A pioneering data company has unveiled a new data resource aimed at mapping the burgeoning quantum economy in the United Kingdom, highlighting emerging quantum technology firms.
There are currently 101 businesses in the UK classified as quantum companies by The Data City, with an annual average growth rate of 22.8% per company. The Quantum Technologies Real-Time Industrial Classifications (RTIC) were developed through collaboration with experts from The Department for Science, Innovation and Technology (DSIT), Government Office for Science (GOS), Innovate UK Business Connect, and The Data City.
For the first time, the scope of the RTIC is focused on companies that are marketing or developing products that directly utilise next-generation quantum technologies. The data was collected using resources such as the Innovate UK Quantum Challenge Directory and Innovate UK Business Connect’s Quantum Landscape Map. The RTIC includes firms working across various vertical sectors, including quantum communication, quantum computing, quantum materials, and quantum sensing.
The RTIC offers a comprehensive and accurate depiction of the economy, surpassing the limitations of traditional systems like Standard Industrial Classifications (SICs) codes. Quantum technologies are already presenting potential solutions to significant societal challenges and promise future capabilities, ranging from innovative sensing technologies to aid disease screening to quantum computers capable of solving problems beyond today’s technological reach.
Globally successful quantum sector companies include BT, which is researching quantum-secured networks; Quantum Motion, which is set to deliver the first silicon quantum computing prototype to NQCC; Vodafone, collaborating with IBM to explore quantum computing enhancements in telecommunications; and Thales, which is engaged in Quantum Sensing, particularly developing a magnetometer sensor for maritime applications.
The Quantum RTIC currently incorporates 15 companies that are spinouts from various UK universities, including Orca Computing and Oxford Ionics, both emerging from the University of Oxford. Alex Craven, CEO of The Data City, stated, “With no standardised definition of the quantum sector within the ecosystem, this work defines a framework to determine which companies fall in and out of scope. This places policymakers, businesses, and researchers in a position to engage with the quantum sector with greater confidence and enable a greater clarity of understanding.”
Craven also remarked that the RTIC is the basis for further analysis of this immensely exciting sector, including estimates of the quantum economy’s contribution to employment, revenue, and productivity, as well as an enhanced understanding of the supply chain. Businesses, think tanks, and government departments are keen to explore this rapidly growing sector. Their activity is part of a longer-term collaboration, with plans to work with DSIT, IUK, and other partners to publish more new and updated RTICs over the next 12 months, including those for AI and Advanced Materials.
The creation of the Quantum Technologies Real-Time Industrial Classifications marks a significant step towards understanding and harnessing quantum technologies in the UK. This innovative approach is set to provide invaluable insights for businesses, policymakers, and researchers alike, driving the development of a robust quantum economy.