Theoretical predictions for particle production cross sections and decays at colliders rely heavily on perturbative Quantum Chromodynamics (QCD) calculations, expressed as an expansion in powers of the strong coupling constant α
S
. The current
O
(
1
%
)
uncertainty of the QCD coupling evaluated at the reference Z boson mass,
α
S
(
m
Z
2
)
=
0.1179
±
0.0009
, is one of the limiting factors to more precisely describe multiple processes at current and future colliders. A reduction of this uncertainty is thus a prerequisite to perform precision tests of the Standard Model as well as searches for new physics. This report provides a comprehensive summary of the state-of-the-art, challenges, and prospects in the experimental and theoretical study of the strong coupling. The current
α
S
(
m
Z
2
)
world average is derived from a combination of seven categories of observables: (i) lattice QCD, (ii) hadronic τ decays, (iii) deep-inelastic scattering and parton distribution functions fits, (iv) electroweak boson decays, hadronic final-states in (v) e+e−, (vi) e–p, and (vii) p–p collisions, and (viii) quarkonia decays and masses. We review the current status of each of these seven
α
S
(
m
Z
2
)
extraction methods, discuss novel α
S
determinations, and examine the averaging method used to obtain the world-average value. Each of the methods discussed provides a ‘wish list’ of experimental and theoretical developments required in order to achieve the goal of a per-mille precision on
α
S
(
m
Z
2
)
within the next decade.