The billion-dollar quantum gold rush

Market size: US$88.1 billion in 2019 growing at a CAGR of 29.1% during the forecast period of 2019 – 2026.

Private investors had funded at least 52 quantum-technology companies globally since 2012, many of them are from university departments.

IBM

• IBM, at its Think 2019 Summit held at Taipei, indicated that commercial quantum computers will be available in the next 3-5 years.

• In January 2019, IBM unveiled the first commercial quantum computer, called Q System One, which allows the usage of high processing power on the cloud.

Google

• In October 2019, Google claimed quantum supremacy by unveiling its quantum computer, Sycamore, which optimizes the processing time of computer programmes.

Finland

• IQM Finland Oy (IQM), a European startup that makes hardware for quantum computers, has raised over €32M from EIC Accelerator, Business Finland government agency and others.

USA

• National Quantum Initiative Act, passed in December 2018, describes itself as “An Act to provide for a coordinated Federal program to accelerate quantum research and development for the economic and national security of the United States.”
• The Act infused $1.2 billion into the U.S. federal government’s existing quantum programmes to accelerate research in quantum tech.

China

• China plans to open a National Laboratory for Quantum Information Sciences by 2020, a $10-billion investment, which will enable the army to break cipher codes.

• Damo Academy, Alibaba’s R&D wing, is already working on quantum processors and quantum algorithms, presumably to build a quantum computer.

India

• Indian Institute of Science’s Initiative on Quantum Technology (IQT@IISc), have quantum programmes funded by MeitY via CoE in Quantum Technology and Institute of Excellence funds.

• In 2017, a programme called Quantum-Enabled Science & Technology (Qu-EST) was started by the Department of Science and Technology to facilitate research in the field of quantum computing.

• Budget 2020 announces Rs 8000 cr on National Mission on Quantum Technologies & Applications

Canada

• Investments of more than $1 billion in the past decade.

France

• Quantonation fund (for Quantum tech) aims to raise a total of €40 million to support start-ups.

UK

• Government announced £153 million investment into efforts dedicated to commercializing quantum computing.
• UK’s National Quantum Technologies Programme passed £1 billion in investments since its inception in 2014.

South Korea

• Announced to invest US$40 million in quantum computing