Quantum
technologies work based on the principles of quantum mechanics such as quantum
superposition, quantum interference, and quantum entanglement and exploits the
unique properties of quantum physics to achieve functionality and performance
that cannot be achieved using classical physics. There are three main domains
such as computing, sensing, and communications, currently, implementing quantum
principles in their workflow to outperform the capabilities of classical
computing, sensing, and cryptographic solutions. Quantum computing harnesses the laws of
quantum mechanics to solve problems too complex for classical computers.
Quantum sensing involves the use of a quantum system, quantum properties, or
quantum phenomena to perform a measurement of a physical quantity such as
temperature, pressure, and others. Lastly, quantum communication involves the
applications of laws of quantum physics to protect and transfer data. All three
domains of quantum technologies have potential applications in various
industries such as Healthcare, Banking, Financial Services and Insurance
(BFSI), Energy, Oil and Gas, Chemicals, Logistics and Distribution, Aerospace,
Defense, Automotive, and others. The quantum particles can be developed using
different physical realizations such as trapped ions, superconducting, neutral
atoms, cold atoms, photonic, electron spin, and topological. Each type has a specific
method for the generation of quantum particles. The hardware (processor,
system, controller, sensor, QKD systems, and others) and software are the main
two components of quantum technologies products. Along with this, services
related to quantum technologies are also available to explore their different
applications in various industrial sectors. Globally, government agencies and
private investors are heavily investing in quantum technologies with the
objective to advance the technology’s ecosystem and industrialization, thereby
ensuring digital sovereignty, security, and competitiveness.
The quantum technologies global market
is expected to grow at a high double digit CAGR of from 2021 to 2030 to reach $3,518.3
million by 2030. The
factors such as growing government and private venture funding for quantum
technologies, increasing R&D expenditure of major technology companies to
develop quantum technologies, strategic collaboration, partnerships, and
mergers for the quantum technologies are driving the quantum technologies
global market. Whereas, the emergence of mobile and convenient quantum
processors and the development of advanced quantum technologies provides
immense growth opportunities for the market. The lack of skilled professionals,
high cost and complexity associated with the development of quantum
technologies, and cryptographic risk associated with quantum communications are hindering the market growth.
The market for quantum technologies is segmented based on technology,
products, end-user, and geography. Based on the technology, the market is
segmented into Quantum Computing, Quantum Sensing, and Quantum Communication.
Among these, the Quantum Sensing segment is accounted for the highest revenue
in 2021 and is expected to grow at an early teen CAGR from 2021 to 2030. The Quantum Computing market is
expected to grow at a high double digit CAGR from 2021 to 2030. Based on the types of sensors, the Quantum Sensing
global market is further segmented into Atomic Clocks, Magnetic Sensors, PAR
Sensors, and Others. Among the sensors, the Atomic Clock segment is accounted
for the highest revenue in 2021 and is expected to grow at an early teen CAGR
from 2021 to 2030. The magnetic
sensors market is expected to grow at a mid teen CAGR from 2021 to 2030.
Quantum
computing is further segmented based on application and deployment. Based On
application, the quantum computing global market is segmented into Machine
Learning, Optimization, and Simulations. Among these, the Optimization segment
is accounted for the highest revenue in 2021 and is expected to grow at a high
double digit CAGR from 2021 to 2030. The simulation
segment is expected to grow at a high double digit CAGR from 2021 to 2030. Based
on the deployment, the quantum computing global market is sub-segmented into
on-premise and cloud-based. Among these, cloud-based deployment is
accounted for the highest revenue in 2021 and is expected to grow at a high
double digit CAGR from 2021 to 2030.
Based on product offerings, the quantum technologies
global market is divided into hardware, software, and services. Among these, the
Hardware segment is
accounted for the highest revenue in 2021 and is expected to grow at a mid teen
CAGR from 2021 to 2030. The services
segment is expected to grow at a high double digit CAGR from 2021 to 2030 due
to increasing collaborations for services in cloud-based deployment and
industrial applications.
Based on end-users, the quantum technologies global
market is segmented into
Healthcare, Banking, Financial Services and Insurance (BFSI), Energy, Oil and
Gas, Chemical & Material science, Logistics and Distribution, Aerospace,
Defense, and Others. Among these, the Aerospace segment is accounted for the
highest revenue in 2021 and is expected to grow at a high double digit CAGR
from 2021 to 2030. The healthcare segment is expected to grow at a high double
digit CAGR from 2021 to 2030.
Based on geography, the quantum technologies global market is segmented
into North America (U.S. and Rest of North America), Europe (Germany, France,
U.K., and Rest of Europe), Asia-Pacific (Japan, China, India, and Rest of APAC)
and the Rest of the world. North America accounted for the largest revenue in
2021 and is expected to grow at a high double digit CAGR from 2021 to 2030. Europe is expected to grow at a high
double digit CAGR from 2021 to 2030.
Countries around the world have recognized the
advantages of quantum technologies over conventional technologies. Thus, major
countries China, U.K., U.S., Germany, France, and others are heavily investing
in quantum research to gain economic advantages. According to IQ4I analysis,
the global public investment in quantum technology is close to $XX billion.
Along with
governments, private investors are also interested in funding quantum
technologies resulting in the emergence of many start-up companies in this
field in recent years. Most of the start-up companies are active in quantum
computing, field. Both Government and Private investors are funding quantum
start-up companies to develop their hardware, software, and services platforms.
According to IQ4I analysis, the government and private venture funding for
quantum technology companies during the period of April 2020 – April 2022 is $XX
million. According to IQ4I analysis, the companies from the U.S region received
the highest funding of $XX million during April 2020 – April 2022 followed by
other countries such as Canada, U.K., Finland, Israel, France, Germany,
Switzerland, Australia, Spain, China, Japan, Singapore, and the Netherlands.
Among the companies, PsiQuantum received the highest funding of $XX million
funding during the period of (2020-2022) followed by Quantinuum (HONEY WELL
Quantum solutions and Cambridge Quantum Computing) and other companies.
Considering high
growth potential in the market, several companies are collaborating or
partnering in the field of quantum technologies to explore the potential
applications of quantum technologies in various industrial sectors such as Healthcare, Banking, Financial
Services and Insurance (BFSI), Energy, Oil and Gas, Chemical, Logistics and
Distribution, Aerospace, Defense, Automotive and others.
Apart from industries, universities & research
institutions, and government collaboration, quantum technology companies are
also collaborating to explore the potential application of quantum technologies in various industrial sectors. The companies are trying to build
advanced generation (next-generation) quantum technology products to overcome
the current issues.
The quantum
technologies global market is fragmented; the top 6 player’s occupied XX% of the market share and the
remaining XX% of the
market are occupied by other players. Companies are adopting various organic
and inorganic strategies to expand their market in a competitive environment. The companies are increasing their
R&D expenditure particularly to invest in quantum computing technologies.
The major players in the quantum technologies global market are International Business Machines Corporation (U.S.), Ix-Blue (France), Alphabet Inc. (Google) (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), Amazon.com, Inc (U.S.), D-Wave Systems Inc. (Canada), AOSense, Inc (U.S.), LI-COR Biosciences (U.S.), Toshiba Corporation (Japan), Honeywell International Inc (U.S.), Rigetti Computing (U.S.) and Baidu, Inc. (China).