Report underlines a positive outlook for Europe’s quantum tech
A new report released on Tuesday, January 30, by three top quantum firms sheds light on various trends for 2024, indicating a sustained increase in investments in Europe’s quantum start-ups.
According to a report released by three leading quantum firms on 30 January 2024, Europe’s quantum tech sees a positive outlook for 2024. The ‘State of Quantum 2024’ was published by IQM Quantum Computers, OpenOcean, and Lakestar, three main quantum firms, in association with the Quantum Insider (TQI). They analyzed venture capital (VC) investment, government financial support, and national initiatives.
The report sheds light on several quantum trends for 2024. The main findings on Europe’s quantum technology indicate a favourable perspective for the region’s quantum technologies.
The report underlines the following key topics:
-Investment and Growth: Europe has made substantial investments in quantum technologies, leading to strong growth within the sector. During the initial ‘ramp-up’ phase, the European Commission invested €150 million to support twenty-four consortia involving leading research organizations.
-Research Leadership and Excellence: The European Union’s Quantum Technologies Flagship, with a total budget of over €400 million and more than twenty new projects, aims to consolidate and expand European research leadership in quantum technologies.
-Collaborative Efforts and Achievements: The joint endeavours of the European quantum research community have resulted in significant results in areas such as quantum computing and quantum communication. For example, the Flagship has supported the development of quantum computer systems with globally competitive performance and has funded European quantum research with over EUR 175 million since 2016.
Why does it matter?
The report on Europe’s quantum technology highlights the bloc’s strong position in quantum technologies, driven by substantial investments, collaborative research, and significant achievements in key areas such as quantum computing and quantum communication. However, the research foresees obstacles. One of them is about accessing quantum computing over the cloud, with end users subject to data security and privacy measures.
Another expected challenge is post-quantum secure encryption. Governments and businesses need to enhance their protective measures to ensure safety and security in a post-quantum world.
According to Stephen Nundy, Partner and CTO at Lakestar, ‘until that point, we need to assume that everything that has been shared privately up until that point is going to be decrypted.’
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