February 24, 2024

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Quantum Tech Expected to Grow in Australia

Image Credits: CSIRO, Press Release

Updated market projections released by CSIRO, Australia’s national science agency, have shown that quantum technology is forecast to reach AU$6 billion and generate more than 19,000 jobs in Australia by 2045.

CSIRO’s original Growing Australia’s Quantum Technology Industry Roadmap has been updated two years on and reflects the growth trajectory of quantum technology across the report’s three key domains of quantum computing, sensing and measurement, and communications. The new report provides conservative estimates and refinements of the original modelling and extends the forecast from 2040 to 2045 while affirming the economic results from the earlier report.

Image credit: Growing Australia’s Quantum Technology Industry Roadmap

CSIRO’s Senior Economist stated that the updated figures reflected recent domestic and global developments in quantum technology opportunities. He noted that the agency’s updated modelling reaffirms that quantum technology continues to be a significant opportunity for Australia in the years to come. While there is still uncertainty as to how quantum technology will be commercialised both around the world and domestically, the start-up funding and investment in quantum is encouraging, he added.

According to CSIRO Quantum Technologies Director, this is an exciting time for Australia in quantum technology. He noted that over the last 18 months alone a significant increase in focus to strengthen Australia’s position in the emerging global quantum industry.

CSIRO has launched its Future Science Platform, several new companies have been backed or reached key milestones, a tech industry group has been formed and we’re seeing an intensive national focus. Now, the key will be to sustain and grow over the long term, he added.

According to CSIRO’s Chief Executive, Australia is now at a pivotal stage of growing its quantum industry and is at a tipping point between research and commercial development. There is a need to harness a bold vision for what this breakthrough technology could mean for some of our largest industries.

Key updated figures from the economic modelling:

  • Show that by 2030, Australia’s quantum technology opportunity in revenue terms could conservatively reach AU$2.2 billion and could generate 8,700 jobs.
  • In five years, this could rise to reach AU$3.3 billion by 2035, and then reach AU$4.6 billion by 2040 and could generate 16,100 jobs (the same as original projections in 2020).
  • By 2045, Australia’s quantum technology opportunity could almost be nearly AU$6 billion in total and could generate 19,400 jobs.

On a global scale, research indicates that the global quantum technology market will reach US$42.4 billion by 2027. Quantum computing will lead the market at US$16.1 billion by 2027 and 39.4% CAGR.

Defined by more than just computing, the quantum technology market provides a foundation for improving all digital communications, applications, content, and commerce. Within the realm of communications, quantum technology will influence everything from encryption to the way that signals are passed from point A to point B.

While currently in the R&D phase, networked quantum information and communications technology (ICT) is anticipated to become a commercial reality that will represent nothing less than a revolution for every aspect of ICT, the report states.

CSIRO has been at the forefront of innovation and high-impact initiatives in the nation to make Australia smart, safe and sustainable. The agency is helping to tackle the growing threat of cyber-attacks facing Australia by providing free research and development support to businesses working in the cyber security sector through its Cyber Security R&D programme.

Earlier it launched an AU$90 million mission designed to help Australia’s regions and hard-to-abate industries transform and accelerate towards being more climate-friendly with its new Low Emissions Mission.

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