Over half - 55 per cent - of UK business decision makers think that quantum computing is an overhyped technology, according to research from KPMG.

The research surveyed 750 UK business decision makers at companies with over 250 employees during December 2021.

However, the vast majority - 91 per cent - think it is important for the UK to be a leading nation in quantum computing technology.

KPMG’s data also found that many businesses are making considerable investments in quantum computing

A quarter of the research’s respondents said they already have quantum computing projects in place, with a third having either an internal team or external advisors looking into how they can use the technology.

Just under a third - 31 per cent - of organisations are discussing how they will leverage the technology in the future according to KPMG.

Interest in quantum computing is not shared universally; 9 per cent of the respondents said they aren’t thinking at all about how they can take advantage of quantum.

This viewpoint was significantly more common in certain sectors, with 29 per cent of respondents in the utility sector and 24 per cent in the hospitality sector expressing this view.

When asked about apprehensions related to using quantum technology, regulation came up again as a key concern for 38 per cent of those surveyed, closely followed by security issues, which came up for 35 per cent.

“To compete as a global economy the UK must be at the forefront of innovation, so it is troubling to see business leaders anxious about regulatory barriers potentially holding back development in quantum technologies,” said Ian West, head of TMT at KPMG UK. “And while it is great to see British companies making headway in this area - even if they are still in the early planning stages - they cannot not let their concerns get in the way of progress.”

He added: “Of the organisations yet to invest in quantum, a third - 33 per cent - will begin to do so in 2022, 44 per cent say they will start investing in the next 1-2 years, and 18 per cent gave a 3-to-5-year timeframe”.

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