University of Kwazulu-Natal

Quantum Computing Breakthroughs Latest Research Impact

Bonisiwe Shabane
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quantum computing breakthroughs latest research impact

When it comes to quantum technology (QT), investment is surging and breakthroughs are multiplying. The United Nations has designated 2025 the International Year of Quantum Science and Technology, celebrating 100 years since the initial development of quantum mechanics. Our research confirms that QT is gaining widespread traction worldwide. McKinsey’s fourth annual Quantum Technology Monitor covers last year’s breakthroughs, investment trends, and emerging opportunities in this fast-evolving landscape. In 2024, the QT industry saw a shift from growing quantum bits (qubits) to stabilizing qubits—and that marks a turning point. It signals to mission-critical industries that QT could soon become a safe and reliable component of their technology infrastructure.

To that end, this year’s report provides a special deep dive into the fast-growing market of quantum communication, which could unlock the security needed for widespread QT uptake. Quantum technology encompasses three subfields: Our new research shows that the three core pillars of QT—quantum computing, quantum communication, and quantum sensing—could together generate up to $97 billion in revenue worldwide by 2035. Quantum computing will capture the bulk of that revenue, growing from $4 billion in revenue in 2024 to as much as $72 billion in 2035 (see sidebar “What is quantum technology?”). While QT will affect many industries, the chemicals, life sciences, finance, and mobility industries will see the most growth. McKinsey initiated its annual quantum technology report in 2021 to track the rapidly evolving quantum technology landscape.

We analyze three principal areas of the field: quantum computing, quantum communication, and quantum sensing. The analysis is based on input from various sources, including publicly available data, expert interviews, and proprietary McKinsey analyses. The conclusions and estimations have been cross-checked across market databases and validated through investor reports, press releases, and expert input. Because not all deal values are publicly disclosed and databases are updated continuously, our research does not provide a definitive or exhaustive list of start-ups, funding activities, investment splits, or patents and publications. Quantum computing continues to evolve rapidly, with recent breakthroughs promising to reshape industries and solve complex problems. This article explores key developments in quantum algorithms, hardware innovations, and their real-world applications.

Researchers have made significant strides in refining quantum algorithms, improving their efficiency and expanding their applications. The Quantum Approximate Optimization Algorithm (QAOA) has shown promise in addressing combinatorial optimization challenges in logistics, finance, and machine learning. Error correction codes have also seen advancements, crucial for building fault-tolerant quantum systems. These improvements enhance the reliability of quantum calculations in real-world scenarios where environmental noise often impedes performance. Variational quantum algorithms, which leverage classical optimization methods, are opening new avenues for solving problems currently intractable for classical computers. These approaches hold potential for optimizing supply chains and enhancing machine learning models across various sectors.

For a deeper understanding of spectral theory relevant to these algorithms, you can refer to the spectral theory paper. On the hardware front, companies like IBM and Google are advancing superconducting qubit technology and trapped-ion systems. Their latest quantum processors feature sophisticated architectures and improved cooling techniques that significantly reduce error rates. Credit: Bartlomiej K. Wroblewski / Shutterstock The “Quantum Index Report” is a comprehensive assessment of the technology and the global landscape, from patents to the quantum workforce.

Quantum computing is evolving into a tangible technology that holds significant business and commercial promise, although the exact timing of when it will impact those areas remains unclear, according to a new report led... The “Quantum Index Report 2025” charts the technology’s momentum, with a comprehensive, data-driven assessment of the state of quantum technologies. The inaugural report aims to make quantum computing and networking technologies more accessible to entrepreneurs, investors, teachers, and business decision makers — all of whom will play a critical role in how quantum computing... Rob Rowe, Citi's U.S. Regional Director of Research, sits down with IBM's Noelle Ibrahim to discuss the current state of quantum computing, IBM's road map for future advances, and potential applications for this fast-moving technology.This podcast contains thematic... This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments.

The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security or transaction. The information in this podcast is based on generally available information, and although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. Third-party opinions expressed in this podcast are solely those of the speaker and do not represent the views of Citi. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. ©2025 Citigroup Global Markets Inc.

Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world. Rob Rowe is the Head of Citi Research’s Global Strategy & Macro Group (GSMG) as well as Head of Research for the Americas. GSMG unites all of Citi’s Economists with Fixed Income, FX, Equity and Commodities strategists to create a common team providing research on the world’s major economies and asset classes.

Rob has been with Citi for 35 years in various capacities. He originally joined Smith Barney, Harris Upham & Company in 1989 working in investment banking, fixed income sales, and research. In addition to his overall responsibilities, he continues to provide portfolio strategy for select clients as part of his previous role overseeing the Global Bond Portfolio Analysis team. Dr. Noelle Ibrahim is a Technical Client Advisory Executive at IBM Quantum. Ibrahim partners with senior leaders in finance, industry, and technology to advance the real-world adoption of quantum computing.

Known for bridging rigorous technical insight with business strategy, she designs strategic roadmaps for global banks, fintechs, and government partners planning for a future in which quantum and AI reshape risk management, financial and... With a PhD in Applied Physics and a career spanning derivatives pricing, fintech entrepreneurship, and transformational risk programs, Noelle brings both technical depth and strategic foresight. Her work is driven by one goal: ensuring quantum technology delivers meaningful impact for industries and society.

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