Australian official Global quantum technology market revenue to reach $3.8 billion
On October 18, Australia's national science agency (CSIRO) released a new CSIRO model with upgraded market forecasts for quantum technologies.CSIRO expects quantum technologies to create 8,700 jobs by 2030 and more than double to 19,400 by 2045 [1].
CSIRO head Larry Marshall says Australia is now at a "tipping point" for quantum technology.
01Global quantum technology market: $6 billion in revenue by 2045
CSIRO projects that the quantum technology industry will generate revenues of A$2.2 billion by 2030 and nearly A$6 billion (approximately $3.8 billion) by 2045. Although it is a niche area, a number of recent developments point to an optimistic global outlook for quantum technology: demand for powerful quantum computing and analytics, sensing, secure communications and cryptography is expected to grow.
Internationally, quantum start-up funding and investment exceeds $1.4 billion in 2021: more than double in one year; and 17 countries have national initiatives or strategies to support quantum technology.
The technology may be fragile and needs more development. But Fujitsu in Japan, Baidu in China and IBM in the U.S. are all pushing ahead. Fujitsu plans to sell a 64-quantum-bit research computer in 2023, Baidu is developing a 10-quantum-bit quantum computer for public use, and IBM aims to build a 4,000-plus-quantum-bit computer by 2025.
The CSIRO says high uncertainty remains, and that "conservative" revenue and employment prospects depend on cutting-edge but speculative technologies having wider commercial use in the short term.
02Australia: Capturing 5% of the global quantum technology market opportunity
The new model assumes that Australia could capture 5% of the global quantum technology market opportunity, based on current investment and research workforce share.
CSIRO head Larry Marshall says Australia is now at a "tipping point" between research and commercial development, and Dr Marshall says: "We need to use our bold vision to understand what this breakthrough technology could mean for some of our largest industries. industries."
According to the 2020 CSIRO report Growing Australia's Quantum Technology Industry [2], Australia will maintain a globally competitive edge in quantum technology research and development and develop a sustainable quantum technology industry; by 2040, Australia's quantum technology industry is expected to generate over $4 billion in revenue and 16,000 new jobs.
Australia's vision for the quantum industry in 2040
In the field of quantum computing, Australia already has world-leading companies engaged in the development of silicon-based quantum computing technology (Silicon Quantum Computing Pty Ltd) and providing quantum control engineering solutions (Q-CTRL). Australia has also attracted major international players, including Microsoft and Rigetti Computing, who have set up local facilities to take advantage of Australia's strengths. The US Army Research Office has also been a major funder of Australian quantum computing research over the past 20 years. A number of Australian businesses are also beginning to explore the potential applications of quantum computers in future operations. These include the Commonwealth Bank of Australia and Telstra, the Australian telecommunications company (both investors in Silicon Quantum Computing), and Woodside Energy, which has become a member of the IBM Quantum Computing Network.
In the area of quantum precision measurement, Australia has also commercialized a number of quantumized sensing and measurement technologies based on intellectual property developed by Australian research institutions: these include CSIRO's LandTEM system, a portable magnetic sensor for detecting deposits deep underground, and CryoClock, a cryogenic sapphire for ultra-precision timing applications such as communications and quantum oscillator technology).
Australia has accumulated significant theoretical and experimental experience in developing quantum communication technologies and was an early leader in the development and commercialization of quantum technologies for secure communications. Australia's first quantum technology startup, QuintessenceLabs, was established in 2006 by researchers at the Australian National University to commercialize quantum-enhanced cybersecurity solutions. Australia has also developed expertise in the development of quantum-secure cryptography, which will be an essential capability to ensure the nation is ready for the advent of quantum computing.
At the conference, CSIRO urged Australia to maintain its position in quantum technology research and to support the industry in a focused and nationally coordinated manner.
Australian Industry and Science Minister Ed Husic met this week with the National Quantum Advisory Committee, chaired by Australia's Chief Scientist Cathy Foley, as they develop Australia's first quantum strategy. center, and the work of this committee directly supports that effort."
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