Quantum computing could generate between $ 1.3 trillion and $ 2.7 trillion in economic value worldwide by 2035, but businesses need to invest in talent, technology and partnerships now to secure an early advantage, according to a report by McKinsey & Company.
The report said quantum technology was moving from experimental projects towards commercial applications, with more than 300 organisations worldwide already working with quantum technology providers.
The report warned that companies delaying investment risk losing access to the partnerships, talent and intellectual property needed to compete as the technology develops. It also highlighted potential security risks, as sufficiently advanced quantum computers could eventually break the public-key encryption systems used to protect sensitive information.
“Waiting to invest is risky,” the report said, adding that companies could face serious security challenges when quantum computers reach the stage of being able to break existing encryption methods.
McKinsey outlined three stages of development, from early commercial adoption to the establishment of competitive positions by 2035 and a wider quantum-enabled economy by 2040.
Investment in the sector is already increasing. Equity investment in quantum technology rose from $2.5 billion in 2024 to $13.3 billion in 2025, the report said. Combined revenue of quantum computing companies crossed $1 billion in 2025 and could rise to as much as $4.4 billion by 2028.
The report estimated that the global market for quantum computing hardware, software and services could reach $60 billion to $100 billion by 2035. Quantum communication could represent a market worth $11 billion to $15 billion, while quantum sensing could reach $7 billion to $10 billion by the same year.
However, McKinsey cautioned that the timeline remains uncertain because of manufacturing constraints, shortages of specialised talent and a lack of consensus on which quantum computing technology will scale most effectively.
The report also identified cybersecurity, pharmaceuticals, chemicals and robotics as areas where quantum technology could create significant value. Quantum computing could generate up to $400 billion in value for the pharmaceutical industry and unlock up to $800 billion in the chemicals industry by 2035, it estimated.
McKinsey further said businesses should focus on building partnerships, testing potential applications and developing internal expertise before large-scale quantum systems become commercially available. It added that quantum computing could also help address computing and energy constraints affecting the expansion of artificial intelligence (AI). - ANI
