The Canadian Quantum Ecosystem Report 2024 outlines how Canada's quantum industry is growing and how it compares to other jurisdictions around the world

SURREY, BC, June 20, 2024 /CNW/ - Today the Quantum Algorithms Institute released The Canadian Quantum Ecosystem Report 2024, a real-time analysis of Canada's quantum ecosystem which dives into the rapidly growing and changing quantum landscape.

With accurate data on the world's quantum workforce remaining scarce due to the sector's infancy and the lack of national data collection benchmarks in other countries around the world, this report offers a unique view into how Canada's quantum sector is maintaining its position as a global leader in quantum research and the commercialization of quantum technologies.

"The most striking feature of the quantum sector in Canada and around the world is the shortage of quantum talent which threatens to slow progress to multi-billion-dollar market opportunities," said Louise Turner, Chief Executive Officer of the Quantum Algorithms Institute. "Canada is in a leadership position in quantum: building on decades of world-class quantum research, our quantum workforce is strong and growing and we're one of the world's leaders in commercializing quantum computing, hardware and software"

Some of the highlights from the Quantum Algorithms Institute's 2024 Quantum Ecosystem Report include:

Companies, investments, national strategies and sovereign technologies are all areas of focus as countries continue to fund growth. Despite financial tightening, private equity investments in quantum startups still reached $1.71 billion in 2023. The second largest private investment globally in 2023 – US$100M – was made in Canadian start-up Photonic Inc.¹

Accurate data on Canada's quantum labour market remains scarce due to the sector's infancy and the lack of national data collection benchmarks. Internationally, workforce data is similarly elusive, although available information suggest that the global talent pool for quantum is proportionately similar to or smaller than that in Canada. The Quantum Algorithms Institute is innovating to build an accurate picture of Canada's quantum ecosystem and its status in the world.

QAI estimates that Canada's commercial and academic quantum talent pool stands at 4,000 people – just 0.01% of Canada's 40 million population. This is small, but not unlike the quantum workforce in other countries. Canada's long-term investment in quantum research and vibrant commercial ecosystem make Canada a global leader in quantum.

Canada is punching above its weight in all aspects of quantum. Analysis of social media reporting shows that Canada is home to 5% of the world's quantum talent pool, although Canada represents only 0.5% of the world's population. Canadian researchers ranked 10^th most prolific in the world in 2023, authoring 1,000 of the 75,000 quantum computing research papers published on arXiv.

The quantum computing marketing is projected to reach US$45-$131 billion by 2040.² However, the paucity of quantum talent – in Canada and around the world – threatens to slow progress towards this high-value market opportunity. With talent shortages in established high tech sectors and international competition for highly qualified personnel (HQP) in Artificial Intelligence and other deep tech fields, the nascent quantum sector will require innovation in education, training and workforce development to reach its full potential.

• Canada's 47-plus domestic quantum companies are closely linked to Canadian universities and are mostly small Canadian controlled private companies
• Canadian owners represent 14% of all quantum-technology-related patents filed in Canada in 2023 - a strong indicator of the internationally competitive nature of the quantum sector.
• Canada is punching above its weight in all aspects of quantum. QAI analysis of social media reporting shows that Canada is home to 5% of the world's quantum talent pool, although Canada represents only 0.5% of the world's population.

To review or download the Canadian Quantum Ecosystem Report 2024 please visit: www.quantumalgorithmsinstitute.ca/2024-quantum-ecosystem-report

Click here to subscribe to the QAI mailing list to receive up-to-date information on the quantum sector in British Columbia.

The Quantum Algorithms Institute is a collaboration between government, the academic community, and Canada's growing sector of quantum computing companies. The Quantum Algorithms Institute works with companies and academic institutions to help unlock the benefits of real-world applications of quantum solutions to increase quantum literacy and grow the quantum talent pool in B.C. As a non-profit organization with an inclusive approach across quantum technologies, the Quantum Algorithms Institute is a trusted source for stepping into the quantum future: making the adoption of quantum technologies accessible, tangible, and collaborative for everyone.

SOURCE Quantum Algorithms Institute