Major Milestones in Quantum Computing in 2024

2024 was a landmark year for quantum computing. Quantum computers have again proven they can tackle impossible problems for even the most powerful supercomputers. With the rise of the easily accessible quantum-as-a-service cloud solutions and the continuous shattering of quantum supremacy records, there should be little hesitation left that quantum computing is here to stay. 

Quantum computers are proving themselves.

Google’s Willow chip performed a calculation in under five minutes that would take an estimated 10 septillion years for a classical supercomputer. This demonstrates the potential for exponential speedups in specific computational tasks, although the specific problem solved (Random Circuit Sampling) doesn’t have direct real-world applications yet.

These demonstrations shift the conversation from “if” to “when” quantum computers will become commercially relevant.

Several major breakthroughs were made in building more stable and powerful quantum computers.

Higher Qubit Counts – Atom Computing unveiled a 1225-qubit system, showcasing progress towards larger-scale quantum computers; IBM is on track with their 1000+ qubit multi-processor system.

Improved Qubit Quality – Quantinuum’s H2 system produced 56 fully entangled, high-quality qubits, and Google’s Willow demonstrated advancements in qubit connectivity, enabling more complex calculations.

Error Reduction – A collaboration between Microsoft and Quantinuum resulted in logical qubits with error rates 800 times lower than physical qubits, a major step towards overcoming the error problem that plagues current quantum computers.

Error correction is advancing rapidly, paving the way for reliable quantum computation.

Microsoft and Quantinuum’s work on logical qubits, along with Google’s and IBM’s research on surface codes, are crucial for building fault-tolerant quantum computers. And AI is increasingly being used to detect, correct, or suppress errors in quantum computations (both in hardware and software), a trend that is expected to accelerate.

The quantum computing ecosystem is maturing, fostering innovation and collaboration.

Quantum computing startups have successfully raised $1.5 billion across 50 deals, nearly doubling the $785 million raised in 2023 and surpassing the previous record of $963 million in 2022. Governments increasingly see quantum computing as a source of future competitive advantage and are investing in it, too. 

Recent developments:

  • Singapore has pledged $300 million to its national quantum strategy. 
  • The U.S. Senate is considering the DOE Quantum Leadership Act of 2024, which proposes a substantial investment of $2.5 billion over five years to bolster quantum research and development; 
  • Australian Government is investing $940 million (AUD) in PsiQuantum, a company building a photonic quantum computer. 

Regional ecosystems, like those in Chicago, USA, Bizkaia, Spain, or uptown Basel in Switzerland, are becoming the catalysts of innovations. They bring corporates, academia, and startups to collaborate seamlessly on quantum research and practical use cases.  

Industries are starting to adopt quantum computing. A 2024 McKinsey report found over 50% of surveyed companies are exploring quantum computing. Companies like JPMorgan Chase, Goldman Sachs, BASF, and Dow are actively exploring quantum computing applications, often in collaboration with academia and quantum computing startups. IBM’s Quantum Network is a prime example of such a collaborative effort.

Access to quantum computing is becoming more democratized.

More and more data center providers are partnering with quantum companies to offer quantum computing services to their customers and researching integration challenges between quantum and classical systems. Examples: Riken and Quantinuum; Equinix and OQC; OVHCloud and Quandela; Julich Supercomputing Centre and IQM Computers, etc. 

Meanwhile, major quantum cloud providers are creating centralized hubs for quantum resources, algorithms, and applications, similar to app stores for classical computing, e.g. Amazon Braket and IBM Qiskit Functions. Some platforms like QCentroid provide user-friendly and feature-rich cloud and on-premise solutions to facilitate quantum onboarding, experimentation, and future IT infrastructure integration to prepare for the upcoming quantum utility era. 

As quantum computing transitions from experimental breakthroughs to delivering real-world value, the opportunities for businesses are immense. Organizations that begin preparing now—exploring potential use cases, building quantum-ready infrastructure, and fostering partnerships—will be best positioned to capitalize on the quantum advantage.

At QCentroid, we specialize in helping companies navigate the complexities of quantum adoption. Whether you’re exploring the possibilities or ready to take your first steps, our team can help you build a quantum-ready future. Schedule a meeting with us today to discuss how we can help your organization harness the power of quantum computing and stay ahead in this transformative era.