Sydney Quantum Academy report sees major quantum opportunities

Industry sees a major opportunity for quantum technology in Australia based on our strong academic foundation and research expertise.

Sydney Quantum Academy study see major quantum opportunities.

Industry sees a major opportunity for Australia to develop and use quantum technologies based on the country’s strong academic foundation and research expertise, according to new study.

However, there are fears that growth could be held back by “lack of investment firepower and industry capability to truly commercialise quantum applications onshore”.

The market research study, titled National Quantum Industry and Workforce Development Review, for the Sydney Quantum Academy found that many potential industry users of quantum technologies saw the opportunity as a “watching brief” to see what developed.

The report says there was a “clear sense that quantum adoption in Australian industry was relatively immature, and that greater collaboration between academia and industry – along with more funding certainty – had potential to lead to great improvements in the country’s ability to catch-up with more developed markets overseas”.

Many respondents said Australia should focus on one or two areas of quantum technologies in which it could excel “rather than trying to be good at everything”.

SQA chief executive Peter Turner said the study gave useful insights.

“It’s clear that the industry – both developers of quantum technologies and likely users – understand its potential, and will have a growing and urgent need for a skilled workforce for years to come,” he said.

Nearly two-thirds of those surveyed said they saw a potential use for quantum computing within their organisation in the next five years. About one-third of poten­tial users saw themselves poten­tially using quantum crypto­graphy, quantum communications and quantum sensing in that period.

Both quantum suppliers and users identified a strong need for software developers and quantum algorithm developers.

Other skills likely to be in demand in the quantum industry include system architects, data scientists, machine learning engineers, and both experimental and theoretical physicists.

Beside purely technical skills, a growing need was identified for business executives with a sophisticated understanding of quantum technologies to be “strategists” who developed business priorities and opportunities.

Both quantum suppliers and users said there was a need for more commercial skills among quantum graduates.

Data was collected from industry (both large and small), government departments, independent research groups, and industry associations that had an interest in quantum technologies. Sectors represented included banking, financial services and insurance, chemicals, education and training, energy and resources, utilities, health, medical and life sciences, IT, logistics, telecommunications, travel and transport.

Aside from the research sector, IT and quantum technology itself, quantum suppliers said their biggest customers were in defence, and banking, financial services and insurance.

However, they saw future opportunities with government, agriculture, travel and transport, telecommunications, pharmaceuticals, health and medical, energy and resources, utilities, chemicals, and business services.