According to a recent report from the SRI-managed Quantum Economic Development Consortium, the quantum industry continues to grow, with 2024 quantum computing and sensing revenue approaching $1.5B.
Quantum technologies, which harness the unique physics of light and matter at the atomic scale to process information in fundamentally new ways, have the potential to speed up computer processing, bring additional precision and sensitivity to medical diagnostics and navigation, and drastically improve encryption for networks and communication.
A new report on the state of the global quantum industry, compiled by the SRI-managed Quantum Economic Development Consortium (QED-C), takes the pulse of this dynamic emerging industry.
“The State of the Global Quantum Industry report shows us that the industry is healthy and growing, and with the current trajectory, quantum technology is poised to continue improving the lives of citizens around the world,” QED-C executive director Celia Merzbacher said in a press release.
How big is the quantum industry?
One of the primary goals of the QED-C report is simply to understand the scope and scale of today’s quantum industry.
As of 2024, according to the report, there were more than 6,000 companies working on quantum: 513 companies focusing solely on quantum technology (“pure-play” companies) and 5,989 organizations that dedicate a portion of their resources to quantum technology (this group includes many universities, laboratories, and established technology companies). The United States has the most pure-play companies by far, with 148, and is followed by the United Kingdom, Canada, Germany, and France.
Across all quantum-related companies, 37% are focused on quantum hardware components, 15% on software, and 15% on quantum communications and security. Smaller percentages focus specifically on quantum imaging and sensing (9%) and quantum computers (6%).
“With nearly $1.5 billion in 2024 revenue from the quantum computing and quantum sensing industries and predicted annual growth of approximately 25 percent in the coming years, it is clear the quantum economy is real and on track to make significant impact across multiple sectors.” — Celia Merzbacher
As quantum-focused organizations and projects proliferate, the report also tracks the implications for employment in the field. The report estimates that more than 14,500 professionals now work at pure-play quantum companies. About 25% of these work in engineering, 12% in information technology, 12% in research, and 12% in business development. Across all types of organizations, there are estimated to be 200,000 people in the quantum workforce.
The report also notes that universities are increasingly offering quantum-specific graduate programs in engineering, computing, physics, and other fields, which will help create a pipeline of trained quantum professionals.
Tracking quantum investment and revenue
In 2024, private venture capital investments in the quantum industry reached a record high of $2.6 billion, after a drop-off in 2023. The majority of this funding, nearly $1.7 billion, was raised by US-based quantum companies.
Public funding for quantum research and innovation, meanwhile, reached an estimated $44.5 billion globally. An estimated $15 billion of this comes from China, where more than half of the quantum-related patents were filed in the last five years. The U.S. government has committed $7.7 billion in public funding to quantum technology and the U.K. has committed $4.3 billion.
The quantum computing market brought in $1.07 billion in revenue in 2024, and is estimated to grow to $2.2 billion in 2027. This technology is expected to be used in multiple sectors, including chemicals, pharmaceuticals, and financial services.
Quantum sensing makes up a smaller portion of the market, bringing in an estimated $375 million in revenue in 2024, and is expected to grow steadily over the next five years. Currently, atomic clocks are the most in-demand quantum sensors, offering ultra-precise measurements to improve geospatial navigation, telecommunications, and financial services. The report predicts that the global market for quantum sensors will be driven by additional applications in health care, defense, and advanced manufacturing.
The next phase of quantum innovation
“The quantum economy is here to stay — with growing revenues and investment, as well as high-skilled jobs in companies across the quantum ‘stack’,” comments QED-C executive director Celia Merzbacher. “Matter behaves differently in the quantum regime than in our macroscale world, which can make quantum technologies difficult for investors and policymakers who are not quantum experts to understand and evaluate. But the advances being made by today’s top quantum innovators are incontrovertible. With nearly $1.5 billion in 2024 revenue from the quantum computing and quantum sensing industries and predicted annual growth of approximately 25 percent in the coming years, it is clear the quantum economy is real and on track to make significant impact across multiple sectors. To narrow the gap between the current stage of the industry and a future where revenues sustain the innovation flywheel, public and private investments will be essential. As markets grow, so too will a diversity of products, a robust quantum supply chain, and a highly trained quantum workforce. At QED-C, we are creating a trusted, global community to get us there faster.”
