The field of quantum computing has remained resilient amidst global economic downturns, thanks to strong government support and continued investment momentum in Europe. While technology investing experienced an overall decline, interest in quantum technology remains strong.
A recent report highlights the resilience of quantum investments outside the United States. In 2023, quantum investments showed stability, with governments stepping in to provide major new national quantum funding commitments. The report draws insights from interviews with enterprise end-users, vendors, and research institutions, revealing continued progress in national quantum computing centers across Europe and North America.
The report aims to provide clarity on key themes surrounding quantum computing use cases and national strategies, the interplay with artificial intelligence (AI), and recommendations for quantum readiness.
Notable year-on-year comparisons from the latest data reveal a 50% drop in venture capital invested into quantum startups globally. However, Europe, the Middle East, and Africa saw a 3% growth, while the United States experienced an 80% decline, and the Asia-Pacific region declined by 17%.
Over 30 governments have committed to more than $40 billion in public funding for quantum technologies, which will be deployed within the next decade. These governments have formulated coordinated policies, funding, and roadmaps to support quantum development. National labs and quantum computing centers have also played a vital role in accelerating practical applications, with dedicated centers and hubs emerging.
The report highlights key insights from interviews with thought leaders across the quantum value chain. Leading organizations in sectors such as financial services and pharmaceuticals emphasize the importance of developing internal quantum expertise and readiness. Experts recognize the short-term value of quantum hybrid systems and stress the need for startups to manage their funding roadmaps carefully in the current investment landscape.
Furthermore, the report emphasizes the potential synergy between AI and quantum computing, with ongoing research into use cases like generative chemistry and digital twins. Investors are cautioned to ensure that the hype surrounding AI does not overshadow the potential of quantum technology.
Already, more than 300 end-users across sectors like healthcare, financial services, and material sciences are exploring use cases and strategically building quantum readiness. These organizations understand that while quantum advantage may still be years away, it is crucial to prepare for the long runway towards commercial quantum computing.
While hardware progress has remained steady in 2023, the algorithmic side of quantum computing remains less predictable, and software improvements often depend on hardware advancements. However, the report showcases the growing contributions from non-quantum experts, bringing real-world experience and addressing the talent bottleneck.
Although venture funding temporarily cooled, the report suggests growing confidence in the commercial potential of quantum computing in 2024. The emergence of significant use cases signals the path toward widespread adoption. However, achieving this requires the evolution of a full quantum technology stack.
Collaboration between software and hardware players is crucial to bridge immediate needs and ensure quantum readiness. A strategic, full-stack approach, which includes developing hardware, software, interfaces, and talent, is essential. Partnerships with corporate end-users to co-create domain-specific solutions will enable the building of leading quantum corporations in the future.
As the quantum hype cycle moves closer to reality, the report emphasizes the inevitability of quantum-readiness. Solving engineering challenges, understanding commercial needs, and fostering collaboration will pave the way for the quantum era.
For more insights and details from the State of Quantum 2024 report, follow the link below.
1. What is the state of quantum investments outside the United States?
According to a recent report, quantum investments outside the United States showed stability in 2023. Europe, the Middle East, and Africa experienced a 3% growth, while the United States saw an 80% decline, and the Asia-Pacific region declined by 17%.
2. How much public funding has been committed to quantum technologies?
Over 30 governments have committed to more than $40 billion in public funding for quantum technologies, which will be deployed within the next decade. These governments have formulated coordinated policies, funding, and roadmaps to support quantum development.
3. What role do national labs and quantum computing centers play?
National labs and quantum computing centers have played a vital role in accelerating practical applications of quantum computing. These centers and hubs are dedicated to research and development in quantum technologies, contributing to the overall advancement of the field.
4. What is the potential synergy between AI and quantum computing?
There is ongoing research into the potential synergy between AI and quantum computing. Use cases such as generative chemistry and digital twins are being explored. Investors are cautioned to ensure that the hype surrounding AI does not overshadow the potential of quantum technology.
5. How many end-users are exploring quantum computing use cases?
More than 300 end-users across sectors like healthcare, financial services, and material sciences are already exploring use cases and strategically building quantum readiness. These organizations understand the importance of preparing for the long runway towards commercial quantum computing.
6. What is the current state of hardware and software advancements in quantum computing?
While hardware progress has remained steady, the algorithmic side of quantum computing remains less predictable. Software improvements often depend on hardware advancements. However, non-quantum experts are making growing contributions, addressing the talent bottleneck and bringing real-world experience to the field.
7. What is the outlook for quantum computing in 2024?
Although venture funding temporarily cooled, the report suggests growing confidence in the commercial potential of quantum computing in 2024. The emergence of significant use cases signals the path toward widespread adoption. Collaboration between software and hardware players is crucial to bridge immediate needs and ensure quantum readiness.
For more insights and details from the State of Quantum 2024 report, follow this link.