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  • Writer's pictureTeresa Pace

Analysts predict that there will be no "quantum winter" in 2024 due to swift advancements in the field.

Quantum computing investments experienced a decline in 2023, but recent advancements suggest a potential reversal in this trend. According to a report released on January 30 by IQM, OpenOcean, and Lakestar, there are indications that there will be no "quantum winter" in 2024 as the sector aims to recover from a 50% drop in quantum computing investments observed in 2023.

Named the "IQM–OpenOcean–Lakestar State of Quantum 2024," the report underscores that the quantum computing sector is expected to remain resilient against investor slowdown, thanks to extensive government support and ongoing technological progress. The report, which examined Europe's position in the quantum sector, gathered insights from a diverse range of experts, including representatives from HSBC, Dell, Federal Reserve, Citi, and Moderna.

Contrary to the global and U.S. trends, where quantum investments contracted by 50% and 80%, respectively, in 2023, the Europe, Middle East, and Africa sector demonstrated a 3% growth during the same period.

While the outlook for quantum computing appears more positive, uncertainties remain that could contribute to investor hesitancy. Some experts caution that artificial intelligence (AI) is diverting attention, investment, and interest away from quantum computing. Additionally, concerns persist that it might take several years before quantum computing progresses beyond its initial stages.

Despite these uncertainties, there is no clear timeline for the sector's maturity. Experts anticipate that government investments and partnerships will play a crucial role in navigating through the anticipated general slowdown in the entire tech sector.

Prominent quantum computing companies, however, have updated their roadmaps, signaling a potential technological inflection point by the end of the decade. IBM projects reaching a quantum computing inflection point by 2029, QuEra, a spinout from MIT/Harvard, aims to have a 10,000-qubit error-corrected quantum computer by 2026, and Quantinuum, a Cambridge/Honeywell spinout, recently raised $500 million in a funding round led by JPMorgan Chase to develop its error-corrected quantum system.

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