As a knowledge partner for the recently concluded Quantum Innovation Summit 2024, leading consulting firm Boston Consulting Group (BCG) shared its invaluable insights into the quantum technology sector and investment trends. It also highlighted the Gulf Cooperation Council (GCC)’s initiatives in advancing this groundbreaking technology.
Anticipating the Quantum Leap
Despite experiencing a 50% decrease in global venture capital funding from roughly $2 billion in 2022 to about $1 billion in 2023, the quantum technology sector remains cautiously optimistic. This is due to a projected increase in governmental investments, with over 20 governments worldwide having developed formal policies to advance quantum technology, committing over $40 billion for the upcoming decade. Notably, the UAE and KSA have emerged with promising initiatives in the quantum market, indicating strong progress in the field. The region is trying to establish a quantum-ready infrastructure, demonstrating its commitment to adopting quantum technology and a significant presence in this advancing field.
The panel discussion on “Quantum Innovation Meets Economic Evolution.” during the Summit explored the transformative potential of quantum technologies on economic frameworks, deep tech ecosystems, and business models. Panellists deliberated on strategies for fostering innovation, sustainable growth, and policy formulation in a quantum-enhanced future.
“The rapid advancement of quantum computing on a global scale is set to revolutionize the traditional approaches to scientific and industrial development,” Faisal Hamady, Managing Director and Partner at Boston Consulting Group, said. “This evolution promises a fundamentally different digital transformation across societies, organizations, and financial markets.”
He added, “Our goal is to delve deeper into the impact of quantum technology and identify the sectors that are ready for change. We emphasize the importance of collaborative efforts between research, industry, and policy to drive quantum innovation forward. The Quantum Innovation Summit 2024 is a crucial forum for discussing how to implement these technologies for global progress effectively. This interest extends beyond commercial research and development and includes universities, scientific communities, research labs, and notably, nation-states, all keenly focused on the practical applications of quantum technologies.”
Participants reflected on the rich discussions and insights shared as the event wrapped up. BCG’s role as the Knowledge Partner provided a solid foundation for exploring the vast potential of quantum technology. The summit’s success paves the way for ongoing dialogue and cooperation in quantum innovations’ role in global advancement.
