Quantum Computing Mckinsey Morgan Stanley Radiate Inkl
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 has captured the investment attention of the tech sector over the past few years, with estimates exceeding $60B to realize the incredible power and promise of quantum. Recently, however, it has become apparent that quantum networking - the ability to connect quantum systems in a way that doesn’t collapse the quantum state - will be key to realising this potential.
With this, quantum networking is quickly becoming seen as its own market segment, supportive of but distinct from quantum computing and sensing. Recent market data and investment flows show that secure entanglement links are moving from research labs into commercial pilots and use-cases, attracting carriers, cloud providers, and dedicated start‑ups to what is expected to be... Quantum Networking: An Evolving Layer in the Quantum Stack Quantum networking refers to the ability to enable entanglement of qubits (the fundamental element of quantum computing power) across different quantum processing units, either within a system or at distance.. This capability allows modular systems to work together in concert, providing ever-greater numbers of qubits (think: quantum horsepower) to address larger, more complex problems and workloads more easily. Quantum networking has emerged as a discrete layer within the world of quantum, rather than being a mere technical footnote of quantum computing.
The 2025 McKinsey’s Quantum Technology Monitor, released at the end of last month, outlines three key technology areas in the quantum communications sector: quantum security (e.g. QKD and post‑quantum cryptography), quantum networking, and quantum communication services. It also further subdivides the quantum networking area into those of regional networks, modular interconnects, and an eventual global “quantum internet.” With leading firms such as McKinsey defining market segments and value‑chain roles for... Market Scale, Growth and Emerging Use Cases The quantum networking market is both large and accelerating. McKinsey estimates put the total quantum communications sector at roughly US $1 billion in 2023, with quantum networking enabled offerings helping to lift the figure to $11-15 billion by 2035, a 22-25% CAGR.
Even more interesting is the spend-shift from academia/government to commercial sectors during the analysis period. While academia/governments accounted for roughly 88-96 % of quantum‑communications spending in 2023, commercial segments (including telecom, cloud providers, financial services, automotive, and manufacturing) is forecast to reach up to 67% of this $11B -... Telecom carriers and large data‑center operators alone will lift their share from ~2-6 % today to about 26 % in this timeframe. The inflection point is expected once metropolitan‑scale quantum‑backbone pilots move into production, letting banks, stock exchanges, and hyperscale cloud providers pay a premium for quantum‑safe links. The hardware side alone already spans photonic links, satellite free‑space channels, and fiber systems, with repeaters expected to unlock inter‑continental routes within the next decade. �s�0_�p?��⍹h�<����X#Ƭ�g�צ5�ͫ����3Dt }g.v�����ܾz��1���.�9h����z#muנ+ۀl �����o���}���*�4jTM ��L9�'������,�� �k��i�cb�������_�Z@�Ҽcڔ���;�Y4~Y'��1���R�t�;ߒ��A�,ZT��v��yb �iI�C�D���:���߽{��Ő?^|z�ܞm�����?�}[����? � l�_��~�G!�}�5��>��=��o]����Y=L��iLN��*7��U�G>h!�re��bz|ߏr<�@~�@a�@5� ��FDg�L4J�}�d�G�����adӽ�=�m��pY�o�൬����X_\c��I�D�2�"�h���Ee��Ԏ�����������/^!�Ϧ�_,wX.��k���Xk��������m]2���<�#��[v�QЂ�e�?m"�A���0Lk�36^i��0��@��A�WJ���#��;(غ_�C� � � �6[��+ �B4��e�)J~��l`2���g N�d� o�f&�����*�?@���\�'�U��0 D�� ���M�ABb�8!���M@����=3�KƁB��q3~��73 1���FvlQ�&*"{W�m���?>� �N%�,���~�j_�)?}�s� 曈o�.�{�d�e�]*e?ր�㦆D�+�� �ênh�H<�S��;7DtpV�� ��\/y��&MB����ĭ1֭u����Y ��\�|�)�j���� K'{�^��hI6��'X�- %�K ����h���&�l7�IG��y�ƺj�O��@20B��@�bs��=Xx�JF��$ѡ�,�*3�e���%[����oo���j�5�lQ��PkR��F#@k_z� ���H���-"�]M2� ۀ��'��U<ީ�=��7��ȫЌ ����^�����r�6J��H�H\�V���}���SB��4��+�/�eJ�!�$0�գ �C�&��*\T��r���� EP�8�Z��Q�4�6�� �������h��t�+��z�\�(� 0��U��횒�.��@��O1S��~��Zѵ��Z=���l��-W���e�K���O endstream...
{lkq��6�Ɖ�Q#n ��YY �����%*O�l>�9�S��L^7�Kt`�'���o�g#�}T�곸���%�'�ٓÈ��Zs4�f�n��P�7x�����_����vn��@�%cV�&<��@4v5�G�#�9�Ȼj������MY��������ot��Y��CS�����-��0�⇹z/a}�")�73Q[�g"�`�R�e3%x$�D%\��i���r@2L�MTm�U���8��c*� k���٥t� D�U7�qDu�z�Q���B<:���̀��C�&�d�A�#:|F���M"�g�u���ڴ/:�s�L��� ���(�\�6�����h�k��'����}�\�����mg{|��Qø$���n�ڦ�v���~�� �Ji���C�0�o�"I��IDd ���N@�6y�Y{�͚T�k�!�R�K�����4<{��FV�m���J���%���u ���5F��Fs�F�?�@V�2�}m��N�Ad���UGH��Tٔ.��.��=��}�G�3bz ��b�%n�� �|� f����R�Ř�?��Kw�w�8��a%���Ni��&��.r��G��V�zs�E.8�0��9��ȷ�UIl���EI�Q�@����"�t>gC5 o�|�)U�"��$���N�t����8J��P� �6�]t���\�,�B�]u^E�`1w����eo\����c&��T`K��+�����9��®wLoMKZL�njc>]�T5�Ք� �� =���U^mz<�Q�hO�4�`[��6%���ց!� ����������OAlX�Z4� o��N���;�47-&U����أ������69)��IBK�? �A0�cEq4��L�� oˈmǕ(T��Ox����&�(���F(��A,�R�{��6�k�w�l�U��9�l���g��Uƅ�{C�<�0 o�8Rf�Ɩ��r3�d�Vx� �-��3��>u�M-���Y�+�oU��9'��0�����66>84�<�@k�}i������ �� y@:iQ^l@�Nڼ�F�������Α�T�.�lQ[��rtUA��{�-'u�{�mC�1��C�cC �߬�ɠ܌�4�.d���*�����B�}%���cMR�۵�X�ce�z['XW ణ����< E�mQ\�c͏�<7��E�vdƿ�y� m����X�J^�Q+r����JKX�,�z�B7'�h%�3��Z�8���i��\�R��]u����6���6�> V��^�:u�+��A�/e�,�,×4�݊��]��e�dܘlV���<��y���r4mb�# 2�fo����&rw@�+��V����ݴ`O���q;���3h`���Ib��:,�:�pA�7p%�֟�|\�q�xj!�F� ߡ3t�����"�^a a\Ϙ�W�!M�KznM�� �fp��@t%k�]@�zp�CO1��P��aK��0�N��l�>{��4�����z�f�R�����tq���[�������`�ଇyJ����Z/&�R+8C�_�Z]L��n����z��Z��7��ϝ2{��|��^r���K ��g�?|#�ib��M�"��H^�t�U� >���K�ė�??? ?#O}�m"�k��u����Q W-\�p�:D4<��&i��I�6��=Z㍣�'�w�:��c ۚɊ�'x�W&u2ՠ�&eD �W��� ���^�����ob'���F2Y�1P�a$-´�H�"b s�Bv�4�"�D� R����0����5�ɍr"���y⟪剛����&s/ƞ�t�=Ӎ� �\n�x_����:��sӆ���;"S���rtʖ/'�g�γ�[��'�X��)�Q�V���o8wbX��b�3��`� ��!x��4��ʧ�%�?7�b����" �/N'X2��mY�C�` hRYANA��Ne $�|��[+fMFH�*�� :�`Efy � {m�-�\G��6�K �ũp��.��P�~ǒCr�S�Ln�K�T� w*V����D��=hq,�7@�RC��2+&K� �3����F/�b�Pe+KVD�c������!k]�W�.'�X*�"�,8����cj�67����_Xa�Є�>Y� H�?�� q( 8���AYC���('���¾�yu��� ����j���(K�����=��y0$2���b���Ձ{�E_pÑz��%�h4f�����(�ßg+CT�#�bǴ�vE��M�A���:V_���jW�-����b~`v�~�N�|s��:����_et7�s�Q2b�<$�F�pm�s����I�V[ӛ�����#n�/�86 T4��2u�Y����"�1�/k�0���PǺ@w���"�84I���٢��q+�l��-TL���_�L�����Ø,/��J&���,�k�m�Q-���"9X�� @^�u!�V{0�ڢ��̄��,�I K�J�1���,�c�bv�A�~��LqQ�.��W�߄(. ����]y�����'J��;�Jֹv�'�� �ծ��Œ����nP��� ܌(�^�v�(XF`�R4�m�qSz]�d7���2��S�a�t�m�,�};�7��P�N����Y���&LJ{ b�ˎ�-R�:��v��0,6�.?a_��u�a[+��^��H�&��-}����~x�^Xw������]cx#=�Kqf �/�������`F���q � +�.l������-�����Y����B�� ��D;�+�n�\�>N�T'-鬧=�� {�R0-��LB+@��Y�� �����7�~�7dn�y�{��DIFG�Z.k�*�\��� �좟��X��2�2]E� GEi\e�>d5��s�j��*K�-�r,,V�,�����'{�#څղ���c)��8r��Ⱦ�|^����4���^3�§r�y��B�-G/G��,$ꯨPSh� =���!��l ���|�u]R�"�uw���¸��+� �V)HET1�f�@���Dn��õ[���V}L�;6�m��~'إ]��Sa�C� dZ�J ���.��4��{4���}���V����6:��(��G�lE�]��ap���:H�R~CZ�L�����N�R��d�5�[��ra��i�7A��B��y��il�$�7�&��)� �K�K�Ȭ�:|�ra� ��h!��C�\3�櫟+�q�*9�jC�|�1� e�i�L݉]�b���:&�܇3�9����1H�Э����^���6��L$�Sb��+����Eӄ,�ػ �V�]�U:C���a����J �� �32��IV����&��X�m���$��únA��M��I��L7&�\ea0M9w���β�� �z�+�z��J���A�Y;��1Xچ"X`{�5�I[��9|�@v��n ���ͥm����]��gP@��ڪ�*=����J��u��5jH�5zz�J�y����dQ3'W�6��K ����BbM 1����.�d0��qO�7B�ۢ��7͎����o��wW�����-��Ij��&.sV��'�� ��>�Z��b���ʴE�1���-��}!�٨+�XЀX�ւY����b[Pla���"����}>K�Y��Q&�~86��g�õ�S# Ϳv̩ؔ�`�r] �~�ă�!q� QX�����%��>��x��D� K3�+MIL�>�5H ջ��� ʙ��Wյ1�&��KgJˏ�evY�y�Üb��ӄ8����IY�vD�Q��r�w@�<3�w����gš�Ti�����x����힡������n�[�n��y��D�f��m�R���... !$(��:� �ڪ��IN���N��O�C�U��&M���ѱ��}��p�@�)d4��09����!מ��s�xx�}я�5� �h���47�ʹ��N�������<'G&%���=r�� ��;hHQ������s�r���L9Z��=|�R���oX�j�o�x�/&=���59m3yd�B���Td:�=�:zɖvX���ĂA)���7q�G�_��e��3�Z#��C ֬�Imi k4l{+d�p�VLp�-��o�� ?0���^� 3Οo�.������Y�8y9_R���RUJ�$��OqԨL5�#��-�ŋft�)],n�A���v����^f^9��������o[ 0^ endstream endobj 128 0 obj <>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/Rotate 0/StructParents 28/TrimBox[0.0 0.0 612.0 792.0]/Type/Page>> endobj 129 0 obj <>stream H��W�n�}�W���`"5��s d�ލ�8N!�%R&c�Tt���Oץ���"�lÀE{��r�ԩ���<��r�I����o?�w��}��(�O?���u���I��_�>�����L}�;9;�� OίN�E����R�ݧ�=zT���7�on�EYժΫEQXu~}���ݪ�+=�͢Q�T3�3wz��kg�V�>��o�쭞jv���t������=]Tjv�g����c0����;�~���������������ɛw.ʳ�LT"w�q��m=sVĘ�;��������V],��]�{s~r�4� BV�;�n ��W[TF069|[�[m����������f�f��?�H����{��`���/�ٲw�.q9C|�0�T�]w���2�"|X�����+�!��#[�jb�������> >s���<1��5|u!>��*��'�l!�*�\ �jT���{��u��K�q�wj��^wGWp���n�n� ���νZ�k}!�3Z�4��lפ#�:�6��|p�!���tԽα��vG���H=�Q` ��R���Hf���l�!��K�Gv��!����1�7u�\n... ��$AKl#o �n�Ut��_�V��/��F�䷠t�����U��� CU��fe��˓�/Kv;J�F��@�C�p��T�u ځk�aQ�2����`���>��U�x�O?_�{�����,���ly���b)fC��R�3n٨J#�!p�I�[Y���4�c��]�w���ޡ�H�����l(�� �I��ͧy$P���� 1�o�_�Γy���XTl%�!�rZG/�:��crD $4S�/+�u*0o�=<�\�.� �?����n���=�jmk�=�P6��Ͳ�� �M��4W�������_*s�����o���z��_��� endstream endobj 132 0 obj <>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/Rotate 0/StructParents 30/TrimBox[0.0 0.0 612.0 792.0]/Type/Page>> endobj 133 0 obj <>stream H��Wێ#�}���Xi�n� 6 xu�,`� � �����e;���/?��|���>��������|=;�����<��/�����l:��]m������ڼ��Umj[͊���_�E6��̙�m6�?�3�=<2�]V�Z3y��Y�gS��6���ɯ0�;x����� �bm^�G�D� �(�w�?��a��\eS7���!�c������x���ҥ��*�co~ͦ�,�]u^�M�gl`����qx���C�a�3��bn������}��}4;NF�~��W�5JX���bbJ蕵�l���� 2Ҫ|��G�+� �.�G>2��V��ǰ�����O1�/...
,�b5Xu|�g�P����_���d�~�_��a�y�ӱq���t��&���%v�h��r�5�Aq�;�}� <��������KxP�W&��bDKn:l�}V�G3�#$��L���iE +��B��;s-�U]E� `-��o�C9����-N��j���\�RGJ�����u�V�M�ɫE�>^QGˑGФ貆'G�M o8�'�?��� ���q�!gKq�g 3Zz�o�v�X����O� ��# �f���l4`� H�U��InU��m�%� ���)�vؓ[������� {�gnḢ��S���A��;4�����C�(W ���<��<��UiU��5�t��� �i%�� }z���YT ��!�a�_Fh(2���p\�y�411||���o��������U�P|�ZH��e�#������7&j�4���k�\�[K�b�� 9B`((Wr`T����Mc��[�:�E�Pۯ�U��X3�����U�0 ;�*vWr��Sa��������fE{�yG�d�sȹ��P�� �a�A�}�����(+.�@A� �D+�w��/B/߫!T؟�|��leP��0�m��>��Yx��Uݲ6�H��)��'� {qe�k6EB��Z��Xx6�������y����3�Oj�h�l"�G�a���������DS�1q�}t��� �-�ct)Vϡ#���ݠ"7�9?a�:���i�6Z�4$H� ��TS0(�R2�� ��m��x�a�u�B/D�hT-�����ø�7��V�ؽ���,j��m,��٫k3BQ��С�^��� :�y�w�L4��.� ��p@jvI�ǞR<�[z��1э�#�T%�$����8�;m�F��P��4/�����T�榲�v�L��E�����6��p-E^_������K?�^�C�$o�C�X������$X�K��5��R�D`# 5��αx�ū�d(p�pr�i��!���S��+W^se�d��M��&��5��Q�S*j�z�Z] �n��@=�|�J]���1�`��p��>��ud?�K���=Z�����հH�� $�BAr��_O::S�X�u�k�kQ�X �4H����P�0� 5}�9�?�F�,/�����L��Zv�@z����+���k�r���1�J�����6S� ,��q~�l, �r+H�O����EC`���wR3� ��1ɫl��1�]�ͻ�s���k�"��z��N�Ю�,���ZS&�MLS�戛[������_�ܕ�D��>��M�C�9���������z<���~|���^�%e}��H��&��"a8b�f�����!�~z��q�r�0... N��Á@���77 )�m�uT<�ܰ��+d���]���B�x��Vz2��e& ����I+�}���`r�C:/��)"{L\�L�r�8bѐ�jy �M��*T��o� ���u���]�}��!nۻ����`�2�@���/��[��ˁ�O�sr��t��I�|��l:��� ���@�l��`�l���g8(���8.0"֬B;6��{.8+NHw�Owv* ٪Ux�H��S�L����}q2iA�*L ������4��K�>n��o����[���]��Z㍃�[r���))���aC�E��`9� SS���c�rO� �����z\�TQeA��N,1��b��k=��)�:�V�2�?`�ӻ��B3�w���6b/ �&����HW�)� T�&o�/�d����]�f�&N�ޣ�;�YMR�D[�.}}����Fy�Q�3�D9$�<4Xζ�sQ����S0��k=���t溆�i�� �4�ýc{Xń�9}.'E��N��=�d���p��-O�&uP�t��svjRq�� �L��D���L.D��nGw�Tz�P��Z�.��ב���7?��G@\���keDs�^�"sR ? il1�q���O�f�`��@f>�g�& �P�-�GN��蚣^�_�x�j����ć�h����퍘:;hG��@1K���uЦ���-QO�-[^�W�W���Zh�ᬊ3q���pZ7 �cZ;��g(�J�_����+v��� &d���-wx��+�f�'� ��9���M�-��I�=�.���()O ��p8�;�`ĔW��x �A^�%"a� ` T~2��)����3�K�:�t�ž-���*Hq-����� 2�g/辈,e=d�2N��O[ ��#|�m�n$<�$��c� W��Ǒ�{�A,�vϵ�#Y�IH��R ����<����/�\S���˚�4�-~{R������99?�c��� X���\<7���7�o���-��&yn ����S��KU=-� ڲ� 73 W ;��^�뚙ukU�Ś-�{��.ԶneC_�,ب�y�}�X��Y���.;�qѳ����JCP�[܊驋�X �`_YMY�-���f)��o���k�ө7n�s*�f���jw���J�;�$�����ߝ���V��d[���������}�Rg�ov/��띈�?����WF�=���� ���]�.o�?�|���mmhr(gj�g,٫��S\Jx��)W"��~A�����-$o��E���U�e����O����$�7?`'�:�%C����_����t|ޝy�'�'� ����#��Vwᑎo+��� �v2��Xi��Iӻَ.;�jkg4�F�" H�P� �� ྄�������a���jk�ò��?,��@�|j"t����/�\A�Z���z3�"Y6k9��z���#�����7�6��_���ȊW�x;oţ:�C�������U�]|���,��E�r�� t�&*^�Jݞ~RO�<���Bw`,���沣�?5 i�"uC!�T�n�m�6}�v�t���"/�r�������E��}����,h���Yv�]E�C{�J��|����.�Ym�V���{ؼ_���ߌ��i��a�k�{�t��� ]]wnj5����<>�W���+�'��W?���>����mn~�9g�?�n�~ endstream endobj 134 0... ?�Wy&���?(M�m���4�A_ �j�==\5?S� z+�*��g{���*�$TY�xeζg� �b�-�QX)Wux�J� {N�ᗤ��`0�G�3�EC�j�n:��18���Al$���}����ǜ�b/�dw�R�� '�&��^�_����W|��3Y�$ͱ�]�\')�]C:i�PKo�Y6\���d�Q8�PȔ���!T9D}���N<�?�u�!���x #�*�� �� č����}�������bL�k�j��� \ �,Ziyq�T��w��켁%��si�l�����I�V@�0�ŝ8�p��+'�;h�f��4 wX�����e[�ֈ�5,P"��%���M^z�K�2@ч˰��ֻr�L��RV�A�K��"� ]d4|q�(���P������2�שt��ea4��˺�e0�8��9����k���6]Ϯ�b3�Z]��18S[�3�V�;J01?�Z^�`^��t�D��J�y -��T�O.n|W�輸����IK�:v�^���,�t�H�&g�N���]-ّ�:pޫ����x�u�?}�d�˓2aHB �x��L)�r̢���|Qu=c@8K�č��l�d������k㨬]��ʩ` X����M�� )� ��x�J3����(��[��?��k�7�+r���ș����F�3q���s͆2�����)ӹ��?Hu���*"$�X%`ñzӌ�CW���G�=�BM�9|>�U����಼87��i�l���uö��� ɉ��^c�`��3u���t[��kK�3��[Ȕ�6��c��7�����K����?0틲�)�*1����!�<}Ů�� z�����+�J��]J9 u��\� kiMѫ�e@fq�qU����dYH�6-�cl}ؚ��Fm R���}���3=`1K�j��{3ʍe��TP䅚Y�������CAL~��ƈԶ��p��6l�-o��p,�G������x�vl���f�#]�F�k�������zZ�������k{i��Q(��a�e��;� �q�C��N���h8y�r��>��8\L���S��ې ��@M��� ji�ib� %�]��|-��N��d 8+ Q�F��� ������~+8 ��Tl >z�M�dvK.�W��%���xAA�]�:�*ʦ�(�tWYT��ڸ� ��r.�����2+�V9�I /�zF�k�(uBWQ�����Y�J�1�s�@����.�I]��Q���1�|\�h+�;���ED���B�U�]�4�5�... <��J4h� P�e�3O]&��oh�4>���x�9��S��.� ��Y�H��="ޅQ��MEF%>8i���8tH%�ѱ���<�h��Z�'�n|ݾ�[j�krA�#�lx���Κ����!j���u���RқR�;;n�����T��r��?V��R������v��f^;���#[_?�e��8F~L�y��%���Q%��S�L�H�F~�~��GO���B'���1#��nU��*������ �S.�ӡe��T#Iֲ~g�X�X�4��V!dhH�L�X����ѧ��%�>����2�J�8���evJ�Hqf 5�9�2�6���c��X��;��zJ���ҏ��@�L��8�Z��B�tι*��:�U� ,WW 7�IKy/�Z��i`$*-�Ahc��"X/LQ}�1j�s�����=@����#�Pb<=��U:�Ȍ�`���c�'(��Y�0�.L �DHQ��L����1�uBA� (Ygn�d�]M3n�f�� R���Gnh�Ẇ��`Q�꧐#'4���g.�xBzH�^���8�7 ��:��T4k-!�� �͘&���j�\��D#�)Ԭ(uF�����9�nJu���\�"��Y%�'�E��Fi [�1qJ���_�(�f"#��d-�&�Oа,zQijͣ$w��#-�e�)'3#�u��1��Q�������d��@>!egK�-�%�W�Xha��\H2pC����Ďp�5u�v���C����W�3��<0�1��0���4۶S���/�/|P8��Sڎ[o�Zu�|}c}���F��|x�����0>�7�>����3g!>��X�Q�"���vs��R��1��l����Ǻ�]���&��7n�n����v���>����o�f|�=�����Mڌ�f�^A����$�0b�'�QL�퍶2�?Ftό��� ���ź��՚`����4�ot_�}����@Y�[0���5�� h� ��U�>8r ���G8�k1�do!�?�� E[��ý4(N܉����'w� <`�����Z�݁�k��-�0^���H���:v�V<�w�o{�����@0����79��4 �sՒk��Rԟ8o����MO�ܪ��7A��G��=C���D�/��n�/>�_�Q��|�$l��;R{ʕ��#�����c���$�Rp Nt �İ{�\6i+�T��ю[�9 nH�H"�G�{F�%�ާ�1����]@���<�!�uxo���� �;[۠��i�!�=�v�m���`T�q܈ԑ��1N�Y�bo�xL����>wTgj R^�hm.5����xD.&r��[��VR���+8Vu杔���G& v�"F��2q��/�ġ�b*R��!��$���K&�����p�q#��?~�����ކ�j��pp���sU�nB����c|c3�L�Ko�"c.��m��7 �6pxmmn��y�PO�P�Ҹt�ެﲍ�ʍ]��\�of���З�{�7�+�Y���,b����ș6��x$Z �+}Т�[�����~���%�W8?�z�7�O�������n�7Ͷ�~����{O��s�Sa��p�1'��� ���4 �څZV�JC�%i��d��h�H4b7�q��0Y8k'�ͺ���~ק���}� ��Rֳ�v��qN��k�&P���2S�{��wJ�R6�����4�W���bkG��.����і��DQ�����k�fȞ�#a��h�c�F���W�港7G�T2��6r�仉��mЭ�^-=m�@�ί��Ұ��k[��PiP �* �@/��PK� *�����ػ�,UO�$ޙ�<��>... ��;��o\����[��ю�E��h[5]dEs�I�8UAN��x�ԍp��k�Q7f��`��R0���=_~�wPnj�İ��,m'`�G7M�%�:7�w�o%¹�[�x��rQ;.����;<&e�� 4��Or�8�NVR&�5�B����T��&BM�"�1�PA�>�@�,�Fe���,fb½���%yE�ќ����%�XmSj����D펑7+O�О�4:�In�kƫ�ߎY/��M�G��n� ���WH�0�>�H���~���w;LB��VL(�h5�syԃ e��R�h��{�>���YndGi�\ F{ ��`$,ΨV�7��U�U�c k�)I��gxV�#2G���t� - � '��u��#j� ,��l��DN����1�&f�'BCF���O�S=�X��&���>"�w�I�"���;*=�����>�o昚S�誴��#� ���t�9�Q����!?a�E�×�tL����GF�u �2��[Ut��*S�y�]77Z��/�2f ��4������f�pW�:|��Nʥԣj���� �.�Uo,�>r��AC��,����(`��G�ѧ�aE��#�~�X'a1��"������2�s�` Sn��jO�kx�3��a�xыn�V�R]��� n�t���I#���V����z]d�M �\y|�u�)��qaSm9��lj��w�>�X��S��XR��J�n)ٖ��#o�5f�ʅ�tM��'�ajW�>6��N��S`���1��=aZ�R��i&�����>2[�Fg����O�:B�Byi,�jET�����˖��jiӺ�1ȠW����Xi�sw��>�w�KI����ŭFm��a�"q���gS��@R�������v� %�hO� �K��cnx[KcJ_<�01�λ���P�{��{�~h��D�[>9t=���c�XK'���P�˴cw� D��/�@iE.��F=�W�E�^�ډ��d����L�� ���T4�HE}�Q_ ��~!7~����Dka[ }cW���?Y�.���,�����Y�aY�d��;�W�8�s+,a_4�RC f!�K�.����1j<� � ��� ��*!-z2��>N�qH������JWt�[32�o��|k ��r|E���FOMGF<�;0�#�ۻ��# و[���i��M����\7��>*�#� uӤn���6 �@�F}so���*��@vHԢD��,bԡ� ���P\|��A��.�r��4���t%r�����+.@���}�...
��#��yS�BC*����6�p�H��b��Tk�HA��ud���2�?���a��F��?����5 �Y"���IZh��5� o�܆���4+bCs�r��k0�pg���Y�� ��:��W�Z%{'vetݣ�hҼn��Ԑ�Y�ח�n��=��@�J�e �*�A�U�_M{dq��D��D� ���9����yVX�?D�ޓ�DuDf���]�˰I _M��:����9b� �A1���Y[����,�ybm��<�ǧ�"u!V��ȯ��ݠ&$� ^m��v: � EL��þ}��}2R� Cҗ�{���D/���9�:$8N����ڕ���� UۂN����G���l[�t¯J��� ���C��]�_[r�W� ���� U��i� ��~�lc��]��r/Κ����Rz�}[y���P��?p[ ��o|��� �5���b9*�� ��y���XD�]-v���i�h쯺-�̈�__�^t��ң51\��p��pa�uo|��^_�]lDoެ>�_�*�Rk)��(�,��v�4~������ ����n��#������ J�ޫm7����W�1��]�>���si\ �z�8��6� �������7�{y{g�C����DM��?���L��L���}���v��'�&o�r�m�4�m̴��ߢ��5L���K�eF�ǵ.Nl5�i�/��n��m꽓�Gh��5\�V��"uI'��ǖI���%�6��'�9~�~�L��:]ts����>���M�{����7�gƺ f�.Jz8B�a�9�Z\F�����'{A#P�N[���>��Z��.�1��Q5��dNJ?�͟�֝R�T�!+"N��b"|Gz���Q5�Y�U� ն�#�����@���7��>Z�t�=Fw&��O���,�H?j��bby��A����c, |L��[��[�l��&��?ő��IJ��cl� Ɔ�GZ�p�w~�)���y� �(�sE�˱^�P�s|g$!�r�Յ]��;�1��M`ьh�>j)n�P0"]>�=cr�S���(��TM��8(��E�����.%g����`9c�K]�?w�k;Ft�Ru��yQ���כ7�h���܍ dggK����u��r ��\e�<��|��i��~�U;���)�m8�n� ���/���RJ�a�F�qS �xL�c���B�o�ۯ�"6] l�N��ѕ�^L�`����^��g�KN���Оj�3�����;n�4�... ����Tk67p�~?fb�>�qC7�ht[�^�;��.ZƲ��ϟo�H�����u`�_v����� ���6��G� H��G�EN0�A5,9�v�����T�nODZ�bP��� �����7Q���-�;�q����/ � ��D�G���嵊+�<�w��ׇ�6�V�����t�����Xyu|���e��c�5��7Dž�$p2�G����H]Vx�Yt�J�1�����ď�N^:8 �-�=^�|.��'D����dA�u( {�>�Hu���¢ ��"��0�f-k!�[�_h���P�\�480�:��q ���44H��b�p+i7�(nQ�2��>:�^"�&�hG��u��R!X��j�V��������f}�� ��ع�>�@��5�s%[6x��4��j���4��2+���D���R�iLB2�#qk�T8�����L�OL�>۪ˍV!��1M��ieꓩ��p��i��&�!_���oY�B��0��������W�~y���A�$����1�=,����jHs��o {��B�{�^�~����K�X�\�ޖHN���J��"ł|0����֎�����sM��9h���T֔c�@3h�$�!����fKܘ��2[�w�x4b�g�+��c�� ���q~c"��6c7��e��y � ����D�zf a����ʚs�:`x �!���g�!�B�#?K���$KG��d�Z%!"��V3�2���ˊ$ZYl��x ��J�a��](7�jƃ��հ��ٓ_�y~K�t�FO[�: ��'~��;sY��+�»$Q�-���o�vƛ3 � !�sz �^= *y�ހ=���J� A�+�a�K����b2�>�M���K]З�@�Lp�:��1�?0-4�<�]d����t���tD��g{��=��2g��Fޜk��D��ng<�#�������%2X�J��l&�t��Yx��m�;2�u�0��s��ρ�i�)g7�;�`����h���9Y�K)`��Ɣ�ћ�ŒW��yf�I]�R�W�n��N�Ҍq�A*$Zj�eIx���zpc��BmE�u��ΐZ�q�f�B,#x��Q��O�� ������N���{�;���鮣�������7�/�{�B���5��V �� <��&���lɁ���BE�ٚ��ʯ�:?��֭��Waa*��4��L+WW�(� S�%ED�pi���Z���+���|I��aWC� �G~u���7*���R�a8� �F�/�ѸV�&X?ֲ˭Q��7�~��+�]^?| ��0���ť���Ȳeۥs�wz�8����l!&/!��,� ��Ak�U��6�m5���k�ψI�x�A���q>]����q2��a�����:J��Q�.�?�D��� ̲�d������٦]���B�ґ��Ţ�tW{PSg�4{�... "�����4�&�~������ƈ�8����E�#�|�4���7?17� $ Az�kM��MIl±��q� 9؛�jaz�6ZHL𬅫����s���q�̎������lFX?"�ɔ^t�vYviv��ң33%�o��z�딴���+��?��D ��m5Χi�q�wJp9i�Aځ#vam�L~����*R�?�9f�E��_ �5�Dw�2�wAu'�>���KuC5���ن��Z���{�$N��#�ѡA���4��RQ�9�f���g���F�iŮ��h��[�AhG"X�о]5n�aps��7 n� �)m�u���uۥ��KZ/8>EC?6�.%�bο�"��j[G �Y $�Vx#n�Kͱ7^��W�� ,}��)����>>;�) q;�E�)�}�p}�Rc�u�O� �g-���E��6�I|�A�l�l/u�Ϻ i<���g?���� A�"B�K�ބ�-� �*����04|��9�g�hS�8U�e���$���^ �;^��⸢�N�f��A8Y҉4Y�O�$6�@H�>�)Z�z���An��ΰ�8l����dt�H��g��ӑJ�mIIL`2݇�^�'���y�Cå�l2#-3�DX��]Ivv���"JOI�H�#� kr�Jsʘ&�G��r�$�V��Z*n�i�)�������eN���?Rb�Y�8z��"�5k�&��l |�Ů������yx�� ���F��Ƨ��*�.��xv~�5���i�K)#�N��b�ZaC���>q3�ŵ�3D}�>=4���cK,�������Z&�Ǩ�Q/9��=y:aD�l�[ �iO���ܰ 6`D� j���/s�p���A�S�}�R:��x^l����|��7|m��Է)B7)��}�J�J�J���qE���O� �䌤�4F���T�} �^!��l��d�]t���� }�:%��)����B�w��K�1��#2��'h�9���=1)����0����&.��a���*�[,�-��2듑<����`�y�N1?�[��Ta�N�'*��������{.�<��t�K>�����K문�Ȱh���R����'X�>~�a/�Gу#ݯ��wjwzD ?���Z��Π�9�U�Q���lܽ�å�dA}^}��&�n�N�8oa�ō>7.�\�z&g��k:~�y8��GS�?�O ��k� �`�9�|�6���ޡܝ�+5�ـs�o�c�v�M ��9����q�w2�T���E[KW����;�48��Øt���X����]Z�u�S��?��/�U�T�[zN:�p��܉2���RbᢌM7P�"�ԩ�F2�?;��Ϳ閦�En��Y����\n����7�t�ݽ�ċ����}x��}�/JER�FO��G���F ��4���B�m�q�W��O8�Τ�T�,�^�?/�SP$�3D���a�kH1�Q�$ p�8��p�ϵ�ڙ��*�����P�G1��H/��m{��Of���ka�d $�-x�2��'�,��V>:���et�Fv��kxh(�^���,p��+�����|0@��n(��X�=�ئ����3��-��R����yP��_�����։��n}��l�~e�i�Z�.�����j�:F���ط�!i� M�@�h���D... ��0oU���z��wU�/co���6��"^\E��w�� g�gVV0�b%9l�G� ���� ���TK��U���'A=��s�Bc���=�+�q>#����s�q�@~���d�ȡ�o���R����q�̽���7#;��=Q��hv��['.}u,��o"7B7H����F.Hx����eNut�T7����ʬ�Ǚ$e��2aZ�O�0O���|� �;]���ʻa� ������vc�c3�ي� N&ƽ(T��$�6)D�m�Iwh�|�.�Z� ���S�G �?-$�lvLS��e�yğ[�:�A�ϩ�U �YYl�R��B�[�C��;�`m�FG�U��.��qE�"'��(��ǩ���V�T����Y(��P�o�QXQT0������FdpL�8�tH>vŇG�d~#��B�ڢ�x�*]�T>�W�,>�d�55 6�>�`(ia[�>gu]w}/|�}����:3J�x��QsƲ���r3���7 ��mT?�zJi�]�F%���~V� �$jX~��!}�9�<�Oc� �>-C�ʼ���\�+�2��?�c�Z ��X���2��b,_�{X�(�s�~�p�J�U�=e��lH�;�BƳ����q���x�)::>!���{��vQ(�4 H�=�il�oD��eC�l���?D�mZo!�ԑg��xr���H��%�`���WiI�._����j�i����a�S���&K�5떜E͡�!�.��]��m���R��)�ܯ��̀� endstream endobj 167 0 obj <>stream H�4T{XMis�ާ���mtN�٧�JT �2���I�ER ���&�Px���<��K���eFf����i*2$͐�SD"9.�v�N�|;�}��g=����z�" �A���lu�zy���ߵ����A���Ɂѱ"���xɏ��_�%�ԃ?K(P���A=��|��)aD��=�Kڜ�66n��n�����y�j�f��jvB���F���NN��rt��9)Z5UC�`����%AL ���B�$�#!��D��X.��Eg�Yd���b�j��D�������F�}��,�(ju�f�h�c�lfj%��HI���x�q��6c� kj�I��#.��� ��SKR��!��>��>�U��� ���B[1��u�J ����t��L����?���X������h<��)(/VK��@i 5�� ��~ �P��L|<����B)�RYt���X.jڡ���... z�>tn���8�$m��ۅ�D5� �ii֎N�ߝ���&W~ �m����V�>�] r��?s����+0$F2�_ՉO��7!,`�Fy>Gk�\� �7�P�R�����zǴ�w�m8�ا]����8���+�V�ݓ^0�4G�>ʵi��W�r�-���褶���S��Ϸ>W�] Yb�� �\�ez�lL��0�ÿ�M6'�9�^�B��G�D�4Aw@w �/���!���z��e��&������G��t�h"G3F�������H�m@ 8��v�Fۭ���u� Y�8%�FK&��/ �Ҿ�0R.��H�r~����qɛ�b���0��5�Qңf�=�� ��P�L���{[P���S� 7b�k �v�? H�;p��oTt"ܮ��@(^��>���Ӭ�b���ހ�Ne����G���!9i��įu��"82� dv�?��E�;�x\��"�#��W%a�Dz,��������O����s�d/�*��i�@����-㚎������С%Z͘i��]~5E)���/t���]�M9h"~� W�G;s2�S��k7���rX/�_ ��b��>�_�����K��,<�AKY� ���k��~u��T ���`#d�}ĉh7U� ��j��n��8�!�b���a}wE&�N���7?x�����ʨ-˖NWx�5�$�R� eQ���5|��'=Ր�J%�Z��5hx5$Q=���)o�/����cΟe�r8Nu �PL�3�� j�P�K������������ѭ�G=�1Ћr�qϐ�O�(b1�� 1ǴE� ��$EY!�V��AZ�u�����+�˰rȋO�8H��.�8F�ׄM�J>��,�Ӻy��R����ϔ��:�=?M/����A�V��\z^��m��qó���vB�+�Xd��&A �U�ǁ{��Z�v��+e���B�z �J)4���' �v�-�6-�I2ˣ��e2oOM��S�����J���G�p_d���qh�;��p�m �+����Ԝӛ:��J�����d!:(���·�hH�n܍��4| ����GZ��p �U+�x ��D��c�V�]����o��'�~ܻ{��|�LĶ��T�F��F� '�_�\x�S�vy�Ƭ��ř���{�S[�~����D��-U����r�����Er� \�Sy�OʁΝz�A��>��y��#n\�-X�j��'ɴpU�:Ҟ��N3^��yKcVj88���҆�zn32m�ɺ�vN�],0 �z�� �l��{H+PJ�����Y�1mUa�Zn��-)�)wދ�8d[d�������:*E?�f���nC���:�,XE��Ǡ�0!�'�h) �]J�5�%$��y0z:4A�����y���}��N��������0Ź���X��7��Mˮ����Tf����(��������B�������§<�e1��Cg;8yE'F�;P�^G��kBq8'�a�d!��Tf�F�s�o��S0be���@�G�D��~C,�R����e�#Q��~Q��%��8ϰ�T�1O�Dj�?�պ����a/�����r2\M�r��S"��b�h,��|f�dcm�f�i��^Sc�&ч��LfA��șM�vkE� *#��X?=p{B��,��O�Տ$��S�1Pr�^����u�;��gX�C�� ����,��, �UE�W�g�$��tu�~�@����t����Q�k�v�x�P�4Hsf�4N��cd�SC� �h�dz8ٝ��Yl���*�2N J�S�R�K���i�%�U�}E<�@�m!�x�����{7�����O��\kI��b�P�Xpl����Y�ݓ�$�ݟ}�tt��r^>���Q�Z���gר����";�|�B����ߒل�q/T�x�7�!x�7��%L����`jix`xܻ8���X�'I���2Ef[�d>���ͭ{�F>?��3��&��3��=]�K��йj_M��;r�> $���|�G[��FvսS][���_|�-Nd!f��7�A; =JF�LvX��a��y�RNsOunPn~a��پB6CO��5���Y�y�����ϵr��ԮfCS_�žSΑ�ņNB��hɂC��c������J�W��C ��h��D�m!iKx�8wp�\G��VV����Q�桄�!��Ҿm �t ��...
�O�:�4�vu5��/�� o ;_�E�R�Y��>yK�ӽ_k��i!������o �y��.�io��{T�+�9������;F+$љ^�ή8�O��me��ad:��ְ1G��9������*g(��,��f�u���9����i��I˽����WY#aj1���~� �z�O�4n�k�'s�c�74�Yw2=N�������S�Tt��@���,=�["R~G�r����F�9YUE ��/|�!��GI ���צ�Ws�mzC��������Cv�� �2�7\DGf�M�U'.���� ��rA������Ir�v ���Qb[gs���| Qz��m ]�hDž�<�g�;�x�Aah!�Gi�u�Y�L��j�XxȢ�h#���`�O������8 p!�0B!8z{���i3Q�e�w;��º]Q(�ք�}u?���)��ǎ>��R���4i34�=y��ȿ0�Q>��T�c'Op���N"紃����9��`�A�+M��NX�H�&��%�-�J� �%�˺�+k*�d�I��p�����-� �\r�,�G��8%���O-+����F���Ĕ�����*n���c� y�k�֩���x����מ����z� an����Sta�����~�TPS�%G�d�3����-ZX�ﱣ�Ǝ h�`�ر�����0 EP� endstream endobj 169 0 obj <>stream H�LT{P�WOH�(�+�g!�/m��e�2��幊�@ЅXt@��$� �]� �7�D|���A!�1��*�X����u�Qk��co��/����ܹ�����=�r9| �˕x�F�9�ْ���+�N�tٚ��7ksVtr���R��2K�����5i�w8 ӿ�#�~��ŏ���Xp�.��i��pɲ=�%��ܾ���J\%��ɒ������̸��Xׯd��q��%�q���GG��|���p8~~���B�ؙQ�%~�_#=���N��I˙$'p+nEp�HY��t�8�DBD���8UVZ&%!< �I8 'Q !��@Ǫ�2� �S�&��l����)Hy��181��rK��crt��q��~�����#5;oAtRZQ����!�}<|aF�����f��|�ʜ�KQ�\0�P�PR_��0�/ɷo�jd2�|... .�AAA�,^�E��b�#�;*[�۪����?�P�nW����٭�kت! ��������Ҧ�8e��\�"� � � ��vV�v�Le�W��V P�;Z�JW�+[��@a�*��(W�� � � � ��V���U��sV]��[çk�Ѐ�tgˠ=�fp� ��{��cAAAAĿ��\ںn6�l�o�����P��t�~�����]���b�5�I��ԝ�O4�M�����b��H?�_4��:%AAAAA|�˹��'�T���! �W��I��G� � � � � &��ڣݪ�����I�v�����^���w;��U�iD���|q�5���#��y �ـ��!LQ�MAAAAA|��J��5;��}��q=��oI}��c�[��-�O��LAAAAA̴���'�G5�h���A��k�c��kޫApb\p\pr\�M�Z=AAAAA�������;��٤���W��w��TF4�(�H��A�G ݏ`�\��}ʽ � � � � � ��ơ�� {3��I��A�����G{/>��N֊���a�rO� � � � � � �o����~�&L�w��8O[5`�H2�k|w�Ym,םipN<�A�P p�١�"� � � � � ��gc׆�P���� Ub~'�;��I���V�ƌ\�{�V٪�� 7��~�: ņ��;*6�6�l(6�,6�lܦ��#� � � � �... ���=� � ��"_�|=����#_��;�G��:�됮C��Z�g��Ez�9�gnnn��E>�X�c���� �A|���M��r���� �9 �8?�����{|��ȫ�*�g(�oh�u��P��м*����y� � � �8sz��P\��9�&� � � � � � � ����=�����?�����?���������^���:����<Q"6����w3��혿�?�|��x��my||���g����%�'����W%������?Ο�d\I��L�凓�vc/A�-��y��a���V��y��R�{�����*����˫O�A��!��<1��V/B� "�x����7�>X���lӫ��j5�ZW��=ugt��4�#u{�c/}����^��zQ?������~�i��%z����/��V�w_��������3�)g�S�����O9�rN#�~��3F%�qFo�1*���hG2 ���<�������[��-b�1|��E �"�o/)b�1|��E���[��-�MĿ���������������(#�Ɉ�÷�Qc��8"�FDӈh #�]D|)_Jė�D|)_Jė1|��E �":��~-�[���":��>-�K���":���,�;���":���,�+���bw�F?������S�a�.Lуiw4��F1�QLo���F1�QLo���F1�QLo���F1�QLo���F1�QLo���F1�QLo���F1�Q�+T�'T�#T�T�T�T�E�P�E�P�E�P�E�P�E�P�E�P�E�P�E�P�E�P�E�P�E�P�E�P�E�P�E�P�E�P�E�P�E�P�E�P�E�P�E�P�E�P�E�P�]���a��{ч)�2^;��[����6b>��N����Y#��2�ٜ8�mv����L*�sGu���Q��e����wGe4VV�e0��Սԫ�Y��7���s endstream endobj 173 0 obj <>stream hޤXߏ7�����BԾ�TT*�ኢ�T��#W����y� ���=x�wc��3�|�7X�\�:q ��I�x�N2�s��x��+�G�y��(��O�K���9!�/<�3#"�R��A��Z��x��gs�]�x�z�����.����ѣųΊ-^=���/�A}}{���������#,��,"B��>_}1����vs�� �EĴj�긍��}R_}R8ᔘh� ګ� �`�]���S�%L��'�el��[��B��OGrah���fȗ�B�R`�M��r� Z*��`��... endstream endobj 174 0 obj <>stream hޤX]O7�O����R)��T5�P�i�"�6 ��%J�|�s��,0�k�3f��s��i;�4�)���[-Y�i]�.
��8���@�04��.ho<0�f i�ba�<�\���}u�T���ꐅ]�SA (h-� Klۣ��䡈h�����XAԬ[b[}]�.Q����:��e��L����~+<�jv~�m�&s�+��L =���mћs�F�[���������� "�d}����T>_o �)c\�� ���֫w��__�l�<_�!|��:7�\C�n[����j���\|���������컭l�';#�~dK�j �tg"�4W1�K�J�x{.�H�У�e�"al2�y+ь�A�#�:o�Y�#[a�f �}ad���������p��(��8?�q[��OvF�~d�Ea!NI�ݶ�q{\�m\���r�X//8�u?��B,.�,���"څW��m^x��m���=6/X��J����������I(j��� �Op(�E2[����z��@�~�ez�G��$fW��U|U���y��ma?N�*��7�=�����7&���Ke����f�bEl�b��_;��G�[_mU���Ok|aR��|���ۊ�pzM���8+���f>�������yk�[䝓t7;w&6��,�X�o�Md�x�n�yI.)�4s��K`a���Wb� endstream endobj 175 0 obj <>stream hޤ�ݮ� �_E/I� �hzS$ �wF`��(�^E��]��Ή�f�� k��)��Z�f����#�$Tt�lP�u3R�Ez�NL���K��y"�>LOjэ\�����:�4��Js()&��MK�ۑ�Iz����W��*?*�BcX(�!Ҷ�q#Y������5m������ؘ`�)efC6k�g�q�����/�8Od �0��s*�'�ᛔT�6Y�dr$�8(+�(��8�j���+���_�|���'{��� �[���6� �o_��"Ӷ�^���{������7I`<5��w�� �~���]����������Nj�#���{A~��wp�'�|��p�h`Q$��\0 \A* ��$�r����Rh�#���������������A���w����@pH)2N��0 �kʡa�����8J �"<��&�v8C�w�D��ON ��76�&��cq!�)�[��^O��*=� �ύ W���8�;^ה8ܪXyGX... )��Pe��1���9g�9�����fq�g=o�Z1�]��������6��X���|��)q����7�o!�u2����r�����ϩbj��G�eMb��h�Do���$U�a�`}�H;�z �jF"�zD�f���3�3/���~�\iq��2����.z�N�x&f�+�4Կ�g���b/7����7���ض�x��Z��S������'�M?n��M�$�{�|���+��ui�,�p�o�ߥ��mZ_�P��E�7#.zI�.&��^�W�9�c:�Co����v]MV�N�G�}�o��H6�l?S�{'7��4�$�6�z2E6�jyD�,o S����N�&.}���x���8��]���R4��W��x��sq��y�[��-�&3�D�Wb�����o%C���x� ���gi���v�&ߌ���k��9���i��9������8��u*�'�����ϲ>Q��3�o��ܧ)��v�8�¤ :�\9��rts������͕��+G��s�L�4b������ 0�� endstream endobj startxref 116 %%EOF
People Also Search
- Quantum Computing: McKinsey, Morgan Stanley Radiate… - inkl
- Quantum Computing: McKinsey, Morgan Stanley Radiate Upbeat Outlooks - MSN
- Quantum Technology Monitor 2025 | McKinsey
- McKinsey's Quantum Technology Monitor Distilled: The Rise of Quantum ...
- McKinsey & Co. New Report on Quantum Computing - Becoming a Reality!
- PDF Quantum computing: An emerging ecosystem and industry use cases
- Quantum Computing: McKinsey, Morgan Stanley Radiate Upbeat Outlooks
- Understanding McKinsey's Role in Quantum Computing
- The Quantum Computing Investment Boom of 2025 - robles.ai
When It Comes To Quantum Technology (QT), Investment Is Surging
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...
To That End, This Year’s Report Provides A Special Deep
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...
We Analyze Three Principal Areas Of The Field: Quantum Computing,
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 i...
With This, Quantum Networking Is Quickly Becoming Seen As Its
With this, quantum networking is quickly becoming seen as its own market segment, supportive of but distinct from quantum computing and sensing. Recent market data and investment flows show that secure entanglement links are moving from research labs into commercial pilots and use-cases, attracting carriers, cloud providers, and dedicated start‑ups to what is expected to be... Quantum Networking: ...
The 2025 McKinsey’s Quantum Technology Monitor, Released At The End
The 2025 McKinsey’s Quantum Technology Monitor, released at the end of last month, outlines three key technology areas in the quantum communications sector: quantum security (e.g. QKD and post‑quantum cryptography), quantum networking, and quantum communication services. It also further subdivides the quantum networking area into those of regional networks, modular interconnects, and an eventual g...