Quantum technology is entering what some experts call a “second quantum revolution”, a phase marked by fundamental changes and the emergence of real devices built on the laws of quantum mechanics, according to Klaus Ensslin, a longtime physics professor at ETH Zurich and a major figure in Swiss quantum research.

In an interview for the university’s blog commemorating the 100th anniversary of quantum mechanics, Ensslin discussed the development of quantum technology, why progress is accelerating now, and what it might mean for society in the near future. He predicts that within a decade, quantum technology will be commonplace.

“I think quantum technology will have become the norm in ten years. It will be part of our lives and part of our education,” Ensslin said. “Even if the physics questions are very old, engineering is what caused quantum mechanics to take off. Some call it the second quantum revolution.”

While the first revolution involved discovering and understanding the theory in the early 20th century, the second revolution focuses on constructing commercial products and real-world devices including quantum computers, quantum sensors, and quantum communication systems.

Ensslin noted that quantum sensors already exist on the market, and that companies offering quantum cryptography solutions are employing hundreds of staff. Quantum computing, however, remains at an initial stage with a handful of prototypes functioning but substantial improvements still required.

Quantum computing among the most promising fields

Ensslin presented quantum computing as one of the most promising fields within quantum physics, drawing a parallel with the first computer companies and the transformational impact they had on society.

“Back then, nobody knew what computers could do and nobody could imagine that each and every one of us would someday have a computer at home. But now we’re all driven by the idea that we’re living in an information society,” Ensslin said.

“It’s a common belief that expanding our information society further is good and valuable. Quantum computers are an extremely important part of that, which is why there’s so much euphoria surrounding them.”

Google already has a quantum computer capable of performing calculations not possible using conventional methods, Ensslin said, and now, everybody is waiting for it to be able to calculate something that’s important to the world. He cited problems such as calculating the structure and energy level of a complex molecule that’s essential for fertilizer production, a task that could dramatically cut the sector’s carbon footprint.

McKinsey estimates that quantum technology, including computing, communication, and sensing, could generate up to US$97 billion in revenue worldwide by 2035. Quantum computing will capture the bulk of that revenue, growing from US$4 billion in revenue in 2024 to as much as US$72 billion in 2035.

Global competition ramps up

The frenzy around quantum technology is also evident in the surge of public investment. According to McKinsey, 2025 was the year of quantum technology investment for governments worldwide with public financing exceeding US$10 billion between January 2025 and April 2025. Announcements included Japan placing a US$7.4 billion bet on the sector, and Spain committing to invest US$900 million in the space.

Ensslin noted that the Swiss government has committed to support quantum science and technology through the Swiss Quantum Initiative (SQI) in 2022, earmarking more than CHF 80 million through 2028, this amount pales compared with other jurisdictions across Asia and North America. China, for example, is investing US$500 million.

Ensslin also emphasized the global competition in quantum research, noting that Switzerland, despite being strong in research and being among the first countries to have a national quantum center, risks falling behind if it does not increase investment and strengthen industrial partnerships.

“The US is investing enormous amounts in quantum research, with a lot of this coming from industry. […] The EU built up a European quantum cryptography network,” Ensslin said. “As in other Asian countries, quantum technologies are one of the South Korean government’s key objectives, and the country is investing a great deal of money. Switzerland might still be ahead of South Korea, but the country will catch up at some point.”

“[Switzerland] should make substantial investments in this field. […] We have a lot of competition now. Virtually all European countries are pursuing active research policies in this field. Even more so in Asian countries.”

Challenges ahead

Although quantum computing is one of the most promising applications of quantum technology, it also presents significant challenges. Quantum computers use qubits, which are units of information that can represent 0 and 1 at the same time. Currently, university researchers can create between 50 and 100 qubits, while teams at larger companies and startups are working with around 1,000 qubits, Ensslin said. However, many scientists estimate that about 1 million qubits may be needed for truly powerful quantum computers.

Furthermore, quantum computing is introducing new risks, threatening to break widely used cryptography methods such as RSA and ECC, which have been used to protect sensitive data for now decades. As the number of connected devices is projected to exceed 40 billion by 2030, according to estimates by Boston Consulting Group (BCG), the potential fallout from broken encryption “could literally break the Internet”, the firm says.

Google executives warn that attackers may already be harvesting encrypted data to decrypt later once quantum machines are capable. They call for a transition to post-quantum cryptography (PQC), or new algorithms designed to resist quantum attacks, urging governments and industries to prepare now by upgrading infrastructure, aligning on standards, and securing AI systems.

A recent study by Entrust and Ponemon Institute polled more than 4,000 IT practitioners and revealed that only 38% of organizations are actively preparing for the quantum threat. Of these, 44% are developing a PQC strategy.

Results also show that organizations across Germany, Austria, and Switzerland, also referred to as the DACH region, lead preparedness at 45%, surpassing the US at 40%. This reflects stricter privacy laws in Europe, creating added urgency to attain quantum resistance.

Featured image: Edited by Fintech News Switzerland, based on image by farknot via Freepik