According to the CBI and Accenture Tech Tracker survey, UK business investment into quantum computing is expected to triple over the next five years.
Other sectors in new technology that will be focused on include blockchain and other distributed ledger technologies and artificial intelligence (AI).
UK companies believe these technologies to be a substantial way to get ahead of the competition. When asked to rank six reasons for technology investment – from one to six with one being the most important – businesses put growing their competitive advantage as the most important, followed by boosting productivity.
CBI and Accenture carried out a survey on the spending intentions of 100 UK businesses; the results suggested that the 11 per cent of British companies investing in quantum computing will increase to 32 per cent by 2024.
In the study, one in three firms said they had plans to invest in quantum computing during the next five years. This is a three-fold increase from the amount that are currently investing in the sector.
Although it´s still early days for quantum computing, it will eventually have the potential to speed up complex calculations dramatically. Quantum supercomputers would be able to quickly complete tasks that would take thousands of years for an ordinary computer.
The new developments draw from very different scientific concepts compared to current computing methods. Whereas traditional computers store information in a series of 0s and 1s, quantum computers store information as 0s, 1s or both.
Over the summer, former prime minister Theresa May said the UK government would invest £153m into quantum computing.
“As we move from research to reality, investment in quantum computing is set to leap threefold, and could make possible experiments that are currently too costly and impractical,” said Felicity Burch, CBI Director of Digital and Innovation.
“While the UK’s regulatory framework is a strength, ongoing political uncertainty risks stifling innovation and undermining business investment in technology, jeopardising investments that could be worth billions of pounds.”