Rapid Advancements Dispel Fears of Quantum Winter in 2024

According to a recent report titled “IQM–OpenOcean–Lakestar State of Quantum 2024,” the quantum computing sector is expected to recover in 2024 following a 50% decrease in investments in 2023. The report suggests that the sector will remain resilient due to strong government backing and ongoing advancements in the field. The report focused on Europe’s position in the quantum sector and gathered insights from various experts, including representatives from HSBC, Dell, Federal Reserve, Citi, and Moderna. It challenges the notion that the negative investment trend of 2023 will continue, stating that government-backed funding commitments and contracts are filling the gap left by private investments.

While global investments in the quantum sector declined by 50% in 2023, the situation in the EMEA region (Europe, the Middle East, and Africa) experienced 3% growth. This discrepancy suggests that Europe has fared better in terms of quantum technology investments compared to the rest of the world. There are still uncertainties that could deter investors. Some experts believe that artificial intelligence is diverting attention, investment, and interest away from quantum computing. Others are concerned that it may take several years for quantum computing to progress beyond its early stages.

Despite the uncertainties, experts anticipate that government investments and partnerships will support the quantum sector during the anticipated slowdown in the overall tech industry. There is no definitive timeline for the maturity of the sector, but several prominent quantum computing companies have recently updated their roadmaps. IBM aims to reach a technological turning point in quantum computing by 2029, while QuEra, a spinout of MIT and Harvard, plans to develop a 10,000-qubit error-corrected quantum computer by 2026. Another spinout, Quantinuum, raised $500 million in funding led by JP Morgan Chase to develop its own error-corrected quantum system. These developments indicate optimism regarding the future of quantum computing.

The quantum computing sector is expected to recover in 2024 despite the decline in investments in 2023. Government support and ongoing advancements are contributing to the resilience of the sector. Europe has shown relative strength in quantum technology investments compared to other regions. There are uncertainties surrounding the sector’s maturity and its ability to compete with AI. Experts anticipate government investments and partnerships to aid the industry during a general slowdown in the tech sector. Although there is no clear timeline for the sector’s advancement, companies such as IBM, QuEra, and Quantinuum have outlined ambitious plans to drive the development of quantum computing.