November 15, 2022
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Launching: State of Quantum 2022 Report

From our team
Launching: State of Quantum 2022 Report

Launching: State of Quantum 2022 Report

Understanding where the industry currently stands is critical for any disruptive technology.

Together with IQM, fellow investors at Lakestar, in association with The Quantum Insider (TQI), we wanted to produce an in-depth report to help investors and decision-makers bridge the gap between the speed and direction of quantum development and what customers are ready and already planning for. 

To achieve this goal, we produced a new online, cross industry survey about quantum readiness along with investment data from TQI and other data sources, collating responses from 174 business leaders across the world to understand their preparation and readiness for commercialised quantum computing. We wanted to take an in-depth look at potential industry customers for quantum technology, building up actionable and relevant insights on how ready businesses are for the quantum's continued development and commercialisation over the next decade, and beyond.

The good news, in short – there is plenty of optimism amongst industry customers we surveyed about the future of quantum. According to the data:

  • 91% of business leaders surveyed are already investing or planning to invest in quantum computing. 
  • 63% of business leaders expect commercial uses of quantum computing within the next 5 years.
  • 70% are using and developing real-life use cases.

While the data suggests overall optimism, we all recognise that claims about quantum’s transformative potential are widespread. And for investors, it adds an extra layer of uncertainty about which areas are best focused on for investment to develop technologies and support adoption.

That’s why it’s critical to accurately identify the challenges in the industry ahead and address them accordingly. 

The findings of this report show:

  • 66% of businesses surveyed consider software development to be a main priority for quantum investment.
  • 76% of respondents agree that the skills crisis is causing a deceleration in innovation in quantum.
  • 61% of the surveyed view the current costs of running hardware to support quantum computing as unsustainable.

Luckily, we have a combination of the needed capital to address these issues. Government funding for quantum — distributed most heavily between China, the US, the UK, and the European Union (EU) — shows the push to increase the available talent pool by expanding access to the technology and enabling accelerated research.

This work has been mirrored by efforts across the private sector to nurture the next generation of quantum research and talent. Private investments in quantum technology have grown rapidly in recent years. Investment in quantum is up fivefold from 2017 to 2021, from a total of $0.4 billion in 2017 to a new high of $2.2 billion in 2021 and it’s not done slowing down.

“Our research confirms that we are on a one-way journey to enter the quantum era. The findings are a clear sign that the broader market is starting to buy into the potential of quantum computing, recognising its emerging commercial potential and backing it with significant investment.” – Ekaterina Almasque, OpenOcean GP

We saw in the report that end users are seeking full-stack solutions to their business problems, making software investment a favorable proposition alongside hardware commitments. 66% of companies surveyed consider software development a main priority for quantum investment.

As OpenOcean traditionally invested in creating fundamental software ecosystems, such as LAMP stack as the foundation of internet, it excites us that many of these are software challenges and they can be solved. We can use our experience from other industries to help organisations understand how quantum solutions can be integrated into their existing enterprise workloads.

As mentioned in our letter to Financial Times – the gamechanger will be the firm that can bridge the gap between the cutting-edge quantum hardware and the software in development. It is at this level that we will need to see significant investment over the coming years for a smooth journey to the quantum era.

We invite you to read this research report and hear how your fellow business leaders are preparing for commercialised quantum computing.

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