Analyst(s): Dr. Bob Sutor
Publication Date: December 19, 2024
Quantum computing is not new. The scientists Paul Benioff, Yuri Manin, and Richard Feynman proposed the underlying ideas of and reasons for creating quantum computing systems in the early 1980s. By the late 1990s, physicists and engineers had created small devices using superconducting analog semiconductor hardware, trapped ions such as beryllium and strontium, and nuclear magnetic resonance (NMR), the same science in medical MRI machines. By the end of 2024, approximately 67 companies across 17 countries were manufacturing QPUs using 10 modalities. This is an executive summary of the Futurum Group Report, Is Quantum Computing Languishing?, that looks at what these companies are doing, where they are doing it, and the good and bad signs for the state of the computing industry.
Key Points:
- Approximately 67 companies globally are building Quantum Processing Units (QPUs), the physical containers for qubits.
- These companies use three different programming paradigms, or architectures, via ten different modalities to implement the qubits and QPUs.
- Too many companies are operating in this early stage of quantum hardware development. Too few are working on or deploying the quantum networking technology necessary to manufacture large enough commercially useful systems.
Overview:
The Global Distribution of Quantum Computing Companies: While technology is often developed worldwide, there is a special reason why we see so many quantum computing hardware companies in so many countries. For economic and geopolitical reasons, countries do not want to be beholden to others for their advanced computational systems for economic, national security, and freedom of choice.
Figure 1 shows how many quantum computing companies are in each country. The full report includes five charts and two tables with company, country, region, modality, and paradigm data.
Figure 1: Quantum Processing Unit (QPU) Companies with Country Counts
Quantum Computing Paradigms: A “quantum computing paradigm” is a hardware and software architecture that determines which kinds of applications can run and how they are coded. By far, the most common of the three paradigms is the digital approach, also known as gate-and-circuit and discrete-variable, which is implemented by 79% of the companies we track.
Quantum Computing Modalities and Their Company and Geographical Distributions: We typically use photons or electrons as carriers of qubit quantum states within a larger apparatus. When building a quantum computer, the first question is, “Which modality should I use to represent my qubits?” The full report shows how many modalities there are and which companies are implementing each. It also includes charts showing how many companies in each country and each region implement each modality.
Vendor Roadmaps: Roadmaps from quantum computing vendors can go a long way to give potential customers and investors confidence that the vendor leadership understands what it can accomplish with what technology, which people, and when. The full report lists the vendors with roadmaps, when they were published, and which are due for updates.
Conclusions: The Bad and the Good
Among the issues the quantum industry is facing and must improve are the following:
- We are not scaling the number of high-quality physical qubits fast enough.
- We are not investing enough in and employing quantum networking between QPUs.
On the other hand, we are seeing good progress in several areas, including:
- Work on error suppression and mitigation is proceeding well, with several companies already in the market.
- Machine learning plays a more significant part in improving the performance of quantum computers.
The full report is available via subscription to Futurum Intelligence – click here for inquiry and access.
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About the Futurum Quantum Computing Practice
The Futurum Quantum Computing Practice provides actionable, objective insights for market leaders and their teams so they can respond to emerging opportunities and innovate. Public access to our coverage can be seen here. Follow news and updates from the Futurum Practice on LinkedIn and X. Visit the Futurum Newsroom for more information and insights.
Disclosure: During the preparation of this work, the author and analyst used OpenAI ChatGPT, Microsoft Copilot, Google Gemini, and Anthropic Claud to research companies and the market. After using this tool/service, the author reviewed and edited the content as needed and takes full responsibility for the content of the publication.
The Futurum Group is a research and advisory firm that engages or has engaged in research, analysis, and advisory services with many technology companies, including those mentioned in this article. Bob Sutor is a former employee of IBM and Infleqtion and has an equity position in each company. Bob Sutor is a Non-Executive Director for Nu Quantum, a company specializing in developing quantum photonics technology for secure communication and advanced computing applications. The analyst has no equity position in any other company mentioned in this article.
Analysis and opinions expressed herein are specific to the analyst individually and data and other information that might have been provided for validation, not those of The Futurum Group as a whole.
