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Europe leads the way in public investments and publications in quantum technologies
The new study "Quantum Technology Monitor 2024" by McKinsey indicates that private investment has declined, while public investment in quantum technologies surged.
In 2023, 1.71 billion dollars were invested in start-ups, a decrease of 27 percent compared to the all-time high of 2.35 billion dollars in 2022. In contrast to the private sector, public investment increased by more than 50 percent compared to 2022 and accounted for almost a third of all investment in quantum technologies. A number of countries, led by Germany, the UK and South Korea, have announced significant new funding for quantum technology development, bringing the total amount of public funding to date to around $42 billion.
This report also underlines the constant demand for developments in quantum technology - confirmed by the fact that scientists from EU institutions are the most frequent contributors to quantum-related publications.
In October 2023, the European Commission identified quantum computing as one of four critical technologies requiring further consideration, alongside artificial intelligence, biotechnology and advanced chips. This leaves the door open for additional action in the future. Although the timeline for the review’s impact is uncertain, Europe cannot afford to delay.
In December 2023, the EU Member States therefore signed the European Declaration on Quantum Technologies. This declaration underlines the strategic importance of quantum technologies for strengthening the EU's scientific and industrial competitiveness.
While China and the United States have so far dominated public investment in quantum technologies, new announcements from Germany, the United Kingdom, South Korea and India ensure a more diverse global QT development landscape in 2023
The most important contents of the study at a glance:
- Enormous progress of quantum technologies worldwide
- Europe leads in public investment and academic publications
- Quantum technologies in Europe could generate billions of euros in value
- A public ecosystem and clustering should be pursued to spur innovation
- European Commission strengthens European infrastructure plans for quantum technologies
