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McKinsey’s latest Quantum Technology Monitor announces progress towards quantum advantage

An image showcasing the visual mockup of the latest Quantum Technology Monitor for 2024

McKinsey Digital has just issued its third annual Quantum Technology Monitor, which reflects strong momentum in quantum technology and synthesizes the latest opportunities in the field.

The report covers the three main areas of quantum technologies (QT): quantum computing, quantum sensing, and quantum communication and reveals market size scenarios reaches strong growth in all 3 areas, driven by quantum computing: the market size for 2035 for the latter is expected to reach $28 billion to $72 billion; for quantum communication, $11 billion to $15 billion; and for quantum sensing, $0.5 billion to $2.7 billion.

An image showcasing the quantum technology market size scenarios for 2035 and 2040

(Image: A numerical representation of the quantum technology market size scenarios for 2035 and 2040, as seen in McKinsey Digital’s latest Quantum Technology Monitor)

Private and corporate funding for quantum technology start-ups took a notable dip, even if the decrease in QT investments is smaller than the 38 percent decline in overall global start-up funding in 2023 which is likely due to inflation, high interest rates, and geopolitical uncertainty. The majority of funding (62 percent) went to companies founded five or more years ago, reflecting a shift in investments towards more-established and promising start-ups, with a focus on scaling them.

In contrast to the private sector, public investments increased more than 50 percent over 2022. A range of countries, led by Germany, the United Kingdom, and South Korea, have announced significant new funding for QT development, bringing the global public funding total to date to about $42 billion.

The report brings forward the following key technology breakthroughs:

An image showcasing the quantum technological breakthroughs in 2023

(Image: A visual breakdown of the quantum technological breakthroughs we saw in 2023, as seen in McKinsey Digital’s latest Quantum Technology Monitor)

Dive into the report for details on each areas:

Download the report

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