
The Quantum Industry in Europe is Set for Rapid Expansion
The most fascinating area of technology in Europe is its quantum computing sector.
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CIO Applications Europe | Tuesday, October 18, 2022

The European quantum computing sector might be the most exciting field in tech. Funding is at an all-time high, and the number of quantum startups is increasing year over year.
FREMONT, CA:The most fascinating area of technology in Europe is its quantum computing sector. The amount of funding is at an all-time high, and there are more and more quantum businesses every year. However, the EU and the UK are frequently portrayed in the worldwide media as prospective losers in the purported race for quantum computing.
During the COVID-19 tech bubble, investors and business owners poured money into quantum. Despite the anticipated post-pandemic decline, economists anticipate a tremendous increase in market size over the following five to fifteen years. However, given that quantum computing is a technology that is still in its infancy, such optimism is somewhat muted.
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According to some scientists, quantum computers will never be as beneficial as their manufacturers anticipate. Others worry that a quantum winter in which financing for investments and research freezes could result from developmental delays. Fortunately, it seems like those opinions are rare.
Peer-reviewed studies and industry assessments overwhelmingly show that quantum computing is about to see a breakthrough in Europe akin to the deep learning explosion that began in 2014. Quantum's birthplace was in Europe. The technology being brought is not new. It's the continuation of work that essentially started in Germany more than a century ago.
In December 1900, German scientist Max Planck published his groundbreaking paper on blackbody radiation, which marked the beginning of the first quantum revolution. A few years later, Planck would work with a young Albert Einstein to improve the theory of relativity, which would subsequently form the basis of modern physics. Simply said, the quantum computing business would not exist at all without European scientists.
The current market value of that sector is roughly around Euro 500 million. The overall picture for the EU and UK includes engagement from hundreds of academic institutions, public financing from almost every European nation, and establishment of more than 69 firms focusing on quantum computing.
The idea of quantum advantage is the foundation for optimism in the field. It is anticipated that the technology will advance to the point where quantum computers can carry out calculations and execute algorithms that classical computers are either unable to carry out or cannot carry out in a reasonable amount of time. The term quantum advantage is now a little hazy. Since quantum computing is still in its infancy, there isn't yet a standard benchmark that can be used to compare one type of quantum computer to another or a conventional supercomputer.
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