research, fostering an ecosystem that encourages innovation and collaboration.10 Currently, public- sector investments worldwide exceed $40 billion.11 These rapid advancements in quantum technologies are set to redefine capabilities in various sectors. Delving deeper, it becomes evident that their potential to solve currently intractable problems will catalyse significant economic transformations, driving a wave of innovation and efficiency that will shape the future.12 1.1 The rapid advancement and evolution of quantum technologies Embracing the Quantum Economy: A Pathway for Business Leaders 8

Embracing the Quantum Economy 2024